Good afternoon. From my side, I would like to explain about the summary of FY2022 and the outlook for FY2023. I can see the content of it in slide 2. First of all, I would like to give you the overview of our financial results. Please turn to page 4. This shows the major financial results. slide 5 is a summarized reduction to slide 4. I would like to give you some points in terms of order intake and revenue. In line with the third quarter, it has been growing steadily from year-over-year. It has grown by 10% and 9% respectively. Whether it be order intake or revenue, it has been the impact from the exchange rate from the rest of the fiscal year.
This has been the same increase of JPY 300 billion for each of the items. If we exclude this, order intake has increased in terms of the revenue, the same as last fiscal year. In terms of profit, last fiscal year, we have experienced material cost and transportation inflation. Electricity cost and fuel cost has been going up, and there has been some one-off expenses in some of the business. There has been some negative factors, That said, revenue has increased. Revenue increase, price optimization, fixed cost reduction, and the positive impact coming from the weaker yen, the Business Profit and net income has increased. Net income was JPY 120 billion as our initial forecast, but it has improved by JPY 10 billion.
The full year dividend, we have increased, improved, from JPY 130 from JPY 120. This is a JPY 10 increase against initial outlook, compared to last year, it's a JPY 30 increase. Going to slides 6 to slide 8, these are the topics of this year's financial results. Slide number 6, this is about the Gas Turbine Combined Cycle business. Order intake was JPY 834.6 billion. It has grown substantially from the last fiscal year. On the lower left-hand side, there is a donut graph. It shows the share of the new builds. In terms of the order increase, mainly in the JAC-series, which has the global top level power generation efficiency.
To 2022 planning year, we were number 1 in terms of share in globally. Service has grown steadily. In terms of the revenue and for new build and service, it has been steady. In terms of order intake and revenue on a value base, it has been a little bit high level. Slide number 7 is about the nuclear power business. In terms of revenue, FY2022 compared to last fiscal year, we saw a decline. This is due to the peak-out of the existing PWR restart or the construction with worldwide security facility. Going forward, we think that the same type of construction will come with the PWR, and the fuel cycle related work will continue. For 2023, we think that this business will continue to grow. Going to slide number 8, this is the Logistics, Thermal, and the distribution business.
You can see that in terms of the revenue, it has been growing very steadily. The impact coming from the FX and the price increase impact is included. Even if we exclude this on a volume base, focus on HVAC products has grown. In terms of the profit, going to the second half of the fiscal year, price optimization has been starting to see its effect. FY2023, we hope to improve further. Slide 9 and onwards, this is more detail about our financial results. Slide 10 will be repetition, so I will skip this slide. Slide 11 and 12 is about the balance sheet. Total assets compared to the end of FY 2021 has increased by JPY 258.4 billion, reaching JPY 4,474.8 billion.
The breakdown of this is that compared to the year end, the yen has weakened, the foreign denominated asset, forex impact is about JPY 120 billion. The increase of cash on hand is +JPY 33.4 billion. In this chart, inventories and the trade receivables seems to be a bit large, this comes from the impact from the forex conversion. The sales itself has grown. If you look at the cash conversion cycle, it's basically the same level as last year. Although it has not worsened, we think there is still room for improvement, we'll continue to conduct initiatives. On the lower right-hand side of page 11 is the growth of the interest-bearing debt, less cash on hand.
Looking at the net interest-bearing debt, FY2023 is JPY 420.6 billion. FY2022 was JPY 394.7 billion. Basically, we have been able to re-reduce JPY 25.9 billion. In terms of the equity ratio, it has increased by 1 point to 31.8%. Equity ratio was 0.04 improvement to 0.40. We have been able to maintain a high level of fiscal soundness. Page 13 is about the cash flow situation. Free cash flow has declined substantially from last year, which was record high, but we have been able to secure a positive JPY 35.3 billion of free cash flow.
Beginning of the year, we anticipated that the free cash flow will be in the negative territory due to the large advances that we received at the end of last fiscal year. Because our order intake has increased, there was a recent advance, and we have been able to sell assets and thus have secured. Slide 14 explains profit bridge from the previous year. To your left, you can see a bar graph. FY2021 Business Profit was JPY 160.2 billion. LT&D and Aero Engines drove revenue by JPY 39 billion. However, due to materials and logistics cost inflation, production adjustment caused by supply chain confusion, profit decreased by JPY 8 billion. This negative JPY 8 billion includes JPY 40 billion improvement just through price optimization.
