General ACCAp-04-Business Valuation

Pilot paper upto Dec-12 Qustion one requires ascertaining enterprise value of fliHi. In the answer sheet to find the FCFE only capital expenditure of 120.20 million is deducted from the Net cash flow from operating activites. I understand (or as per Kaplan’s study text )various expenditure including debt interest and repayments are to be deducted. Also in the answer debt outstanding as on Dec-2005 for $150 million is not deducted from the Value arrived. Can anybody shed some light to this Please??