Good afternoon, everybody. Allow me to summarize our fiscal year 2023 fiscal results and FY 2024 earnings forecast using these presentation materials. According to the materials, I will go through our presentations. The materials are organized according to the table of contents shown on slide two. First, I will provide an overview of our financial results. Please refer to page four. This slide shows the results for several key financial indicators. In terms of the some slide five summarizes the highlights. Order intake, revenue, and net income all exceeded FY 2022's results and reached record highs. Compared to our latest forecast, business profit fell short of our JPY 300 billion target, but we exceeded the guidance for other indices, including order intake, revenue, net income, and free cash flow.
Notably, enabled by an increase in net income, we will increase our year-end dividend by JPY 40 above the previous forecast to JPY 120 per share, putting the full year dividend at JPY 200 per share. This will be our highest dividend ever. Slides six through eight show some highlights from our FY 2023 financial results. Slide six is about our GTCC business. So Mitsubishi brand gas turbines ranked first in the world in terms of order volume on a capacity basis for two years running in calendar years 2022 and 2023. Large frame gas turbines are a particular strength of ours, and the popularity of the latest JAC series has contributed greatly to our market share.
So, in terms of the revenue, have been rising due to the strong order intake in recent years, expected to increase in fiscal 2024 and beyond. Slide seven is about nuclear power business. More than 90% of revenue is this business, it's within Japan, but in the past, most of our revenue was from the after-sale service and the restart support of PWR reactors. In the past few years, restart support for PWR reactors and construction work on nuclear fuel cycle facilities has been increasing. Going forward, the development and design of advanced reactors are expected to ramp up, so we believe that we can maintain stable revenue levels for the time being. To this end, we believe that it is essential to ensure the safe and steady execution of our various ongoing projects. Slide eight shows orders and revenue in the defense and space business.
Order intake in FY 2023 was the highest ever for this business. In response to the Japanese government's policy to strengthen domestic abilities, we were able to win orders for a number of large projects, including for aircraft and missile systems, a specialty for ours. Because most of these contracts are for multiple fiscal years, the impact of revenue in FY 2023 was limited. However, there was a certain amount of contribution, and revenue also reached a record high. Slide 10, a few slides beyond, provide a little more detail on our financial results. Slide 11 includes information already provided, so I will forgo on our explanation. Slides 12 and 13 show the balance sheet. Total assets increased significantly, and approximately JPY 240 billion of this was due to the currency translation effects related to foreign currency-denominated assets arising from the weaker yen.
Interest-bearing debt remained around the same level as the end of FY 2022. However, considering our net interest-bearing debt, which is interest-bearing debt minus cash and cash equivalents, decreased by approximately JPY 100 billion from the end of FY 2022 to JPY 297.6 billion. This, combined with improvement of our equity ratio, has served to significantly improve our financial stability. That said, as a large part of the increase in capital came from rising market valuation due to foreign exchange, foreign exchange effects and other factors, will not allow ourselves to be content with the current situation and will continue to make improvements. Slide 14 shows our cash flows. Free cash flow improved by JPY 164.8 billion year-over-year to JPY 200.1 billion.
Moreover, this result was an increase of approximately JPY 200 billion over our forecast, which has targeted -JPY 100 billion. This significant improvement was due to an increase in inflows from advances received toward the end of the fiscal year, as well as delayed outflows from investments.
Slide 15 shows factors which caused the year-over-year changes in business profit. The leftmost bar shows business profit in FY 2022, which is JPY 193.3 billion. To the right of this is changes in one-time expenses, which is the difference between one-time gains and losses booked in each fiscal year. In fiscal 2022, we recognized one-time expenses associated with the remediation of issues at our IGCC project, organizational transformation, expenses related to our European thermal power operations, as well as one-time losses from several international projects. In FY 2023, in addition to the one-time loss related to an aero engine program, which was incurred in the second quarter, we also booked expenses related to claims on some international projects and an impairment loss on the international investment.
Regarding the price optimization, while cost increases in forklifts and HVAC contracted year over year, price optimization, that is the transfer of past, the past cost increases to sales prices, contributed to an increase of JPY 35 billion. Due to the factors shown here, business profit in FY 2023 was JPY 282.5 billion. Slide 16 shows a summary of order intake, revenue, and business profit by segment. Over the next few slides, I will explain the situation in each segment. Slide 17 shows the Energy Systems segment. As I mentioned earlier, GTCC and nuclear power, which were the core businesses in the segment, in the segment, performed strongly. Steam power continued to contract due to headwinds in coal-fired thermal power, but this business is finding opportunities in performance improvements and fuel conversions in the service business.
Slide 18 shows the Plants & I nfrastructure Systems segment. Revenue in metal machinery, which is a core business in this segment, grew beyond JPY 350 billion, due to strong order intake in recent fiscal years, as well as the weak yen. Slide 19 shows the Logistics, Thermal & Drive Systems segment. In this segment, order intake, revenue, and business profit all increased year-over-year. The ratio of revenue recognized outside of Japan is high, so the impact of foreign exchange rates or the weak yen is significant. However, even excluding foreign exchange effects, revenue and business profit increased. Slide 20 shows the Aircraft, Defense & S pace segment. I explained the difference in the space business earlier. In the commercial aviation business, an increase in aerostructures unit deliveries, combined with significant impact from the weak yen, served to increase business profit in the segment overall.
