Well, my name is Kozawa. From my side, I would like to explain about the financial results of fiscal year 2021 and the forecast for fiscal 2022. The material has already been released. I will just focus on the highlights and supplemental information. On slide number two, we have the table of contents about the material. Please go to slide number four and five. First of all, this is the overview of the financial results. If you go to slide number four, these are the major key financial indicators and the results. To give you some supplemental information, in terms of the figures that we have announced, we, this line that we have in the bar chart, in every item, we have been able to exceed our expectations, specifically for free cash flow.
At the end of the fiscal year, we had cash that has accumulated. Against our announcement of JPY 100 billion, there was JPY 100 billion, we have been able to exceed that. We have been able to achieve JPY 301.8 billion, which was record high since we have started announcing cash flow. In terms of net profit, it has exceeded our expectations. In terms of the dividends, it will be JPY 100 per share. This is a JPY 10 increase against the JPY 90 announcement. Against last year, it is a JPY 25 increase of dividend. Going to slide six and slide eight, these will be some topics I would like to explain for this fiscal year's results announcement.
Slide number six, among the thermal power plant, I would like to talk about the gas turbine combined cycle business. The market in itself, as shown on the lower left-hand side, has been a stable size. Within that market, although it differs year by year, we have been able to get a order intake of around JPY 600 billion. In terms of the new orders, when there was announcement on the third quarter results, I have explained that for the intake of the orders for the large gas turbines, it was out of 15, but actually it ended at 16 units. In terms of revenue, new installations and after services, that's the bar chart on the right-hand side, it is growing.
In terms of the new installments, the JAC model, which has the most advanced model, the shipment of this model is progressing very steadily. Slide number seven is the status of the nuclear power business. Two years ago, in FY 2020, until FY 2020, as you can see here, the domestic light water plants has been growing mainly due to the restarting of the PWR plants and the construction of specialized security facilities. These were the main drivers of the growth of the revenue. For FY 2021, these businesses or these light water-related projects has peaked and then started to decline. However, there are increase of nuclear fuel reprocessing construction, mainly from the Rokkasho plant, and the overall revenue has grown from 2020 year onwards.
Specifically for mid to long term, we expect that the equipment supply to overseas is going to grow. We think that this business will be stable at this level for the time being. Going to slide eight, this is Logistics, Thermal & Drive Systems revenue situation. In terms of the way we're showing you the graph for each of the products, the revenue of fiscal 2020, 2019 will be 100, and we show the sales trend of each year. Compared to fiscal 2019, the fiscal 2021 revenue differences is shown. In this segment, for fiscal 2020, due to COVID-19, the revenue has gone down substantially. For fiscal 2021, basically the revenue has grown. In most of the products and businesses, they have gone over the two years ago, two year ago level.
For the turbocharger, because the prolonged production adjustment of the automobile makers has been impacted this. For the turbochargers, from 2019, compared to 2019, the same level of 2020, the revenue has significantly declined. Going to slide nine and onwards, I would like to explain more in detail about the financial results. Slide 10 is basically a recap, so I will not go into this. Going to slide 11 and 12, this is the balance sheet situation. In terms of the total assets, towards improving the fund efficiency, we have trying to reduce that, but unfortunately from the last end of last fiscal year, it has increased by JPY 305.6 billion to JPY 5,116.3 billion.
The reason behind this is that at the year-end, the cash on hand has increased, that's number one. Due to the forex situation, because the yen has weakened, the value of the foreign currency assets converted into yen has increased. On top of that, in terms of inventory, because, to prepare for the disruption of the supply chain, there has been some increase of inventory. This has been the reason why we saw increase of total assets. If you look at the chart on the lower right-hand side, in terms of the interest-bearing debt, this is shown on the gross level. It says that has gone down JPY 170 billion. As said, in terms of the cash on hand compared to previous year-end, it has gone up.
If we reduce the cash on hand and look at the net, interest-bearing debt level, FY 2020 was JPY 660.2 billion. Fiscal 2021 was JPY 420.6 billion. Actually, it has gone down by JPY 240 billion.
Going to slide 13. This is about cash flow. Operating cash flow due to the increase of profit and, the, we have been able to increase our advance received because of the increase of orders, it has increased. Because of the sales of assets, the investment cash flow has been on the positive. Actually, these shares have been sold and on JPY 100 billion level, increased cash flow is a record high, JPY 301.8 billion. Slide 14-17 describe order situation, revenue, business profit by segment. Please refer to these pages later. Slide 18 shows a waterfall chart. This is the causes of the year-on-year variance of business profits. As you can see, I think you understand this. The inflation of the minus JPY 40 billion of the material cost and also transport cost.
