This is Takaku of Kyoritsu Maintenance. Thank you for joining us today for the explanatory session on consolidated financial results for fiscal year ending March 2022 of our company despite your busy schedule.
Today, I would like to give you an overview of the financial results for fiscal year March 2022, followed by explanation of the outlook for fiscal year ending March 2023 by our president, Nakamura. Allow me to give you an explanation of the summary of the financial results for fiscal year March 2022. This page shows the financial highlights. Contrary to our assumption at the beginning of the year, the impact of COVID-19 continued intermittently throughout the year.
Even after the announcement of the second quarter results, impacts were seen from the temporary suspension of easing of the entry restriction into the country and issuance of semi-emergency measures to prevent the spread of COVID-19 in January. With stable operation of the dormitory business, recovery in the hotel business, implementation of the real estate sale and leaseback in the real estate securitization business, and through thorough cost reduction efforts targeting travel expenses, for example, the company returned to profitability.
The main points of each of the businesses are as follows. The dormitory business saw decreased occupancy rate at the beginning of the year due to postponement by foreign students to come to Japan, resulting in year-on-year decline in operating income. The profit structure is stable, resulting in securing JPY 4.5 billion as operating income.
Second, the hotel business saw improvement in the occupancy rate, an average daily rate from the previous year, resulting in 35.7% year-on-year increase in net sales. The operating income declined JPY 9.4 billion year-on-year, but in real terms it was up by JPY 6.5 billion. Third, on the real estate securitization business, execution of purchase and sales agreement for nine properties took place this fiscal year, resulting in net sales of JPY 37.3 billion and operating income of JPY 8.2 billion. Next is the consolidated business results and main financial indicators for fiscal year March 2022. Net sales were up 43.2% year-on-year to JPY 173.7 billion, with operating income of JPY 1.4 billion.
In order to show the results in real terms, the results excluding extraordinary factors are shown on the right. Extraordinary loss processing was conducted due to temporary closures to prevent the spread of COVID-19 of approximately JPY 2.8 billion, and it was transferred from operating loss to extraordinary loss, and the result is shown in column B in red.
With the implementation of sale and leaseback, which was absent the previous year, is shown in column C. With decreased factors taken into account, net sales increased JPY 14.9 billion and operating income improved by JPY 5 billion from the previous year. Please refer to the table for other management indicators. Next, I would like to explain the factors causing discrepancies between consolidated results and forecasts. First is our dormitory business. The number of occupants has generally remained at the expected level.
However, because new foreign students postponed their planned arrival in Japan at the end of the fiscal year, it resulted in a slight underachievement of the plan. As for the Dormy Inn business, in the third quarter after the lifting of the state of emergency in October, RevPAR exceeded the plan by more than 10% and returned to profitability. As for the resorts business, due to issuance of semi-emergency COVID-19 measures in the fourth quarter, occupancy rate declined.
By March, we saw relaxation of measures to reduce movement of people in phases, with occupancy rate beginning to improve, but it resulted in a significant underachievement of the plan. In the real estate securitization business, sales of seven properties were recorded in the fourth quarter, with some contracts exceeding the terms at the time of the agreement, with results exceeding the plan.
In other businesses, due mainly to senior life business seeing sluggish new contracts due to COVID-19, it fell short of the plan. As a result, the consolidated operating income was approximately JPY 500 million below the plan. Next, year-on-year comparison of net sales and operating income breakdown by segment. First, the operating income of the hotel business. If the losses incurred because of temporary closure in response to the request for closure due to the state of emergency is returned to the operating income losses, the result in real terms is shown with a red dotted line. As you can see, both Dormy Inn business and resorts business saw improvement in real terms from the previous year. The large increase of the development business is a result of 9 real estate sales and leaseback. From here, please find net sales and operating income by segment. First, the dormitory business.
Due to postponement by foreign students' arrival in Japan and lower demand for new employee trainings because of COVID-19, the occupancy rate at the beginning of the year was lower by 1.6 points year-on-year, starting at 92.1%. We continued with the offering of financial support, namely COVID-19 Student Support Program, which is an interest-free loan for dormitory fees. It started in the previous year with many students utilizing this facility. Under such environment, opening of 12 new facilities totaling 1,204 rooms resulted in an impact of JPY 1.83 billion, with net sales for the period up JPY 47.2 billion, 1.6% increase year-on-year.
