{"text_format":"1","workbook":"xlsx","n_sheets":8,"sheets":["0. Overview","I.Input Data","II. Revenues","III. Costs","IV. Profit&Loss + Cash Flow","Depreciation","SUPPORT","Change Log"],"not_rendered":{"charts":2,"images":1,"macros":1,"external_links":0,"defined_names":6,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"0. Overview","index":0,"n_rows":83,"n_cols":3,"rows_kept":83,"cut":false,"hidden":false,"merged":[[14,2,14,3]]}
[null,null,"Financial Forecast Workbook"]
[]
[]
[]
[null,null,"This workbook is designed to help you develop a financial forecast "]
[null,null,"for a new constellation, where the InCubed activity focus on one (or more) IOD satellite/s. "]
[]
[null,null,"Unlike most standard financial modelling tools,  this workbook does not allow you to enter financial information"]
[null,null,"directly.  Rather, it requires you to enter the underlying operational parameters like number of customers "]
[null,null,"secured each year, unit prices, service fees and installation charges and it then calculates the resulting financial values."]
[]
[]
[]
[null,null,"Version 2.2"]
[null,null,"2020-02-26"]
[]
[]
[null,null,"Disclaimer:"]
[null,null,"     The user takes full responsibility for the use of this workbook.  "]
[null,null,"     There is no implied or explicit guarantee that this workbook generates"]
[null,null,"     results to accurately reflect the viability of the proposed project."]
[]
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["O.","Overview - Using the Workbook to Produce a Financial Forecast"]
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[]
[null,"Each stage is shown below and is provided in a separate worksheet in this workbook."]
[]
[null,"Colour legend"]
[null,null,"Cells to be filled in"]
[null,null,"Blank cells will be calculated based on inputs of worksheet I-Input Data"]
[null,null,"Cyan cells may be changed (e.g. to identify more in details some of the costs)"]
[null,null,"Cells out of scope of your project will automatically turn grey"]
[]
[null,"Stage I -- Input Data"]
[null,"Fill in all the requested fields"]
[]
[null,"Stage II -- Estimate Annual Revenue/Turnover"]
[null,"Go to worksheet II-Revenues and check if assumptions are consistent with the model"]
[]
[null,"Stage III -- Estimate Annual Costs"]
[null,"Go to worksheet III-Costs andand check if assumptions are consistent with the model"]
[]
[null,"Stage IV -- Review Resulting Profit & Loss and Cash Flow"]
[null,"Go to worksheet IV-Profit&Loss + Cash Flow to review the forecast."]
[]
[null,"Note that the worksheet IV. Profit&Loss + Cash Flow uses figures automatically calculated in the Depreciation worksheet."]
[null,"If the resulting forecast does not seem reasonable, then you should adjust either your assumptions about "]
[null,"revenues, your assumptions about costs or both. "]
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[null,"The InCubed FinForecastTool is licensed under the ESA Software Community License – Type 3 - v1.1"]

{"sheet":"I.Input Data","index":1,"n_rows":120,"n_cols":23,"rows_kept":120,"cut":false,"hidden":false,"merged":[[106,9,113,9],[115,9,119,9],[65,13,65,22],[89,0,91,0],[90,9,103,9],[81,9,87,9],[92,0,94,0],[83,10,83,11],[83,12,83,22],[84,10,84,11],[103,10,103,11],[85,10,85,11],[86,10,86,11],[87,10,87,11],[97,10,97,11],[98,10,98,11],[4,1,9,1],[11,1,16,1],[4,2,9,2],[11,2,16,2],[4,3,9,3],[4,4,9,4],[11,3,16,3],[11,4,16,4],[48,2,49,2],[48,3,49,3],[48,4,49,4],[29,2,30,2],[90,13,90,22],[90,10,91,11],[48,1,49,1],[29,1,30,1],[29,3,30,3],[58,13,58,22],[81,13,81,22],[81,10,82,11],[58,2,58,11],[106,13,106,22],[108,10,108,11],[109,10,109,11],[110,10,110,11],[100,10,100,11],[101,10,101,11],[102,10,102,11],[111,10,111,11],[112,10,112,11],[113,10,113,11],[92,10,92,11],[94,10,94,11],[95,10,95,11],[106,10,107,11],[115,13,115,22],[117,10,117,11],[118,10,118,11],[119,10,119,11],[115,10,116,11]]}
["I.","Input Data","The following numbered tables (e.g. table 0.3.) correspond to the different tables displayed in the Proposal Part 1 (Outline) of InCubed "]
[]
[null,"Table 0.6 Cost Breakdown per contractor"]
[null,"Development Cycle","Included in proposed activity?","Start","Conclusion","Company/ Organisation","Status (e.g. University, SME)","Country","Cost kEur","Requested ESA funding (Price) kEur","Requested ESA funding (Price) % of Cost","Source of co-funding","National Delegation Support[1] "]
[null,"InCubed (De-risking)","NO","2020-04-01","2021-04-01","Prime","Large",null,null,null,{"$f":"IF( I5<> 0, J5/I5,\"\")","v":""},null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 1[2]","SME",null,null,null,{"$f":"IF( I6<> 0, J6/I6,\"\")","v":""},null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 2","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 3","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 4","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 5","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,null,null,"Total",{"$f":"SUM(I5:I10)","v":0},{"$f":"SUM(J5:J10)","v":0},{"$f":"IF( I11<> 0, J11/I11,\"\")","v":""}]
[null,"InCubed (Product Development)","YES","2020-04-01","2023-04-01","Prime","SME",null,1700,1300,0.76470588235294112,"Internal R&D Funds","yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 1[2]","SME",null,300,150,0.5,"Bank Loan","yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 2","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 3","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 4","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 5","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,null,null,"Total",{"$f":"SUM(I12:I17)","v":2000},{"$f":"SUM(J12:J17)","v":1450},0.72499999999999998]
[null,"Grand Total",null,null,null,null,null,null,{"$f":"I18+I11","v":2000},{"$f":"J18+J11","v":1450}]
[]
[]
[null,"[1] ","yes = The National Delegation has been contacted and is in favour of the proposed activity."]
[null,null,"no = The National Delegation has not yet been contacted."]
[null,null,"under discussion = The National Delegation has been contacted and discussions are ongoing."]
[null,"[2] ","In ESA terms a subcontractor is an  activity  partner that will take part to the activity  in an active way and have a key role (usually is also co-funding the activity). Any supplier just providing external product or external service to the activity in not an ESA subcontractor and shall be listed in table Main cost elements"]
[]
[]
[]
[null,"Max 20 years span (-10 to +10 years wrt commercial launch)"]
[null,"Development Cycle","Select the entity  \"subject\" of this financial forecast","Cost kEUR","Requested ESA Funding (Price)","Requested ESA Funding (Price)","Start","Conclusion","year beginning","Duration","year end","Days in start year","Duration days","Days in end year"]
[null,null,null,null,"kEUR","% of Cost","Mon-YY","Mon-YY",null,"years"]
[null,{"$f":"+B5","v":"InCubed (De-risking)"},"Prime",{"$f":"IF(C5=\"yes\",VLOOKUP(C32,F5:I10,4),0)","v":0},{"$f":"IF(C5=\"yes\",VLOOKUP(C32,F5:J10,5),0)","v":0},{"$f":"IF( D32<> 0, E32/D32,0)","v":0},{"$f":"+IF(C5=\"YES\",D5,\"\")","v":""},{"$f":"+IF(C5=\"YES\",E5,\"\")","v":""},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, YEAR(G32)-YEAR($G$35))","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, (H32-G32)/365)","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, YEAR(H32)-YEAR($G$35))","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, DATE(YEAR(G32),12,31)-G32)","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, H32-G32)","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, H32-DATE(YEAR(H32)-1,12,31))","v":0}]
