I will now explain the results and forecasts for fiscal year 2024 and fiscal year 2025. First, I have prepared a summary on the first page. Despite favorable exchange rates, production volumes remained sluggish. However, we were able to achieve a record high profit for the fourth consecutive quarter, which I consider a positive outcome. Turning to the next page, the income statement indicates that exchange rates for both the dollar and the euro are JPY 8 weaker than the previous year, as shown in the top right corner. The impact of the yen's depreciation on the currency is shown in the right column. Regarding the company's financial performance, revenue reached JPY 10.3095 trillion . Gross profit amounted to JPY 1.1211 trillion . However, operating profit fell slightly below JPY 500 billion , reaching JPY 497.1 billion . Profits stood at JPY 362.5 billion .
Each of these figures represents a new record high. Notwithstanding the exclusion of the impact of exchange rate on a net profit basis, there was a JPY 10.3 billion increase due to the exchange rate. However, when viewed in total, there was an increase of JPY 31.1 billion . We believe that this growth exceeded the currency impact. The subsequent page presents a monthly chart, waterfall model, and on an operating profit basis, there was an increase of JPY 55.6 billion . The foreign exchange rate saw an increase of JPY 14.8 billion , and in a Circular Economy business, a negative figure was recorded in the previous fiscal year, indicating a reversal in that sector. The Metal+ (Plus) business demonstrated robust performance propelled by advantageous market conditions. Regarding demand, the lithium-related sector demonstrated a decline in demand. However, other segments exhibited growth, leading to a net increase of JPY 6.5 billion .
Automotive retails also increased significantly, especially in Africa, resulting in an increase of JPY 10.9 billion . As indicated in others, the top line of finance income and costs show a dividend income of JPY 8.5 billion . During the period under review, we divested all of our four U.S. gas power generation businesses, resulting in a net increase of JPY 6.2 billion . For the sake of financial record-keeping, the increased decrease factor is represented separately as gains from the sale of the U.S. power generation business and losses related to the U.S. power generation business. The decline in lithium prices has resulted in a JPY 3 billion decrease. The combined impact of these factors resulted in a net increase of JPY 10 billion . On page six, we categorize this as one-off gains and losses.
For the current period, this includes JPY 10 billion from the sale of the U.S. power generation business I mentioned earlier. Page seven, for information regarding profit analysis by division. Unfortunately, compared with the same period last year, only the Circular Economy reported a loss of JPY 3.1 billion . This was mainly due to poor market conditions of lithium, PET recycling, and aluminum spreads, which resulted in a loss for this division alone. It should be noted that other divisions were also affected by currency fluctuations. Despite these challenges, we're confident that we have achieved organic growth. Specifically in Africa, we have achieved a substantial increase in net profit, reaching nearly JPY 10 billion . The balance sheet is located on the next page, page eight . As illustrated in the upper right corner, the exchange rate remained relatively stable, with the yen appreciating by approximately JPY 1 .
In terms of total assets, my approach is to maintain a healthy balance and avoid excessive growth. Despite the exchange rate remaining stable, I believe we have successfully managed our assets. In terms of inventories, we were able to compress them from the previous fiscal year's peak, which contributed to the increase in revenues. Net worth increased by JPY 157.1 billion, while net interest-bearing debt was reduced by approximately JPY 136 billion to approximately JPY 1 trillion. net DER has decreased to 0.39x, indicating we need to borrow more to invest and increase returns because the balance sheet has become really pristine. In terms of cash flow, the previous fiscal year's operating cash flow of JPY 542.1 billion was slightly excessive as it included the sale of inventory and adjustments to accounts payable and accounts receivable.
