Thank you. This is Nakanishi, the President. Thank you very much indeed for coming to the announcement of the results for the six-month ended September 2022. First, I would like to talk about the overall business results and ask our CFO, Mr. Nouchi, to give you some details. What I would like to explain to you, there are four points as follows. The first is that six-month consolidated net income doubled year-over-year, almost doubled, to reach JPY 720 billion. The second point is that we made the upward revision to the forecast for the year from the initial forecast in May of JPY 850 billion to JPY 1.03 trillion, which is the highest record. The third is that, to
We have determined to pay the annual dividend, and we changed the annual dividend forecast from JPY 150 per share that we announced in May to JPY 155 per share. We also decided to make the share repurchase amounting to JPY 70 billion. Lastly, I'd like to explain the progress of our Midterm Corporate Strategy. Please refer to the material which is entitled Results for the Sixth Month Ended September 2022. Please look at page one. Let me first explain the summary of the year-over-year fluctuations. Please take a look at the bottom left box. The six-month consolidated net income was JPY 720 billion, which was the record high for the first half of the fiscal year. This is two years in a row.
The Mineral Resources segment was strong, and also in Urban Development in Q1. We booked sales gain on the real estate management company and also the Automotive & Mobility, Industrial Materials, and Petroleum & Chemicals Solution showed steady earnings. Next, let me talk about the forecast for the year as well as the shareholder return. Please take a look at the bottom right box. As for the forecast for the year, we are making the upward revision by JPY 180 billion from the initial forecast that we made in May of JPY 850 billion to JPY 1,030 billion. In addition to the tailwind of the resource prices, we included the higher earnings of the Automotive & Mobility, Power Solution, and Industrial Materials.
In the second half of the fiscal year, we expect a deceleration of the global economy and expect tough business environment. Therefore, we have also included some downward impact risk to the revised forecast. Based on that, the forecast for earnings, independent of the market forecast that are shown in our Midterm Corporate Strategy 2024, remains the same at JPY 650 billion. As we made upward revision of the forecast, we have determined to increase our dividend payment and also to conduct the repurchase of the shares. As for the dividend, based on the progressive dividend policy, as the we conducted the share repurchase, the outstanding share number has decreased, therefore the dividend per share increases.
Based on the expected sustainable profit growth, we have decided to increase our annual dividend payment forecast to JPY 155 per share, and also made a decision to make the share repurchase amounting to JPY 70 billion. After the repurchase, all the shares will be retired. Based on this return to the shareholders, the payout ratio in total will be 28.7%. In the second half of the fiscal year, based on the fact that our payout ratio last year was 31%, we will determine to conduct additional shareholder return to reach the total payout ratio of 30%-40%, which is our target in Midterm Corporate Strategy 2024. If I may summarize the business results.
Despite the geopolitical risks, including the Russian invasion of Ukraine, as well as the global inflation, we are faced with a quickly changing environment. We managed to capture the market tailwind, and each business showed the increase of the earnings. We implemented the cyclical growth model that we mentioned in the Midterm Corporate Strategy 2024, and we booked a capital gain. We managed to show our strength in this business results. As the global economy decelerates, our business environment is expected to become even tougher from now on. For this fiscal year, we expect above JPY 1 trillion net income. Also as for the underlying operating cash flow, which is expected to be above JPY 1 trillion, and ROE is expected to be double-digit, 14% or so.
We are not going to become complacent, and work steadily on the measures of the Midterm Corporate Strategy to increase the medium to long-term corporate value. Lastly, in the Midterm Corporate Strategy 2024, our growth strategy is EX, DX, and creating a new future. Now I would like to explain about the progress of each of these growth strategies.
In terms of EV, we have been developing Peru's Quellaveco Copper Mine from 2018, and this July we have started production. Copper is indispensable resources through the advancement of electrification and EV to realize carbon-neutral society. In terms of copper equity capacity with the launch of this project, currently it is annually 200,000 tons, and it's going to increase by 1.5 times to 300,000 tons. Going forward, we will focus on securing and the stable supply of our copper resources. Next about DX. As stated in the Midterm Corporate Strategy, as the organization to promote a DX strategy, in July, we have set up Industry DX Group, which includes 150 staff. By multiplying the various businesses in DX, it means a fusion of real and digital.