[null,{"$f":"+B12","v":"InCubed (Product Development)"},"Prime",{"$f":"VLOOKUP(C33,F12:I17,4)","v":1700},{"$f":"VLOOKUP(C33,F12:J17,5)","v":1300},{"$f":"IF( D33<> 0, E33/D33,\"\")","v":0.76470588235294112},{"$f":"+D12","v":"2020-04-01"},{"$f":"+E12","v":"2023-04-01"},{"$f":"YEAR(G33)-YEAR($G$35)","v":-5},{"$f":"+(H33-G33)/365","v":3},{"$f":"YEAR(H33)-YEAR($G$35)","v":-2},{"$f":"DATE(YEAR(G33),12,31)-G33","v":274},{"$f":"H33-G33","v":1095},{"$f":"H33-DATE(YEAR(H33)-1,12,31)","v":91}]
[null,{"$f":"+B99","v":"NRE Satellite cost "},null,{"$f":"+C99","v":600},null,null,{"$f":"+D90","v":"2023-03-01"},{"$f":"+D92","v":"2023-09-01"},{"$f":"YEAR(G34)-YEAR($G$35)","v":-2},{"$f":"+(H34-G34)/365","v":0.50410958904109593},{"$f":"YEAR(H34)-YEAR($G$35)","v":-2},{"$f":"DATE(YEAR(G34),12,31)-G34","v":305},{"$f":"H34-G34","v":184},{"$f":"H34-DATE(YEAR(H34)-1,12,31)","v":244}]
[null,"Commercial stage",null,null,null,null,"2025-01-01","2035-12-31",0,{"$f":"+(H35-G35)/365","v":11.002739726027396},{"$f":"YEAR(H35)-YEAR($G$35)","v":10},{"$f":"DATE(YEAR(G35),12,31)-G35","v":364},{"$f":"H35-G35","v":4016},{"$f":"H35-DATE(YEAR(H35)-1,12,31)","v":365}]
[null,null,null,null,null,null,{"$f":"IF(H33>G35,\"WARNING: Be aware that the Commercial Phase is overlapping with the InCubed+ activity, which is in a pre-commercial phase\",\"\")","v":""}]
[null,null,null,null,null,null,{"$f":"IF(AND(H32>G33,C12=\"YES\",C5=\"YES\"),\"WARNING: Be aware that the Product stage  is overlapping with the Technology de-risking stage\",\"\")","v":""}]
[null,null,null,null,null,null,{"$f":"IF(AND(C5=\"NO\", OR(D32<>0,E32<>0)),\"WARNING: Be aware that Technology de-risking stage is not included in the activity and the cost/price are not set to 0\",\"\")","v":""}]
[null,null,null,null,null,null,{"$f":"IF(AND(C32=\"NO\", OR(G32<>0,H32<>0)),\"WARNING: Be aware that Technology de-risking stage is not included in the activity and the start/conclusion dates should be empty\",\"\")","v":""}]
[null,"II 2.3 Revenue Streams"]
[]
[null,"Note: The table provides 3 different ways of generating revenues from up to 3 different Customer Segments:  "]
[null,"1) by selling the product per unit (e.g. a batch of images unit per year)"]
[null,"2) by charging a one-off fee for each unit sold. It should be used in case a service is offered afterwards with a recurring service fee each year. In case of installation charges when selling a product unit, without any revenue streams afterwards, these installation charges should be included to the 'Product unit price'. "]
[null,"3) by a yearly service fee  (e.g. in a end to end system including satellite, ground segment the EO satellite operator provides advance analytics to a customer asking for a service fee)"]
[null,"NB: The spreadsheet is built to have or a Product Unit Sales Model or a Service Fee Model. In case you have both you should adapt the calculation done in the Revenues Sheet that make use of the table \"Sales Volume (Units)\" here below"]
[null,"Figures can be adjusted; if a specific entry is not applicable, put it to 0"]
[null,"Table 0.4 Product Pricing"]
[null,"Customer Segments","unit price (kEur)","One-off charge (per unit) (kEur)","Price fee per per unit sold (per year) (kEur)"]
[]
[null,"Customer Segment 1",0,1,8]
[null,"Customer Segment 2",0,2,15]
[null,"Customer Segment 3",0,0,0]
[null,"Churn Rate",null,0]
[]
[null,"II 2.4 Cost Structures"]
[]
[]
[null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+G35","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,"Year ->",-10,-9,-8,-7,-6,-5,-4,-3,-2,-1,0,1,2,3,4,5,6,7,8,9,10]
[null,{"$f":"+B32","v":"InCubed (De-risking)"},{"$f":"IF(OR(C$60<$I$32,C$60>$K$32),0,IF(C$60=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(C$60=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},0,0,0,0,{"$f":"IF(OR(H$60<$I$32,H$60>$K$32),0,IF(H$60=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(H$60=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},0,0,0,{"$f":"IF(OR(L$60<$I$32,L$60>$K$32),0,IF(L$60=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(L$60=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},{"$f":"IF(OR(M$60<$I$32,M$60>$K$32),0,IF(M$60=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(M$60=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"+B33","v":"InCubed (Product Development)"},{"$f":"IF(OR(C$60<$I$33,C$60>$K$33),0,IF(C$60=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(C$60=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},0,0,0,0,425.38812785388126,567.05479452054794,567.05479452054794,141.2785388127854,0,0,0,0,0,0,0,0,0,0,0,0]
[null,{"$f":"+B99","v":"NRE Satellite cost "},{"$f":"IF(OR(C$60<$I$34,C$60>$K$34),0,IF(C$60=$I$34,(IF($I$34=$K$34,$D$34,$D$34*$L$34/$M$34)),IF(C$60=$K$34,($D$34*$N$34/$M$34),($D$34*365.25/$M$34))))","v":0},{"$f":"IF(OR(D$60<$I$34,D$60>$K$34),0,IF(D$60=$I$34,(IF($I$34=$K$34,$D$34,$D$34*$L$34/$M$34)),IF(D$60=$K$34,($D$34*$N$34/$M$34),($D$34*365.25/$M$34))))","v":0},0,0,0,0,0,0,600,0]
[null,"Year  corrected ->",-1,{"$f":"+IF(AND(SUM(D61:D62)=0,C64=-1),-1,C64+1)","v":-1},-1,-1,-1,0,1,2,3,{"$f":"+IF(AND(SUM(L61:L62)=0,K64=-1),-1,K64+1)","v":4},{"$f":"+IF(AND(SUM(M61:M62)=0,L64=-1),-1,L64+1)","v":5},6,7,8,9,10,11,12,13,14,15]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+M59","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,null,"Constellation batches roll-out",1,2,2,3,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(M$60<$M$111,0,OFFSET(M68,0,-$M$111,1,1))","v":0},0,0,1,2,2,3,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,1,2,2,3,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0,{"$f":"IF(N$60<$M$111,0,OFFSET(N70,0,-$M$111,1,1))","v":0},0,0,0,0,0,0,0,1,2]
[null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,"Total batches launched",{"$f":"SUM(M68:M75)","v":1},{"$f":"SUM(N68:N75)","v":2},2,4,2,2,4,2,2,4,2]
[null,null,null,null,null,null,null,null,null,null,null,"Total satellites launched",{"$f":"+M76*$C$101","v":4},{"$f":"+N76*$C$101","v":8},8,16,8,8,16,8,8,16,8]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 0.5 Cost of Sales"]
[null,null,null,null,null,null,null,null,null,null,"[Note: In case you do not have detailed cost of sales figure, provide the estimate of the cost of sale per product in the top row. "]
[null,null,null,null,null,null,null,null,null,null,"In case you have detailed cost of sales, fill in the remaining rows and set zero in the top row]"]
[null,null,null,null,null,null,null,null,null,"Costs of Sale","Estimated Cost of Sales",null,{"$f":"+M66","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,"MISSION",null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Lifetime (years)",null,null,{"$f":"+(H35-G35)/365","v":11.002739726027396},null,null,null,null,null,"Simplified CoS for product unit",null,0]
[null,"WACC (%) (Cost of Capital)",null,null,0.06,null,null,null,null,null,"In Orbit Insurance cost ","In Orbit Insurance cost (net present)",{"$f":"+$C$107*M109","v":120},240,240,480,240,240,480,240,240,480,240]
[null,"ESA Activity (IOD)",null,"Year",null,null,null,null,null,null,"Launch cost ","Launch cost (net present)",{"$f":"+(M76*$C$105)*(1+$C$103)","v":2200},4400,4400,8800,4400,4400,8800,4400,4400,8800,4400]
[null,"Start",null,{"$f":"+G33","v":"2020-04-01"},null,null,null,null,null,null,"Cost Element N.3",null,0,0,0,0,0,0,0,0,0,0,0]
[null,"End",null,{"$f":"+H33","v":"2023-04-01"},null,null,null,null,null,null,"Cost Element N.4",null,0,0,0,0,0,0,0,0,0,0,0]
[null,"MILESTONES (Constellations Deployment, NOT ESA InCubed Milestones)","Investment  (kEur)","Year","Next MS (months)"]
["Non Recurring Engineering","KO",100,{"$f":"EDATE(D94,-E93-E92-E91-E90)","v":"2023-03-01"},3,null,null,null,null,null,"Table 0.6  Operational Expenditures"]
[null,"PDR",200,{"$f":"EDATE(D94,-E93-E92-E91)","v":"2023-06-01"},3,null,null,null,null,"OPEX","Estimated OPEX",null,{"$f":"+M82","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,"CDR ",300,{"$f":"EDATE(D94,-E93-E92)","v":"2023-09-01"},6,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
