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{"sheet":"0. Overview","index":0,"n_rows":82,"n_cols":3,"rows_kept":82,"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 product/service/system"]
[]
[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 2.1"]
[null,null,"2021-07-14"]
[]
[]
[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."]
[]
[]
[]
["O.","Overview - Using the Workbook to Produce a Financial Forecast"]
[]
[null,"This workbook consists of four stages to develop a financial forecast for a new product/system/ and any associated service."]
[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,"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":112,"n_cols":23,"rows_kept":112,"cut":false,"hidden":false,"merged":[[103,13,103,22],[103,9,107,9],[105,10,105,11],[106,10,106,11],[107,10,107,11],[103,10,104,11],[75,13,75,22],[75,10,76,11],[91,10,92,11],[91,13,91,22],[66,9,72,9],[75,9,88,9],[91,9,98,9],[93,10,93,11],[94,10,94,11],[95,10,95,11],[96,10,96,11],[97,10,97,11],[98,10,98,11],[77,10,77,11],[79,10,79,11],[80,10,80,11],[88,10,88,11],[70,10,70,11],[71,10,71,11],[72,10,72,11],[82,10,82,11],[83,10,83,11],[85,10,85,11],[86,10,86,11],[87,10,87,11],[68,10,68,11],[68,12,68,22],[69,10,69,11],[66,10,67,11],[57,2,57,11],[47,1,48,1],[29,1,30,1],[29,3,30,3],[57,13,57,22],[66,13,66,22],[4,4,9,4],[11,3,16,3],[11,4,16,4],[47,2,48,2],[47,3,48,3],[47,4,48,4],[29,2,30,2],[4,1,9,1],[11,1,16,1],[4,2,9,2],[11,2,16,2],[4,3,9,3]]}
["I.","Input Data","The following numbered tables (e.g. table 0.3.) correspond to the different tables displayed in the Outline Proposal Template of InCubed "]
[]
[null,"Table 28 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,300,150,{"$f":"IF( I5<> 0, J5/I5,\"\")","v":0.5},null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 1[2]","SME",null,null,null,{"$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",{"$f":"SUM(I5:I10)","v":300},{"$f":"SUM(J5:J10)","v":150},{"$f":"IF( I11<> 0, J11/I11,\"\")","v":0.5}]
[null,"InCubed (Product)","YES","2022-01-01","2023-06-01","Prime","SME",null,600,300,0.5,null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 1[2]","SME",null,300,150,0.5,null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 2","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 3","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 4","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,"Subcontractor 5","SME",null,null,null,"",null,"yes/no/under discussion"]
[null,null,null,null,null,null,null,"Total",{"$f":"SUM(I12:I17)","v":900},{"$f":"SUM(J12:J17)","v":450},0.5]
[null,"Grand Total",null,null,null,null,null,null,{"$f":"I18+I11","v":1200},{"$f":"J18+J11","v":600}]
[]
[]
[null,"[1] ","yes = The National Delegation has been contacted and is in favour of the proposed activity."]
[null,null,"no = The National Delegation has not yet been contacted."]
[null,null,"under discussion = The National Delegation has been contacted and discussions are ongoing."]
[null,"[2] ","In ESA terms a subcontractor is an  activity  partner that will take part to the activity  in an active way and have a key role (usually is also co-funding the activity). Any supplier just providing external product or external service to the activity in not an ESA subcontractor and shall be listed in table Main cost elements"]
[]
[]
[]
[null,"Max 20 years span (-10 to +10 years wrt commercial launch)"]
[null,"Development Cycle","Select the entity  \"subject\" of this financial forecast","Cost kEUR","Requested ESA Funding (Price)","Requested ESA Funding (Price)","Start","Conclusion","year beginning","Duration","year end","Days in start year","Duration days","Days in end year"]
[null,null,null,null,"kEUR","% of Cost","Mon-YY","Mon-YY",null,"years"]
[null,{"$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$34))","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, (H32-G32)/365)","v":0},{"$f":"IF(OR(G32=\"\",H32=\"\"), 0, YEAR(H32)-YEAR($G$34))","v":0},{"$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,{"$f":"+B12","v":"InCubed (Product)"},"Prime",{"$f":"VLOOKUP(C33,F12:I17,4)","v":600},{"$f":"VLOOKUP(C33,F12:J17,5)","v":300},{"$f":"IF( D33<> 0, E33/D33,\"\")","v":0.5},{"$f":"+D12","v":"2022-01-01"},{"$f":"+E12","v":"2023-06-01"},{"$f":"YEAR(G33)-YEAR($G$34)","v":-2},{"$f":"+(H33-G33)/365","v":1.4136986301369863},{"$f":"YEAR(H33)-YEAR($G$34)","v":-1},{"$f":"DATE(YEAR(G33),12,31)-G33","v":364},{"$f":"H33-G33","v":516},{"$f":"H33-DATE(YEAR(H33)-1,12,31)","v":152}]
[null,"Commercial stage",null,null,null,null,"2024-01-01","2029-12-31",0,{"$f":"+(H34-G34)/365","v":6.0027397260273974},{"$f":"YEAR(H34)-YEAR($G$34)","v":5},{"$f":"DATE(YEAR(G34),12,31)-G34","v":365},{"$f":"H34-G34","v":2191},{"$f":"H34-DATE(YEAR(H34)-1,12,31)","v":365}]