One time impact in thermal power and other business was explained already in the third quarter earnings call. Back then it was JPY 35 billion, but it grew by JPY 15 billion in the fourth quarter and now it's JPY 50 billion. These were mainly caused by overseas constructions. We made an allowance for competitive projects. Other factors are also explained here, and FY2022 Business Profit was JPY 193.3 billion. Slide 15 explains order intake revenue profit from business activities by segment. Now let me explain it segment by segment. Slide 17 shows result of Energy Systems. Order intake and revenue grew from the previous year. However, profit is slightly declined. As I mentioned earlier, qualified projects generated losses, and this drove overall segment profit down.
Other business were flat or a slight increase from the previous year. Slide 18 shows Plants & Infrastructure Systems segment. Order declined from the previous year, however, it still kept a high level. Both revenue and profit grew. Slide 19 shows Logistics, Thermal & Drive Systems, LT&D. Revenue and order intake grew from the previous year. For profit, as I mentioned earlier in page 8, increased. Slide 20, Aircraft, Defense & Space. Commercial aviation OEM business saw an increase in shipment of freighters and jet business jets, and enjoyed weaker JPY benefit. Both revenue and profit increased. Defense business is trending strong. Slide 21 and beyond explains FY2023 earnings forecast. Slide 22 shows summary of the outlook. I'm not going through all the numbers, however, order and revenue is forecasted to grow. Profit is expected to jump up significantly after taking some initiatives.
Please take a look at page 23. FY2023 is the final year of our Medium-Term Business Plan. This table shows changes in major financial KPIs from FY2020 to FY2023. Numbers are until FY2020 are actual. As highlighted in blue, there are 3 focus areas for us, and we've been taking some improvement initiatives. Based on our current forecast, Business Profit Margin and interest bearing debt will achieve initial targets. Equity capital is growing more than we initially expected, so we may underachieve ROE. As for dividend in FY2023, as we explained in long-term business plan, we are expecting JPY 160 per share. This makes an annual dividend record high in our history. Slide 24 highlights, explain what I have already mentioned, so please take a look at that later.
Slide 25 onward explains profit bridge outlook for each segment. Please take a look at them in your spare time. Thank you. Next, I would like to ask Izumisawa, the CEO, to make a presentation, please.
My side, I would like to explain, give you a summary. For FY2022, just as a review, the FY2022, we have seen a recovery of the market from the COVID pandemic. As to the weaker yen and the price optimization shown effects. As the prolonged Russia invasion to Ukraine and the continuation of inflation, the instability of energy supply with the semiconductor shortage, the disruption of supply chain, there has been a lot of volatility in this year. In terms of what as the Kozawa CFO has explained, in terms of order intake, revenue, Business Profit, each of the items has been able to overachieve last fiscal year.
This is due to the external factors such as the recovery of the market from the pandemic. In the Medium-Term Business Plan, we have been focusing on the growth of a growing core business, expanding our service business, improving productivity. These are each of the measures has shown effects. Specifically, looking at gas turbines, the Aero Engines, Metals Machinery, lifting machinery, logistics systems, these were the areas that have shown good results. More specifically, we have seen a solid for gas turbines and the Aero Engines grow of the pre-COVID level. There has been active investment in green steel for the Metals Machinery business. Existing businesses grow. The lifting machinery and the logistics systems has had expansion we're seeing. On top of that, due to the awareness, heightened awareness of the economic security, there's new business opportunities.
Some of the projects have seen more than expected losses. In terms of the Business Profit, is underachieved. In our midterm management plan, enhancing our profitability, this is going in line with the plan. This is my evaluation. As I have explained on the 5th of April presentation, in terms of growth strategy initiatives, it's not including today's presentation. I'd like to touch upon that as well. There has been some differences depending on the business, but we have started to see results. For the energy transition, there is heightened interest in energy security. Feasible roadmaps being drawn. Initiatives for realistic approaches are being made. The need for diverse tailwinds.
Which enables hydrogen co-firing to gas turbines in the future has been expanding. Demand for the combination with carbon capture is growing. Carbon capture itself is seeing higher demand for feasibility studies. We are going to take initiatives to make sure that we can implement those. Another pillar is smart social infrastructure. We've been working on proof of concept for automated warehouse, energy saving, and carbon-free solution for data centers. We are now working on concrete projects. These are something that we would like to expand in the future. For the mobility area, including autonomous delivery van, we've been doing a lot of studies. We are still halfway through.
For FY2023 outlook, CFO has already mentioned earlier that order intake and revenue face geopolitical risks, changes in market environment, and there are some other uncertain factors. We expect the gas turbines, nuclear power, and defense can grow into the future, and they can overshoot the plan. For Business Profit, we are going to reset the even higher target for FY2023 as the final year for our business, Medium-Term Business Plan. Material cost inflation and FX change are still uncertain, but through price optimization, service expansion, enhancement of the profitability, we are going to increase our capability to improve the earnings of core businesses. That's all from me. Thank you.