["Recurring Cost","PSR (pre-shipment review)",400,{"$f":"EDATE(D94,-E93)","v":"2024-03-01"},1,null,null,null,null,null,"Sales staff cost (annual salary)",null,100,100,100,100,100,100,100,100,100,100,100]
[null,"Launch date",600,"2024-04-01",6,null,null,null,null,null,"Uplift",0.1,{"$f":"+M93*$L$94","v":10},10,10,10,10,10,10,10,10,10,10]
[null,"IOT",500,{"$f":"EDATE(D94,+E94)","v":"2024-10-01"},null,null,null,null,null,null,"Sales staff ( FTE)",null,2,10,12,12,12,12,12,12,12,12,12]
[null,"Services start date","-",{"$f":"+G35","v":"2025-01-01"},null,null,null,null,null,null,"Marketing staff cost (annual salary)",null,80,80,80,80,80,80,80,80,80,80,80]
[null,"CAPEX ASSUMPTIONS",null,null,null,null,null,null,null,null,"Uplift",0.25,{"$f":"+M96*$L$97","v":20},20,20,20,20,20,20,20,20,20,20]
[null,"Satellites of constellation",32,null,null,null,null,null,null,null,"Marketing staff (FTE)",null,2,10,12,12,12,12,12,12,12,12,12]
[null,"NRE Satellite cost ",{"$f":"+C90+C91+C92","v":600},"(kEur)",null,null,null,null,null,null,"Admin staff cost",null,50,50,50,50,50,50,50,50,50,50,50]
[null,"RC Satellite recurring cost",{"$f":"+C95+C93+C94","v":1500},"(kEur)",null,null,null,null,null,null,"Uplift",0.03,{"$f":"+M99*$L$100","v":1.5},{"$f":"+N99*$L$100","v":1.5},{"$f":"+O99*$L$100","v":1.5},{"$f":"+P99*$L$100","v":1.5},{"$f":"+Q99*$L$100","v":1.5},0,{"$f":"+S99*$L$100","v":1.5},{"$f":"+T99*$L$100","v":1.5},{"$f":"+U99*$L$100","v":1.5},{"$f":"+V99*$L$100","v":1.5},{"$f":"+W99*$L$100","v":1.5}]
[null,"Satellites per batches",4,null,null,null,null,null,null,null,"Admin staff (FTE)",null,4,4,4,4,4,4,4,4,4,4,4]
[null,"Satellite Lifetime",3,null,null,null,null,null,null,null,"Ground Segment + Mission Management",null,{"$f":"+$C$108*M109","v":1500},{"$f":"+$C$108*N109","v":3000},{"$f":"+$C$108*O109","v":3000},6000,3000,3000,6000,3000,3000,6000,3000]
[null,"Launch Insurance (% of SAT CAPEX)",0.1,null,null,null,null,null,null,null,"Other Cost N.2",null,0,0,0,0,0,0,0,0,0,0,0]
[null,"Launch needed",{"$f":"+C98/C101","v":8},null,null,null,null,null,null,null,"Other Cost N.3",null,0,0,0,0,0,0,0,0,0,0,0]
[null,"Launch Cost (Per batch)",2000]
[null,"EXPENSES ASSUMPTIONS",null,null,null,null,null,null,null,null,"Table 0.7  Capital Expenditures"]
[null,"Insurance in orbit (% of SAT CAPEX)",0.02,null,null,null,null,null,null,"CAPEX","Estimated CAPEX",null,{"$f":"+M91","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,"Ground Segment + Mission Management (% of Revenues)",0.25,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Corporate tax rate (%)",0.25,null,null,null,null,null,null,null,"Satellites ",null,{"$f":"+$C$100*$C$101*M76","v":6000},12000,12000,24000,12000,12000,{"$f":"+$C$100*$C$101*S76","v":24000},12000,12000,{"$f":"+$C$100*$C$101*V76","v":24000},{"$f":"+$C$100*$C$101*W76","v":12000}]
[null,null,null,null,null,null,null,null,null,null,"Investment N.3",null,0,0,0,0,0,0,0,0,null,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,{"$f":"+C102","v":3}]
[null,null,null,null,null,null,null,null,null,null,"Ground Segment (?)",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Investment N.4",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,7]
[]
[null,null,null,null,null,null,null,null,null,"Sales Volume (Units)","Number of units sold per year",null,{"$f":"+M107","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B51","v":"Customer Segment 1"},null,0,600,600,600,600,600,600,600,600,600,600]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B52","v":"Customer Segment 2"},null,0,200,200,300,300,300,300,300,300,300,300]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B53","v":"Customer Segment 3"}]

{"sheet":"II. Revenues","index":2,"n_rows":34,"n_cols":14,"rows_kept":34,"cut":false,"hidden":false,"merged":[[29,4,29,13],[29,1,29,2],[30,0,32,0],[3,1,4,1],[3,2,4,2],[3,3,4,3],[3,4,4,4],[10,1,11,2],[10,4,10,13],[12,1,14,1],[30,1,32,1],[15,1,18,1],[19,1,22,1],[23,1,26,1]]}
[]
[null,"Result -- Annual Revenues"]
[]
[null,"Customer Segments","Product unit price","Product installation charge per unit","Service fee per product per year"]
[]
[null,{"$f":"+'I.Input Data'!B51","v":"Customer Segment 1"},{"$f":"+'I.Input Data'!C51","v":0},{"$f":"+'I.Input Data'!D51","v":1},{"$f":"+'I.Input Data'!E51","v":8}]
[null,{"$f":"+'I.Input Data'!B52","v":"Customer Segment 2"},{"$f":"+'I.Input Data'!C52","v":0},{"$f":"+'I.Input Data'!D52","v":2},{"$f":"+'I.Input Data'!E52","v":15}]
[null,{"$f":"+'I.Input Data'!B53","v":"Customer Segment 3"},{"$f":"+'I.Input Data'!C53","v":0},{"$f":"+'I.Input Data'!D53","v":0},{"$f":"+'I.Input Data'!E53","v":0}]
[]
[]
[null,"Estimated Cost of Sales",null,{"$f":"+'I.Input Data'!G35","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Cumulative Volume Sales",{"$f":"+$B$6","v":"Customer Segment 1"},{"$f":"+'I.Input Data'!M118","v":0},{"$f":"(D13*(1-'I.Input Data'!$D$54)+'I.Input Data'!N118)","v":600},{"$f":"(E13*(1-'I.Input Data'!$D$54)+'I.Input Data'!O118)","v":1200},{"$f":"(F13*(1-'I.Input Data'!$D$54)+'I.Input Data'!P118)","v":1800},{"$f":"(G13*(1-'I.Input Data'!$D$54)+'I.Input Data'!Q118)","v":2400},{"$f":"(H13*(1-'I.Input Data'!$D$54)+'I.Input Data'!R118)","v":3000},{"$f":"(I13*(1-'I.Input Data'!$D$54)+'I.Input Data'!S118)","v":3600},{"$f":"(J13*(1-'I.Input Data'!$D$54)+'I.Input Data'!T118)","v":4200},{"$f":"(K13*(1-'I.Input Data'!$D$54)+'I.Input Data'!U118)","v":4800},{"$f":"(L13*(1-'I.Input Data'!$D$54)+'I.Input Data'!V118)","v":5400},{"$f":"(M13*(1-'I.Input Data'!$D$54)+'I.Input Data'!W118)","v":6000}]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2"},{"$f":"+'I.Input Data'!M119","v":0},{"$f":"(D14*(1-'I.Input Data'!$D$54)+'I.Input Data'!N119)","v":200},{"$f":"(E14*(1-'I.Input Data'!$D$54)+'I.Input Data'!O119)","v":400},{"$f":"(F14*(1-'I.Input Data'!$D$54)+'I.Input Data'!P119)","v":700},{"$f":"(G14*(1-'I.Input Data'!$D$54)+'I.Input Data'!Q119)","v":1000},{"$f":"(H14*(1-'I.Input Data'!$D$54)+'I.Input Data'!R119)","v":1300},{"$f":"(I14*(1-'I.Input Data'!$D$54)+'I.Input Data'!S119)","v":1600},{"$f":"(J14*(1-'I.Input Data'!$D$54)+'I.Input Data'!T119)","v":1900},{"$f":"(K14*(1-'I.Input Data'!$D$54)+'I.Input Data'!U119)","v":2200},{"$f":"(L14*(1-'I.Input Data'!$D$54)+'I.Input Data'!V119)","v":2500},{"$f":"(M14*(1-'I.Input Data'!$D$54)+'I.Input Data'!W119)","v":2800}]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3"},{"$f":"+'I.Input Data'!M120","v":0},{"$f":"(D15*(1-'I.Input Data'!$D$54)+'I.Input Data'!N120)","v":0},{"$f":"(E15*(1-'I.Input Data'!$D$54)+'I.Input Data'!O120)","v":0},{"$f":"(F15*(1-'I.Input Data'!$D$54)+'I.Input Data'!P120)","v":0},{"$f":"(G15*(1-'I.Input Data'!$D$54)+'I.Input Data'!Q120)","v":0},{"$f":"(H15*(1-'I.Input Data'!$D$54)+'I.Input Data'!R120)","v":0},{"$f":"(I15*(1-'I.Input Data'!$D$54)+'I.Input Data'!S120)","v":0},{"$f":"(J15*(1-'I.Input Data'!$D$54)+'I.Input Data'!T120)","v":0},{"$f":"(K15*(1-'I.Input Data'!$D$54)+'I.Input Data'!U120)","v":0},{"$f":"(L15*(1-'I.Input Data'!$D$54)+'I.Input Data'!V120)","v":0},{"$f":"(M15*(1-'I.Input Data'!$D$54)+'I.Input Data'!W120)","v":0}]
