Thank you for waiting. We would now like to start the MHI financial results meeting for the first quarter 2018. I will be serving as moderator today. My name is Inoue, Senior General Manager, IR and Shareholder Relations Department. Today's presenter is Koguchi, our Executive Vice President and CFO. He will explain financial results of the first quarter fiscal year 2018. After the presentation, we take questions. We are planning to close this meeting at 4:30 P.M. We ask for your cooperation in this regard. Mr. Koguchi, please start.
Good afternoon, ladies and gentlemen. My name is Koguchi. I am the CFO of the company. Here, I will provide an overview of MHI's financial results for the first quarter of fiscal 2018. You can see a summary of the quarterly results. Starting this year, as you know, we are adopting the IFRS, International Financial Reporting Standards.
In the comparison, we make a comparison with the fiscal year 2017 first quarter, we try to look at the figures in IFRS accounting method. The figures that you are seeing right now would be different from the ones that we had seen in the past. Please take a look at the blue shaded area, which shows the result for 2018 first quarter. Orders received was JPY 707.1 billion and the revenue was JPY 906.1 billion. There has been a slight increase. About the profit from business activities, figure was JPY 31.4 billion, which was the increase of JPY 25 billion. About the profit attributable to owners of parent, JPY 15 billion, which is, as I said, the figure decreased by JPY 3 billion, which is based on IFRS. This means that there has been an increase of about JPY 18 billion.
As I said, there has been an increase of revenue and profit. EBITDA, JPY 63.6 billion, which is an increase of JPY 17.7 billion. Free cash flow, it was negative JPY 96.8 billion, which is a change of negative JPY 20.2 billion. There has been a special situation, please note that this is almost comparable to last year. This year, we made some distinction, MRJ investment has been made. This has not been commercialized, this is just an investment. We decided to have the breakdown between the fundamental business and MRJ investment. Please take a look at this chart. If you take a look at the fundamental businesses, about the profit from business activities, JPY 54 billion, the profit attributable to owners of parent, JPY 37.7 billion, EBITDA JPY 86.2 billion, which is 9.5%.
In the last several years, MHI has been focusing on the cash flow and also based on the strategic business plan, we have been working on the thinning of the portfolio. This way, we are seeing the results and fruits out of our activities. Moving on to the next page. This is the breakdown of the quarterly results by segment. Orders received. In the Power Systems segment, the orders received was JPY 194.4 billion, which is a decrease of JPY 32.4 billion. This is due to the gas turbine. We do have the informally agreed upon items, we were not able to receive orders for this term. That is the reason why we have seen the decline by about JPY 30 billion. Industry & Infrastructure.
There has been a sluggishness for the order for the machine businesses, in the Metals Machinery and products and machine, and also turbochargers and others, we were able to see the increase. About the Aircraft, Defense & Space, the Tier 1 777 was decreasing as has been as planned. That's the reason why there was a decline. For the Power Systems and the defense, there has been a decrease, but industry was doing well. That's the reason why in total, there has been a small increase. Moving on to the revenue. As you can see, the Power Systems revenue was JPY 316 billion, which is an increase of about JPY 20 billion. Last year, well, for the first quarter and the second quarter, the nuclear business was not very good, but we were able to see the normalization of that. That's the reason why there has been an increase.
For Industry & Infrastructure, figure was JPY 445.2 billion, which is about the same as the previous year. In the case of Aircraft, Defense & Space, Tier 1, the related decline have been accounted for. Also for the defense equipment, again, the sales was slow. That's the reason why there was a decline of about JPY 20 billion, resulting in the revenue of JPY 150.6 billion. Aircraft, Defense & Space They declined, the Power Systems was increased. As a total, as was mentioned, there has been a slight increase compared with the previous term. Moving on to the profit from business activity. The nuclear power last year was negative, but this has gone back to the normal situation. Also furthermore, for other segments, we were able to see the steady progress.