In the current fiscal year, however, such factors were minimal, and we were able to generate JPY 511.8 billion in cash flow. It is encouraging that we have achieved a positive operating cash flow of over JPY 500 billion for two consecutive fiscal years. Investment cash flow is influenced by various factors, including asset sales and time deposits, which can impact the figures. As I will explain on the next page, gross investment for the previous fiscal year was JPY 327.7 billion, and for the current fiscal year, including the Elematec portion, it was JPY 323.2 billion. We have continued to invest over JPY 300 billion as we believe are largely on track with our plan. The free cash flow after dividends also demonstrated a substantial positive trend. Regarding cash flows from investing activities, the figure of JPY 291.7 billion shown here increases to JPY 323.2 billion when Elematec figures are included.
Regarding overall allocation, the core value or what we consider as core value businesses remains the primary focus. Our primary areas of focus include Africa and automotive-related businesses, which account for approximately JPY 150 billion of the allocation. Social value investments include capital increases for the battery plant at Toyota Battery Manufacturing North Carolina in North America, and investments in businesses related to social care, primarily in India. The recently announced recycling business in North America will also fall under this category, with the figures expected to be reflected in the next fiscal year. With respect to renewable energy-related investments, we are allocating capital to enterprises involved in the feed-in tariff, FIT, systems for onshore wind power generation projects that we have been pursuing for some time, in addition to solar power generation projects led by Terras Energy Corporation. I will provide a brief explanation for each segment.
The Metal+ (Plus) Division reported an operating profit of JPY 9.8 billion, marking a significant improvement compared to the previous fiscal year. The foreign exchange rate had a positive impact of JPY 2.0 billion, and markets and prices had a positive impact of JPY 5.2 billion. Overall, we are pleased to have achieved margin improvement despite stagnant growth in automobile production. The Circular Economy Division is addressing a range of challenges, including lithium, battery materials, aluminum, and chemical-related bio businesses. Achieving premiums in these areas remain challenging, prompting our decision to make upfront investments. Notwithstanding, operating profits saw a JPY 12.1 billion increase compared to the previous fiscal year. This is partly due to the recovery from the decline in lithium prices in the previous fiscal year, but we were able to achieve these results despite the difficult circumstances. The Supply Chain Division is a solid segment. Operating profit increased by JPY 6.4 billion.
This division was previously known as the Global Logistics Division. While it initially managed to gain a profit of JPY 10 billion, it has since demonstrated significant growth, achieving a profit of JPY 49.2 billion. This substantial increase is a notable achievement. This underscores the strength of Toyota Tsusho and the growth of our organic business. The North American automotive-related business segment has achieved profitability, and it is experiencing significant global expansion. The Mobility Division exhibited a mix of positive and negative factors, yet operating profit grew by JPY 2 billion compared to the previous fiscal year. China is currently facing tough sales conditions for Japanese manufacturers, but within our business, exports and sales of KD, knock-down, parts for Land Cruisers for inland China increased significantly, contributing to positive operating profit.
Conversely, the performance in the Caucasus market was suboptimal, and given its strength in the prior fiscal year, it experienced a decline year-on-year. Overall, it was plus minus zero . The Green Infrastructure Division maintained its position from the previous fiscal year, reporting an operating profit of JPY 600 million. Regarding content, the renewable energy sector of Eurus experienced a JPY 2 billion decline in operating profit, which was unfavorable. However, the machinery demonstrated growth contributed to a favorable overall performance for the division. As stated on page 16, the Digital Solutions Division is involved in the business of semiconductors, NEXTY , Elematec, and Tomen Devices Corporation. In-vehicle electronics-related business has experienced challenges in recent months, but indications finally suggest a recovery in March. Still, the in-vehicle electronics-related business incurred a loss of JPY 2.3 billion.
However, other businesses performed well, and there was a one-time loss from a previous fiscal year due to the bankruptcy of FCNT, a company with which Tomen Devices Corporation had business ties. This led to a positive operating profit of JPY 5.8 billion. Absent this key factor, the performance would have been essentially driven by sheer strength. The Lifestyle Division also maintained its strong performance from the previous fiscal year, while the Brazilian company NovaAgri, which had performed well last fiscal year, saw a decline this fiscal year due to the strong performance in the previous year. Óleos Menu Indústria e Comércio Ltda, an edible oil company, which had performed poorly last fiscal year, saw an increase this year, resulting in a balanced result. The Africa Division demonstrated notable success, with operating profit increasing by JPY 22.8 billion. Currency effects contributed JPY 5.2 billion due to the increase in operating profit.