[null,"Product Sales Revenue",{"$f":"+$B$6","v":"Customer Segment 1"},{"$f":"'I.Input Data'!M118*$C$6","v":0},{"$f":"'I.Input Data'!N118*$C$6","v":0},{"$f":"'I.Input Data'!O118*$C$6","v":0},{"$f":"'I.Input Data'!P118*$C$6","v":0},{"$f":"'I.Input Data'!Q118*$C$6","v":0},{"$f":"'I.Input Data'!R118*$C$6","v":0},{"$f":"'I.Input Data'!S118*$C$6","v":0},{"$f":"'I.Input Data'!T118*$C$6","v":0},{"$f":"'I.Input Data'!U118*$C$6","v":0},{"$f":"'I.Input Data'!V118*$C$6","v":0},{"$f":"'I.Input Data'!W118*$C$6","v":0}]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2"},{"$f":"'I.Input Data'!M119*$C$7","v":0},{"$f":"'I.Input Data'!N119*$C$7","v":0},{"$f":"'I.Input Data'!O119*$C$7","v":0},{"$f":"'I.Input Data'!P119*$C$7","v":0},{"$f":"'I.Input Data'!Q119*$C$7","v":0},{"$f":"'I.Input Data'!R119*$C$7","v":0},{"$f":"'I.Input Data'!S119*$C$7","v":0},{"$f":"'I.Input Data'!T119*$C$7","v":0},{"$f":"'I.Input Data'!U119*$C$7","v":0},{"$f":"'I.Input Data'!V119*$C$7","v":0},{"$f":"'I.Input Data'!W119*$C$7","v":0}]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3"},{"$f":"'I.Input Data'!M120*$C$8","v":0},{"$f":"'I.Input Data'!N120*$C$8","v":0},{"$f":"'I.Input Data'!O120*$C$8","v":0},{"$f":"'I.Input Data'!P120*$C$8","v":0},{"$f":"'I.Input Data'!Q120*$C$8","v":0},{"$f":"'I.Input Data'!R120*$C$8","v":0},{"$f":"'I.Input Data'!S120*$C$8","v":0},{"$f":"'I.Input Data'!T120*$C$8","v":0},{"$f":"'I.Input Data'!U120*$C$8","v":0},{"$f":"'I.Input Data'!V120*$C$8","v":0},{"$f":"'I.Input Data'!W120*$C$8","v":0}]
[null,null,"Total",{"$f":"+SUM(D16:D18)","v":0},{"$f":"+SUM(E16:E18)","v":0},{"$f":"+SUM(F16:F18)","v":0},{"$f":"+SUM(G16:G18)","v":0},{"$f":"+SUM(H16:H18)","v":0},{"$f":"+SUM(I16:I18)","v":0},0,0,0,0,{"$f":"+SUM(N16:N18)","v":0}]
[null,"Product Installation Revenue",{"$f":"+$B$6","v":"Customer Segment 1"},{"$f":"+'I.Input Data'!M118*$D$6","v":0},{"$f":"+'I.Input Data'!N118*$D$6","v":600},{"$f":"+'I.Input Data'!O118*$D$6","v":600},{"$f":"+'I.Input Data'!P118*$D$6","v":600},{"$f":"+'I.Input Data'!Q118*$D$6","v":600},{"$f":"+'I.Input Data'!R118*$D$6","v":600},{"$f":"+'I.Input Data'!S118*$D$6","v":600},{"$f":"+'I.Input Data'!T118*$D$6","v":600},{"$f":"+'I.Input Data'!U118*$D$6","v":600},{"$f":"+'I.Input Data'!V118*$D$6","v":600},{"$f":"+'I.Input Data'!W118*$D$6","v":600}]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2"},{"$f":"+'I.Input Data'!M119*$D$7","v":0},{"$f":"+'I.Input Data'!N119*$D$7","v":400},{"$f":"+'I.Input Data'!O119*$D$7","v":400},{"$f":"+'I.Input Data'!P119*$D$7","v":600},{"$f":"+'I.Input Data'!Q119*$D$7","v":600},{"$f":"+'I.Input Data'!R119*$D$7","v":600},{"$f":"+'I.Input Data'!S119*$D$7","v":600},{"$f":"+'I.Input Data'!T119*$D$7","v":600},{"$f":"+'I.Input Data'!U119*$D$7","v":600},{"$f":"+'I.Input Data'!V119*$D$7","v":600},{"$f":"+'I.Input Data'!W119*$D$7","v":600}]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3"},{"$f":"+'I.Input Data'!M120*$D$8","v":0},{"$f":"+'I.Input Data'!N120*$D$8","v":0},{"$f":"+'I.Input Data'!O120*$D$8","v":0},{"$f":"+'I.Input Data'!P120*$D$8","v":0},{"$f":"+'I.Input Data'!Q120*$D$8","v":0},{"$f":"+'I.Input Data'!R120*$D$8","v":0},{"$f":"+'I.Input Data'!S120*$D$8","v":0},{"$f":"+'I.Input Data'!T120*$D$8","v":0},{"$f":"+'I.Input Data'!U120*$D$8","v":0},{"$f":"+'I.Input Data'!V120*$D$8","v":0},{"$f":"+'I.Input Data'!W120*$D$8","v":0}]
[null,null,"Total",{"$f":"+SUM(D20:D22)","v":0},{"$f":"+SUM(E20:E22)","v":1000},1000,1200,1200,1200,1200,1200,1200,1200,1200]
[null,"Product Service Fee Revenue",{"$f":"+$B$6","v":"Customer Segment 1"},{"$f":"+D13*$E$6","v":0},{"$f":"+E13*$E$6","v":4800},{"$f":"+F13*$E$6","v":9600},{"$f":"+G13*$E$6","v":14400},19200,24000,28800,33600,38400,{"$f":"+M13*$E$6","v":43200},48000]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2"},{"$f":"+D14*$E$7","v":0},{"$f":"+E14*$E$7","v":3000},{"$f":"+F14*$E$7","v":6000},{"$f":"+G14*$E$7","v":10500},{"$f":"+H14*$E$7","v":15000},{"$f":"+I14*$E$7","v":19500},24000,28500,33000,37500,42000]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3"},{"$f":"+D15*$E$8","v":0},{"$f":"+E15*$E$8","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Total",{"$f":"+SUM(D24:D26)","v":0},{"$f":"+SUM(E24:E26)","v":7800},15600,24900,34200,43500,52800,62100,71400,80700,90000]
[]
[null,"II 5 Market Analysis"]
[null,"Table 0.13 Served Obtainable Market",null,{"$f":"+D11","v":"2025-01-01"},{"$f":"+E11","v":"Commercial Exploitation Phase"}]
["Sales Volume ","Total Revenues",{"$f":"+$B$6","v":"Customer Segment 1"},{"$f":"+D16+D20+D24","v":0},{"$f":"+E16+E20+E24","v":5400},10200,15000,19800,{"$f":"+I16+I20+I24","v":24600},29400,34200,39000,43800,48600]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2"},0,3400,6400,11100,15600,{"$f":"+I17+I21+I25","v":20100},24600,29100,33600,38100,42600]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3"},0,0,0,0,0,{"$f":"+I18+I22+I26","v":0},0,0,0,0,0]
[null,null,"TOTAL",0,8800,16600,26100,35400,{"$f":"+I19+I23+I27","v":44700},54000,63300,72600,81900,{"$f":"+N19+N23+N27","v":91200}]

{"sheet":"III. Costs","index":3,"n_rows":26,"n_cols":24,"rows_kept":26,"cut":false,"hidden":false,"merged":[[4,14,4,23],[10,1,13,1],[14,1,19,1],[9,1,9,2],[4,3,4,12]]}
[]
[null,"Result -- Annual Expenses"]
[]
[]
[null,null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!G35","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,{"$f":"+'I.Input Data'!C60","v":-10},{"$f":"+'I.Input Data'!D60","v":-9},{"$f":"+'I.Input Data'!E60","v":-8},{"$f":"+'I.Input Data'!F60","v":-7},{"$f":"+'I.Input Data'!G60","v":-6},{"$f":"+'I.Input Data'!H60","v":-5},{"$f":"+'I.Input Data'!I60","v":-4},{"$f":"+'I.Input Data'!J60","v":-3},{"$f":"+'I.Input Data'!K60","v":-2},{"$f":"+'I.Input Data'!L60","v":-1},{"$f":"+'I.Input Data'!M60","v":0},{"$f":"+'I.Input Data'!N60","v":1},{"$f":"+'I.Input Data'!O60","v":2},{"$f":"+'I.Input Data'!P60","v":3},{"$f":"+'I.Input Data'!Q60","v":4},{"$f":"+'I.Input Data'!R60","v":5},{"$f":"+'I.Input Data'!S60","v":6},{"$f":"+'I.Input Data'!T60","v":7},{"$f":"+'I.Input Data'!U60","v":8},{"$f":"+'I.Input Data'!V60","v":9},{"$f":"+'I.Input Data'!W60","v":10}]
[null,{"$f":"+'I.Input Data'!B34","v":"NRE Satellite cost "},null,{"$f":"'I.Input Data'!C63","v":0},{"$f":"'I.Input Data'!D63","v":0},{"$f":"'I.Input Data'!E63","v":0},{"$f":"'I.Input Data'!F63","v":0},{"$f":"'I.Input Data'!G63","v":0},{"$f":"'I.Input Data'!H63","v":0},{"$f":"'I.Input Data'!I63","v":0},{"$f":"'I.Input Data'!J63","v":0},{"$f":"'I.Input Data'!K63","v":600},{"$f":"'I.Input Data'!L63","v":0},{"$f":"'I.Input Data'!M63","v":0},{"$f":"'I.Input Data'!N63","v":0},{"$f":"'I.Input Data'!O63","v":0},{"$f":"'I.Input Data'!P63","v":0},{"$f":"'I.Input Data'!Q63","v":0},{"$f":"'I.Input Data'!R63","v":0},{"$f":"'I.Input Data'!S63","v":0},{"$f":"'I.Input Data'!T63","v":0},{"$f":"'I.Input Data'!U63","v":0},{"$f":"'I.Input Data'!V63","v":0},{"$f":"'I.Input Data'!W63","v":0}]
[null,"Cost of InCubed Activity",null,{"$f":"+SUM('I.Input Data'!C61:C62)","v":0},{"$f":"+SUM('I.Input Data'!D61:D62)","v":0},{"$f":"+SUM('I.Input Data'!E61:E62)","v":0},{"$f":"+SUM('I.Input Data'!F61:F62)","v":0},{"$f":"+SUM('I.Input Data'!G61:G62)","v":0},{"$f":"+SUM('I.Input Data'!H61:H62)","v":425.38812785388126},{"$f":"+SUM('I.Input Data'!I61:I62)","v":567.05479452054794},{"$f":"+SUM('I.Input Data'!J61:J62)","v":567.05479452054794},{"$f":"+SUM('I.Input Data'!K61:K62)","v":141.2785388127854},{"$f":"+SUM('I.Input Data'!L61:L62)","v":0},{"$f":"+SUM('I.Input Data'!M61:M62)","v":0},{"$f":"+SUM('I.Input Data'!N61:N62)","v":0},{"$f":"+SUM('I.Input Data'!O61:O62)","v":0},{"$f":"+SUM('I.Input Data'!P61:P62)","v":0},{"$f":"+SUM('I.Input Data'!Q61:Q62)","v":0},{"$f":"+SUM('I.Input Data'!R61:R62)","v":0},{"$f":"+SUM('I.Input Data'!S61:S62)","v":0},{"$f":"+SUM('I.Input Data'!T61:T62)","v":0},{"$f":"+SUM('I.Input Data'!U61:U62)","v":0},{"$f":"+SUM('I.Input Data'!V61:V62)","v":0},{"$f":"+SUM('I.Input Data'!W61:W62)","v":0}]
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{"sheet":"IV. Profit&Loss + Cash Flow","index":4,"n_rows":106,"n_cols":26,"rows_kept":106,"cut":false,"hidden":false,"merged":[[6,0,26,0],[27,0,35,0],[22,1,23,1],[20,1,21,1],[25,1,26,1],[30,1,32,1],[33,1,35,1],[6,3,6,12],[6,14,6,23],[8,1,11,1],[12,1,16,1],[17,1,19,1]]}
["IV.","Stage IV - Profit & Loss and Cash Flow Statement Calculation"]
[]
[null,"In this worksheet the Profit and Loss (P&L) statement and a simplified version of the cash flow statement are presented. No input from your side is required."]