A new business opportunities is going to be created, and we are going to accelerate this initiative. In terms of creating a new future, we are focusing on developing a vibrant community by promoting both EX and DX. In the first half of 2022, with multiple local municipalities, we have been able to have a partnership agreement for the revitalization of the region. We have opened new domestic branches, so we are accelerating this initiative. I would like to focus on why we are focusing creating a new future. I would like to briefly touch upon this. The Japanese economy for the last 30 years, the GDP has not grown and the growth is stagnant.
The globalization, which takes assumption of peace, that means the Japanese companies have advanced into overseas for the manufacturing sites and earnings has been returned to Japan every year. That has led to a lower appetite for a capital investment in Japan, and the capital investment has not been conducted in Japan, and this, I think, is one of the reasons. How should the future of Japan be? To be able to look for the recovery of the industrial competitiveness of Japan, including enhancing the self-sufficiency, we have to focus on energy issues, meaning that through EX and DX, we should focus on the metabolism of the domestic industries and promote new businesses in the region. I think that it will be very important to revitalize the regions.
In the Midterm Corporate Strategy 2024, we have these growth strategies. When executing these growth strategies and through solving social issues by creating immensely shared value, we would like to focus on this and advance this. This ends my presentation. I would like to ask Nouchi, the CFO, to explain more in detail about our financial results.
I am Nouchi, the CFO. I would like to follow up some points. I would like to talk about the six-month results by segment. Please turn to page two of the presentation material. In this six-month results, out of the ten segments, in eight segments, we have seen an increase of profit. I would like to focus on the segments that has a large amount of increased profit. On the left-hand side, on the top from the first, the Industrial Materials. In North American plastic materials, construction equipment, we have seen increased equity earnings, and through the increase of trading profit in the functional material, we have seen an increase of JPY 16.5 billion from the JPY 28 billion from last year to JPY 37.3 billion.
For the petrochemical solution business, in the chemical business, we have deduction of a deferred tax liabilities. Through the increase of the equity income of the LPG business, we have seen an increase of JPY 15.1 billion to reach JPY 35.7 billion. For the Mineral Resources in the Australian metallurgical coal business, through the increase of the market, we have seen a JPY 178.8 billion increase, reaching JPY 321.5 billion. Going into the right-hand side of the material. In the Automotive & Mobility business, the ASEAN automobile business and the Mitsubishi Motors business, we have seen an increase of equity income. From the previous year, we have seen an increase of JPY 33.5 billion, reaching JPY 85.5 billion.
Lastly, through the sales of a real estate management company under the Urban Development business last year. Compared to last year, we have seen an increase of JPY 99 billion, reaching JPY 114.6 billion. Next, I would like to explain about the cash flow situation. Please turn to page three. On the right-hand side, the bar graph that would be the six-month 2022 cash flow situation. The green operating cash flow has been JPY 707 billion cash in. For the blue investing cash flow, JPY 20.5 billion cash out. As a result, the Adjusted Free Cash Flow is JPY 686.5 billion. In terms of the investing cash flow, the breakdown is that shown on the blue box on the lower right-hand side.
In terms of the cash out, copper business, the European power business, and the Australian metallurgical coal investment and loans has been conducted, so that was JPY 427.2 billion. On the other hand, in terms of the cash in, through the sales of real estate management company and the North American shale gas business, the aluminum smelting business, we have been able to recover the investment. This means that JPY 406.7 billion has been recovered. The investing cash flow on a net basis has been a cash out of JPY 20.5 billion. Going to page four.
As Mr. Nakanishi has explained at the beginning, for the full year outlook of the performance against the initial plan that he announced in May, we are going to make upward revision of JPY 180 billion, and it's going to be JPY 1,030 billion by segment. Out of the 10 segments, eight segments will see an upward revision. I would like to focus on the three segments that have a higher ratio of the revision. First, on the left-hand side, from the fourth from the top, Mineral Resources. The equity income and there is a decline in the earnings and dividend income in the copper business, but the increase in the equity income of the Australian metallurgical coal business, we have made an upward revision of JPY 60 billion to JPY 399 billion.
Next, on the right-hand side at the very top, the Automotive & Mobility business. There has been an increase of the equity income from the ASEAN automobile business and the Mitsubishi Motors business. Against the initial plan, we are going to make an upward revision of JPY 35 billion to JPY 133 billion. Lastly, for the Power Solution business, there has been a sales gain of power generating assets and the US power business, there has been increased equity income. This is going to be an upward revision of JPY 26 billion, and JPY 60 billion will be the outlook. On the fifth page, this will be the reference information. That will be the assumptions of the market conditions. Please refer to it later. That's all from me. Thank you.