In the automotive sector, West Africa demonstrated resilience, and Eastern and Southern Africa, excluding South Africa, also exhibited robust performance. I believe that the primary factors contributing to this growth are the expansion of motorization, changes in the model mix, and the extension of their value chain. Regarding South Africa's outlook, it appears to have reached its lowest point, and a recovery is projected for the subsequent fiscal year. In the non-automotive sector, we are expanding in Africa in the pharmaceutical and healthcare sectors, as well as in infrastructure projects with Eurus Energy. Solar power generation in Tunisia is also making a positive contribution. Regarding the forecast and target for fiscal year 2025, we received numerous inquiries about this during the earnings briefing. However, given the temporary exchange rate of JPY 139 per dollar, we have revised our plan to JPY 135, which can now be considered conservative.
Consequently, we're anticipating a yen a ppreciation of JPY 18 from this fiscal year, with an estimated negative impact of approximately JPY 23 billion . Regarding the Trump tariffs, which are subject to frequent changes, it is unclear how they will develop. However, looking at the broader U.S. economic landscape, our primary focus remains on the logistics of key components that we need to supply. Even in the event of tariffs being imposed on these components, we'll keep supplying as long as we do not incur losses. Additionally, we're assessing the implications of the suspension of U.S. aid to Africa through the U.S. Agency for International Development, USAID, which we estimate will result in a reduction of over JPY 5 billion in profit. Two downward factors totaling JPY 28 billion are due to the strong yen in tariffs, but there's also the possibility of extraordinary gains.
We have forecasted a profit of JPY 340 billion for the next fiscal year, demonstrating our strong commitment. Naturally, a weakening of the yen, while lack of impact from tariffs, would represent a favorable outcome. This page presents the earnings forecast by division. It includes fiscal year 2024 results, fiscal year 2025 forecast, forex effect, and the effect of our gain loss. However, the Trump tariff portion is not included. Depending on the policies of the Trump administration, the actual value could increase. This is a topic that will likely be covered in further detail in the Q&A session, and we'll address it accordingly. With respect to the shareholder return policy, I have consistently maintained that we will not repurchase our own shares as long as I live. However, the CEO may change, and given the significant improvement in the balance sheet, maintaining this portion may become challenging.
Consequently, we're currently approaching share repurchases with a more favorable outlook. As previously mentioned, we're dedicated to the principle of progressive dividends, and our objective is to attain a consolidated payout ratio that exceeds 40% over the course of the midterm business plan period. Next page, please. This will mark 16 consecutive years of increasing profits and dividends, and we can finally target JPY 110 . The JPY 105 payout for this fiscal year will be finalized if approved at the shareholders' meeting. Next fiscal year's profit is expected to be reduced to JPY 340 billion , even though a higher payout ratio. However, I believe it is important to increase the progressive dividend from JPY 105 to JPY 110 and aim to achieve a consolidated payout ratio of 40% as soon as possible. Thank you very much.
Toshimitsu Imai, the President and CEO, will then proceed with a review of the midterm business plan covering the period from fiscal year 2025 to 2027.
Yes, I will now present the new midterm business plan for fiscal year 2025 to fiscal year 2027. First, I will present a review of the midterm business plan fiscal year 2022 to 2024, and a summary of quantitative targets from the top profit of the year to the bottom shareholder returns. We have achieved all of the quantitative targets that we promised regarding shareholder returns. As Iwamoto previously stated, we have maintained our progressive dividend policy. If approved at the shareholders' meeting, the payout ratio is expected to increase to 30.6%. Next page, please. I'll now briefly explain the new midterm business plan. First of all, we implemented a new management structure in April.