[null,"The Discounted Cash Flow  (DCF) method is used to evaluate the project."]
[]
[null,"Cost of Capital (WACC)",{"$f":"+'I.Input Data'!E85","v":0.06}]
["PROFIT & LOSS",null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!G35","v":"2025-01-01"},"Commercial Exploitation Phase",null,null,null,null,null,null,null,null,null,null,"WITH ESA "]
[null,null,"Year ->",{"$f":"+'I.Input Data'!C64","v":-1},{"$f":"+'I.Input Data'!D64","v":-1},{"$f":"+'I.Input Data'!E64","v":-1},{"$f":"+'I.Input Data'!F64","v":-1},{"$f":"+'I.Input Data'!G64","v":-1},{"$f":"+'I.Input Data'!H64","v":0},{"$f":"+'I.Input Data'!I64","v":1},{"$f":"+'I.Input Data'!J64","v":2},{"$f":"+'I.Input Data'!K64","v":3},{"$f":"+'I.Input Data'!L64","v":4},{"$f":"+'I.Input Data'!M64","v":5},{"$f":"+'I.Input Data'!N64","v":6},{"$f":"+'I.Input Data'!O64","v":7},{"$f":"+'I.Input Data'!P64","v":8},{"$f":"+'I.Input Data'!Q64","v":9},{"$f":"+'I.Input Data'!R64","v":10},{"$f":"+'I.Input Data'!S64","v":11},{"$f":"+'I.Input Data'!T64","v":12},{"$f":"+'I.Input Data'!U64","v":13},{"$f":"+'I.Input Data'!V64","v":14},{"$f":"+'I.Input Data'!W64","v":15},"Pay Back",{"$f":"CONCATENATE(\"year \",COUNTIF(INDIRECT(SUPPORT!$D$33),\"<0\"))","v":"year 12"}]
[null,"Revenues (kEur)",{"$f":"+'II. Revenues'!B16","v":"Product Sales Revenue"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'II. Revenues'!D19","v":0},{"$f":"+'II. Revenues'!E19","v":0},{"$f":"+'II. Revenues'!F19","v":0},{"$f":"+'II. Revenues'!G19","v":0},{"$f":"+'II. Revenues'!H19","v":0},{"$f":"+'II. Revenues'!I19","v":0},{"$f":"+'II. Revenues'!J19","v":0},{"$f":"+'II. Revenues'!K19","v":0},{"$f":"+'II. Revenues'!L19","v":0},{"$f":"+'II. Revenues'!M19","v":0},{"$f":"+'II. Revenues'!N19","v":0},"IRR",{"$f":"IF(SUM(INDIRECT(SUPPORT!$D$34))=0,0,IRR(INDIRECT(SUPPORT!$D$34)))","v":0.29871950962418592}]
[null,null,{"$f":"+'II. Revenues'!B20","v":"Product Installation Revenue"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'II. Revenues'!D23","v":0},{"$f":"+'II. Revenues'!E23","v":1000},{"$f":"+'II. Revenues'!F23","v":1000},{"$f":"+'II. Revenues'!G23","v":1200},{"$f":"+'II. Revenues'!H23","v":1200},{"$f":"+'II. Revenues'!I23","v":1200},{"$f":"+'II. Revenues'!J23","v":1200},{"$f":"+'II. Revenues'!K23","v":1200},{"$f":"+'II. Revenues'!L23","v":1200},{"$f":"+'II. Revenues'!M23","v":1200},{"$f":"+'II. Revenues'!N23","v":1200},"NPV",{"$f":"NPV($C$6,INDIRECT(SUPPORT!$D$35))+INDIRECT(SUPPORT!$D$36)","v":82509.193310783114}]
[null,null,{"$f":"+'II. Revenues'!B24","v":"Product Service Fee Revenue"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'II. Revenues'!D27","v":0},{"$f":"+'II. Revenues'!E27","v":7800},{"$f":"+'II. Revenues'!F27","v":15600},{"$f":"+'II. Revenues'!G27","v":24900},{"$f":"+'II. Revenues'!H27","v":34200},{"$f":"+'II. Revenues'!I27","v":43500},{"$f":"+'II. Revenues'!J27","v":52800},{"$f":"+'II. Revenues'!K27","v":62100},{"$f":"+'II. Revenues'!L27","v":71400},{"$f":"+'II. Revenues'!M27","v":80700},{"$f":"+'II. Revenues'!N27","v":90000}]
[null,null,{"$f":"+'II. Revenues'!B31","v":"Total Revenues"},null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM(N9:N11)","v":0},{"$f":"+SUM(O9:O11)","v":8800},16600,26100,35400,44700,54000,63300,72600,81900,91200]
[null,"Expenses (kEur)",{"$f":"+'III. Costs'!B11","v":"Cost of Sales"},null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM('III. Costs'!N10:N14)","v":2320},{"$f":"+SUM('III. Costs'!O10:O14)","v":4640},{"$f":"+SUM('III. Costs'!P10:P14)","v":4640},{"$f":"+SUM('III. Costs'!Q10:Q14)","v":9280},{"$f":"+SUM('III. Costs'!R10:R14)","v":4640},{"$f":"+SUM('III. Costs'!S10:S14)","v":4640},{"$f":"+SUM('III. Costs'!T10:T14)","v":9280},{"$f":"+SUM('III. Costs'!U10:U14)","v":4640},{"$f":"+SUM('III. Costs'!V10:V14)","v":4640},{"$f":"+SUM('III. Costs'!W10:W14)","v":9280},{"$f":"+SUM('III. Costs'!X10:X14)","v":4640}]
[null,null,{"$f":"+'III. Costs'!C15","v":"Sales"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N15","v":220},{"$f":"+'III. Costs'!O15","v":1100},{"$f":"+'III. Costs'!P15","v":1320},{"$f":"+'III. Costs'!Q15","v":1320},{"$f":"+'III. Costs'!R15","v":1320},{"$f":"+'III. Costs'!S15","v":1320},{"$f":"+'III. Costs'!T15","v":1320},{"$f":"+'III. Costs'!U15","v":1320},{"$f":"+'III. Costs'!V15","v":1320},{"$f":"+'III. Costs'!W15","v":1320},{"$f":"+'III. Costs'!X15","v":1320},null,"WITHOUT ESA "]
[null,null,{"$f":"+'III. Costs'!C16","v":"Marketing"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N16","v":200},{"$f":"+'III. Costs'!O16","v":1000},{"$f":"+'III. Costs'!P16","v":1200},{"$f":"+'III. Costs'!Q16","v":1200},{"$f":"+'III. Costs'!R16","v":1200},{"$f":"+'III. Costs'!S16","v":1200},{"$f":"+'III. Costs'!T16","v":1200},{"$f":"+'III. Costs'!U16","v":1200},{"$f":"+'III. Costs'!V16","v":1200},{"$f":"+'III. Costs'!W16","v":1200},{"$f":"+'III. Costs'!X16","v":1200},"Pay Back",{"$f":"CONCATENATE(\"year \",COUNTIF(INDIRECT(SUPPORT!$D$28),\"<0\"))","v":"year 12"}]
[null,null,{"$f":"+'III. Costs'!C17","v":"Admin"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N17","v":206},{"$f":"+'III. Costs'!O17","v":206},{"$f":"+'III. Costs'!P17","v":206},{"$f":"+'III. Costs'!Q17","v":206},{"$f":"+'III. Costs'!R17","v":206},{"$f":"+'III. Costs'!S17","v":200},{"$f":"+'III. Costs'!T17","v":206},{"$f":"+'III. Costs'!U17","v":206},{"$f":"+'III. Costs'!V17","v":206},{"$f":"+'III. Costs'!W17","v":206},{"$f":"+'III. Costs'!X17","v":206},"IRR",{"$f":"IF(SUM(INDIRECT(SUPPORT!$D$29))=0,0,IRR(INDIRECT(SUPPORT!$D$29)))","v":0.27904475850923793}]
[null,null,"Other Opex",null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N18+'III. Costs'!N19+'III. Costs'!N20","v":1500},{"$f":"+'III. Costs'!O18+'III. Costs'!O19+'III. Costs'!O20","v":3000},{"$f":"+'III. Costs'!P18+'III. Costs'!P19+'III. Costs'!P20","v":3000},{"$f":"+'III. Costs'!Q18+'III. Costs'!Q19+'III. Costs'!Q20","v":6000},{"$f":"+'III. Costs'!R18+'III. Costs'!R19+'III. Costs'!R20","v":3000},{"$f":"+'III. Costs'!S18+'III. Costs'!S19+'III. Costs'!S20","v":3000},{"$f":"+'III. Costs'!T18+'III. Costs'!T19+'III. Costs'!T20","v":6000},{"$f":"+'III. Costs'!U18+'III. Costs'!U19+'III. Costs'!U20","v":3000},{"$f":"+'III. Costs'!V18+'III. Costs'!V19+'III. Costs'!V20","v":3000},{"$f":"+'III. Costs'!W18+'III. Costs'!W19+'III. Costs'!W20","v":6000},{"$f":"+'III. Costs'!X18+'III. Costs'!X19+'III. Costs'!X20","v":3000},"NPV",{"$f":"NPV($C$6,INDIRECT(SUPPORT!$D$30))+INDIRECT(SUPPORT!$D$31)","v":81298.172640445177}]
