Cash Flows

(Millions of Yen)

2018 (IFRS) 2017 (IFRS) 2016 (IFRS)
Cash Flows from operating activities 82,821 60,466 77,724
Cash Flows from investing activities (43,134) (29,746) (166,683)
Free Cash Flows * 39,687 30,720 (88,959)
Cash Flows from financing activities (64,872) (28,091) 99,203
Closing balance of cash and cash equivalents 31,745 58,305 55,845

* Free cash flow = Cash Flows from operating activities - Cash Flows from investing activities