Good afternoon, ladies and gentlemen, this is Nakanishi, President and CEO. Thank you very much for taking time out of your busy schedule today to attend our financial results briefing for the third quarter of FY 2023. Together with the financial results release, we just announced our largest ever share buyback program of JPY 500 billion, as well as, the capital business partnership agreement between Lawson and KDDI. I'd like to explain, these two important news before I dive into the overview of the financial results. First, on the shareholder return. With a little over a year left under the Midterm Corporate Strategy 2024, underlying operating cash flow is exceeding the initial forecast at the start of the midterm plan, thanks to the solid business performance.
Furthermore, good progress in investment return, fueled by steady execution of the value-added cyclical growth model, has led us to believe that we have approximately JPY 1 trillion of additional funds available for growth investments and shareholder returns during the current midterm plan. Based on the current investment pipeline, we reassessed the amount of funds to be invested for growth during the remaining period of the midterm plan. After considering factors such as financial soundness and market expectations, we have decided at this time to allocate JPY 500 billion out of the 1 trillion to additional shareholder returns. In May last year, we did a buyback worth JPY 100 billion as part of the shareholder return for this fiscal year, and also in November announced a three-for-one stock split, as well as a dividend hike to JPY 70 per share.
If we add the JPY 500 billion share buyback announced today, the total payout against the full year guidance is expected to be approximately 94%. On the other hand, investment for growth has so far amounted to JPY 1.6 trillion or JPY 2.1 trillion, including what's been committed out of the JPY 3 trillion set forth in the current midterm business plan. We will carefully select opportunities for more investment pipeline and steadily execute quality investments in the final year of our midterm business plan. We will determine during the course of the current midterm business plan, whether to allocate the remaining JPY 500 billion out of the JPY 1 trillion to growth investment or shareholder returns based on the progress of future investments, cash flow trends, and other factors.
Next, I would like to talk about Lawson's capital business partnership alliance with KDDI. We already presented at the press conference earlier, so I will skip the details. Since our initial investment in Lawson in 2000 and turning it into a subsidiary in 2017, we have been supporting Lawson's growth as a shareholder and also as a parent company. Now we have decided to invite KDDI, a telecom carrier with a strong customer base and digital capabilities, to join as a partner. We are committed to leveraging the respective strength of three companies, ourselves, KDDI, and Lawson, to further grow Lawson's business and the corporate value of the company.
As part of our organizational reform, for fiscal year 2024, we announced in December last year the establishment of the SLC Group, with the mission of building a value-creating platform, mainly in the midstream and downstream domains, with the aim of creating a smart life and better living. Lawson, with its network of more than 14,000 stores, can serve as an infrastructure that supports the lives of local residents and as a touch point that directly connects with consumers. Lawson is positioned as an essential business platform for the newly established SLC Group in realizing its strategic objective of building a value creation platform through the fusion of real and digital.
While executing investment for future growth, we will pursue strategic capital opportunities, such as the transaction that we announced today, to bring a new growth story to existing businesses and create a virtuous cycle of mid to long-term growth and value creation. With that, I'd like to conclude my remark and hand over to Mr. Nouchi, our CFO, to walk you through the financial results.
Thank you. I am Nouchi, CFO. I'd like to now explain the overview of results. Please turn to page three of your presentation material. Consolidated net income of the first nine months of FY 2023 was JPY 696.6 billion, which is the second highest ever following the year before. Due to the previous year's soaring resource prices, profit decreased by JPY 259.2 billion year on year. But we are steadily accumulating profits in each business. Profits are trending at high levels. As for forecast for FY 2023, we are making steady progress of 73% against JPY 950 billion forecast announced in November. As for the shareholder returns, Mr. Nakanishi already explained, we would implement up to JPY 500 billion additional share buybacks.
As a result, FY 2023 total payout will be about JPY 890 billion, highest ever, and total payout ratio is expected to be 94%. Next, let me explain the first nine-month progress of cash flow allocation plan and the Midterm Corporate Strategy 2024. Please turn to page four. During the term, cash in includes JPY 904.9 billion underlying operating cash flow, and JPY 644.1 billion cash flow from divestments. As for cash out, JPY 706.5 billion investments were executed. Adjusted free cash flow was JPY 842.5 billion positive. The cumulative results under Midterm Corporate Strategy 2024 to date are JPY 2.2 trillion underlying operating cash flow, JPY 1.3 trillion cash flow from divestments.
We are making solid progress against the forecast. As for cumulative investments, there were JPY 1.6 trillion, including the projects that we are committed to. The cumulative adjusted free cash flow was JPY 1.9 trillion. Please turn to page five. It shows the cash allocation under Midterm Corporate Strategy 2024 as a background of the additional return. Already, Mr. Nakanishi explained this to you, so I'm going to skip this. With that, I'd like to end my presentation. Thank you.