Hello, I am Mitsubishi Corporation CEO Katsuya Nakanishi. Thank you for joining us for our company's FY 2023 earnings briefing. I will start by reviewing our FY 2023 earnings results, followed by the outlook for FY 2024, then the highlights of our returns to shareholders. Please refer to page three on the presentation materials. Consolidated net income for FY 2023 was JPY 964 billion.
This represents an increase in earning power, even when excluding special factors such as rising commodity prices and post-pandemic demand rebound, which we took advantage of. This is our second highest ever net income result after the record high we achieved in FY 2022. In FY 2024, we expect consolidated net income to be JPY 950 billion. I will explain in more detail later. Both the metallurgical coal operation and the Lawson business are expected to generate sizable profits in the coming fiscal year.
At the same time, the special factors I previously mentioned is expected to taper off, as a result, we expect FY 2024 profits to remain at the same level as in FY 2023. To achieve our company's next stage of growth, we will focus on the following. Reinforcing our current business, enhancing investments underway, and accelerating our growth by developing new investment opportunities. I would like to talk about shareholder returns.
During the current fiscal year, we have taken into consideration the growth and earning power, the increased predictability of cash flows, and continued dialogue with stakeholders. The dividend for FY 2024 will be JPY 100 per share, an increase of JPY 30 from FY 2023, while maintaining the progressive dividend policy. Please refer to page four in the materials.
Mitsubishi Corporation's earning power has steadily increased over the past few years, even when excluding the special factors such as rising commodity prices and post-pandemic demand rebound. As shown on this chart, our profit level has increased compared to the previous midterm strategy period.
Beyond FY 2024, we will reinforce our current operations, enhance investments underway, and accelerate our growth by developing new investment opportunities in order to achieve profit levels exceeding JPY 1 trillion through our Value-Added Cyclical Growth Model. I'd like to comment on the metallurgical coal operation, which is part of our reinforced portfolio. The operation has been challenged by labor shortages since the pandemic and record-breaking rainfall. Since FY 2023, we have been taking measures to stabilize the operation on a medium to long-term basis.
For this reason, FY 2024 production volume is anticipated to be approximately the same level as FY 2023, excluding the two coal mines we sold this year. As a result of these divestments, which were completed in April this year, our metallurgical coal mines have been consolidated into the world's highest grade assets.
These high-grade metallurgical coal mines are expected to contribute to productivity improvement and the reduction of GHG emissions in the blast furnace steelmaking process. These high-grade coal resources are highly scarce and are expected to increase in profitability with growing demand for decarbonization of blast furnaces and with further economic growth in India.
For FY 2024, we will focus on implementing measures to stabilize our operations on a medium to long-term basis as part of reinforce. Please refer to page five in the materials. I will highlight some projects which will under reinforce, enhance, and accelerate.
With regards to reinforce, in addition to our metallurgical coal business, which I already mentioned, our automobile, salmon and trout, and incumbent LNG business contribute a large portion of our profit. We aim to maximize the value of these businesses and all other existing projects and will work to strengthen our core businesses.
With regards to enhance. Here, we include the startup of LNG Canada, as well as the collaboration with KDDI to enhance Lawson's corporate value. We will steadily ramp up these projects to ensure we maximize profitability. With regards to accelerate. Here, we include investments in mineral resources for electrification, other initiatives related to our EX strategy, urban development and management, as well as strategic investments that lead to the creation of MC Shared Value.
We are targeting businesses that are expected to drive growth. With careful consideration of macro and microeconomic factors, as well as the time horizon for returns, we'll pursue new investment opportunities for our company, maintaining our investment principles. Next, please refer to page six. As part of our strategic rebalancing of our business portfolio in FY 2024, we consolidated our highest grade metallurgical coal operations with a divestment of two mines, as I mentioned earlier.
For the asset replacement plan, the cumulative effect up to FY 2023 was approximately JPY 60 billion against a baseline of FY 2021. As in the case of Lawson, and Nexamp, the U.S. power generation business, we implemented flexible capital structures and invited optimal strategic partners to accelerate growth. Next, please refer to page seven.
As I explained earlier, we revisited the balance between dividend payouts versus share buybacks in light of our increasing earning power and cash flow predictability, as well as through continued dialogue with our stakeholders. While maintaining the progressive dividend, the dividend amount will be raised to JPY 100 per share. The planned dividend amount is relatively high considering our focus on reinforcing, enhancing, and accelerating our businesses beyond FY 2024.
We believe it is reasonable to pursue new investments and maintain the financial soundness of the company while sustaining this dividend level. With this, I conclude my commentary and will pass on to our CFO, Nouchi, for his comments.
I am Yuzo Nouchi, Mitsubishi Corporation CFO. I would like to give some supplementary commentary regarding the financial results. Please look at page nine. In FY 2023, we achieved the highest ever net income result in our Natural Gas, Industrial Materials, Industrial Infrastructure, Automotive & Mobility, and Power Solution segments. Also, as announced in Q3 FY 2023, total shareholder returns reached a record high of approximately JPY 890 billion after we made additional returns of JPY 500 billion.
As for the outlook of FY 2024, while we expect sizable gains from asset sales and revaluation respectively, we expect a slowdown in the natural resource business. Therefore, we anticipate forecasted consolidated net income will be JPY 950 billion, the same level as FY 2023. As for shareholder returns, as explained by our CEO, Nakanishi, the dividend per share will be JPY 100. For details by segment, please refer to pages 14 and 15.
Next, I will discuss the progress of our execution against the cash flow allocation plan set forth in our Midterm Corporate Strategy 2024 . Please refer to page 10. Cash inflows for FY 2023 consisted of JPY 1,178.5 billion in underlying operating cash flow and JPY 762.8 billion in cash flow from divestments. At the same time, investment cash outflows were JPY 968.6 billion. This resulted in adjusted free cash flow of JPY 972.7 billion.
Under our Midterm Corporate Strategy 2024, the total cumulative underlying operating cash flow is JPY 2.5 trillion. Cash flow from divestments totaled JPY 1.5 trillion. Both are progressing as planned. Total cumulative investment cash outflows as of March 31st, 2024 was JPY 1.9 trillion, which is in line with our original plan. Total cumulative adjusted free cash flow is JPY 2.1 trillion.
After deducting cumulative shareholder returns of JPY 1.7 trillion, free cash flow is JPY 400 billion. For details of investment plan and progress of quantitative targets, please refer to pages 11 and 12. This concludes my explanation.