Sun Devil Inc. completed another successful year including a significant acquisition of Bear Down Co. For the past year, Sun Devil had operating income (OI) of $65 million and net financial expense (NFE) of $5 million during the year. During the year, Sun Devil acquired a competitor, Bear Down, for $200 million in an all equity transaction of newly issued shares. The resulting ending balance in Sun Devils common stock equity (CSE) was $450 million. With the acquisition of Bear Down and Sun Devils organic growth, net operating assets (NOA) ended the year at $625 million, representing an increase of $300 million from the beginning of the year. Additionally, Sun Devil had net financial borrowings (NFO) of $50 million during the year. During the year, Sun Devil did not do a stock buyback. However, Sun Devil paid $20 million in cash dividends as well as received $10 million from the exercise of employee stock options.

b. What are free cash flows (FCF) for the year?

c. What is the amount of common stock equity (CSE) as of the beginning of the year?