As I stated during the press conference, we will continue under themes of carrying on and higher dimension. First, regarding the company's core MVV, mission, vision, value, which was firmly established during the former President Kashitani's tenure, we will continue to carry on the three pillars of: P assing on a better Earth to the children of the future; Be the Right ONE; and Toyota Tsusho DNA: Humanity, Gembality, Beyond. On top of that, we are committed to leveraging this foundation to generate new value. I will now proceed to outline the quantitative objectives of the midterm business plan fiscal 2025 to 2027. Regarding return on equity, ROE, which is currently at a relatively high level of 14.2%, we aim to increase it to 15%. The cumulative investment over three years is targeted at JPY 1.2 trillion.
Regarding the consolidated dividend payout ratio, while Iwamoto still lives and is fine, however, we aim to implement share buybacks as soon as possible and achieve 40% at an early stage. Next page, please. To achieve these quantitative targets, we will pursue higher dimensions in four areas. Some people may not be familiar with the term higher dimension, so I would like to explain my interpretation. The term higher dimension is used to denote growth that extends beyond conventional organic growth. The four areas are, from top to bottom: growth investment; capital policies or capital allocation; human capital and organization; and sustainability management. By implementing a higher dimension in these four areas, we ultimately aim to enhance corporate value, which is on the far right. In this discussion, our primary focus will be on PBR.
Even though Toyota Tsusho's PBR went above 1.5x at some point, it has recently experienced a slight decline. In my personal view, given Toyota Tsusho's demonstrated growth potential, there is significant room for enhancement. However, this is a result, so we will not set a specific target for PBR itself. Instead, we will concentrate on investing in and developing the four areas on the left to ultimately increase corporate value. Next page, please. I will now briefly explain each of the four areas. First and foremost, we prioritize growth investments. The small picture on the lower left shows the current situation, where Toyota Tsusho has unique strengths in the automotive industry, in Africa-centered core values, in resource circulation and other social values, and in renewable energy and other nature values.
This concept, which we refer to as unique competitiveness, is a distinctive attribute that sets Toyota Tsusho apart from other trading companies and competitors in the industry. Please allow me to elaborate. For instance, as Iwamoto previously stated, we have divested ourselves from the petrochemical industry. Our primary focus does not lie in the extraction from the Earth, except for lithium and ion. Instead, we are recycling metals that are already present on the Earth's surface. We are interested in pursuing business opportunities that convert solar and wind energy into usable forms. While many Japanese companies shifted their focus to China in the 2010s, we chose to invest in Africa. We have established a unique competitive advantage in Africa. Moving forward, we intend to bolster this unique competitiveness through strategic growth investments.
The second is to elevate our synergies to a higher dimension, such as elevate our synergies of social value and nature value to a higher dimension. To illustrate this point, I will provide some examples. Next page, please. First, growth investments. Examples of elevating our unique competitiveness to a higher dimension. Toyota Tsusho's most notable feature is its automotive business, as outlined at the bottom. We are involved in a diverse array of businesses across the automotive industry, from the upstream to the downstream sectors. A substantial portion of our current revenue is derived from these operations. In the meantime, the automotive industry is undergoing a transformative shift, with the mobility sector itself being described as being elevated into a new dimension.
In this context, we are transforming materials into recycled materials, producing green steel, leveraging DX to optimize the supply chain, and undertaking the data center and connected businesses to support software-defined vehicles. Our objective is to elevate our business to a higher dimension in these areas and establish ourselves as a leader in the next-generation mobility society. The next step is nature value. Our current holdings include Eurus, Japan's largest onshore wind power company, and Terras, a major player in the solar power industry. On April 1st, we completed the integration of these two companies. In this newly integrated company, we will leverage the expertise of Terras, which was previously a subsidiary of SB Energy, to introduce an AI-powered energy management system called ReEra and enter the energy management business.