Due to lower initial number of leased units of the existing dormitories, operating income was down 7.1% year-on-year to JPY 4.55 billion. Currently, easing of entry restriction into the country for foreign students and technical intern trainees is being initiated in phases with light at the end of the tunnel. We are aiming for a recovery to the level before COVID-19 as soon as possible. This shows the trends in initial numbers of leased units and occupancy rate, both of which are KPIs for the dormitory business. The number of rooms occupied was down by 496 rooms year-on-year to 38,402 at the beginning of the fiscal year ending March 2022, with occupancy rate of 92.1%.
The number of Japanese students who make up majority of the occupants in the student dormitories due to restart of face-to-face classes at universities and increases in the number of affiliated schools. The number of rooms was up by 590 rooms year-on-year to 18,944. However, rooms for international students were down by 532 year-on-year to 1,934 because of continued entry restrictions.
As for employee dormitories, although some companies conducted phased training for new employees, we did not see a full-fledged recovery. As for fiscal year ending March 2023, although the entry of international students into the country and dormitories are delayed, Japanese students and their parents evaluated highly the safety and security of our dormitories during the pandemic.
The occupancy of the rooms by Japanese students increased significantly by 2,152 rooms to 21,096 rooms. As a result, total initial number of leased units came to 40,615, up 2,213 year-on-year, with occupancy rate of 93.5%, up 1.4 points year-on-year at the start of the fiscal year. Next, the Dormy Inn business. The period of human movement restriction was prolonged due to state of emergency and issuance of semi-emergency measures to prevent the spread of COVID-19. Centered on Dorministas, the fans of Dormy Inn, the repeaters and local family using the hotel for leisure purposes, we saw a recovery trend.
As a result, RevPAR of existing facilities increased JPY 1,370 year-over-year, an increase of JPY 7 billion in net sales with operating income improvement of JPY 5.72 billion. In July, the fifth facility in the Hokuriku region, hot spring Kaga no Yusai Onyado Nono Kanazawa, and in February, seventh in Chugoku region, hot spring Geishuu no Yu Dormy Inn Hiroshima ANNEX was opened.
Also, upon request from the national government and municipalities, a number of Dormy Inns were offered as care facilities for COVID-19 patients. The net sales for Dormy Inn business was up 39% year-over-year to JPY 35.2 billion with operating income of -JPY 4.58 billion. Next, we're looking at the KPIs for the Dormy Inn business, that is monthly trends in occupancy rate and average daily rate.
In August, we saw rising COVID-19 positive patients resulting in extension of the state of emergency until the end of September, causing the occupancy rate and average daily rate to drop temporarily. However, by October, we saw them recover to the high level we saw when Go To Travel campaign was introduced in the previous year, and by November, it hit 89.1%. In January, with issuance of semi-emergency measures to prevent the spread of COVID-19, occupancy rate declined once again. With phased easing of restriction of human movement, it recovered to 86.9% in March. As a result, occupancy rate and average daily rate trended higher than the level of the previous year.
The red dotted line is a business hotel industry average disclosed by the government, and as you can see, trend to the environmental changes are almost consistent, but our results exceeded the industry average by 30 points, showing that even during the pandemic, we were a hotel of choice by many customers, including repeaters. As for the current situation, in April, the occupancy rate was 89.1% with average daily rate at JPY 9,865. Showing an increase from March, trending significantly higher than the same period of the previous year. This shows RevPAR by month, multiplying occupancy rate and average daily rate. Except for September, when the extension of the state of emergency was enforced, and in October and November, the months in which Go To Travel campaign was introduced in the previous year, it trended higher than the levels in the previous year.
For the four quarters and for the full year, it was higher than the previous year. Next is a third-party evaluation of Dormy Inn. On the left is JCSI, Japanese Customer Satisfaction Index by Japan Productivity Center. Dormy Inn was ranked first in customer satisfaction in the business hotel category, as you can see. It was close, but still number one. On the right is the result of internet survey asking more than 10,000 people for their favorite business hotel. It was conducted by ITmedia, a SoftBank Group company, and Dormy Inn was chosen as the number one business hotel by the respondents. This is number one by far. We offer hot spring large bath, fulfilling breakfast, and Yonaki Soba buckwheat noodles, and sincere customer service by our staff.
