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This is Yamada from the finance and accounting division of IHI. I will go over IHI Group's financial results for the first 9 months of the fiscal year 2017, based on the PowerPoint presentations disclosed at 2 p.m. today. The full year forecast remains unchanged from the February 1 announcement. Therefore I will focus on actual results.
Please turn to Page 4. This slide shows the consolidated results including orders received and the income statement. Orders received were JPY 977.5 billion, up JPY 48.8 billion year-on-year. As shown at the top right, the average exchange rate for sales was JPY 111.68 to the U.S. dollar. There was JPY 5.32 depreciation from JPY 106.36, of the previous corresponding period. As was the last fiscal year, the closing date of the fiscal year of certain overseas consolidated subsidiaries has been changed from December 31 to March 31. The impact of these changes is as described on the slide. Net sales increased by JPY 93 billion, up to JPY 1,131,300,000,000, mainly due to the effect of the financial reporting periods unification as well as progress in construction of large-scale projects in the Process plants Business and others. Operating profit was JPY 51.5 billion, up JPY 32 billion year-on-year mainly as a result of solving the issue of profitability deterioration in the F-LNG/Offshore structure business and the Boiler Business despite deterioration of profitability in the Process plants Business. Ordinary profit was JPY 29.6 billion, up JPY 20.9 billion year-on-year. The increase in the operating profit was reduced because of JPY 11.1 billion year-on-year worsening of nonoperating income expenses due to deterioration of share profit and loss of entities accounted for using equity methods.
Profit attributable to owners of parent was JPY 9.8 billion, up JPY 19 billion year-on-year.
Please turn to Page 5 for orders received and order backlog by segment. In Resources, Energy and Environment, orders received decreased year-on-year in the Process plants Business and the nuclear power business while we received an order for coal-fired boilers in Bangladesh.
In social infrastructure and offshore facility, orders received increased year-on-year as a result of receiving an order for the Mumbai Trance Harbour Link project in the bridge and water gate business, while orders declined in the shield systems business.
In Industrial System and General-Purpose Machinery, orders received increased year-on-year in the Vehicular Turbocharger Business and the Thermal and surface treatment business.
In Aero Engine, Space and Defense, orders received were pretty much flat year-on-year due to an increase in the civil aero engines business despite a decline in the Defense Systems Business. Overseas orders received amounted to JPY 521.8 billion, representing 53% of total orders. This ratio increased due to receiving orders overseas in the boiler and bridge businesses as well as increased orders in the Vehicular Turbochargers and civil aero engines. Order backlog was JPY 1,490,100,000,000 down JPY 135.1 billion, from the end of the previous fiscal year.
Please turn to Page 6 for net sales and operating profit by segment. Sales increased year-on-year in Resources, Energy and Environment, owing to the progress of large-scale projects in the Process plants Business and increased sales in the Boiler Business, the nuclear power business and the power systems for land and marine use business and partly from the effect of the financial reports -- reporting periods unification. Operating loss of this segment was reduced year-on-year due to solving the issue of deterioration and profitability in the Boiler Business and increased sales in the nuclear power business and the power systems for land and marine use business despite deterioration of profitability in the Process plants Business.
Sales in social infrastructure and offshore facility declined year-on-year due to a decrease in sales in the F-LNG/Offshore structure Business and the transport system business, despite an increase in sales owing to the effects of integration and construction progress in the shield system business. Operating profit was in the black mainly as a result of eliminating losses in the F-LNG and Offshore structure Business, recorded in the previous corresponding period. Sales and Industrial System and General-Purpose Machinery increased year-on-year, owing to increases in the number of units sold in China for the Vehicular Turbocharger Business as well as the effect of the financial reporting periods unification and so forth. Operating profit was at the same level as the previous corresponding period mainly due to an increase in SG&A despite increasing sales. Sales in Aero Engine, Space and Defense increased year-on-year for the civil aero engines business and the rocket system, space utilization systems business. Operating profit increased year-on-year mainly due to an increase in spare parts and the positive turn in foreign exchange in the civil aero engines business. Despite deterioration of profitability, resulting from sales increase in the new PW1100G engine and an increase in SG&A.
Please turn to Page 7. This is a breakdown by segment of the JPY 32 billion year-on-year OP improvement. Growth in net sales mainly in Resources, Energy and Environment and the Industrial Systems and General-Purpose Machinery contributed JPY 6.2 billion. Change in construction profitability had a JPY 27.3 billion positive impact. Social infrastructure and offshore facility improved due to elimination of losses from F-LNG and offshore structure.
In Resources, Energy and Environment, profitability declined and process plant project but elimination of losses from boiler helped to improve profitability. The positive impact from changes in foreign exchange rate was JPY 3.7 billion. Change in SG&A excluding JPY 4 billion increase due to financial reporting parity unification was an increase of JPY 3.9 billion mainly from Industrial System and General-Purpose Machinery and Aero Engine, Space and Defense. The negative impact from the change in fiscal year period is JPY 1.3 billion, as the impact for this fiscal year is JPY 1.4 billion, against JPY 2.7 billion in the previous corresponding period.
Please turn to Page 8 for nonoperating income and expenses. Share profit and loss in equity method affiliates deteriorated JPY 11.3 billion year-on-year booking the loss of JPY 11 billion. As explained in the timely disclosure on February 1, our equity method affiliate Japan Marine United Corporation is projecting construction cost for ongoing LNG vessels project to increase compared to the forecast at the end of the second quarter and therefore margin declined.
Foreign exchange gains and losses improved by JPY 3.8 billion year-on-year and booked a loss JPY 100 million. The same period last year was a loss of JPY 3.9 billion, due to rapid appreciation of the yen from the beginning of April to the end of September. Others is a sum of miscellaneous income and expenses. And booked a loss of JPY 10.3 billion, a JPY 3.4 billion decline year-on-year. For this fiscal period, as explained in the second quarter, JPY 6.4 billion payments for civil aero engine contract adjustments as well as JPY 4.5 billion expenses related to delay in contracted delivery of a specific power system plant and others are booked.
Please turn to Page 9 of extraordinary income and losses. In the third quarter there are no new bookings.
Please turn to Page 10 for consolidated balance sheets. The third quarter and interest-bearing debt was JPY 362.7 billion, down JPY 9.1 billion compared to the last fiscal year-end. Profit booking of JPY 9.8 billion and reduction of interest-bearing debt helped improve debt to equity ratio to 1.04x and the equity ratio to 19.6%.
Please turn to Page 11 for cash flows. The cash flow from operating activities was a surplus of JPY 35.3 billion. Increased profit helped the JPY 20.8 billion improvement year-on-year. Cash flow from the investing activities was an outflow of JPY 24.3 billion, an improvement of JPY 12.2 billion. This includes proceeds from selling shares in Westinghouse and others. As a result, free cash flow became a surplus of JPY 11 billion. Through such activities as shortening cash, conversions, cycle or CCC, we will continue to work on enhancing cash generation.
Please turn to Page 12. Overseas sales were JPY 633.9 billion, and the overseas sales mix was 56%. Sales are increasing mainly in North America and in China, and percentage of overseas sales also increased year-on-year.
That concludes explanations on the third quarter results. Forecast of the consolidated earnings shown from Page 13 was explained on February 1, so please allow me to skip them. Financial results by segment from Page 18 and appendices from Page 27 are for your later references. That concludes my presentation.