Good afternoon, ladies and gentlemen. I am Kozawa, CFO of MHI. I would like to take you through the financial results for the first quarter of fiscal year 2019. I'd like to begin with some remarks. As you know, since last year, IFRS has been adopted, and this time, IFRS 16 was adopted, which is related to lease assets. From off-balance to on-balance process, we are changing. In the last fiscal year, the numbers we have announced for Kessan Tanshin are staying as they are, but we have adjusted to make apple-to-apple comparison. In your presentation material for the apple-to-apple comparison, the actual results and the financial results for the last fiscal year have been shown in the material. I just wanted to make this clear before I start. Please go to the highlight, which is the highlight for the fiscal 2019 Q1 results.
We see the results in comparison with the full-year forecast. So far, we have made steady progress, which means that in terms of orders received, revenue, and profit from business activities, we were able to exceed the levels of the last year. For orders and revenue, GTCC and commercial aircraft performed well, and improvement in Aircraft, Defense & Space segment was seen in terms of the profit. For the full-year forecast for free cash flow, compared with the last year, there was some deterioration. However, this is due to the decrease in trade payables and contract liabilities. This is not a fundamental issue. Based on that, interim dividend increased by JPY 10 per share year-on-year to JPY 150 per year. We have kept this forecast unchanged. Now, I'd like to move on to the financial results for the first quarter.
Please go to the next page. Orders received, JPY 750.2 billion. Gas Turbine performed well. Mainly on account of that, we were able to see JPY 43.1 billion increase in orders received. Revenue was JPY 919.3 billion, up JPY 13.2 billion year-on-year. Profit from business activities was JPY 14.4 billion, up JPY 8.9 billion from a year ago. Profit attributable to owners of parent was JPY 16.3 billion. All of the items exceeded the last year's level. EBITDA was JPY 71.2 billion, up JPY 7.6 billion year-on-year. Free cash flow, as I stated earlier, on the liability side, there were some decrease, therefore, there was a decrease of JPY 72.5 billion compared with the last year. However, this is not a fundamental problem. The improvement of the balance sheet and improvement of the asset turnover is proceeding well, therefore, there is no major issue here with the cash flow.
Next, please go to the next page. Related, excluding MRJ, the fundamental business profit as shown on this page. Regarding SpaceJet, MRJ investment, there was a cash out of JPY 33.1 billion. However, for this fiscal year's business profit impact was about JPY 5 billion. Which means JPY 25 billion is booked in the balance sheet. That is the balance. Because based on the business plan this year, we are applying the similar level accounting process as last year. That is the result. Later on, we will explain, but for the full year, there is about JPY 100 billion cash out of which JPY 80 billion will be subject to accounting process, but there is no major change in our policy. Next. Q1 financial results by segment. For orders received, Power, Industry & Infrastructure, and Aircraft, Defense & Space, all of the segments exceeded the last year's level.
Especially Power Systems, although Steam Turbine showed a deterioration, Gas Turbine made up for the loss or decrease and performed well. For the revenue, Power Systems increased the revenue, but I&I decreased the revenue because the medium-lot manufactured products, compared with the last year, did not perform well. Especially Turbocharger, engine, and Forklift did not perform well. Aircraft, Defense & Space are almost unchanged from the previous year. In terms of the profit, in Power Systems, there was a decrease of JPY 5.9 billion to JPY 19.2 billion. The main reason is the Nuclear Power construction progress, compared with the previous year, was much slower. For the full year, we think that we can make a recovery to exceed the last year's level. For Q1, that is the reason for the decrease. For thermal power, compared with the last year, the performance is better.
For Industry & Infrastructure, last year there was a negative profit in Commercial Ships and Metals Machinery. Those businesses, the Commercial Ship is showing a positive profit and Metals Machinery is improving the loss level. As I mentioned at the time of the revenue, for the medium-lot products, there is a certain sluggishness in the growth of sales, or sales are even declining. That is the reason for the deterioration of I&I. For Aircraft, Defense & Space, as I said, for MRJ, the impairment was recognized. The difference is giving a positive impact for this. Tier 1 business has been performing well. That's another reason. All in all, overall, we have seen an increase both in revenue and profit. Next, I'd like to move on to the balance sheet. Please look at the bottom.
