The project concerns an activity already controlled by the group. For this reason, a detailed analysis of For this reason, a detailed analysis of the income statement items is not carried out. The profit forecasts are based on the EBITDA rates of other group subsidiaries carrying out the same activities. same activities. The improvement in the EBITDA rate over the forecast period is due to a better absorption of fixed costs and a absorption of fixed costs and a learning effect. The explicit forecast horizon is five years, which is the estimated time needed for the cash flow from The explicit forecast horizon is five years, which is the estimated time required for operating cash flow (OCF) to mature. The normative WCR is 30 days of sales excluding VAT. The tax rate used is 30%. The investment plan is defined from n to n+3. The investments of the following periods are deducted from the asset turnover rate (the ratio of sales to net fixed assets) of the business line which of 4. End of year 0: investment of 500 End of year 1: investment of 150 End of year 2: investment of 170 End of year 3: investment of 150 The average life of the fixed assets is 6 years. This is the period used to determine to determine the depreciation.

Question 1: Determine the depreciation schedule for the first 5 years as well as the annual depreciation of the replacement assets taken into account to calculate the final value of the value of the company.