We work on improvement on a daily basis, and we believe that these results are due to our tireless efforts. We will not be complacent with our results and will continue to work consistently to improve the quality of products as well as services we provide. Next, the resorts business, which showed a recovery trend just like the Dormy Inn business. In the existing facilities, with the reopening of buildings that were closed upon request by the government in the same period of the previous year and increased RevPAR, the net sales increased by JPY 3.46 billion, and operating income improved by JPY 1.24 billion year-on-year. In September, we opened La Vista Kusatsu Hills, the second in Kusatsu area.
As a result, net sales were up 31% year-on-year to JPY 27.4 billion with operating income of -JPY 4.87 billion. This shows monthly trends in occupancy rate and average daily rate, both KPIs for the resorts business. Introducing new products and plans such as the Jimoto or Local Plan, and Taxi Plan led to recovering trend. In addition to improvement of occupancy rate, especially during the weekends and high occupancy during the Golden Week, our occupancy rate was constantly higher than the industry average, shown as a red dotted line. It struggled in September, as was the case for Dormy Inn, but from October to December, it turned positive, maintaining a high occupancy rate. In January, with issuance of semi-emergency measures to prevent the spread of COVID-19, occupancy rate declined once again.
With phased easing of human movement restriction by March, it had recovered to 64.7%. As for the current picture in April, occupancy rate was 61.1% with average daily rate of JPY 43,799, trending higher than the same period of the previous year. This is RevPAR by month, combining occupancy rate and average daily rate as shown. In the second quarter, it remained low for the month of September and the third quarter due to rebound from the Go To Travel campaign of the previous year. It trended lower than the level of the previous year, but on the full year basis, it showed a recovery trend. This shows the third-party evaluation of our resorts business. Top half shows the five resort hotels chosen by Rakuten Travel Award 2021.
Bottom half show the two inns chosen by Japan Brand Collection 2022 Inns & Hotels Top 100, published in March, namely Yukemuri no Yado Inazumi Onsen and Kotohira Onsen, Onyado Shikishima-kan. Both were ranked in the top 100 for two consecutive years in a row. Yukemuri no Yado Inazumi Onsen was opened November 2019, a Japanese-style inn renewed to a modern facility conserving the traditional Inazumi Onsen ambience it had kept for 118 years.
Kotohira no Onyado Shikishima-kan was reborn by refurbishing Onyado Shikishima-kan, a national registered tangible cultural property, utilizing the original materials, bringing back to life and portraying the long-established ambience of the inn. Of course, Yonaki Soba is offered in these inns as well. I hope all of you will visit and experience our Kyoritsu Resorts. Next, our real estate securitization business.
From results, Kyoritsu, Oyado Tsukiyo no Usagi near Izumo Shrine, La Vista Kusatsu Hills opened in September 2021, and Jozankei Yuraku Soan scheduled to open next fiscal year. Three from Dormy Inn. Dormy Inn Mito, which has already opened.
Onyado Nono Matsue pre-opened last month. Dormy Inn Premium Ginza scheduled to open next fiscal year. Other three facilities, including an office building. In total, nine properties had execution of liquidation, recovering JPY 37.3 billion as revenue and funds, recording operating income of JPY 8.2 billion. Next is the balance sheet. Assets came to JPY 241.7 billion, an increase of JPY 2.6 billion year-on-year. The main factor for the increase were increase in cash and deposits from the collection of funds related to the real estate securitization business.
The increase in interest-bearing debt includes mainly the fund procured in fiscal year 2021 through the COVID-type syndicated loan, JPY 62 billion procurement facility recontracted with 19 financial institutions. Net interest-bearing debt, as increase in cash and deposits exceeded the liabilities, was down JPY 7.2 billion year-on-year. Lastly, as for equity ratio, with increased liabilities, it declined 0.4 points year-on-year to 29.2%. Next, interest-bearing debt Net D/E Ratio.