[null,null,null,null,null,null,{"$f":"IF(H33>G34,\"WARNING: Be aware that the Commercial Phase is overlapping with the InCubed+ activity, which is in a pre-commercial phase\",\"\")","v":""}]
[null,null,null,null,null,null,{"$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,"From this point on all prices are Euro (not kEuro)",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 Products, if you need more we suggest to adapt the excel"]
[null,"1) by selling the product per unit (e.g. for Space segments when an items is sold to a satellite manufacturer, for ground segment when a ground station is sold to a customer, for data segment when an image is sold to a customer)"]
[null,"2) by charging the installation of each product; the 'Installation charge per unit ' 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, without any revenue streams afterwards, these installation charges should be included to the 'Product unit price'. "]
[null,"3) by a yearly service fee per product (e.g. in an end to end system including satellite, ground segment the EO satellite operator provides advance analytics to a customer asking for a service fee, an analytic service using public EO data)"]
[]
[null,"Figures can be adjusted; if a specific entry is not applicable, put it to 0"]
[null,"Table 0.4 Product Pricing"]
[null,"Product/Services","Product unit price","Product installation charge per unit","Service fee per product per year"]
[]
[null,"Product/Service 1",50000,0,0]
[null,"Product/Service 2",0,100,18000]
[null,"Product/Service 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,{"$f":"+G34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,"Year ->",-10,-9,-8,-7,-6,-5,-4,-3,-2,-1,0,1,2,3,4,5,6,7,8,9,10]
[null,{"$f":"+B32","v":"InCubed (De-risking)"},{"$f":"IF(OR(C$59<$I$32,C$59>$K$32),0,IF(C$59=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(C$59=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},0,0,0,0,{"$f":"IF(OR(H$59<$I$32,H$59>$K$32),0,IF(H$59=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(H$59=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},0,0,0,{"$f":"IF(OR(L$59<$I$32,L$59>$K$32),0,IF(L$59=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(L$59=$K$32,($D$32*$N$32/$M$32),($D$32*365.25/$M$32))))","v":0},{"$f":"IF(OR(M$59<$I$32,M$59>$K$32),0,IF(M$59=$I$32,(IF($I$32=$K$32,$D$32,$D$32*$L$32/$M$32)),IF(M$59=$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)"},{"$f":"IF(OR(C$59<$I$33,C$59>$K$33),0,IF(C$59=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(C$59=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},0,0,0,{"$f":"IF(OR(G$59<$I$33,G$59>$K$33),0,IF(G$59=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(G$59=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},{"$f":"IF(OR(H$59<$I$33,H$59>$K$33),0,IF(H$59=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(H$59=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},{"$f":"IF(OR(I$59<$I$33,I$59>$K$33),0,IF(I$59=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(I$59=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},{"$f":"IF(OR(J$59<$I$33,J$59>$K$33),0,IF(J$59=$I$33,(IF($I$33=$K$33,$D$33,$D$33*$L$33/$M$33)),IF(J$59=$K$33,($D$33*$N$33/$M$33),($D$33*365.25/$M$33))))","v":0},423.25581395348837,176.74418604651163,0,0,0,0,0,0,0,0,0,0,0]
[null,"Year  corrected ->",{"$f":"+IF(SUM(C60:C61)=0,-1,0)","v":-1},{"$f":"+IF(SUM(D60:D61)=0,-1,0)","v":-1},-1,-1,-1,-1,-1,-1,0,0,{"$f":"+L62+1","v":1},{"$f":"+M62+1","v":2},{"$f":"+N62+1","v":3},4,5,6,7,8,9,10,11]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 6 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,{"$f":"+G34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,"Simplified CoS for product unit",null,0]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.1",null,20000,30000,30000,30000,30000,30000]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.2",null,500000,600000,400000,400000,400000,400000]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.3",null,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.4",null,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 7 Operational Expenditures"]
[null,null,null,null,null,null,null,null,null,"OPEX","Estimated OPEX",null,{"$f":"+G34","v":"2024-01-01"},"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,"Sales staff cost",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.03,{"$f":"+M78*$L$79","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Sales staff",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Marketing staff cost",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.25,{"$f":"+M81*$L$82","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Marketing staff",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Admin staff cost",null,25000,25000,25000,40000,40000,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.03,{"$f":"+M84*$L$85","v":750},750,750,1200,1200,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Admin staff",null,0.5,0.5,0.8,1,1,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other Cost N.1",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other Cost N.2",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other Cost N.3",null,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 8 Capital Expenditures"]
