This is Fukumoto, general manager of Finance and Accounting at IHI Group. I will explain IHI Group's Financial Results for the first nine months of the Fiscal Year 2022, based on the PowerPoint presentation materials disclosed at 3:00 P.M. today. Page two shows the contents of today's presentation. Please turn to page four. This slide shows an overview of the results. Despite recent signs of economic recovery, the outlook of the economy continues to be uncertain due to various factors such as global shortage of materials and ongoing inflation, monetary tightening in each country in response to the situation, and volatility in exchange rates. Under such business environment, as with the second quarter, IHI Group secured Operating Profits steadily in all the reportable segments. Civil Aero Engines business is recording steady sales of spare parts, and the recovery trend remains unchanged.
In addition, profits further increased due to improved profitability and more than expected depreciation of the yen. In the Vehicular Turbochargers business, although the recovery from production adjustment by automobile companies continues, profit growth slowed down due to lower sales caused by the spread of COVID-19 in China, as well as soaring prices of raw materials. Other businesses also remained steady, although some of them were affected somewhat by recent changes in business environment. I will explain details in the following pages. Please turn to page five. This slide shows the consolidated results, including orders received and the income statement. Orders received was JPY 948.4 billion, up 12.4% year-on-year. Revenue was JPY 946.3 billion, up 16% year-on-year.
As shown at the bottom of the page, the average exchange rate for revenue was JPY 134.73 to the US dollar. There was significant yen depreciation by JPY 23.11 from the same period of the previous fiscal year. Operating Profit increased by JPY 19.4 billion year-on-year, up to JPY 64.9 billion. Excluding the JPY 31 billion impact from large scale asset sales recorded in the same period of the previous fiscal year, the Group's earnings capacity realized profit growth of roughly JPY 50 billion. Profit attributable to owners of parent was JPY 27 billion, which was on par with the corresponding period of the previous fiscal year due to recording foreign exchange losses among other factors. Please turn to page six for orders received and the order backlog by segment. Orders increased except for Social Infrastructure and Offshore Facilities.
In particular, orders increased significantly in Aero Engine, Space & Defense. The decrease in orders for Social Infrastructure and Offshore Facilities was attributable to the impact in the bridges and water gates business that booked multiple large scale orders in the same period of the previous fiscal year. In Industrial Systems & General-purpose Machinery, orders increased in many businesses centered on Vehicular Turbochargers, which is recovering from production adjustment. In Aero Engine, Space & Defense, orders mainly increased in Civil Aero Engines. As shown on the right, order backlog at the end of December was JPY 1,288.1 billion, up JPY 23 billion from the end of the previous fiscal year. Please turn to page seven. This page shows revenue and Operating Profit by segment.
Revenue increased in all the reportable segments, the Operating Profit was positive in all the reportable segments, with the group steadily accumulating profit from the second quarter. In Resources, Energy and Environment, Revenue and Operating Profit increased mainly due to progress of construction in nuclear energy. In Social Infrastructure and Offshore Facilities, as well as Industrial Systems & General-purpose Machinery, Operating Profit was almost at the same level with the same period of the previous fiscal year. In Aero Engine, Space & Defense, Operating Profit turned positive at JPY 38 billion, up significantly year-on-year due to recovery in sales of spare parts for Civil Aero Engines, yen depreciation, as well as the progress in the initiatives aimed at strengthening the cost structure. Adjustment for the same period of the previous fiscal year includes the impact from last year's asset sale.
I will explain the situation regarding Civil Aero Engines and Vehicular Turbochargers using pages nine and 10 respectively. Please turn to page eight. This is a breakdown by segment of the JPY 19.4 billion year-on-year increase in Operating Profit. Change in revenue had JPY 21.1 billion positive impact on Operating Profit. Some of the factors for profit growth include higher sales of spare parts for Civil Aero Engine, the progress of construction in nuclear energy. Change in construction profitability pushed up Operating Profit by JPY 11.7 billion.
Although there was impact on Operating Profits such as soaring raw material prices centered on Vehicular Turbochargers in Industrial Systems & General-purpose Machinery, change in construction profitability overall made positive contribution to profit, mainly due to factors including a decrease in burden of the program-related cost associated with improved performance of engines in the early phase of mass production, in addition to the effect from ongoing cost reduction efforts in Civil Aero Engines. The positive impact from change in foreign exchange rate was JPY 23.5 billion centered on Civil Aero Engines. Change in SG&A pushed on Operating Profit by JPY 7.3 billion due to an increase in costs along with the reopening of economic activities. Change in other income and expenses, including the one for Aero Engine, Space & Defense, reflects the impact from sale of assets in the previous fiscal year.