Our primary geographic focus has been on Japan, the U.S., and Europe, but we are now expanding our renewable energy business development into Africa and emerging markets. A key initiative in this strategy is the AEOLUS renewable energy project in Africa, a joint venture between CFAO and Eurus. These are examples of elevating our synergies to a higher dimension. In this respect, our main current business include the arterial businesses of the automotive industry, which is our core business. These include materials and parts supply. Toyota Tsusho has a longstanding commitment to resource circulation in Japan, dating back to the 1970s. As previously announced in early March, we have entered into a merger agreement with Radius Recycling, the largest recycling company in North America.
Integrating this initiative with our existing strong arterial businesses in North America will create a closed-loop system and position our business to leverage synergies in the world's largest mobility market. The North American closed-loop market is many times larger than Japan. Next, this is regional synergies. In the lower left corner, you will see the comprehensive businesses, including mobility and healthcare, that we are developing in Africa. Our company has a longstanding history of involvement in the automotive sector and the wellness industry in India. Moving forward, our objective is to establish connections between Africa and India. Currently, approximately 20% of Toyota vehicles sold in Africa are imported from India, and we intend to expand our trade relations to include pharmaceuticals from India. Furthermore, we are planning to expand our recycling business, which was initially established in India, to the African continent.
It is essential to develop a business model that incorporates both Africa and India. We also want to expand our south business, which is strong in the southern hemisphere and offers low-cost, long-life operations from India and Africa to the broader global south, particularly Brazil, Indonesia, and Vietnam, which are growing markets. Next, while continuing these investments, we will also focus on reaping the benefits of past investments over the next three years to steadily increase profits. As Iwamoto mentioned earlier, we have assumed a conservative rate of JPY 135 per dollar for this period, which is why we have tentatively set short-term profit of JPY 340 billion. However, we believe this is upside potential.
Over the next three years, we will also take into account the growth of emerging markets such as Africa and set a profit target for fiscal year 2027 at JPY 450 billion, aiming to increase each of core value, social value, and nature value. While the payoff may be some time in the future, we aim to invest JPY 1.2 trillion in growth over the three years period. This investment will be balanced between core value, social value, and nature value, with a regional focus of at least JPY 400 billion on global south, centered on Africa and India, and potentially more depending on circumstances. Next, please. We have established internal standards for current ROIC, R,O,I,C, return on invested capital, and targets for core value, social value, and nature value. At present, ROIC for core value is very high, while nature value is underperforming.
Given the differing time frames, we will initially be allocating investments with targets of 15%, 10%, and 5% for the three values. If you ask whether the target for nature value should remain at 5% indefinitely, we intend to pursue business initiatives that will allow it to catch up with social value and core value in the medium to long term. As we pursue growth investments, we will also proactively allocate management resources. We have categorized businesses into four quadrants using ROIC and competitiveness on the vertical axis, and CAGR and growth expectations on the horizontal axis. We are currently reevaluating the business in the lower left quadrant, which are restructuring businesses. Specifically, we are firmly implementing two activities for these restructuring businesses. First, we have discussed in the management the principle of discontinuing businesses that are identified in the upper left as businesses to restructure.
Some examples are listed in the lower right corner, such as withdrawing from the fossil fuel-related power generation business, the mobile phone sales business, the LCD panel manufacturing business, and the data center business in Africa. In addition, in our African business regions, there were many isolated areas such as French Guiana. As a result, we have significantly withdrawn from those areas and are redeploying the freed-up funds and personnel into growing areas. Another activity to consider is the reduction of low-profit companies, as illustrated in the lower left. Due to the long tail effect, Toyota Tsusho Group subsidiaries such as Eurus Energy and CFAO are generating significant profits. However, the group has over 1,000 subsidiaries, and many of them fall into the category of small companies with less than JPY 100 million in equity net profit after tax, as shown here.
