Lawson is a U. K.- based wine & spirits company. It seeks to create fine wine division to enhance its portfolio of global properties. The CFO is scrutinizing a proposal to make an investment in a vineyard in Chile. It requires the purchase of 20 acres of vineyards in the Maipo valley and setting up the requisite infrastructure for processing grapes and bottling wine. The project is expected to last five years, after which an exit through its sale to a local affiliate is assumed. The following table lists the cash flows denominated in the Chilean peso (CLP). Assume spot GBPCLP = 950.

Time Cash Flow (CLP millions)

0-400

1150

2120

3100

4100

5140

The appropriate CLP discount rate for projects of this nature is 14 percent. What is project NPV in CLP (millions)? (xxx.x)