The asset total was JPY 5.216 trillion, up JPY 73.3 billion from the end of the previous year. Towards the first quarter, from the end of the previous year, the construction progressed and the inventory increased, together with the increase in the construction completeness. Out of JPY 73.3 billion increase, the IFRS 16 application impact is included. In the past, these assets were out of the balance sheet, but they are put onto the balance sheet. The impact was about JPY 100 billion. Considering this, the balance sheet, compared with the end of the previous fiscal year, the asset level is down, which is quite unusual for our company, because our company has been working on the improvement of balance sheet for some time, making it more efficient. In the Q1 this year, we have been continuing with this effort.
On the liability side, as I mentioned in the cash flow, I mentioned this, the trade receivables and receivables are decreased year on year. Because of the cash outflow, this has happened. Overall, this is something to be absorbed in the overall balance sheet. Therefore, for the future financing, we would like to focus on commercial paper financing, and the borrowings themselves are not to be increased going forward. Regarding the equity, it is down to a certain extent, but this is noted at the bottom. This is due to dividend and comprehensive income and so forth. Because of the yen's appreciation, there was a write-down, or there was a evaluation decrease of overseas assets, and these are the nature of the equity decrease. For the balance sheet, the cash conversion cycle, it's not in the material.
In the first quarter, it was 37 days, which represents an improvement compared with the same period of the last year. Please go to the next page. Based on this backdrop, I am now showing the main financial measures and cash flows. 26.5% for equity ratio is where we stand at the moment, and we are in Q1. Usually versus the end of the term, the revenue is usually lower, but we believe that this is an adequate ratio at the moment. Interest-bearing debt is JPY 855.6 billion. This is an increase by JPY 190.5 billion. However, at year-on-year, it was an improvement of JPY 914.2 billion. Debt equity ratio is 50%, an increase of 12 percentage points. We are still on a good path to improve the health of our financials.
For cash flows, if you can reference the bottom half of the same slide. As I have detailed out the items earlier on, I would like to eliminate this explanation. Now we have created transparency in terms of our segments. Again, you have seen the numbers earlier, I will not go through the details on this slide. Power, GTCC increased and Steam Power decreased in I&I. Metals Machinery increased and decreased with Machine Tool. For Aircraft, Defense & Space , commercial aircraft are on the rise. For order backlog in accordance with this trend. We now stand at the current moment, JPY 5,150.1 billion. Usually, the orders received have been trending higher than backlog, currently the backlog is on the decline at the moment.
However, in three years' time, or perhaps if we look at a longer three-year period, the biggest decrease will hit us in three years' time. This is obviously impacted by the major deals from last year. For the upcoming three years, we do have an abundant order backlog. For reference, the MHI Vestas joint venture, you do have the numbers here, and these are off the books. Now, moving on to the revenue by segment. We have an increase in Power Systems, Steam Power, GTCC, decrease with Nuclear Power. I did explain this in the profit from business activities. For Industry & Infrastructure, Transportation Systems, Commercial Ships are on the decline. Aircraft, Defense, and Space, Tier 1 Commercial Aircraft are on the rise.
MRJ first quarter, we had impairment, this was not recorded. On an annual basis, JPY 80 billion loss is the forecast. For Q1, this is an extension of our previous business, you see the results on this slide from profit from business activities by segment. For power, Gas Turbine has increased, again, Nuclear Power has dropped in terms of profit from business activities. For I&I, Commercial Ships is in the negative, we are improving the profit loss, Turbochargers have decreased. For Aircraft, Defense & Space, Tier 1 has grown. Based on the Q1 results, I would now like to illustrate to you the fact that our forecast for the full year is more or less on track. Now the yen is becoming much more appreciated. Year-on-year comparison, the finance-related profit loss, approximately JPY 14 billion minus is where we stand at the moment.
If we look at the basic fundamental business and our competency level, we do believe that we are on a recovery track at the moment. Again, based on these results, the full-year forecast for the orders received of JPY 4,300, revenue JPY 4,300 billion, profit from business activities JPY 320 billion, and profit JPY 110 billion, EBITDA JPY 350 billion, free cash flow JPY 50 billion is the unchanged forecast. For dividend, again, we will maintain the year beginning announcement. If we look into fundamental business, eliminating MRJ as well as the segment breakdown. Once again, we are not changing our initial forecast. With this, I would like to conclude the Q1 financial explanation. Thank you.