Net D/E Ratio is an indicator in which from loans and interest-bearing debt, including treasury bonds, cash and deposits are taken away to see the level of net interest-bearing debt against net assets. Before COVID, we were committed to managerial operation of less than 1x. However, in the two years of COVID, with decreased profits, net assets declined accordingly.
In addition, with an aim of securing working capital, financing was conducted, which raised the interest-bearing debt, raising the Net D/E Ratio to 1.9 times temporarily. In the following fourth quarter, with the increase in cash and deposits related to the real estate securitization business liquidation of real estate, the Net D/E Ratio at the end of the fiscal year showed a recovery trend coming down to 1.4 times. With early recovery of the business performance in fiscal year 2022, we will aim to increase net assets, control interest-bearing debt for appropriate financial management with a target of decreasing Net D/E Ratio to below one times. This shows share price trends and dividends. The share closed at JPY 4,715 per share today.
Thanks to you, it has recovered significantly from the bottom of JPY 1,919 recorded due to COVID-19 and is now stable. Thank you so much for your support. I will refrain from talking further on the share price as I am facing many experts today. Next, on the dividends. Profit distribution is performance-linked and earnings responsive to reward shareholders through stable and steady dividends over the long term. We determine the dividend based on this basic policy.
The plan is for year-end dividend of JPY 10, and together with interim dividend will come to annual dividend of JPY 20, the same amount from the previous year. As a result, the payout ratio is expected to come to 144.6%. That is all for the explanation of the summary of the financial results for the fiscal year ending March 2022. Next, President Nakamura will explain the outlook of the consolidated financial results for fiscal year ending March 2023. Thank you very much for your attention.
Hello, everyone. I'm Koji Nakamura. Thank you so much for joining this session today. It's been a while since we held a real briefing last. I am pleased to see you all in person. I feel things are really moving towards the restart of economic activities. Now I'll talk about projected consolidated financial result for fiscal year ending in March 2023. This slide summarizes our assumptions in coming up with the forecast sales of JPY 174 billion and operating income of JPY 3 billion. People's movements and economic activities are continued to recover after the government lifted all COVID restrictions on March 21st. Yet, we anticipate uncertainties will stay with us for the time being, largely due to the Russian invasion of Ukraine. Against this backdrop, our company group is seeing the core dormitory and hotel businesses gradually recover to pre-pandemic levels.
We predict increased sales and profit for this fiscal year, even after taking one-time expenses of JPY 4.6 billion for operating costs and renewals. The first assumption is about the restart of contracts in April with international students in the dormitory business. We assume new paid contracts with international students for about 2,000 rooms during this fiscal year. The number of paid contracts with Japanese students jumped during the previous fiscal year.
We started the dormitory business this year with an occupancy rate of 93.5%, up 1.4 percentage points year-on-year. Along with international students, domestic students will also contribute to profits. Second, in the hotel business, we are assuming more people's movements and a gradual recovery of the hotel demand for business and leisure.
As a result, RevPAR will be on a recovery track both in Dormy Inn and resort operations. Our goal is to see the first profit in three years in this segment. We are not putting up excessive expectations from the return of inbound travelers to Japan and the government's Go To Travel promotion campaign. The third assumption is about temporary expenses. We plan to open 1,921 rooms at 19 dormitories and 2,140 rooms at 12 hotels this fiscal year. There will be more new openings than the previous year in the hotel business, where new openings were restrained over the past two years due to the pandemic.
We expect a temporary expense of JPY 4.6 billion, consisting of JPY 3.8 billion for opening costs and some JPY 800 million for renewals to boost customer satisfaction at existing facilities. The fourth assumption is about real estate liquidation. We carried out the sales and leaseback of nine assets last fiscal year for strategic reasons. That strategy is not factored in our initial earnings forecast for this fiscal year. Next, let's take a closer look at how much we can boost our net sales and profit for this fiscal year ending in March 2023. We expect net sales of JPY 174 billion and operating income of JPY 3 billion. Last year's reporting was skewed by one-time factors, so we adjusted it as shown in the table. I want to draw your attention to the red box on the right.