In this slide, I'll briefly explain on our earnings forecast for FY 2024. Slide 22 and 23 provides an overview of an earnings forecast. We expect order intake overall to be as high as nearly JPY 6 trillion, although it will decrease versus FY 2023 levels. Revenue and profit are expected to increase year-over-year. We plan to pay a dividend of JPY 22 per share, a year-over-year increase of 10%. Slide 24 and beyond explain the year-over-year changes in our earnings forecast, so please allow me to provide one point of supplemental information. Please refer to the slide 34, which is the last page of the appendix. On April 1, we established GX Solutions as an organization responsible for new businesses related to the green transformation.
Since this organization is primarily based on the former engineering business, it is included in the Plants & I nfrastructure Systems segment. This reorganization involves the transfer of some of the businesses and the development activities previously included in the energy systems segment, as well as corporate and eliminations. This slide shows the actively adjusted financial results for FY 2023. Please note that the fiscal 2024 earnings forecast shown on the slide 23 and beyond reflects these adjustments. This concludes my presentation on the financial results and the earnings forecast.
This is Izumisawa speaking. Please allow me to provide an overview of our 2021 Medium-Term Business Plan through FY 2023. Looking back on our 2021 MTBP and the time during which it was originally formulated, our operating environment has become increasingly uncertain due to the emergence of tensions between the United States and China, as well as the COVID-19 pandemic. The plan, therefore, aimed to strengthen profitability and develop growth areas, rebuilding our business fundamentals while not pursuing top-line growth. Even after the launch of the 2021 MTBP, we faced changes that we had not originally anticipated, such as rising geopolitical risks, including Russia's invasion of Ukraine and rising energy and raw material costs caused by these risks. Even so, my assessment is that the various initiatives that we pursued during the 2021 MTBP have achieved results.
Moreover, order intake has significantly surpassed our initial plan due to rising demand for gas turbines associated with the global move toward energy transition, tailored to local conditions in each region, the growth of our nuclear power business and expansion of our defense business due to the growing move towards strengthening Japan's national security. Going forward, we will work to reliably grow these businesses. Allow me to summarize the 2021 MTBP. I believe that our initiatives to strengthen profitability have produced results. Measures to address problem businesses, including the reorganization of boiler plants and the steam power business, and the consolidation of unprofitable bases of operations in the metals machinery business. Moreover, we have reassigned personnel to our growth areas, mainly from a coal-fired thermal power to other areas.
In our existing business, in terms of the service business, we are able to expand services and existing business through the sharing of practices among businesses and application of AI technologies. We worked to optimize our portfolio of businesses through the acquisition of Mitsui E&S , Naval, and Governmental Ships business, as well as a North American company active in the electrification area. We also sold the machine tools business. We integrated Mitsubishi Power and Mitsubishi Heavy Industries Engineering into MHI in order to prepare for future business development. Furthermore, we formed the power generators, a system joint venture with Mitsubishi Electric, in order to strengthen this business. In our growth areas, we work to realize a sustainable, safe, secure, and comfortable society, with efforts in both the energy supply and demand areas.
On the energy supply side, Mitsubishi worked on hydrogen and ammonia fuel conversions, CO2 capture, and nuclear power utilization, as countries around the world made progress in energy transition according to their local conditions. In order to build ecosystems to support decarbonization through fuel conversions, we developed and validated technologies at the Takasago Hydrogen Park and Nagasaki Carbon Neutral Park, and participated in the first large-scale hydrogen production, storage, and power generation project in the United States.
In light of the situation in hard-to-abate industries, we worked with ExxonMobil and other companies to establish a CO2 solutions ecosystem and participated in CCS projects, including the transportation and the storage of CO2, in cooperation with companies in Japan and around the world. In the field of nuclear power, we worked to research nuclear power plants, to establish the nuclear fuel cycle, and to develop advanced light water reactors. On the energy demand side, efforts have been focused on optimization, automation, and energy conservation in systems essential for society. We have made progress in the automation of logistics, as well as initiatives for data centers.
In order to realize the automation of warehouses, we proposed coordination among various autonomous equipment and optimization of picking tasks with an integrated system to stimulate future demand and expand our business. We've developed next-generation technologies for data centers, which are rapidly expanding with the spread of generative AI. In addition, in order to realize a one-stop solution combining power supply and cooling systems, which are some of MHI's core strengths, we acquired Concentric, LLC in North America, thereby obtaining a strong base of operations, including existing customer relationships. We will further accelerate efforts to launch these businesses during the 2024 MTBP. I believe that during the twenty twenty-one MTBP, we successfully built a foundation for MHI Group's sustainable future growth.
Using this achievement as a jumping off point, the 2024 MTBP will take on the challenges of transforming MHI in order to balance further profitability improvement with business growth. The 2024 MTBP will aim to provide realistic solutions rooted in fine craftsmanship for each region and customer, to expand business areas both up and down, and to become a hub for ecosystem to realize social changes. I'll provide a detailed explanation during our midterm business plan briefing in 2024, scheduled for May 28th.