[null,"Expenses R&D (kEur)","Cost of Development Phases",{"$f":"+'III. Costs'!D8+'III. Costs'!D7","v":0},{"$f":"+'III. Costs'!E8+'III. Costs'!E7","v":0},{"$f":"+'III. Costs'!F8+'III. Costs'!F7","v":0},{"$f":"+'III. Costs'!G8+'III. Costs'!G7","v":0},{"$f":"+'III. Costs'!H8+'III. Costs'!H7","v":0},{"$f":"+'III. Costs'!I8+'III. Costs'!I7","v":425.38812785388126},{"$f":"+'III. Costs'!J8+'III. Costs'!J7","v":567.05479452054794},{"$f":"+'III. Costs'!K8+'III. Costs'!K7","v":567.05479452054794},{"$f":"+'III. Costs'!L8+'III. Costs'!L7","v":741.27853881278543},{"$f":"+'III. Costs'!M8+'III. Costs'!M7","v":0},{"$f":"+'III. Costs'!N8+'III. Costs'!N7","v":0},{"$f":"+'III. Costs'!O8+'III. Costs'!O7","v":0},{"$f":"+'III. Costs'!P8+'III. Costs'!P7","v":0},{"$f":"+'III. Costs'!Q8+'III. Costs'!Q7","v":0},{"$f":"+'III. Costs'!R8+'III. Costs'!R7","v":0},{"$f":"+'III. Costs'!S8+'III. Costs'!S7","v":0},{"$f":"+'III. Costs'!T8+'III. Costs'!T7","v":0},{"$f":"+'III. Costs'!U8+'III. Costs'!U7","v":0},{"$f":"+'III. Costs'!V8+'III. Costs'!V7","v":0},{"$f":"+'III. Costs'!W8+'III. Costs'!W7","v":0},{"$f":"+'III. Costs'!X8+'III. Costs'!X7","v":0}]
[null,null,"ESA Financial support",{"$f":"-'III. Costs'!D9","v":0},{"$f":"-'III. Costs'!E9","v":0},{"$f":"-'III. Costs'!F9","v":0},{"$f":"-'III. Costs'!G9","v":0},{"$f":"-'III. Costs'!H9","v":0},{"$f":"-'III. Costs'!I9","v":-325.29680365296798},{"$f":"-'III. Costs'!J9","v":-433.63013698630135},{"$f":"-'III. Costs'!K9","v":-433.63013698630135},{"$f":"-'III. Costs'!L9","v":-108.03652968036529},{"$f":"-'III. Costs'!M9","v":0},{"$f":"-+'III. Costs'!N9","v":0},{"$f":"-+'III. Costs'!O9","v":0},{"$f":"-+'III. Costs'!P9","v":0},{"$f":"-+'III. Costs'!Q9","v":0},{"$f":"-+'III. Costs'!R9","v":0},{"$f":"-+'III. Costs'!S9","v":0},{"$f":"-+'III. Costs'!T9","v":0},{"$f":"-+'III. Costs'!U9","v":0},{"$f":"-+'III. Costs'!V9","v":0},{"$f":"-+'III. Costs'!W9","v":0},{"$f":"-+'III. Costs'!X9","v":0}]
[null,null,"R&D (net)",{"$f":"+D18+D19","v":0},{"$f":"+E18+E19","v":0},{"$f":"+F18+F19","v":0},0,0,100.09132420091328,{"$f":"+J18+J19","v":133.42465753424659},{"$f":"+K18+K19","v":133.42465753424659},{"$f":"+L18+L19","v":633.24200913242009},{"$f":"+M18+M19","v":0},{"$f":"+N18+N19","v":0},{"$f":"+O18+O19","v":0},0,0,0,{"$f":"+S18+S19","v":0},0,0,0,0,0]
[null,"Total Expenses (kEur)","Total Expenses (w/o ESA)",{"$f":"+SUM(D13:D17)+D18","v":0},0,0,0,0,425.38812785388126,567.05479452054794,567.05479452054794,741.27853881278543,0,4446,9946,10366,18006,10366,10360,18006,10366,10366,18006,10366]
[null,null,"Total Expenses (with ESA)",{"$f":"+SUM(D13:D17)+D20","v":0},0,0,0,0,100.09132420091328,133.42465753424659,133.42465753424659,633.24200913242009,0,4446,9946,10366,18006,10366,10360,18006,10366,10366,18006,10366]
[null,"EBITDA (with ESA support)","EBITDA",{"$f":"+D12-D22","v":0},0,0,0,0,-100.09132420091328,-133.42465753424659,-133.42465753424659,-633.24200913242009,0,-4446,-1146,6234,8094,25034,34340,35994,52934,62234,63894,80834]
[null,null,"EBITDA Margin",{"$f":"IF(D12=0,0,D23/D12)","v":0},0,0,0,0,0,0,0,0,0,0,-0.13022727272727272,0.37554216867469881,0.31011494252873562,0.7071751412429379,0.76823266219239372,0.66655555555555557,0.83624012638230649,0.85721763085399449,0.78014652014652019,0.88633771929824556]
[null,"CAPEX (kEur)","Depreciation",null,null,null,null,null,null,null,null,null,null,{"$f":"+Depreciation!F61","v":2000},{"$f":"+Depreciation!G61","v":6000},{"$f":"+Depreciation!H61","v":10000},{"$f":"+Depreciation!I61","v":16000},{"$f":"+Depreciation!J61","v":16000},{"$f":"+Depreciation!K61","v":16000},{"$f":"+Depreciation!L61","v":16000},{"$f":"+Depreciation!M61","v":16000},{"$f":"+Depreciation!N61","v":16000},{"$f":"+Depreciation!O61","v":16000},{"$f":"+Depreciation!P61","v":16000}]
[null,"Operating Profit (EBIT) (with ESA support)","EBIT",{"$f":"+D23-D25","v":0},{"$f":"+E23-E25","v":0},0,0,0,-100.09132420091328,-133.42465753424659,-133.42465753424659,-633.24200913242009,0,-6446,{"$f":"+O23-O25","v":-7146},-3766,-7906,9034,18340,19994,36934,46234,47894,64834]
[null,null,"EBIT  Margin",{"$f":"IF(D12=0,0,D26/D12)","v":0},0,0,0,0,0,0,0,0,0,0,-0.81204545454545451,-0.22686746987951809,-0.30291187739463604,0.25519774011299434,0.41029082774049219,0.37025925925925923,0.5834755134281201,0.63683195592286501,0.58478632478632475,0.7108991228070175]
["PRELIMINARY SIMPLIFIED CASH FLOW",null,"plus Depreciation",{"$f":"+D26+D25","v":0},0,0,0,0,-100.09132420091328,-133.42465753424659,-133.42465753424659,-633.24200913242009,0,-4446,-1146,6234,8094,25034,34340,35994,52934,62234,63894,80834]
[null,null,"less total CAPEX",null,null,null,null,null,null,null,null,null,null,{"$f":"-('III. Costs'!N23+'III. Costs'!N26)","v":-6000},{"$f":"-('III. Costs'!O23+'III. Costs'!O26)","v":-12000},{"$f":"-('III. Costs'!P23+'III. Costs'!P26)","v":-12000},{"$f":"-('III. Costs'!Q23+'III. Costs'!Q26)","v":-24000},{"$f":"-('III. Costs'!R23+'III. Costs'!R26)","v":-12000},{"$f":"-('III. Costs'!S23+'III. Costs'!S26)","v":-12000},{"$f":"-('III. Costs'!T23+'III. Costs'!T26)","v":-24000},{"$f":"-('III. Costs'!U23+'III. Costs'!U26)","v":-12000},{"$f":"-('III. Costs'!V23+'III. Costs'!V26)","v":-12000},{"$f":"-('III. Costs'!W23+'III. Costs'!W26)","v":-24000},{"$f":"-('III. Costs'!X23+'III. Costs'!X26)","v":-12000}]
[null,null,"less change in working capital ",null,null,null,null,null,null,null,null,null,null,{"$f":"-(N12-M12)*0.05","v":0},-440,-390,-475,-465,-465,-465,-465,-465,-465,-465]
[null,"With ESA Financial Support (kEur)","Free Cash Flow with ESA",{"$f":"+D28+D29+D30","v":0},0,0,0,0,-100.09132420091328,-133.42465753424659,-133.42465753424659,-633.24200913242009,0,{"$f":"+N28+N29+N30","v":-10446},{"$f":"+O28+O29+O30","v":-13586},-6156,-16381,12569,21875,11529,40469,49769,39429,68369]
[null,null,"Cumulative Free Cash Flow",{"$f":"+D31","v":0},{"$f":"+E31+D32","v":0},{"$f":"+F31+E32","v":0},0,0,-100.09132420091328,-233.51598173515987,-366.94063926940646,{"$f":"+L31+K32","v":-1000.1826484018266},{"$f":"+M31+L32","v":-1000.1826484018266},{"$f":"+N31+M32","v":-11446.182648401827},{"$f":"+O31+N32","v":-25032.182648401827},-31188.182648401827,-47569.182648401824,-35000.182648401824,-13125.182648401824,-1596.1826484018238,38872.817351598176,88641.817351598176,128070.81735159818,196439.81735159818]