At the time of Q3 presentation, we were predicting about JPY 32 billion. However, because of the prolonged production adjustment of auto manufacturers and also logistics cost inflation, it became about JPY -40 billion. Logistics, Thermal & Drive Systems and also Aero Engines businesses, except for turbochargers, we had a recovery of revenue from COVID-19. The profit contribution of JPY 50 billion is booked, so we can compensate for the loss from the transport and also material cost increase. For Aero Structures, because of the customer delivery, it declined for Boeing 787, there is a profit decline. Please refer to the others on the slide. Slide 19. We have given you the same information before. This is a continuous disclosure. Please refer to the contents later. Slide 20 and onwards. Here is the FY 2022 forecast.
Slide 22, please. Year numbers here. Year-on-year for FY 2022, we have both the revenue and profit increase, order intake and free cash flow. FY 2021 had a very favorable situation. From FY 2022 and onwards, there is a rebound, because FY 2021 was a very good situation. Compared to FY 2021, for FY 2022, for order intake and cash flow might decline or almost the same. Including asset, we'd like to take some countermeasures, for free cash flow. We'd like to make it positive after COVID-19 situation. Payout ratio of 30% and over, for dividend. We'd like to plan for JPY 120 per share. Slide 21. This is a comparison with the medium-term plan. Toward the final year of the medium-term plan, we would like to make more efforts to achieve the plan.
Slide 23 is the breakdown. Please refer to this later. Slide 24. This is the final result of FY 2021 and the forecast for FY 2022, and you can see the variance of the business profit. The points are here. Number six, we are increasing the investment into growth area. In the previous fiscal year, we had an increase as well, but we are going to increase more for development and investment. Number five, this is about Russian project. Because of the Ukraine situation, I think you are interested in what's happening in Ukraine as well. FY 2021 result included Russia and Ukraine project, about JPY 3 billion of the profit contribution, but it's going to diminish. As for those details, slide 25 shows the details. We didn't have this information before but slide 25 describes more breakdowns and details.
Please refer to this slide later. With this, I would like to complete my explanation. Thank you very much. Next, Seiji Izumisawa, the President and CEO, is going to explain the midterm plans.
This is Seiji Izumisawa speaking. From my side, I would like to explain about the 2021 Medium-Term Business Plan and the progress of that. Please turn to page two. This would be the contents of today's presentation. Going to page three onwards, I would like to talk about the outline of the 2021 MTBP. Please go to page four. This is the targets of the 2021 MTBP. In this plan, we are trying to strengthen our profitability in developing our growth areas. We have four indicators, and we are moving forward to achieving these targets. Please go to page five. This is the results of the fiscal year 2021.
As Kozawa has already explained, for fiscal 2021, due to the impact of COVID, and on top of that, due to the lack of semiconductors and the spike of cost for material, this has impacted our business. In each of the items, we have been able to achieve our targets. In summary, for the Logistics, Thermal & Drive Systems and the Aero Engines, basically, we have been able to achieve a recovery as planned. However, for the tier one infrastructures for commercial airplanes, the recovery is being delayed. We will continue our initiatives and try to recover. In terms of the business impact of the Ukraine situation, currently it's limited, but we would like to carefully look at the situation going forward and respond to any influences.
From page six onwards, we would like to talk about the strengthening of profitability. Going to page seven. With the after the 2021 MTBP has been compiled, how has the environment changed and what has been impacted our business? First of all, in terms of the initiatives towards climate change, it has advanced. Energy is indispensable for social life. The optimal solutions are necessary depending on the region's industrial attributes and the economic factors. Not focusing on one solution, but depending on the region, a practical solution is being sought after. By effectively utilizing the existing facilities, the step-by-step initiatives are being discussed. Furthermore, not only renewable energies, but hydrogen and CCUS utilization is going to be utilized.
On the right-hand side, there is a geopolitical risk such as the situation in Ukraine, and there's a difference in the response against the spread of the COVID-19 vaccine and including COVID-19 infection and the countermeasures, so there is a gap of the demand and supply. There's a destabilization in the energy supply, and the supply chain disruption is being advanced, so there is a murky outlook. In terms of the impact through towards the Mitsubishi Heavy Industries, first of all, there's a heightened security awareness. In each of the countries, there is a momentum to focus on the national security policies. From the energy security, there is a renewed interest in nuclear power. As the leading company for defense and nuclear power, we think that the society is expecting our initiatives in these areas.
