$1)$ A company raises $500$m in shareholders$$ equity for an R&D project. Has it become richer or poorer? By how much? What is your answer if the company spends half of the funds in the first two years, and the project does not produce results? In the third year, the company uses the remaining funds to acquire a competitor that is overvalued by $25\%.$ But thanks to synergies with this new subsidiary, it is able to improve its earnings by $75$m during this third year. Has it become richer or poorer? By how much?

$2)$ What are the accounting items corresponding to additions to wealth for shareholders, lenders and the state?

$3)$ In concrete terms, based on the diagram on page $35,$ by how much does a company create wealth over a given financial period? Why?

$4)$ Comment on the following two statements: $$This year, we$$re going to have to go into debt to cover our losses$$ and $$We$$ll be able to buy out our main competitor, thanks to the profits we made this year$.$

$5)$ In $2014,$ a company$$s free cash flow turns negative. Has the company created or destroyed wealth?

$6)$ Does EBITDA always flow directly into a company$$s bank account?