[null,null,"Discounted Cash Flow with ESA",{"$f":"IF((D8=-1),0,+(D31/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,-94.425777548031391,-118.74747021559858,{"$f":"IF((K8=-1),0,+(K31/(1+$C$6)^(K$8)))","v":-118.74747021559858},-531.68220169369681,0,-7805.8588737588307,-9577.5939024134423,-4094.0915914591005,-10277.64205495046,7439.571788108884,12214.885745018204,6073.3333802399929,20111.853174597632,23333.649297984655,{"$f":"IF((W8=-1),0,+(W31/(1+$C$6)^(W$8+1)))","v":16452.344079741619},{"$f":"IF((X8=-1),0,+(X31/(1+$C$5)^X$8))","v":68369}]
[null,"Without ESA Financial Support (kEur)","Free Cash Flow without ESA",{"$f":"+D28+D29+D30+D19","v":0},0,0,0,0,-425.38812785388126,-567.05479452054794,-567.05479452054794,-741.27853881278543,0,-10446,-13586,-6156,-16381,12569,21875,11529,40469,49769,39429,68369]
[null,null,"Cumulative Free Cash Flow without ESA",{"$f":"+D34","v":0},{"$f":"+D35+E34","v":0},{"$f":"+E35+F34","v":0},0,0,-425.38812785388126,-992.44292237442914,-1559.4977168949772,-2300.7762557077626,-2300.7762557077626,-12746.776255707762,{"$f":"+N35+O34","v":-26332.776255707762},-32488.776255707762,-48869.776255707766,-36300.776255707766,-14425.776255707766,-2896.7762557077658,37572.223744292234,87341.223744292234,126770.22374429223,195139.22374429222]
[null,null,"Discounted Cash Flow without ESA",{"$f":"IF((D8=-1),0,+(D34/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,-401.30955457913325,-504.67674841629395,{"$f":"IF((K8=-1),0,+(K34/(1+$C$6)^(K$8)))","v":-504.67674841629395},-622.3917552852231,0,-7805.8588737588307,-9577.5939024134423,-4094.0915914591005,-10277.64205495046,7439.571788108884,12214.885745018204,6073.3333802399929,20111.853174597632,23333.649297984655,{"$f":"IF((W8=-1),0,+(W34/(1+$C$6)^(W$8+1)))","v":16452.344079741619},{"$f":"IF((X8=-1),0,+(X34/(1+$C$5)^X$8))","v":68369}]
[null,null,null,{"$f":"+E37-1","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,{"$f":"+N37-1","v":2024},{"$f":"+YEAR(N7)","v":2025},{"$f":"+N37+1","v":2026},{"$f":"+O37+1","v":2027},2028,2029,2030,2031,2032,2033,2034,2035]
[]
[]
[]
[]
[]
[]
[]
[null,"II 7 Financial indicators"]
[]
[null,"Fugure 0.2 Financial Indicators with and without ESA Support"]
[]
[null,"With ESA:",{"$f":"CONCATENATE(\"Pay Back: at \",Z8)","v":"Pay Back: at year 12"}]
[null,null,{"$f":"CONCATENATE(\"IRR: \",TEXT(Z9,\"##.#%\"))","v":"IRR: 30%"}]
[null,null,{"$f":"CONCATENATE(\"NPV: (kEur) \",TEXT(Z10,\" #,#\" ))","v":"NPV: (kEur)  82509,2"}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Without ESA:",{"$f":"CONCATENATE(\"Pay Back:at \",Z15)","v":"Pay Back:at year 12"}]
[null,null,{"$f":"CONCATENATE(\"IRR: \",TEXT(Z16,\"##.#%\"))","v":"IRR: 28%"}]
[null,null,{"$f":"CONCATENATE(\"NPV: (kEur)\",TEXT(Z17,\" #,#\" ))","v":"NPV: (kEur) 81298,2"}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Payback",{"$f":"+Z8","v":"year 12"}]
[null,"Payback (since launch)",{"$f":"CONCATENATE(\"year \",COUNTIF(INDIRECT(SUPPORT!$D$33),\"<0\")-N8)","v":"year 7"}]
[null,"Total Revenues",{"$f":"+SUM(D12:X12)*1000","v":494600000}]
[null,"Initial investment",{"$f":"+SUM(D20:P20)-SUM(D29:P29) *1000","v":30001000.182648402}]
[null,"Capex (net present)",{"$f":"-NPV(C6,(D29:X29)) *1000","v":113168664.20849091}]
[null,"Expenses (net present)",{"$f":"NPV(C7,(D21:X21)) *1000","v":132900776.25570779}]
[null,"CAPEX + Expenses (net present)",{"$f":"+C101+C100","v":246069440.46419871}]
[null,"Taxes (net present)",{"$f":"C102*'I.Input Data'!C109","v":61517360.116049677}]
[null,"Total cost (net present)",{"$f":"+C103+C102","v":307586800.58024836}]
[null,"NPV (with ESA support)",{"$f":"+Z10*1000","v":82509193.310783118}]
[null,"IRR (with ESA support)",{"$f":"+Z9","v":0.29871950962418592}]

{"sheet":"Depreciation","index":5,"n_rows":61,"n_cols":21,"rows_kept":61,"cut":false,"hidden":false,"merged":[[7,6,7,15],[32,6,32,15]]}
[null,"Depreciation Calculation"]
[]
[null,"This worksheet is used to calculate capital depreciation based on the data provided in the  \"III. Costs\" worksheet. "]
[null,"Straight line depreciation is calculated using the \"Lifetime\" defined in the \"III-Costs\" worksheet. "]
[]
[]
[null,null,null,"Lifetime","Depr. Rate"]
[null,null,null,{"$f":"+'I.Input Data'!M111","v":3},{"$f":"1/D8","v":0.33333333333333331},{"$f":"+'I.Input Data'!G35","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,{"$f":"+P9+1","v":11},{"$f":"+Q9+1","v":12},{"$f":"+R9+1","v":13},{"$f":"+S9+1","v":14},{"$f":"+T9+1","v":15}]
[null,null,{"$f":"+'III. Costs'!C23","v":"Total investment 3y"},null,null,{"$f":"+'III. Costs'!N23","v":6000},{"$f":"+'III. Costs'!O23","v":12000},{"$f":"+'III. Costs'!P23","v":12000},{"$f":"+'III. Costs'!Q23","v":24000},{"$f":"+'III. Costs'!R23","v":12000},{"$f":"+'III. Costs'!S23","v":12000},{"$f":"+'III. Costs'!T23","v":24000},{"$f":"+'III. Costs'!U23","v":12000},{"$f":"+'III. Costs'!V23","v":12000},{"$f":"+'III. Costs'!W23","v":24000},{"$f":"+'III. Costs'!X23","v":12000}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F10","v":6000},{"$f":"+G10+F11","v":18000},{"$f":"+G11+H10","v":30000},54000,66000,78000,102000,114000,126000,150000,162000,162000,162000,162000,162000,162000]
[null,null,null,{"$f":"+F9","v":0},{"$f":"+F10","v":6000},{"$f":"IF(F$9=$D12,$E12/$D$8,IF(F$9>=$D12+$D$8,0,IF(F$9<$D12,0,$E12/$D$8)))","v":2000},2000,2000,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+G9","v":1},{"$f":"+G10","v":12000},0,4000,4000,4000,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+H9","v":2},{"$f":"+H10","v":12000},0,0,4000,4000,4000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+I9","v":3},{"$f":"+I10","v":24000},0,0,0,8000,8000,8000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+J9","v":4},{"$f":"+J10","v":12000},0,0,0,0,4000,4000,4000,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+K9","v":5},{"$f":"+K10","v":12000},0,0,0,0,0,4000,4000,4000,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+L9","v":6},{"$f":"+L10","v":24000},0,0,0,0,0,0,8000,8000,8000,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+M9","v":7},{"$f":"+M10","v":12000},0,0,0,0,0,0,0,4000,4000,4000,0,0,0,0,0,0]
[null,null,null,{"$f":"+N9","v":8},{"$f":"+N10","v":12000},0,0,0,0,0,0,0,0,4000,4000,4000,0,0,0,0,0]
[null,null,null,{"$f":"+O9","v":9},{"$f":"+O10","v":24000},0,0,0,0,0,0,0,0,0,8000,8000,8000,0,0,0,0]
[null,null,null,{"$f":"+P9","v":10},{"$f":"+P10","v":12000},{"$f":"IF(F$9=$D22,$E22/$D$8,IF(F$9>=$D22+$D$8,0,IF(F$9<$D22,0,$E22/$D$8)))","v":0},0,0,0,0,0,0,0,0,0,4000,4000,4000,0,0,0]