Number two is the response to the global inflation. Resource energy and material and logistics cost has gone up, and the lack of semiconductor is impacting our business. We want to strengthen the competitiveness in supply chain and production capacity. In terms of the price pass-ons, we would like to focus on that. Please go to page eight. Based on the environmental change, the fiscal 2023 initiatives are shown on this slide. Basically, in fiscal 2022, in the 2021 MTBP, we'll steadily implement these initiatives and focus on the change of the market, and responding to that, we will further strengthen our capability. By doing so, we will solidify our foundation to achieve the targets for fiscal 2023. Fiscal 2021, the actual initiative is in the middle.
Specifically, in the integration of the service sites and the system has been strengthened. Fiscal 2022 will be the year that we'll get results. The realignment of the organization and the sites and the business transfer, I think we have been able to see the results of this. The Nagasaki's new plant operation will strengthen and enhance production capability and contribute to our profit. In terms of product or service, we will further enhance the system for digital transformation and further enhance this business. The review of our business portfolio is now in the stage that we'll look at the next step.
After the change of the environment since we have compiled MTBP, looking into the contribution to Japan's national security and our initiative towards the nuclear power and the energy transition proposal, depending on the needs of the region, we're looking to these areas and develop business opportunities. From page nine onwards, we would like to talk about the Mitsubishi Heavy Industries initiative towards a sustainable society. Please turn to page 10. For a safe, secure, and comfortable and sustainable society, achieve carbon neutrality is indispensable. That is our understanding. The Mitsubishi Heavy Industries Group, through the energy transition, will conduct the decarbonization on the supply side of energy and on the demand side, through the smart social infrastructure.
We think that is, like for going forward in terms of the energy conservation, decarbonization, automation, it is important to do both. Going to page eleven. This is a recent trend between the supply and demand of energy. In terms of energy transition, the carbon neutrality commitment has been advanced in Europe and it has now spread all over the world to U.S. and China. Depending on the region and industry, specific countermeasures is accelerated in terms of business terms, specifically by the heightened energy security needs, not only renewable energy, this 3E+S should be achieved. This diverse process is being asked for. The hard-to-abate industries such as steel, cement, and petrochemical industries, this is the specific business inquiries are coming for CCUS.
In terms of the energy demand side, due to the prolonged COVID-19 situation, the e-commerce has grown dramatically to respond to the stay-at-home demand and the labor shortage at the logistics industry is serious. The automation of the logistics and manufacturing is accelerated. The digitalization of society is developing. The data center demand is expanding as well. In each of the areas, in the existing system, it would use a lot of energy. Decarbonization and energy conservation solution needs is being heightened. Going to page 12. This is about the initiative from the energy supply side. In our company, we have been decarbonizing the existing infrastructure and realizing the hydrogen ecosystem and CO₂ ecosystem. The realization of this has been a three target. I would like to focus on the CO₂ ecosystem for today's presentation.
Please go to page 13. To achieve carbon neutrality, not only reducing the emissions, but it is indispensable to capture CO₂. The global CO₂ emission under the 1.5°C scenario, this is going to be reduced through the expansion of renewable energy, utilizing nuclear power generators, electrification and fuel conversion. However, by utilizing the existing electricity facilities and to respond to the hard-to-abate areas, a certain level of CO₂ capture is necessary. The various reports are saying that a quarter of the current emission for CO₂. CO₂ capture should be conducted for about a quarter of these emission levels. On top of the large plants for electricity and chemicals, there is a need for expansion for middle small size capture equipment for industrial plants.
To be able to implement socially this system, the captured CO₂ should be stored and used, and this will advance the system, and we think this area will be active as well. Going to page 14. This is the CO₂ ecosystem that Mitsubishi Heavy Industries want to contribute to realize. Each of the areas, the initiatives are being active. On the capture side, not only from the large scale emitters, the capture from various equipment and facilities are being discussed. For storage and usage of CO₂, mainly through venture companies, innovative technology is being developed, and we are investing in those areas. To build the value chain, the CO₂NNEX, which is a digital platform, you'll see it has started.
For the 2021 MTBP, the CO₂-related business progress will be, we'll look at the activity and response to CO₂ capture market and developing ecosystem building. I would like to talk more in detail about this. Please go to page 15. This is the CO₂ capture market. North America, Europe, Japan is becoming active. Up to now, our track record has been highly evaluated. As you can see in the graph on the lower left-hand side, for fiscal 2021, about 27 million tons per year equivalent feasibility studies have been received orders. This is equivalent to 18 times of the capture of the biggest project in the world. On the lower right-hand side, this is a business negotiations in Europe. You can see that this is a very diverse business activity.
Going forward, we will utilize our track record in unique technology and cross-domain initiatives, and we'd like to focus on our strengths as well. Please go to page 16. This is about CO₂ capture diversification. As mentioned before, we focused on large-scale systems in the past. However, we are going to have more diversified needs, so we'd like to develop more standardized and modularized systems. On the right, we are planning for validations with each partner, and they are going to complete within fiscal year 2023. After the completion, we'd like to start business discussions one by one. Also for autonomous driving and remote monitoring, we would like to develop new projects. Page 17, please. Digital value chain should be established, and we have initiatives for that. To promote CO₂ capture, we need storage and utilization together with capture.