If we remove the impact of real estate liquidation, which affected last fiscal year and will affect this fiscal year, and operating costs and renewal costs for this fiscal year, sales are expected to rise by JPY 37.6 billion. Operating income is forecast to be improved by JPY 14.4 billion. These figures represent real-term improvement this fiscal year. Capital investment will be JPY 14.2 billion as we aim for sustainable growth. Dividends are unchanged from the previous year at JPY 20 per share based on our policy of long-term stable shareholder return. Next, I'll talk about projected sales and profit by segment with the year-on-year comparison. In the dormitory and hotel businesses, the largest improvement in profit will be seen in the hotel business, an improvement of about JPY 10 billion.
I will explain exactly what contributed to the improvement with another slide in a minute. In other businesses, first, in comprehensive business management, a recovery of cleaning operations thanks to a higher hotel occupancy rate and an increase in renewal projects will contribute to higher profit. In food service business, we factored in expected recovery in the utilization of in-hotel restaurants and more profits expected for standalone restaurants as they return to normal operating hours. In the development business, there was a contribution of JPY 8.2 billion from asset liquidation to profit last fiscal year, but that special factor is not taken into account for this fiscal year's forecast. This is a negative factor. Next, projected quarterly operating income by major segment.
When you look at this table, keep in mind that the third quarter was the only period of last year without restrictions on people's movements and harsh COVID restrictions by the government. Rising utility costs and sharp increases in food will be partially offset by improvement in the occupancy rate and the number of contracts in the dormitory business as we started this fiscal year. Still, the first and second quarters are expected to see a slight drop in operating income. In the third quarter, we anticipate an increase in the number of contracts with international students. In the fourth quarter, we factored in an increased capacity brought by new openings and normalization of contracts with international students. We expect occupancy rate to further improve by the beginning of next fiscal year.
Expected improvements in the number of rooms under contract and the number of new residents would lead to a full year profit increase. In hotel business, both in Dormy Inn and Resorts suffered in the previous year due to the state of emergency declaration issued during the first and second quarters, and the quasi-emergency COVID restrictions for the fourth quarter put a strain on the people's movements. Demand for accommodation, both for business and leisure, plunged. We anticipate a gradual recovery throughout this fiscal year, anticipating certain levels of recovery in RevPAR. Taken all together, we expect full year profit to improve by JPY 10 billion. We are not factoring in benefits from asset liquidation. That means, unlike last fiscal year, we are not going to have JPY 8.2 billion that contribute to profit.
Differences from the previous year in other businesses include launching costs of the senior business, performance bonuses, and eliminations on the consolidated accounts. This slide shows projected hotel business profit by quarter and by sub-segment, existing hotels, new ones, and those that have gone through or will go through a major renewal. We are expecting a total profit gain of JPY 10 billion, JPY 6.7 billion from Dormy Inn, and JPY 3.3 billion from Resorts. When focusing on those opened before the last fiscal year, operating income for the Dormy Inn will increase JPY 7.7 billion and for the Resorts by JPY 6.4 billion, JPY 14.1 billion in total. These figures are pre-pandemic levels, both in terms of value and the profit rate. These are where we are shooting for. From here, I'll talk about earnings forecast by segment.
In the Dormy business, thanks to a sharp increase in contracts with Japanese students, the occupancy rate picked up by 1.4 points. We were able to start this fiscal year at 93.5%. Like the previous year, we implemented many programs to support dormitory residents struggling in the pandemic, and many of them have signed up. Meanwhile, in-person classes have resumed at many universities. With an expected easing of travel restrictions for international students and the technical trainees, we assume the number of rooms under contract with international students will be about 2,000. Under the circumstances, JPY 1.8 billion will be added to sales thanks to new openings of 1,921 rooms at 19 dormitories, and JPY 2.6 billion more will be added to sales, thanks to the higher beginning of the term occupancy rate.
Sales forecast for this fiscal year, therefore, will be JPY 51.1 billion, up 8.2% year-on-year. We are forecasting operating income of JPY 4.87 billion, up 7.1% after factoring in high energy and food costs triggered by the Russian-Ukrainian conflicts and renewal costs to boost customer satisfaction. In the Dormy Inn business, enthusiastic Dormy Inn fans who call themselves Dorminista on the Internet and other repeaters, an uptick in leisure-seeking family users in the community, the government's lifting of COVID restriction on people's movement, and the easing of travel restrictions for inbound travelers to Japan will all help the business to get on a solid recovery path.