[null,null,null,{"$f":"+Q9","v":11},{"$f":"+Q10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+R9","v":12},{"$f":"+R10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+S9","v":13},{"$f":"+S10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+T9","v":14},{"$f":"+T10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+U9","v":15},{"$f":"+U10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Book Value (at End of the Year)",null,null,{"$f":"IF(F$9=$D28,$E28/$D$8,IF(F$9>=$D28+$D$8,0,IF(F$9<$D28,0,$E28/$D$8)))","v":0},{"$f":"+G11-G29","v":10000},{"$f":"+H11-H29","v":12000},20000,16000,12000,20000,16000,12000,20000,16000,4000,0,0,0,0]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G30+F30","v":8000},{"$f":"+H30+G29","v":18000},34000,50000,66000,82000,98000,114000,130000,146000,158000,162000,162000,162000,162000]
[null,null,"Depreciation",null,null,{"$f":"SUM(F12:F29)","v":2000},{"$f":"SUM(G12:G27)","v":6000},10000,16000,16000,16000,16000,16000,16000,16000,{"$f":"SUM(P12:P27)","v":16000},12000,4000,0,0,0]
[]
[null,null,null,"Lifetime","Depr. Rate"]
[null,null,null,{"$f":"+'I.Input Data'!M114","v":7},{"$f":"1/D33","v":0.14285714285714285},{"$f":"+'I.Input Data'!G35","v":"2025-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,{"$f":"+P34+1","v":11},{"$f":"+Q34+1","v":12},{"$f":"+R34+1","v":13},{"$f":"+S34+1","v":14},{"$f":"+T34+1","v":15}]
[null,null,{"$f":"+'III. Costs'!C26","v":"Total investment 7y"},null,null,{"$f":"+'III. Costs'!N26","v":0},{"$f":"+'III. Costs'!O26","v":0},{"$f":"+'III. Costs'!P26","v":0},{"$f":"+'III. Costs'!Q26","v":0},{"$f":"+'III. Costs'!R26","v":0},{"$f":"+'III. Costs'!S26","v":0},{"$f":"+'III. Costs'!T26","v":0},{"$f":"+'III. Costs'!U26","v":0},{"$f":"+'III. Costs'!V26","v":0},{"$f":"+'III. Costs'!W26","v":0},{"$f":"+'III. Costs'!X26","v":0}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F35","v":0},{"$f":"+G35+F36","v":0},{"$f":"+G36+H35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+F34","v":0},{"$f":"+F36","v":0},{"$f":"IF(F$34=$D37,$E37/$D$33,IF(F$34>=$D37+$D$33,0,IF(F$34<$D37,0,$E37/$D$33)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+G34","v":1},{"$f":"+G35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+H34","v":2},{"$f":"+H35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+I34","v":3},{"$f":"+I35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+J34","v":4},{"$f":"+J35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+K34","v":5},{"$f":"+K35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+L34","v":6},{"$f":"+L35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+M34","v":7},{"$f":"+M35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+N34","v":8},{"$f":"+N35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+O34","v":9},{"$f":"+O35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+P34","v":10},{"$f":"+P35","v":0},{"$f":"IF(F$34=$D47,$E47/$D$33,IF(F$34>=$D47+$D$33,0,IF(F$34<$D47,0,$E47/$D$33)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+Q34","v":11},{"$f":"+Q35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+R34","v":12},{"$f":"+R35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+S34","v":13},{"$f":"+S35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+T34","v":14},{"$f":"+T35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+U34","v":15},{"$f":"+U35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Book Value (at End of the Year)",null,null,{"$f":"IF(F$9=$D53,$E53/$D$8,IF(F$9>=$D53+$D$8,0,IF(F$9<$D53,0,$E53/$D$8)))","v":0},{"$f":"+G36-G54","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G55+F55","v":0},{"$f":"+H55+G54","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation",null,null,{"$f":"SUM(F37:F52)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[]
[null,"TOTAL DEPRECIATION",null,null,null,{"$f":"+F55+F30","v":2000},6000,10000,16000,16000,16000,16000,16000,16000,16000,{"$f":"+P55+P30","v":16000},12000,4000,0,0,0]

{"sheet":"SUPPORT","index":6,"n_rows":41,"n_cols":9,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[null,"D","This worksheet is used to identify the range of years to be considered for the financial indicators"]
[null,"E"]
[null,"F"]
[null,"G"]
[null,"H"]
[null,"I",null,null,null,null,null,"SME"]
[null,"J",null,null,null,null,null,"Large"]
[null,"K",null,null,null,null,null,"University"]
[null,"L",null,null,null,null,null,"YES","NO"]
[null,"M",null,null,null,null,null,"NO","YES"]
[null,"N",null,null,null,null,null,"YES"]
[null,"O"]
[null,"P"]
[null,"Q"]
[null,"R"]
[null,"S"]
[null,"T"]
[null,"U"]
[null,"V"]
[null,"W"]
[null,"X"]
[null,null,"Column position for Year 0",{"$f":"MATCH(0,'IV. Profit&Loss + Cash Flow'!D8:X8)","v":6}]
[null,null,"Column identification for Year 0",{"$f":"INDEX($B$1:$B$21,$D$22)","v":"I"}]
[null,null,"Column identification for Year 1",{"$f":"INDEX($B$1:$B$21,$D$22+1)","v":"J"}]
[]
[null,null,"Year range",{"$f":"CONCATENATE($D$23,\"8:X8\")","v":"I8:X8"}]
[]
[null,null,"Cumulative cash flow without ESA",{"$f":"CONCATENATE($D$23,\"35:\",$D$41,\"35\")","v":"I35:X35"}]
[null,null,"Free cash flow without ESA",{"$f":"CONCATENATE($D$23,\"34:\",$D$41,\"34\")","v":"I34:X34"}]
[null,null,"Free cash flow without ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"34:\",$D$41,\"34\")","v":"J34:X34"}]
[null,null,"Yo cash flow without ESA",{"$f":"CONCATENATE($D$23,\"34\")","v":"I34"}]
[]
[null,null,"Cumulative cash flow with ESA",{"$f":"CONCATENATE($D$23,\"32:\",$D$41,\"32\")","v":"I32:X32"}]
[null,null,"Free cash flow with ESA",{"$f":"CONCATENATE($D$23,\"31:\",$D$41,\"31\")","v":"I31:X31"}]
[null,null,"Free cash flow with ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"31:\",$D$41,\"31\")","v":"J31:X31"}]
[null,null,"Yo cash flow with ESA",{"$f":"CONCATENATE($D$23,\"31\")","v":"I31"}]
[]
[null,null,"Full duration in years (development + commercialisation)",{"$f":"'IV. Profit&Loss + Cash Flow'!N8+'I.Input Data'!J35","v":16.002739726027396}]
[]
[null,null,"Column position for end of Commercial Phase",{"$f":"D22+D38-1","v":21.002739726027396}]
[null,null,"Column identification for end of Commercial Phase",{"$f":"INDEX($B$1:$B$21,$D$40)","v":"X"}]

{"sheet":"Change Log","index":7,"n_rows":6,"n_cols":3,"rows_kept":6,"cut":false,"hidden":false,"merged":[]}
["Version","Date","Notes"]
["1.0","2019-05-21","First version published"]
["1.1","2019-06-13","Updated tables numbering/ corrected graphs data input and format"]
[1.2,"2019-07-09","Change in the conditional formatting of table 4 ; graphs format improved "]
["2.0","2019-10-09","Adaptation for InCubed+"]
["2.1","2020-02-20","Includes constellation planning"]