Relevant Cash Flows Parker & Stone NV is looking at setting up a new manufacturing plant in Rotterdam to produce garden tools. The company bought some land 6 years ago for €6 million in anticipation of using it as a warehouse and distribution site, but the company has since decided to rent these facilities from a competitor instead. If the land were sold today, the company would net €6.4 million. The company wants to build its new manufacturing plant on this land; the plant will cost €14.2 million to build, and the site requires €890,000 worth of grading before it is suitable for construction. What is the proper cash flow amount to use as the initial investment in non-current assets when evaluating this project? Why?