In the fiscal year ended March 31, 2023, we had net sales of $733 million, operating income of $42 million (operating income margin of 5.8%), and ROE of 5.4%. ROE exceeded the target of the medium-term management plan for the second consecutive year, but sales and operating income fell short due to lead time adjustments due to the recent surge in raw material prices and lack of sharing of parts. In the current fiscal year, which is the final year of the medium-term management plan, although the external business environment will continue to be severe in the first half, we will make every effort to achieve our goals through cost reduction efforts and continued review of logistics.
Dividends for the fiscal year ending March 31, 2023 were $0.34 per share, and we also bought back $11 million shares, resulting in a total shareholder return ratio of 81.7% excluding income taxes-deferred for prior periods. The capital adequacy ratio at the end of the fiscal year was 64.6%, and the rating was maintained at A. As for major financial targets, we have achieved our medium-term goals and are maintaining a sound state, but we will continue to streamline our finances, such as by reviewing working capital and fixed assets.
In May 2023, the Komori Group announced its corporate group purpose and long-term vision. In accordance with the direction indicated there, we are currently formulating the 7th Medium-Term Management Plan. With a view to expanding new business areas, we will review the allocation of funds and strengthen the balance between shareholder returns and new investments in order to better meet everyone's expectations.