Please turn to page nine. The graph shows the trend of quarterly revenue of Civil Aero Engines in bars and changes in spare parts transaction volume in a solid line. Overall, the recovery trend for sales of spare parts remains unchanged in step with recovery in air transportation demand. Please turn to page 10. The graph above shows the changes in the number of delivery and revenue by region. As shown by the graph below, monthly number of delivery hit the bottom in April when the business was heavily affected by the lockdown situation in China, and then started to recover rapidly and was trending at approximately 500,000 units level since June. However, approaching the year-end, the sales declined as COVID-19 expanded in China. We are expecting the current slightly weakish momentum to continue in January onward. Please turn to page 11, finance income and costs.
Although directionally, yen will be weaker at the end of the fiscal year compared to the beginning of the year, JPY 6.3 billion foreign exchange loss was recognized in Q3 since there was a rapid yen correction, i.e. appreciation, approaching to the calendar year-end, which negatively affected the evaluation of foreign currency denominated bonds. Share of loss of investments accounted for using equity method was JPY 5.1 billion. No major changes in Japan Marine United business performance compared to the first six months. Please turn to page 12, financial position. Total assets were JPY 1,949.7 billion, increased by JPY 70 billion from the year-end of the previous fiscal year.
The increase did not only come from the ordinary seasonal inventory pileup to get prepared for the year-end sales, but also from another inventory pileup to mitigate the negative impact of rising procurement costs and potential delay in raw material deliveries. Increase in operating receivables following the good progress in a large scale project was another factor. In the meantime, interest-bearing liabilities, which you will see in the middle of the chart, increased to JPY 581.9 billion, following the increase in working capital. Total equity was JPY 430.2 billion, increased by JPY 23.2 billion. As a result, debt-to-equity ratio was 1.35x . Ratio of equity attributable to owners of parent was 20.8%. Please turn to page 13, Consolidated Cash Flows. Cash flows from operating activities was negative JPY 53.1 billion.
Major factor was the increase in working capital, including operating receivables and inventory as mentioned earlier. We will continuously accelerate the initiatives to strengthen cash generation ability to control increase in working capital when sales is on increasing trend and supply chain risk is rising. Cash flows from investing activities was negative JPY 38.6 billion, mainly following the good progress in CapEx, and as a result, free cash flow was negative JPY 91.8 billion. On page 14, you will see the actual results of R&D, CapEx and depreciation. On page 15, you will see revenue by region. Next, please turn to page 17. Orders received is now expected to be JPY 1.36 trillion, upwardly revised by JPY 30 billion from the previous forecast. No change in revenue, Operating Profit, and other profit forecasts. FX rate assumption for Q4 remains the same.
FX rate sensitivity, 1 JPY move will have JPY 300 million impact on our Operating Profit during the remaining three months. Now, after taking various moving factors into consideration, we believe that we are more likely to achieve the full year forecast and therefore decided to upwardly revise the year-end dividend forecast to JPY 50, up by JPY 10 from the previous forecast. Page 18, orders received forecast by segment. Resources, Energy and Environment. Now incorporating the actual large scale power plant order we received by the end of Q2 in Southeast Asia. Social Infrastructure and Offshore Facilities now incorporating order intake push out to the next fiscal year in bridges, water gates, and shield systems. Industrial Systems & General-purpose Machinery and Aero Engine, Space & Defense now reflecting the trends observed during the first nine months and revised downwardly and upwardly respectively.
Page 19, revenue and Operating Profit by segment. No changes on a total basis, but some revisions by segment. As we explained with orders received forecast, reflected the trends we were observing during the first nine months in Industrial Systems & General-purpose Machinery and Aero Engine, Space & Defense. Details will be explained on the next page. Page 20. Analysis of change in Operating Profit forecast by segment and by factor. Industrial Systems & General-purpose Machinery. We have reflected several factors, including the increase in procurement costs in Vehicular Turbocharger and other businesses, potential negative impact on our sales following the expansion of COVID-19 in China, and delay in order taking and sales in part of other businesses.
Potential difference between procurement cost hike and our price hike as end of the fiscal year-end has been also reflected into the forecast following the progress we are likely to make to transfer the price hike by the end of the fiscal year. Aero Engine, Space & Defense. We have reflected the actual FX fluctuation trend between October and December into the Civil Aero Engine business. The whole JPY 10 billion equivalent buffer for potential business fluctuation risk included in adjustment has been fully reversed. Please turn to page 21. Cash flows forecast. Downwardly revised from the previous forecast after reflecting the actual results as end of Q3. Cash flows from operating activities now expected to be JPY 80 billion.
We will continuously focus on cash generation, part of the working capital accumulated by the end of Q3 is likely to be collected after entering into the next fiscal year, which we have reflected into the latest forecast. Cash flows from investing activities will decrease JPY 10 billion after reflecting the progress in CapEx. As a result, free cash flow is now expected to be ±0. Page 20, 22 onwards, our financial results by segment and topics in Q3 for your reference. Please take a look at them later. Finally, during the two months to go, we will strongly continue to work on the initiatives under Project Change to achieve greater than JPY 85 billion Operating Profit and JPY 80 billion operating cash flow, as explained today. This concludes our presentation.