Hello, everyone. Thank you very much for taking time out of your busy schedule to join us today. I am the president, Mr. Nakanishi. This is the first time I am in this kind of meeting, so I'm a little nervous, but thank you for your support. The other day, we announced the results for the year ended March 2022 and Midterm Corporate Strategy 2024. In FY2021, the final year of Midterm Corporate Strategy 2021, we achieved record high profits by steadily turning profitable opportunities into profits in each of our businesses amid a tailwind from a rapid recovery in demand following COVID-19 and firm resource prices. We believe that we have made progress in strengthening our business portfolio through a review of asset valuations and other measures, and have prepared ourselves for Midterm Corporate Strategy 2024. First, Mr.
Nouchi, our CFO, will explain the financial results for fiscal year 2021, and then I will present Midterm Corporate Strategy 2024.
I am Yuzo Nouchi, the CFO. Thank you very much for taking time out of your busy schedules to join us today. On this call, Mr. Shimazu, General Manager of the Corporate Accounting Department, will be present as well. I'd like to highlight four points regarding the financial results. First, consolidated net income for fiscal year 2021 was JPY 937.5 billion, a record high. Secondly, the annual dividend for fiscal year 2021 will be JPY 150 per share, revised up by JPY 8 from the JPY 142 per share announced in November. Third, we decided to do a share repurchase of up to JPY 70 billion as additional shareholder return. Lastly, we are forecasting consolidated net income of JPY 850 billion for fiscal year 2022.
Now, I would like to explain the presentation entitled Results for the Year Ended March 2022 and Forecast for the Year ending March 2023. Please refer to page one. First, I'd like to explain about changes from the previous fiscal year. Please refer to the box on the lower left. Consolidated net income for fiscal year 2021 was JPY 937.5 billion, up JPY 764.9 billion from the previous year, reaching a record high. As shown in the box, seven out of 10 segments posted record high profits. In addition to strong resource prices, the recovery phase of the economy provided opportunities for earnings in various businesses, including the automobile-related and salmon farming businesses, which led to steady growth in profits throughout the fiscal year.
In addition, to prepare for the uncertain business environment ahead, we are taking in losses of concern as much as possible by conducting asset valuation reviews and other measures. Next, I'd like to explain our shareholder return policy. Please refer to the box at the bottom right of the page. At the time of Q3 results announcements on February 3rd, we explained that additional shareholder returns would be announced at the time of year-end financial results. Based on FY2021 results, we have decided to increase dividends and repurchase shares. First, with regard to the dividend increase, we raised the annual dividend to JPY 150 per share for FY2021, taking into account the sustainable growth of profits in the future. In addition, we have decided to repurchase up to JPY 70 billion of our own shares.
The company plans to cancel all the repurchased shares except for those used for stock option grants.
Next, I would like to explain our earnings forecast and shareholder return policy for FY2022. Please refer to the bottom right section of this slide. The business environment for the current fiscal year is becoming increasingly uncertain due to the Russia and Ukraine situation, as well as monetary tightening cycle, mainly in developed countries. In light of these circumstances and reflecting downside risks, we've set our FY2022 earnings forecast at JPY 850 billion, a profit decline of JPY 87.5 billion from the previous year. Regarding shareholder return policy, we will continue a progressive dividend policy under the Midterm Corporate Strategy 2024, which starts from this fiscal year. We aim to achieve a total payout ratio of 30%-40%, and share buybacks will be conducted flexibly with financial discipline.
Based on what I have explained, the FY2022 dividend is projected at JPY 150 per share, unchanged from FY2021. Please refer to page two for performance by segments. Next, I'll explain the status of the cash flow on page three. The bar graph on the left illustrates the cash flow for FY2021. Underlying operating cash flow, which is operating cash flow adjusted for working capital, was positive JPY 1,236.5 billion, topping the 1 trillion JPY mark for the first time. Investing cash flow was a net outflow of JPY 167.6 billion. As a result, as shown in the dark blue box of the table on the right, adjusted free cash flows, the sum of underlying operating cash flows and investing cash flows marked JPY 1,068.9 billion.
Next, let me add some comments on the three-year cumulative cash flow generated during the Midterm Corporate Strategy 2021 using the lower part of the table on the right. The three-year underlying operating cash flow shown by the green column totaled to JPY 2,533.8 billion. Despite the negative impact of COVID-19 on our business last fiscal year, cash flow was generally firm compared to the swing in earnings. Investing cash flow is shown by the light blue column. While we saw progress in the sales of business-related stock holdings and asset reshuffle, like the interest in metallurgical coal mines, we also made acquisitions such as Eneco, European Energy Company, LNG related business, and made investments such as in Quellaveco Copper Mine. Net outflow was JPY 1,025.6 billion.
As shown in the darker blue box, the three-year cumulative adjusted free cash flow, the sum of underlying operating cash flows and investing cash flows stood at JPY 1,508.2 billion. Please refer to the segment forecast on page four and the market conditions on page five at your convenient time. FY2021 was somewhat supported by the market tailwind, but we also made steady progress in strengthening and improving our balance sheet by dealing with unprofitable businesses and making provisions for losses. FY2021 was a good year, serving as a steady base as we begin to implement the Midterm Corporate Strategy 2024. FY2022 will be the first year under the new Midterm Corporate Strategy 2024, and we will renew our efforts in light of the current business environment with increasing uncertainties. This concludes my part on the financial results.