[null,null,null,null,null,null,null,null,null,"CAPEX","Estimated CAPEX",null,{"$f":"+$G$34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,"Investment N.1",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Investment N.2",null,0,0,0,0,0,0,0,0,null,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,5]
[null,null,null,null,null,null,null,null,null,null,"Investment N.3",null,100000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Investment N.4",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,7]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"II 5 Market Analysis"]
[null,null,null,null,null,null,null,null,null,null,"Table 14 Product/service units sold"]
[null,null,null,null,null,null,null,null,null,"Sales Volume (Units)","Number of product/service units sold per year",null,{"$f":"+$G$34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B50","v":"Product/Service 1"},null,1,2,6,5,6,5]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B51","v":"Product/Service 2"},null,10,15,18,20,20,20]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B52","v":"Product/Service 3"}]
[]
[]
[]
[null,"Cost of Capital (WACC)",0.1]

{"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,null,"Product unit price","Product installation charge per unit","Service fee per product per year"]
[]
[null,{"$f":"+'I.Input Data'!B50","v":"Product/Service 1"},{"$f":"+'I.Input Data'!C50","v":50000},{"$f":"+'I.Input Data'!D50","v":0},{"$f":"+'I.Input Data'!E50","v":0}]
[null,{"$f":"+'I.Input Data'!B51","v":"Product/Service 2"},{"$f":"+'I.Input Data'!C51","v":0},{"$f":"+'I.Input Data'!D51","v":100},{"$f":"+'I.Input Data'!E51","v":18000}]
[null,{"$f":"+'I.Input Data'!B52","v":"Product/Service 3"},{"$f":"+'I.Input Data'!C52","v":0},{"$f":"+'I.Input Data'!D52","v":0},{"$f":"+'I.Input Data'!E52","v":0}]
[]
[]
[null,"Estimated Cost of Sales",null,{"$f":"+'I.Input Data'!G34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Cumulative Volume Sales",{"$f":"+$B$6","v":"Product/Service 1"},{"$f":"+'I.Input Data'!M106","v":1},{"$f":"(D13*(1-'I.Input Data'!$D$53)+'I.Input Data'!N106)","v":3},{"$f":"(E13*(1-'I.Input Data'!$D$53)+'I.Input Data'!O106)","v":9},{"$f":"(F13*(1-'I.Input Data'!$D$53)+'I.Input Data'!P106)","v":14},{"$f":"(G13*(1-'I.Input Data'!$D$53)+'I.Input Data'!Q106)","v":20},{"$f":"(H13*(1-'I.Input Data'!$D$53)+'I.Input Data'!R106)","v":25},{"$f":"(I13*(1-'I.Input Data'!$D$53)+'I.Input Data'!S106)","v":25},{"$f":"(J13*(1-'I.Input Data'!$D$53)+'I.Input Data'!T106)","v":25},{"$f":"(K13*(1-'I.Input Data'!$D$53)+'I.Input Data'!U106)","v":25},{"$f":"(L13*(1-'I.Input Data'!$D$53)+'I.Input Data'!V106)","v":25},{"$f":"(M13*(1-'I.Input Data'!$D$53)+'I.Input Data'!W106)","v":25}]
[null,null,{"$f":"+$B$7","v":"Product/Service 2"},{"$f":"+'I.Input Data'!M107","v":10},{"$f":"(D14*(1-'I.Input Data'!$D$53)+'I.Input Data'!N107)","v":25},{"$f":"(E14*(1-'I.Input Data'!$D$53)+'I.Input Data'!O107)","v":43},{"$f":"(F14*(1-'I.Input Data'!$D$53)+'I.Input Data'!P107)","v":63},{"$f":"(G14*(1-'I.Input Data'!$D$53)+'I.Input Data'!Q107)","v":83},{"$f":"(H14*(1-'I.Input Data'!$D$53)+'I.Input Data'!R107)","v":103},{"$f":"(I14*(1-'I.Input Data'!$D$53)+'I.Input Data'!S107)","v":103},{"$f":"(J14*(1-'I.Input Data'!$D$53)+'I.Input Data'!T107)","v":103},{"$f":"(K14*(1-'I.Input Data'!$D$53)+'I.Input Data'!U107)","v":103},{"$f":"(L14*(1-'I.Input Data'!$D$53)+'I.Input Data'!V107)","v":103},{"$f":"(M14*(1-'I.Input Data'!$D$53)+'I.Input Data'!W107)","v":103}]
[null,null,{"$f":"+$B$8","v":"Product/Service 3"},{"$f":"+'I.Input Data'!M108","v":0},{"$f":"(D15*(1-'I.Input Data'!$D$53)+'I.Input Data'!N108)","v":0},{"$f":"(E15*(1-'I.Input Data'!$D$53)+'I.Input Data'!O108)","v":0},{"$f":"(F15*(1-'I.Input Data'!$D$53)+'I.Input Data'!P108)","v":0},{"$f":"(G15*(1-'I.Input Data'!$D$53)+'I.Input Data'!Q108)","v":0},{"$f":"(H15*(1-'I.Input Data'!$D$53)+'I.Input Data'!R108)","v":0},{"$f":"(I15*(1-'I.Input Data'!$D$53)+'I.Input Data'!S108)","v":0},{"$f":"(J15*(1-'I.Input Data'!$D$53)+'I.Input Data'!T108)","v":0},{"$f":"(K15*(1-'I.Input Data'!$D$53)+'I.Input Data'!U108)","v":0},{"$f":"(L15*(1-'I.Input Data'!$D$53)+'I.Input Data'!V108)","v":0},{"$f":"(M15*(1-'I.Input Data'!$D$53)+'I.Input Data'!W108)","v":0}]
