VENTURE, a company specializing in accounting software, is considering a new project as part of its development in Germany. The project team has to present a business plan to the investment committee in order to analyze the profitability of this development. The investment committee will make its decision based on the NPV of the project.

The project data are as follows:

- Life of the project: 5 years

- Constant annual turnover over 5 years: €400,000

- Direct costs (as a % of turnover): 40%.

- Fixed costs: €100,000

- Initial investment: €119974

- Depreciation allowance: 15000 € (part of the investment is not depreciable)

- Resale in year 5 of the software patent: 9000 €.

- WCR: 10% of turnover; the WCR is incurred at the beginning of each year and will be recovered at the end of the 5th year.

- Tax rate: 33.1/3%.

- WACC = 10%.

Calculate the NPV of the project.

Round to the nearest euro. If the NPV is negative, put a - sign before the figure