Free cash flow = cash flow from operations – capital expenditures − dividends
Year 1: 303 − 78 − 70 = ¥155 billion
Year 2: 466 − 97 − 70 = ¥299 billion
Year 3: 361 − 140 − 72 = ¥149 billion
FCF/Debt:
Year 1: 155 / 2,590 = 6.0%
Year 2: 299 / 2,717 = 11.0%
Year 3: 149 / 2,650 = 5.6%
Three year average = 7.5%.