[null,"Product Sales Revenue",{"$f":"+$B$6","v":"Product/Service 1"},{"$f":"'I.Input Data'!M106*$C$6","v":50000},{"$f":"'I.Input Data'!N106*$C$6","v":100000},{"$f":"'I.Input Data'!O106*$C$6","v":300000},{"$f":"'I.Input Data'!P106*$C$6","v":250000},{"$f":"'I.Input Data'!Q106*$C$6","v":300000},{"$f":"'I.Input Data'!R106*$C$6","v":250000},{"$f":"'I.Input Data'!S106*$C$6","v":0},{"$f":"'I.Input Data'!T106*$C$6","v":0},{"$f":"'I.Input Data'!U106*$C$6","v":0},{"$f":"'I.Input Data'!V106*$C$6","v":0},{"$f":"'I.Input Data'!W106*$C$6","v":0}]
[null,null,{"$f":"+$B$7","v":"Product/Service 2"},{"$f":"'I.Input Data'!M107*$C$7","v":0},{"$f":"'I.Input Data'!N107*$C$7","v":0},{"$f":"'I.Input Data'!O107*$C$7","v":0},{"$f":"'I.Input Data'!P107*$C$7","v":0},{"$f":"'I.Input Data'!Q107*$C$7","v":0},{"$f":"'I.Input Data'!R107*$C$7","v":0},{"$f":"'I.Input Data'!S107*$C$7","v":0},{"$f":"'I.Input Data'!T107*$C$7","v":0},{"$f":"'I.Input Data'!U107*$C$7","v":0},{"$f":"'I.Input Data'!V107*$C$7","v":0},{"$f":"'I.Input Data'!W107*$C$7","v":0}]
[null,null,{"$f":"+$B$8","v":"Product/Service 3"},{"$f":"'I.Input Data'!M108*$C$8","v":0},{"$f":"'I.Input Data'!N108*$C$8","v":0},{"$f":"'I.Input Data'!O108*$C$8","v":0},{"$f":"'I.Input Data'!P108*$C$8","v":0},{"$f":"'I.Input Data'!Q108*$C$8","v":0},{"$f":"'I.Input Data'!R108*$C$8","v":0},{"$f":"'I.Input Data'!S108*$C$8","v":0},{"$f":"'I.Input Data'!T108*$C$8","v":0},{"$f":"'I.Input Data'!U108*$C$8","v":0},{"$f":"'I.Input Data'!V108*$C$8","v":0},{"$f":"'I.Input Data'!W108*$C$8","v":0}]
[null,null,"Total",{"$f":"+SUM(D16:D18)","v":50000},{"$f":"+SUM(E16:E18)","v":100000},{"$f":"+SUM(F16:F18)","v":300000},{"$f":"+SUM(G16:G18)","v":250000},{"$f":"+SUM(H16:H18)","v":300000},{"$f":"+SUM(I16:I18)","v":250000},0,0,0,0,{"$f":"+SUM(N16:N18)","v":0}]
[null,"Product Installation Revenue",{"$f":"+$B$6","v":"Product/Service 1"},{"$f":"+'I.Input Data'!M106*$D$6","v":0},{"$f":"+'I.Input Data'!N106*$D$6","v":0},{"$f":"+'I.Input Data'!O106*$D$6","v":0},{"$f":"+'I.Input Data'!P106*$D$6","v":0},{"$f":"+'I.Input Data'!Q106*$D$6","v":0},{"$f":"+'I.Input Data'!R106*$D$6","v":0},{"$f":"+'I.Input Data'!S106*$D$6","v":0},{"$f":"+'I.Input Data'!T106*$D$6","v":0},{"$f":"+'I.Input Data'!U106*$D$6","v":0},{"$f":"+'I.Input Data'!V106*$D$6","v":0},{"$f":"+'I.Input Data'!W106*$D$6","v":0}]
[null,null,{"$f":"+$B$7","v":"Product/Service 2"},{"$f":"+'I.Input Data'!M107*$D$7","v":1000},{"$f":"+'I.Input Data'!N107*$D$7","v":1500},{"$f":"+'I.Input Data'!O107*$D$7","v":1800},{"$f":"+'I.Input Data'!P107*$D$7","v":2000},{"$f":"+'I.Input Data'!Q107*$D$7","v":2000},{"$f":"+'I.Input Data'!R107*$D$7","v":2000},{"$f":"+'I.Input Data'!S107*$D$7","v":0},{"$f":"+'I.Input Data'!T107*$D$7","v":0},{"$f":"+'I.Input Data'!U107*$D$7","v":0},{"$f":"+'I.Input Data'!V107*$D$7","v":0},{"$f":"+'I.Input Data'!W107*$D$7","v":0}]
[null,null,{"$f":"+$B$8","v":"Product/Service 3"},{"$f":"+'I.Input Data'!M108*$D$8","v":0},{"$f":"+'I.Input Data'!N108*$D$8","v":0},{"$f":"+'I.Input Data'!O108*$D$8","v":0},{"$f":"+'I.Input Data'!P108*$D$8","v":0},{"$f":"+'I.Input Data'!Q108*$D$8","v":0},{"$f":"+'I.Input Data'!R108*$D$8","v":0},{"$f":"+'I.Input Data'!S108*$D$8","v":0},{"$f":"+'I.Input Data'!T108*$D$8","v":0},{"$f":"+'I.Input Data'!U108*$D$8","v":0},{"$f":"+'I.Input Data'!V108*$D$8","v":0},{"$f":"+'I.Input Data'!W108*$D$8","v":0}]
[null,null,"Total",{"$f":"+SUM(D20:D22)","v":1000},{"$f":"+SUM(E20:E22)","v":1500},1800,2000,2000,2000,0,0,0,0,0]
[null,"Product Service Fee Revenue",{"$f":"+$B$6","v":"Product/Service 1"},{"$f":"+D13*$E$6","v":0},{"$f":"+E13*$E$6","v":0},{"$f":"+F13*$E$6","v":0},{"$f":"+G13*$E$6","v":0},0,0,0,0,0,{"$f":"+M13*$E$6","v":0},0]
[null,null,{"$f":"+$B$7","v":"Product/Service 2"},{"$f":"+D14*$E$7","v":180000},{"$f":"+E14*$E$7","v":450000},{"$f":"+F14*$E$7","v":774000},{"$f":"+G14*$E$7","v":1134000},{"$f":"+H14*$E$7","v":1494000},{"$f":"+I14*$E$7","v":1854000},1854000,1854000,1854000,1854000,1854000]
[null,null,{"$f":"+$B$8","v":"Product/Service 3"},{"$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":180000},{"$f":"+SUM(E24:E26)","v":450000},774000,1134000,1494000,1854000,1854000,1854000,1854000,1854000,1854000]
[]
[null,"II 5 Market Analysis"]
[null,"Table 15 Served Obtainable Market",null,{"$f":"+D11","v":"2024-01-01"},{"$f":"+E11","v":"Commercial Exploitation Phase"}]
["Sales Volume ","Total Revenues",{"$f":"+$B$6","v":"Product/Service 1"},{"$f":"+D16+D20+D24","v":50000},100000,300000,250000,300000,{"$f":"+I16+I20+I24","v":250000},0,0,0,0,0]
[null,null,{"$f":"+$B$7","v":"Product/Service 2"},181000,451500,775800,1136000,1496000,{"$f":"+I17+I21+I25","v":1856000},1854000,1854000,1854000,1854000,1854000]
[null,null,{"$f":"+$B$8","v":"Product/Service 3"},0,0,0,0,0,{"$f":"+I18+I22+I26","v":0},0,0,0,0,0]
[null,null,"TOTAL",231000,551500,1075800,1386000,1796000,{"$f":"+I19+I23+I27","v":2106000},1854000,1854000,1854000,1854000,{"$f":"+N19+N23+N27","v":1854000}]

{"sheet":"III. Costs","index":3,"n_rows":25,"n_cols":24,"rows_kept":25,"cut":false,"hidden":false,"merged":[[4,14,4,23],[9,1,12,1],[13,1,18,1],[8,1,8,2],[4,3,4,12]]}