Now, the first thing I'd like to do now is to explain my thoughts regarding how we have formulated Midterm Corporate Strategy 2024, which was announced today. First of all, please refer to the first page of the presentation, which is about our view on the external environment. The international community is becoming increasingly polarized and divided, as seen in the deepening turmoil in Russia and Ukraine, in addition to the struggle for hegemony between the U.S. and China. In this context, we are living in an era of unprecedented uncertainty, including changes in global supply chains, decarbonization, digitalization, and the transformation of lifestyles with COVID-19. In this era of rapid change, we believe it's our mission to continue to meet the needs of society by being more farsighted and enhancing our industrial knowledge and global intelligence even more than before.
That is why we are calling for creating MC Shared Value in the new midterm plan. Please refer to page one. MC Shared Value refers to the continuous creation of significant shared value by elevating MC Group's collective capabilities in order to address societal challenges. In the midst of various social issues such as a decarbonized society, sustainable society and lifestyles, innovation and coexistence with local communities, we will leverage our unique strengths to create MC Shared Value through solutions to these issues. Please turn to page two. Here are 5 specific measures for achieving creating MC Shared Value, which are growth strategies, business management mechanisms, HR policies, and sustainability policies. Today, I will mainly talk about the quantitative targets, shareholder return policies, and our growth strategies. Please see page three for quantitative targets.
The outlook for consolidated net income for fiscal year 2022 is JPY 850 billion and JPY 800 billion for fiscal year 2024. As there is significant impact from market fluctuations, we have formulated our forecast for fiscal year 2024 based on a certain level of assumptions for resource prices. If we apply the same resource price assumptions for fiscal year 2024 to fiscal year 2022, the profit outlook would be about JPY 650 billion. We aim to achieve steady growth of profits, excluding price factors, through growth of existing projects, asset reshuffling based on the Value-Added Cyclical Growth Model and new investments. In addition to further strengthening our earnings base, we will pursue upside potential when resource prices rise. We will continue to pay a progressive dividend policy in this midterm management plan.
We will implement a return policy that balances financial soundness, stable dividend growth, and market expectations for shareholder returns. We will maintain and improve double-digit ROE through steady profit growth and shareholder returns. Please turn to page four. Regarding cash flow and capital allocation, the key is to maintain financial discipline by approximately allocating the JPY 4.5 trillion of cash generated over the next three years to investments and shareholder returns. Please turn to page five. We expect to invest JPY 3 trillion over the three-year period of the midterm plan. While maintaining and expanding our earnings base, we will allocate cash flow generated to EX-related, DX-related, and growth areas as well.
In particular, regarding EX-related investments, we plan to accelerate the pace of investments from the JPY 2 trillion level by 2030 announced in October last year to JPY 1.2 trillion by fiscal year 2024. We plan to increase the percentage of EX investments in our business portfolio from the current 30% to about 40% by the end of fiscal year 2024 and to about 50% in the future, around fiscal year 2023. Please refer to page seven and eight of our growth strategy. We have outlined the details for EX and DX strategy on page seven and eight, and these are our specific initiatives for growth, so please refer to them later. The third pillar of strategy is creating a new future, and I'd like to give you more details on this concept. Please turn to page nine.
First, I would like to share my thoughts on why we included this concept in the growth strategy. Maintaining competitive strength while contributing to low-carbon society and decarbonization is a challenge faced by all industries. Turning our eyes on Japan, the nation's GDP has hardly grown in the past 30 years, and low self-sufficiency rate in energy and food forces Japan to rely on imports from other countries. The GDP growth in the past three decades has been muted at almost 0.7%. As such, national security issues have become more serious. I strongly feel that we need to tackle these urgent and fundamental issues head-on. The ideas behind creating a new future are based on the concept of renewable energy and EX, where we can exert strength. Renewable energy is a type of energy source that exists in the local region.
Using this local energy source, we'd like to raise the self-sufficiency rate of energy and create a new carbon-neutral industry, and help solve local issues such as job creation and depopulation. In a nutshell, we want to work toward creating a new future by promoting regional revitalization. The left side of the slide shows green electricity and green hydrogen, both of which are the basis of renewable energy initiative. Our aim is not limited to electricity consumption, but it also strive in creating a new local industry by using hydrogen for manufacturing, building a new business base on the supply side. Each of the demand may be small, but when combined, we should be able to create a certain business scale. This will lead to needs-based solution that will be unique to company like us with far-reaching engagement in various industries.
We'd like to create decarbonization solution with these initiatives. On the right illustrates the regional society. The renewable energy is a very essential regional infrastructure development, and we can expect to create employment in the region by training personnel for the project and attracting suppliers. With the theme of collaborative communities and creating vibrant communities, these initiatives will help enhance the quality of life of local residents. For instance, we can help in brand building of tourism resources and agri and marine products and contribute to the regional economy. Enhancing the lifestyle service such as education and medical services will also help to revitalize the community life. We can lead the way to create a vibrant communities, by capitalizing on our diverse network and DX capabilities. This concept cannot be achieved by us alone. It is a grand plan with a long-term horizon.
We would like to promote this regional development in cooperation with the government, municipalities, and local companies, as well as with partners who share the same vision. We will use our comprehensive strength, EX and DX, to tackle social and industrial issues such as the creation of new industries and regional revitalization. That shows what we are embracing in our strategy of creating a new future. In order to accelerate our DX strategy, we will establish Industry DX Group effective July 1st. The remaining few measures are explained in the presentation pack. Lastly, this will conclude my presentation on the midterm plan. I am convinced that now is the time for us to unleash the potential of a comprehensive corporate strength and our total capability, which is created from a diversity and interconnections.
All of us at Mitsubishi Corp will strive in order to realize our vision of creating MC Shared Value and to pioneer into the new era. Thank you very much for your kind attention.