June 2014 (Vogel Co, Burung Co )

Sir in the second question of this paper burung co. they have calculated the annual subsidy benefit for APV , can u pls explain how is this a benefit ?

in the third question of this paper Vogel Co. while calculating the free cash flows to calculate the value to perpetuity from yr 2 onwards shudnt they take 7.63 instead of 9.14 …how do we get 9.14 ??
and when calculating the combined value of the co pls tell me the formula theyve used to get 1477.57 $ ??

thanks alot