[]
[null,"Result -- Annual Expenses"]
[]
[]
[null,null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!G34","v":"2024-01-01"},"Commercial Exploitation Phase"]
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[null,"Cost of InCubed Activity",null,{"$f":"+SUM('I.Input Data'!C60:C61)*1000","v":0},{"$f":"+SUM('I.Input Data'!D60:D61)*1000","v":0},{"$f":"+SUM('I.Input Data'!E60:E61)*1000","v":0},{"$f":"+SUM('I.Input Data'!F60:F61)*1000","v":0},{"$f":"+SUM('I.Input Data'!G60:G61)*1000","v":0},{"$f":"+SUM('I.Input Data'!H60:H61)*1000","v":0},{"$f":"+SUM('I.Input Data'!I60:I61)*1000","v":0},{"$f":"+SUM('I.Input Data'!J60:J61)*1000","v":0},{"$f":"+SUM('I.Input Data'!K60:K61)*1000","v":423255.81395348837},{"$f":"+SUM('I.Input Data'!L60:L61)*1000","v":176744.18604651163},{"$f":"+SUM('I.Input Data'!M60:M61)*1000","v":0},{"$f":"+SUM('I.Input Data'!N60:N61)*1000","v":0},{"$f":"+SUM('I.Input Data'!O60:O61)*1000","v":0},{"$f":"+SUM('I.Input Data'!P60:P61)*1000","v":0},{"$f":"+SUM('I.Input Data'!Q60:Q61)*1000","v":0},{"$f":"+SUM('I.Input Data'!R60:R61)*1000","v":0},{"$f":"+SUM('I.Input Data'!S60:S61)*1000","v":0},{"$f":"+SUM('I.Input Data'!T60:T61)*1000","v":0},{"$f":"+SUM('I.Input Data'!U60:U61)*1000","v":0},{"$f":"+SUM('I.Input Data'!V60:V61)*1000","v":0},{"$f":"+SUM('I.Input Data'!W60:W61)*1000","v":0}]
[null,"ESA Financial support",null,{"$f":"'I.Input Data'!C60*'I.Input Data'!$F$32*1000+'I.Input Data'!C61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!D60*'I.Input Data'!$F$32*1000+'I.Input Data'!D61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!E60*'I.Input Data'!$F$32*1000+'I.Input Data'!E61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!F60*'I.Input Data'!$F$32*1000+'I.Input Data'!F61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!G60*'I.Input Data'!$F$32*1000+'I.Input Data'!G61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!H60*'I.Input Data'!$F$32*1000+'I.Input Data'!H61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!I60*'I.Input Data'!$F$32*1000+'I.Input Data'!I61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!J60*'I.Input Data'!$F$32*1000+'I.Input Data'!J61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!K60*'I.Input Data'!$F$32*1000+'I.Input Data'!K61*'I.Input Data'!$F$33*1000","v":211627.90697674418},{"$f":"'I.Input Data'!L60*'I.Input Data'!$F$32*1000+'I.Input Data'!L61*'I.Input Data'!$F$33*1000","v":88372.093023255817},{"$f":"'I.Input Data'!M60*'I.Input Data'!$F$32*1000+'I.Input Data'!M61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!N60*'I.Input Data'!$F$32*1000+'I.Input Data'!N61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!O60*'I.Input Data'!$F$32*1000+'I.Input Data'!O61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!P60*'I.Input Data'!$F$32*1000+'I.Input Data'!P61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!Q60*'I.Input Data'!$F$32*1000+'I.Input Data'!Q61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!R60*'I.Input Data'!$F$32*1000+'I.Input Data'!R61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!S60*'I.Input Data'!$F$32*1000+'I.Input Data'!S61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!T60*'I.Input Data'!$F$32*1000+'I.Input Data'!T61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!U60*'I.Input Data'!$F$32*1000+'I.Input Data'!U61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!V60*'I.Input Data'!$F$32*1000+'I.Input Data'!V61*'I.Input Data'!$F$33*1000","v":0},{"$f":"'I.Input Data'!W60*'I.Input Data'!$F$32*1000+'I.Input Data'!W61*'I.Input Data'!$F$33*1000","v":0}]
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[null,null,{"$f":"+'I.Input Data'!K71","v":"Cost Element N.2"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!M71","v":500000},{"$f":"+'I.Input Data'!N71","v":600000},{"$f":"+'I.Input Data'!O71","v":400000},{"$f":"+'I.Input Data'!P71","v":400000},{"$f":"+'I.Input Data'!Q71","v":400000},{"$f":"+'I.Input Data'!R71","v":400000},{"$f":"+'I.Input Data'!S71","v":0},{"$f":"+'I.Input Data'!T71","v":0},{"$f":"+'I.Input Data'!U71","v":0},{"$f":"+'I.Input Data'!V71","v":0},{"$f":"+'I.Input Data'!W71","v":0}]
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{"sheet":"IV. Profit&Loss + Cash Flow","index":4,"n_rows":75,"n_cols":26,"rows_kept":75,"cut":false,"hidden":false,"merged":[[6,3,6,12],[6,14,6,23],[8,1,11,1],[12,1,16,1],[17,1,19,1],[6,0,26,0],[27,0,35,0],[22,1,23,1],[20,1,21,1],[25,1,26,1],[30,1,32,1],[33,1,35,1]]}
["IV.","Stage IV - Profit & Loss and Cash Flow Statement Calculation"]
[]
[null,"In this worksheet the Profit and Loss (P&L) statement and a simplified version of the cash flow statement are presented. No input from your side is required except for the Cost of Capital (WACC). The Discounted Cash Flow  (DCF) method is used to evaluate the project."]