We are currently assessing the medium-term growth potential of these companies and have initiated the withdrawal process from those that are not expected to achieve medium-term growth. This is an integral part of our company's structure, and we are committed to enhancing the reallocation to ensure ongoing investment and growth. Next. The second of the four areas, which was explained earlier, is that over the three years, we aim to generate operating cash flow of JPY 1.4 trillion, of which JPY 1.2 trillion will be allocated to growth investments. Furthermore, we will allocate more than JPY 500 billion to shareholder returns with the aim of strengthening our dividend policy. In addition, as Iwamoto said, the balance sheet is pristine now, and the net DER is below 0.4x. We will allocate funds appropriately for both investments and shareholder returns and continue to manage the net DER in the range of no more than 0.8x .
Next page, please. This aligns with our previous discussion, and from fiscal year 2025 to 2027, we will maintain the progressive dividend policy. We have consistently maintained the progressive dividend, and if we continue it through fiscal 2027, it will be 18 consecutive years. We aim to continue the progressive dividend at least until the 18th consecutive year, and strive to achieve a consolidated dividend payout ratio of 40% or more quickly, including share repurchases. This is the third of the four areas. We believe that to increase corporate value, it is not enough to focus solely on capital policy and growth investments. We also need to place a significant emphasis on people and sustainability or non-financial areas as these are essential to achieving growth. Consequently, we will prioritize these areas in our efforts.
Toyota Tsusho currently has a workforce of 70,000 employees, representing a diverse range of nationalities, genders, and ages. All of these individuals are united in their shared commitment to the company's mission, vision, and values. The woman in the center holds the crystal ball, which represents Toyota Tsusho's DNA, symbolizing the company's collective identity. On the day I assumed office on April 1st, we sent this by email to all 70,000 employees worldwide, and I found it interesting that hundreds of people responded. This is the current image of Toyota Tsusho, specially designed by Yūsuke Kozaki , the world-renowned designer of Pokémon GO. We refer to it as the brigade of 70,000, a term that conveys the image of a brigade traveling toward the North Star. For your reference, Toyota Tsusho has 70,000 employees, with 20,000 working in Africa and the remainder evenly distributed among other regions.
Regarding group companies, there are sites of 1,000 companies. For instance, we have a leadership in a remote area of Burkina Faso, Africa, where we sell cars and provide service to customers. This distinguishes us as a unique group of Japanese companies with a profile that is almost unparalleled worldwide. To achieve solid results in such a vast organization, it is essential that the 70,000 employees at all locations share the mission, vision, and values previously mentioned. Taking initiative and responsibility to realize their potential is also crucial. While the concept may seem somewhat abstract, we have identified two key areas, human capital development and organizational vitality. To address these issues, we have established a human company task force in April. The first one is human capital DNA awakening. Instead of focusing on human capital development, I believe that individuals are born with minimal differences in their innate abilities.
What matters is whether that DNA or potential is awakened. We're implementing various activities as part of our policy to create a human resources policy that awakens everyone's potential. In light of the evolving business landscape, we're restructuring our organization to circumvent the inflexible, change-averse pyramid structure frequently linked to Japan traditional company, JTC. Instead, we aim to become a Darwin company that adapts flexibly to change and thrives like a living organism. In terms of sustainability, we're working on decarbonization, greenhouse gas emissions reductions, and overall risk reduction. In terms of decarbonization, we are focused mainly on Scope 1 and 2, but we will also address Scope 3, which is reducing sustainability risk throughout the supply chain and contributing to global CO2 reduction efforts. Next, please. This is the last page. We believe that external evaluation is also very important.
This is the carbon-neutral roadmap that we published in 2021. Since making the various declarations, we have continued our activities steadily. Last fiscal year, we were one of only eight companies worldwide, and the only company in Japan to receive the highest rating, AAA, from CDP, the most authoritative environmental organization. We're pleased to share that we have received a rating of 4.7 out of 5 from FTSE. We're occasionally mentioned in the press as Toyota Tsusho, the decarbonization trading company, and we aim to uphold this reputation by maintaining our standing in this area. With that, I conclude my remarks. As a general trading company with unique competitiveness, Toyota Tsusho will continue to increase corporate value and pursue the vision of Be the Right ONE . Thank you very much.