RevPAR at existing dormitories is expected to rise by JPY 2,236 from the previous year, leading to sales increase of JPY 12.2 billion and a gain of JPY 8.05 billion in profit. We have many facilities opening this fiscal year. In April, Onyado Nono Osaka Yodoyabashi, the sixth such facility in the Osaka area, and in May, Natural Spa Dormy Inn Express Fujisan Gotemba, the fifth in the Chubu area. Altogether, we plan to open seven facilities this fiscal year. New openings will contribute JPY 2.9 billion to the sales, but will incur costs in the amount of JPY 660 million. We plan to spend JPY 390 million for large-scale renewals. We estimate JPY 780 million in the cost increase coming from higher energy and food prices.
We hope to offset the cost with an increase in ADR or average daily rate of JPY 314 or up about 3.2%. Taken all together, the Dormy Inn will see a 46% increase in net sales to JPY 51.4 billion and operating income of JPY 2.14 billion. This slide shows quarter-by-quarter KPIs for the Dormy Inn. The figures are so set that would lead us to a full recovery of the business in the first quarter. We've set the occupancy rate and ADR targets based on the projections for the market and the competitive landscape. We also set RevPAR by multiplying ADR with the occupancy rate. These three make up sales indicators. We calculated costs, SG&A costs, and set a profit target.
In practice, we will break down the sales target and profit target into monthly targets for individual hotels. The monthly targets are used for operational indices and for developing necessary countermeasures. In resort business too, a plan was developed assuming solid recovery, just like the Dormy Inn business. RevPAR at existing facilities increased by JPY 10,059 year on year. Sales are expected to increase by JPY 11.5 billion and operating income up by JPY 6.86 billion. New openings this year include La Vista Tokyo Bay and in June, Kyoto Umekoji Kadensho, the second such facility in the Kyoto area. Altogether, we plan to open 15 facilities. Opening of five facilities this year would add JPY 5.4 billion to sales and incur the cost amounting to JPY 2.8 billion.
We also anticipate JPY 330 million in the cost of large-scale renewals of the existing facilities. Like in the Dormy Inn business, higher energy and food prices will add JPY 710 billion to cost. Here again, we hope to offset the cost increase by a rise in ADR by JPY 763 to be precise, or 1.6%. Taken all together, sales in the resort business are expected to increase by 64% to JPY 45.1 billion. Operating profit will remain in negative territory, -JPY 1.56 billion. Total sales at the existing facilities will return to profitability. We'll take appropriate steps so that the resort business, including new openings, will return to profitability and generate adequate level of income in the next fiscal year at the earliest.
These are KPIs for the resort business. We apply the same management method to the resort business as we do in the Dormy business to enable agile and flexible management. Here is an update for our midterm outlook for the hotel business, which has been hit hardest by COVID-19 among our business segments. This is an outlook of the Japanese hotel and accommodation market by major research organizations. The chart on the left shows the number of Japanese guests. The chart on the right shows the number of foreign visitors to Japan. We took part in the survey, so we are entitled to receive the results. The survey factored in recovery scenarios from COVID, the impact of online meetings on the restart of business travel, and of hotel opening and closing, and so forth. Three scenarios have been presented. All the scenarios forecast recovery will start in 2022.
The timing of returning to the 2019 pre-pandemic levels is 2024 in the up scenario, 2025 in the base scenario, and 2026 in the down scenario. We are developing our midterm business plan by looking at these scenarios as an important reference. This slide shows expected recovery of RevPAR, a KPI for the hotel business, compared against the same month in the pre-pandemic year of 2019, the red line that is. Using the red line at the base of 100 as the RevPAR peaked in 2019, we plotted actual RevPARs from January 2020. We also compared the actuals against the industry averages. Starting in January 2020, when the pandemic started, the government began issuing the state of emergency declarations and the quasi-emergency declarations off and on.