[null,"II 7 Financial indicators"]
[null,"Table 16 Financial Indicators Table"]
[null,"Cost of Capital (WACC)",{"$f":"+'I.Input Data'!C112","v":0.1}]
["PROFIT & LOSS",null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!G34","v":"2024-01-01"},"Commercial Exploitation Phase",null,null,null,null,null,null,null,null,null,null,"WITH ESA "]
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[null,"Revenues",{"$f":"+'II. Revenues'!B16","v":"Product Sales Revenue"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'II. Revenues'!D19","v":50000},{"$f":"+'II. Revenues'!E19","v":100000},{"$f":"+'II. Revenues'!F19","v":300000},{"$f":"+'II. Revenues'!G19","v":250000},{"$f":"+'II. Revenues'!H19","v":300000},{"$f":"+'II. Revenues'!I19","v":250000},{"$f":"+'II. Revenues'!J19","v":0},{"$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$34)))","v":0.72853686705396492}]
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[null,null,{"$f":"+'II. Revenues'!B24","v":"Product Service Fee Revenue"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'II. Revenues'!D27","v":180000},{"$f":"+'II. Revenues'!E27","v":450000},{"$f":"+'II. Revenues'!F27","v":774000},{"$f":"+'II. Revenues'!G27","v":1134000},{"$f":"+'II. Revenues'!H27","v":1494000},{"$f":"+'II. Revenues'!I27","v":1854000},{"$f":"+'II. Revenues'!J27","v":1854000},{"$f":"+'II. Revenues'!K27","v":1854000},{"$f":"+'II. Revenues'!L27","v":1854000},{"$f":"+'II. Revenues'!M27","v":1854000},{"$f":"+'II. Revenues'!N27","v":1854000}]
[null,null,{"$f":"+'II. Revenues'!B31","v":"Total Revenues"},null,null,null,null,null,null,null,null,null,null,{"$f":"+SUM(N9:N11)","v":231000},{"$f":"+SUM(O9:O11)","v":551500},1075800,1386000,1796000,2106000,1854000,1854000,1854000,1854000,1854000]
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[null,null,{"$f":"+'III. Costs'!C14","v":"Sales"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N14","v":0},{"$f":"+'III. Costs'!O14","v":0},{"$f":"+'III. Costs'!P14","v":0},{"$f":"+'III. Costs'!Q14","v":0},{"$f":"+'III. Costs'!R14","v":0},{"$f":"+'III. Costs'!S14","v":0},{"$f":"+'III. Costs'!T14","v":0},{"$f":"+'III. Costs'!U14","v":0},{"$f":"+'III. Costs'!V14","v":0},{"$f":"+'III. Costs'!W14","v":0},{"$f":"+'III. Costs'!X14","v":0},null,"WITHOUT ESA "]
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[null,null,{"$f":"+'III. Costs'!C16","v":"Admin"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N16","v":12875},{"$f":"+'III. Costs'!O16","v":12875},{"$f":"+'III. Costs'!P16","v":20600},{"$f":"+'III. Costs'!Q16","v":41200},{"$f":"+'III. Costs'!R16","v":41200},{"$f":"+'III. Costs'!S16","v":0},{"$f":"+'III. Costs'!T16","v":0},{"$f":"+'III. Costs'!U16","v":0},{"$f":"+'III. Costs'!V16","v":0},{"$f":"+'III. Costs'!W16","v":0},{"$f":"+'III. Costs'!X16","v":0},"IRR",{"$f":"IF(SUM(INDIRECT(SUPPORT!$D$29))=0,0,IRR(INDIRECT(SUPPORT!$D$29)))","v":0.62691968066996906}]
[null,null,"Other Opex",null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N17+'III. Costs'!N18+'III. Costs'!N19","v":0},{"$f":"+'III. Costs'!O17+'III. Costs'!O18+'III. Costs'!O19","v":0},{"$f":"+'III. Costs'!P17+'III. Costs'!P18+'III. Costs'!P19","v":0},{"$f":"+'III. Costs'!Q17+'III. Costs'!Q18+'III. Costs'!Q19","v":0},{"$f":"+'III. Costs'!R17+'III. Costs'!R18+'III. Costs'!R19","v":0},{"$f":"+'III. Costs'!S17+'III. Costs'!S18+'III. Costs'!S19","v":0},{"$f":"+'III. Costs'!T17+'III. Costs'!T18+'III. Costs'!T19","v":0},{"$f":"+'III. Costs'!U17+'III. Costs'!U18+'III. Costs'!U19","v":0},{"$f":"+'III. Costs'!V17+'III. Costs'!V18+'III. Costs'!V19","v":0},{"$f":"+'III. Costs'!W17+'III. Costs'!W18+'III. Costs'!W19","v":0},{"$f":"+'III. Costs'!X17+'III. Costs'!X18+'III. Costs'!X19","v":0},"NPV",{"$f":"NPV($C$6,INDIRECT(SUPPORT!$D$30))+INDIRECT(SUPPORT!$D$31)","v":2170084.6830977052}]
[null,"Expenses R&D","Cost of Development Phases",{"$f":"+'III. Costs'!D7","v":0},{"$f":"+'III. Costs'!E7","v":0},{"$f":"+'III. Costs'!F7","v":0},{"$f":"+'III. Costs'!G7","v":0},{"$f":"+'III. Costs'!H7","v":0},{"$f":"+'III. Costs'!I7","v":0},{"$f":"+'III. Costs'!J7","v":0},{"$f":"+'III. Costs'!K7","v":0},{"$f":"+'III. Costs'!L7","v":423255.81395348837},{"$f":"+'III. Costs'!M7","v":176744.18604651163},{"$f":"+'III. Costs'!N7","v":0},{"$f":"+'III. Costs'!O7","v":0},{"$f":"+'III. Costs'!P7","v":0},{"$f":"+'III. Costs'!Q7","v":0},{"$f":"+'III. Costs'!R7","v":0},{"$f":"+'III. Costs'!S7","v":0},{"$f":"+'III. Costs'!T7","v":0},{"$f":"+'III. Costs'!U7","v":0},{"$f":"+'III. Costs'!V7","v":0},{"$f":"+'III. Costs'!W7","v":0},{"$f":"+'III. Costs'!X7","v":0}]