Especially for utilization, we have open innovation to explore a lot of technologies and commercialization. One example is on the right, development of carbon recycled fuels and also CO₂ utilization for biotechnology. We have partnerships for that. We have an example of digital platform, CO₂NNEX, to connect emission sites and transport, storage and utilization. We have expectation for CO₂NNEX for new businesses. For transport, we started concept studies. Page 18, please. This is about nuclear power generation. Nuclear power in terms of decarbonization and energy security, there is a renewed interest in nuclear power in Japan as well. In the end of last year, in the Strategic Energy Plan, there was a mention of aims to increase the percentage of nuclear power generation from 20%-22% in 2030.
We would like to be based on our experience to support recommissioning of the plant and the fuel cycle establishment. Right now we are working on design of next-generation light water reactor with safety in mind for 2030s and a high temperature gas-cooled reactor and also fast reactor, a project with TerraPower in the US. For hydrogen production. As a leading company, we'd like to contribute to all of them. Page 19 shows initiatives for future nuclear power generation. Page 20 for energy consumption part.
Intelligent logistics systems and also energy saving data center and smart energy is very important. Intelligent logistics systems and energy savings data center and ultimate mobility, we are working on the infrastructure. Today, I'd like to especially talk about logistics system and data center. Please refer to page 21. In terms of logistics system, the need is arising for decarbonization and automation. Highly functional AGVs and also natural refrigerant chillers are put on the market already. For the next step, we have intelligent logistics system with the connection of multiple systems and automated systems. Towards the future, we would like to focus on the combination with power supply equipment and chillers, and we use integrated solution, the system called ΣSynX, to connect all of them. By connecting all of them, we implement throughput, and also, we can save more energy.
Please refer to page 22. Especially right now, we are working on a POC. In terms of intelligent automated warehouse logistics, beverage warehouses and cold storages are in the project, and we are using AGF, AGV, and palletizers to be connected using automatic picking system that we are developing. Within this fiscal year, using Yokohama Hardtech Hub, we are going to verify these technologies. Can we use ΣSynX to connect optimized controlled equipment so that we can increase throughput? This can solve problems about the lack of logistics operators. Now we can provide flexible logistics solution. We can provide as such systems to multi-tenant warehouses. Those are the mainstream right now. Please refer to the next page 23. This is another initiative of data center. With digitization, data center business is expanding.
However, we have some challenges, such as power consumption and decarbonization. 30% of power consumption is done by air conditioning system. Now we are focusing on this air conditioning system. We have advanced cooling technology and HVAC system technology that we have developed in our company. Using them, we would like to provide highly efficient HVAC systems for hyper data centers. Also, we have next generation cooling system for micro data centers. Right now, we are working on the POC. By combining those technologies, we can reduce the space and also we can reduce the energy consumption. Going forward, we can utilize a hydrogen power generation system, and we can provide our technologies for decarbonized data centers. Please refer to page 24. This is container type micro data center demonstration example. In Yokohama Hardtech Hub, we are doing this verification.
FY 2021, 43% energy conservation was achieved from this fiscal year. Together with KDDI Oyama Technical Center, we have an operation and demonstration so that we can commercialize this technology in FY 2024. Please refer to page 25. This is the digital transformation initiative. Digital transformation we are aiming at is, as on the left side, we connect and also intelligently transfer and optimize all the equipment and rebuild value chain by connecting all of them. The foundation is on the right side. Based on our R&D and verifications, we have the model and simulation technology, and also, we have operational experiences, and we can collect data and operation and maintenance for data analysis. We have been using AI technology for our products and systems, and we maximize the potential by optimizing all of them.
Also in defense technology, we have the security technology as well. Combining all of them, we are aiming to provide safe and secure solutions. To share technologies and also to roll out such technological advancement, we are going to launch a new organization in July so that we can promote such activities strongly. Page 26 is the summary. Please refer to page 27. In FY 2021, because of COVID-19 impact, we suffered. However, we took countermeasures, and we achieved a good result. Going forward, we would like to be more adaptive and proactive so that we can increase productivity and profitability. Once again, sustainable society should be achieved, and carbon neutrality is an essential step towards that. As was in the past, we would like to contribute by the variety of products and solutions.
We would like to provide solutions in both energy supply and use areas. We would like to strike a good balance in terms of carbon neutrality with energy security, economic efficiency, and safety to contribute to sustainable society. Thank you very much.