It was better than the previous year, which was increase of JPY 24.9 billion. The figure was JPY 25.1 billion. Also, in total figure was the positive JPY 3 billion. For Aircraft, Defense & Space, because of the 777 decrease, the negative JPY 12.1 billion. That means that there has been a decline of about JPY 5.3 billion. All in all, the Power Systems and industry, they did well. The total figure was JPY 31.4 billion, which is the increase of JPY 24.9 billion. Moving on to the balance sheet situation. Please refer to the bottom chart. First is the asset, JPY 5,268.6 billion, which is an increase of JPY 20 billion. The South African business is progressing well, that's the reason why we have seen the increase of the assets.
About the trade receivables, we are steadily decreasing, balance sheet improvement has been gaining momentum. We are able to say that we have made good results for the streamlining of balance sheet. Next is the total liabilities and equity. We cover this for the inventories and also trade receivables. In the past, we have been using the term the advances and others, the trade receivables, we are able to cover the entire picture. That's something we are looking at. Because of the fact that this is first quarter, it is not very much in balance. All in all, the balance sheet improvement has been progressing well. This is a comparison between different years. This is the first quarter, please note that we are in the very first part of the year.
If you make a comparison at the end of the year, that's a different situation. Sometimes we have the irregular figures in the first quarter. One thing that is not written here is the comparison with the same period last year. All in all, we are able to say that there has been an improvement of the balance sheet, and same holds true with the total liability and equity. The interest-bearing debt was JPY 914.2 billion, which means that there has been an increase of about JPY 100 billion. The previous year's figure is not shown here, but in the corresponding period, but we can say that there has been a decrease of about JPY 100 billion. We are working on the improvement of balance sheet. We'd like to continue working on it, so we can see that this deserves credit.
Moving on, let's take a look at the main financial measures. First is the equity ratio, which is 26.7%. Interest-bearing debt, JPY 914.2 billion. D/E ratio was 0.53. The equity ratio compared with the last year, well, actually last year was 33%, there has been a decline of equity ratio for this year. But as you know, the merger related, the development, the cost have been written off. That's the reason why this is 26.7%. The cash flow is like this. There has been some signal or the extraordinary deterioration, so it seems deteriorated, but all in all, this is very much in line with our plan. Next is the situation, based on the segment. I have been talking about this for a while. Just in some points. This allow me to just omit the detailed explanation.
As the orders received, as was explained earlier, the total figure was JPY 700 billion, the sales was about JPY 900 billion. Looking at the first quarter, there has been a decrease of about JPY 200 billion, the backlog. About the sales, the same holds true as you can see here. Revenues are as shown here. In terms of the profit from business activities on the IFRS standards, Power Systems, because of the negative nuclear power impact, it is negative. It was negative last year, but it has gone back to normal, and there's a great improvement. Also, Industry has seen an improvement to cover up for the decrease in Aircraft, Defense & Space. As you can see in the red line, the red box, there's MRJ-related business losses indicated. Including this, we had JPY 31.4 billion, but excluding this, we had JPY 54 billion.
That is the basic fundamental business earnings. Next, I would like to discuss about the forecast for fiscal year 2018. I already talked about the Q1 results, based on the results that we had for Q1, for the orders, revenue, profits, cash flow, and the dividends, we have decided to maintain the same forecast for all of these items as we had announced at the beginning of the year. In terms of the fundamental business, 6% and 4%, the 7% increase, the free cash flow, JPY 170 billion. From orders, revenue, profit from business, and profit attributable to the parent, we have JPY [Inaudible] billion, JPY 250 billion, and JPY 170 billion. Balance sheet is still heavy, the earnings are still light today.
However, for the final year, 2020, we would like to make a steady progress in improvement. Now for the forecast by segment, you can see on the next page, we have not made any changes to this, so I will not go into details. After this, there are some attachment materials, so please refer to them later. I would like to omit the explanation. This concludes my presentation.