[null,null,"ESA Financial support",{"$f":"-'III. Costs'!D8","v":0},{"$f":"-'III. Costs'!E8","v":0},{"$f":"-'III. Costs'!F8","v":0},{"$f":"-'III. Costs'!G8","v":0},{"$f":"-'III. Costs'!H8","v":0},{"$f":"-'III. Costs'!I8","v":0},{"$f":"-'III. Costs'!J8","v":0},{"$f":"-'III. Costs'!K8","v":0},{"$f":"-'III. Costs'!L8","v":-211627.90697674418},{"$f":"-'III. Costs'!M8","v":-88372.093023255817},{"$f":"-+'III. Costs'!N8","v":0},{"$f":"-+'III. Costs'!O8","v":0},{"$f":"-+'III. Costs'!P8","v":0},{"$f":"-+'III. Costs'!Q8","v":0},{"$f":"-+'III. Costs'!R8","v":0},{"$f":"-+'III. Costs'!S8","v":0},{"$f":"-+'III. Costs'!T8","v":0},{"$f":"-+'III. Costs'!U8","v":0},{"$f":"-+'III. Costs'!V8","v":0},{"$f":"-+'III. Costs'!W8","v":0},{"$f":"-+'III. Costs'!X8","v":0}]
[null,null,"R&D (net)",{"$f":"+D18+D19","v":0},{"$f":"+E18+E19","v":0},0,0,0,0,{"$f":"+J18+J19","v":0},{"$f":"+K18+K19","v":0},{"$f":"+L18+L19","v":211627.90697674418},{"$f":"+M18+M19","v":88372.093023255817},{"$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","Total Expenses (w/o ESA)",{"$f":"+SUM(D13:D17)+D18","v":0},0,0,0,0,0,0,0,423255.81395348837,176744.18604651163,532875,642875,450600,471200,471200,430000,0,0,0,0,0]
[null,null,"Total Expenses (with ESA)",{"$f":"+SUM(D13:D17)+D20","v":0},0,0,0,0,0,0,0,211627.90697674418,88372.093023255817,532875,642875,450600,471200,471200,430000,0,0,0,0,0]
[null,"EBITDA (with ESA support)","EBITDA",{"$f":"+D12-D22","v":0},0,0,0,0,0,0,0,-211627.90697674418,-88372.093023255817,-301875,-91375,625200,914800,1324800,1676000,1854000,1854000,1854000,1854000,1854000]
[null,null,"EBITDA Margin",{"$f":"IF(D12=0,0,D23/D12)","v":0},0,0,0,0,0,0,0,0,0,-1.3068181818181819,-0.16568449682683589,0.58114891243725597,0.66002886002886008,0.73763919821826285,0.79582146248812913,{"$f":"IF(T12=0,0,T23/T12)","v":1},1,1,1,1]
[null,"CAPEX","Depreciation",null,null,null,null,null,null,null,null,null,null,{"$f":"+Depreciation!F61","v":14285.714285714286},{"$f":"+Depreciation!G61","v":14285.714285714286},{"$f":"+Depreciation!H61","v":14285.714285714286},{"$f":"+Depreciation!I61","v":14285.714285714286},{"$f":"+Depreciation!J61","v":14285.714285714286},{"$f":"+Depreciation!K61","v":14285.714285714286},{"$f":"+Depreciation!L61","v":14285.714285714286},{"$f":"+Depreciation!M61","v":0},{"$f":"+Depreciation!N61","v":0},{"$f":"+Depreciation!O61","v":0},{"$f":"+Depreciation!P61","v":0}]
[null,"Operating Profit (EBIT) (with ESA support)","EBIT",{"$f":"+D23-D25","v":0},{"$f":"+E23-E25","v":0},0,0,0,0,0,0,-211627.90697674418,-88372.093023255817,-316160.71428571426,{"$f":"+O23-O25","v":-105660.71428571429},610914.28571428568,900514.28571428568,1310514.2857142857,1661714.2857142857,1839714.2857142857,1854000,1854000,1854000,1854000]
[null,null,"EBIT  Margin",{"$f":"IF(D12=0,0,D26/D12)","v":0},0,0,0,0,0,0,0,0,0,-1.3686611008039578,-0.19158787721797696,0.56786975805380713,0.64972170686456399,0.72968501431753097,0.78903812237145565,0.9922946524888272,1,1,1,1]
["PRELIMINARY SIMPLIFIED CASH FLOW",null,"plus Depreciation",{"$f":"+D26+D25","v":0},0,0,0,0,0,0,0,-211627.90697674418,-88372.093023255817,{"$f":"+N26+N25","v":-301875},{"$f":"+O26+O25","v":-91375},625200,914800,1324800,1676000,1854000,1854000,1854000,1854000,1854000]
[null,null,"less total CAPEX",null,null,null,null,null,null,null,null,null,null,{"$f":"-('III. Costs'!N22+'III. Costs'!N25)","v":-100000},{"$f":"-('III. Costs'!O22+'III. Costs'!O25)","v":0},{"$f":"-('III. Costs'!P22+'III. Costs'!P25)","v":0},{"$f":"-('III. Costs'!Q22+'III. Costs'!Q25)","v":0},{"$f":"-('III. Costs'!R22+'III. Costs'!R25)","v":0},{"$f":"-('III. Costs'!S22+'III. Costs'!S25)","v":0},{"$f":"-('III. Costs'!T22+'III. Costs'!T25)","v":0},{"$f":"-('III. Costs'!U22+'III. Costs'!U25)","v":0},{"$f":"-('III. Costs'!V22+'III. Costs'!V25)","v":0},{"$f":"-('III. Costs'!W22+'III. Costs'!W25)","v":0},{"$f":"-('III. Costs'!X22+'III. Costs'!X25)","v":0}]
[null,null,"less change in working capital ",null,null,null,null,null,null,null,null,null,null,{"$f":"-(N12-M12)*0.05","v":-11550},-16025,-26215,-15510,-20500,-15500,12600,0,0,0,0]
[null,"With ESA Financial Support","Free Cash Flow with ESA",{"$f":"+D28+D29+D30","v":0},0,0,0,0,0,0,0,-211627.90697674418,-88372.093023255817,-413425,{"$f":"+O28+O29+O30","v":-107400},598985,899290,1304300,1660500,1866600,1854000,1854000,1854000,1854000]
[null,null,"Cumulative Free Cash Flow",{"$f":"+D31","v":0},{"$f":"+E31+D32","v":0},{"$f":"+F31+E32","v":0},0,0,0,0,0,{"$f":"+L31+K32","v":-211627.90697674418},{"$f":"+M31+L32","v":-300000},{"$f":"+N31+M32","v":-713425},{"$f":"+O31+N32","v":-820825},-221840,677450,1981750,3642250,5508850,7362850,9216850,11070850,12924850]