The resultant decrease in accommodation demand drove the Dormy Inn and Kyoritsu Resorts business downward, almost in the same trajectory as the national industry averages. Every time the government eased restrictive measures, the rate of RevPAR recovery at the hotels consistently beat the industry averages by about 20%. As you can see from the chart. During the government's Go To Travel promotion campaign between July and December of 2020, the RevPAR recovery rate at Kyoritsu Resorts outperformed the national averages by between 40 and 70 points. This goes to show our company's superior resilience to competitors during the period of demand recovery and travel promotion campaigns. The forecast for the hotel business made in May this year is shown on the right. It was developed based on the preliminary results of April and the booking situation in May and onward.
As you can see, RevPAR at Kyoritsu Resorts is expected to return to pre-pandemic levels, more or less, in July at the earliest. RevPAR at Dormy Inn is also expected to recover to 90% of the pre-COVID levels. This slide shows funding and investment plan for this fiscal year. Asset liquidation at the end of last fiscal year enabled us to take advantage of unrealized profits and recoup some return on capital investment. As a result, the term end cash and cash equivalent grew to JPY 37.9 billion. We want to see that even higher to JPY 44.4 billion by executing syndicated loans with low fixed interest rates and favorable commitment lines before the maturity end within this year. Starting the next fiscal year, we will repay the principals of loans we took out to fight the pandemic, which raises total repayment amounts.
We need this transitional financial strategy to prepare for investment in business development that would put us on a growth path again. We will invest JPY 14.2 billion in new openings and JPY 2.2 billion in large-scale renewals. Specific facilities are listed at the bottom of the slide. This is a list of new dormitory and hotel openings for each fiscal year. Those with L mark means lease contract projects. That's our original business model. Those without L mark means facilities that we have invested or will invest with an eye to acquiring their ownerships or leaseholds. We carried out liquidation of many of our assets last year. The scheme works like this. We ask investors to acquire the ownership of assets, while at the same time signing the lease contracts with reasonable rents.
Our role is to manage those assets in the long term as an operator. We plan to shift to this investment scheme in a timely fashion. Underlined facilities in the table are assets we can liquidate this fiscal year, but their liquidation is not considered in our earnings forecast. Over the past two years, we adjusted the timing of opening many facilities due to the pandemic in consultation of their generous owners. Now we are gradually opening new facilities again. As a result, many openings are concentrated this fiscal year. After the fiscal year ending in March 2023, we will look at the actual recovery situation and decide on new openings cautiously while considering if they would contribute to regrowth. We will implement opening plans for fiscal years ending in March 2024 and March 2025.
For the plans after that, please wait until the next briefing on our new midterm business plan. We've come to the last page. I will talk about our endeavor to strengthen corporate governance. At a board meeting in April, we decided to set up a nominating and compensation committee. Setting up such a committee is not mandatory. The aim is to ensure transparency and objectivity of the process of nominating directors and deciding on compensation, thereby strengthening the board's oversight functions. It also aims to provide a better corporate governance regime. We also set up a sustainability promotion committee on April 1st. The committee is to enhance long-term corporate value based on sustainability principles. It will also discuss policies and specific measures and conduct periodic monitoring. In December 2017, we released our corporate slogan, which means working toward a good morning.
We promote this theme along with ESG, environment, society, and governance to enhance long-term corporate value. We will live up to expectations as a company listed in the Tokyo Stock Exchange's Prime Market. We will address social issues as a sustainability-oriented company that society needs. The last item is our group's midterm business plan. We've been developing the plan since last September, so we can share it with you this briefing session. The five-year plan consists of a three-year period recovery process and the subsequent two years of new growth. With the basic goal of expanding our core business of dormitories and hotels, we are considering opening facilities where we don't have presence, such as regional areas and roadside, to expand our business areas and provide new services to our new customer base.
We remain committed to our qualitative objectives of providing our products and services with the core principle of customer first. However, with uncertainty caused by the persistent pandemic and the breaking Ukrainian crisis and their impact on our business, such as cost inflation triggered by high energy and food prices, we figured this is a time to take a second look at our numerical targets before releasing them. This is the reason why we decided not to release the plan at this time. We don't think it will take so long to review the plan. We will report the five-year plan to you at an appropriate time. Thank you in advance for your continued support and guidance.