[null,null,"Discounted Cash Flow with ESA",{"$f":"IF((D8=-1),0,+(D31/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,0,0,{"$f":"IF((K8=-1),0,+(K31/(1+$C$6)^(K$8)))","v":0},-211627.90697674418,-88372.093023255817,-375840.90909090906,-88760.330578512381,450026.29601803143,614227.17027525429,809867.68166605581,937308.96085429704,957860.94348943664,864904.68290884525,786276.98446258658,{"$f":"IF((W8=-1),0,+(W31/(1+$C$6)^(W$8+1)))","v":649815.68963850115},{"$f":"IF((X8=-1),0,+(X31/(1+$C$5)^X$8))","v":1854000}]
[null,"Without ESA Financial Support","Free Cash Flow without ESA",{"$f":"+D28+D29+D30+D19","v":0},0,0,0,0,0,0,0,{"$f":"+L28+L29+L30+L19","v":-423255.81395348837},{"$f":"+M28+M29+M30+M19","v":-176744.18604651163},{"$f":"+N28+N29+N30+N19","v":-413425},{"$f":"+O28+O29+O30+O19","v":-107400},598985,899290,1304300,1660500,1866600,1854000,1854000,1854000,1854000]
[null,null,"Cumulative Free Cash Flow without ESA",{"$f":"+D34","v":0},{"$f":"+D35+E34","v":0},{"$f":"+E35+F34","v":0},0,0,0,0,0,-423255.81395348837,-600000,-1013425,{"$f":"+N35+O34","v":-1120825},-521840,377450,1681750,3342250,5208850,7062850,8916850,10770850,12624850]
[null,null,"Discounted Cash Flow without ESA",{"$f":"IF((D8=-1),0,+(D34/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,0,0,{"$f":"IF((K8=-1),0,+(K34/(1+$C$6)^(K$8)))","v":0},-423255.81395348837,-176744.18604651163,-375840.90909090906,-88760.330578512381,450026.29601803143,614227.17027525429,809867.68166605581,937308.96085429704,957860.94348943664,864904.68290884525,786276.98446258658,{"$f":"IF((W8=-1),0,+(W34/(1+$C$6)^(W$8+1)))","v":649815.68963850115},{"$f":"IF((X8=-1),0,+(X34/(1+$C$5)^X$8))","v":1854000}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Figure 6   Financial Indicators Graph"]
[]
[]
[null,"With ESA:",{"$f":"CONCATENATE(\"Pay Back: at \",Z8)","v":"Pay Back: at year 4"}]
[null,null,{"$f":"CONCATENATE(\"IRR: \",TEXT(Z9,\"##.#%\"))","v":"IRR: 72.9%"}]
[null,null,{"$f":"CONCATENATE(\"NPV: \",TEXT(Z10,\" #,#\" ))","v":"NPV:  2,258,457"}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Without ESA:",{"$f":"CONCATENATE(\"Pay Back:at \",Z15)","v":"Pay Back:at year 4"}]
[null,null,{"$f":"CONCATENATE(\"IRR: \",TEXT(Z16,\"##.#%\"))","v":"IRR: 62.7%"}]
[null,null,{"$f":"CONCATENATE(\"NPV: \",TEXT(Z17,\" #,#\" ))","v":"NPV:  2,170,085"}]

{"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,{"$f":"+'I.Input Data'!M96","v":5},{"$f":"1/D8","v":0.2},{"$f":"+'I.Input Data'!G34","v":"2024-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,{"$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,{"$f":"+'III. Costs'!C22","v":"Total investment 5y"},null,null,{"$f":"+'III. Costs'!N22","v":0},{"$f":"+'III. Costs'!O22","v":0},{"$f":"+'III. Costs'!P22","v":0},{"$f":"+'III. Costs'!Q22","v":0},{"$f":"+'III. Costs'!R22","v":0},{"$f":"+'III. Costs'!S22","v":0},{"$f":"+'III. Costs'!T22","v":0},{"$f":"+'III. Costs'!U22","v":0},{"$f":"+'III. Costs'!V22","v":0},{"$f":"+'III. Costs'!W22","v":0},{"$f":"+'III. Costs'!X22","v":0}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F10","v":0},{"$f":"+G10+F11","v":0},{"$f":"+G11+H10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+F9","v":0},{"$f":"+F10","v":0},{"$f":"IF(F$9=$D12,$E12/$D$8,IF(F$9>=$D12+$D$8,0,IF(F$9<$D12,0,$E12/$D$8)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+G9","v":1},{"$f":"+G10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+H9","v":2},{"$f":"+H10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+I9","v":3},{"$f":"+I10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+J9","v":4},{"$f":"+J10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+K9","v":5},{"$f":"+K10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+L9","v":6},{"$f":"+L10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+M9","v":7},{"$f":"+M10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+N9","v":8},{"$f":"+N10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+O9","v":9},{"$f":"+O10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+P9","v":10},{"$f":"+P10","v":0},{"$f":"IF(F$9=$D22,$E22/$D$8,IF(F$9>=$D22+$D$8,0,IF(F$9<$D22,0,$E22/$D$8)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$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":0},{"$f":"+H11-H29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G30+F30","v":0},{"$f":"+H30+G29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation",null,null,{"$f":"SUM(F12:F29)","v":0},{"$f":"SUM(G12:G27)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Lifetime","Depr. Rate"]
[null,null,null,{"$f":"+'I.Input Data'!M99","v":7},{"$f":"1/D33","v":0.14285714285714285},{"$f":"+'I.Input Data'!G34","v":"2024-01-01"},"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'!C25","v":"Total investment 7y"},null,null,{"$f":"+'III. Costs'!N25","v":100000},{"$f":"+'III. Costs'!O25","v":0},{"$f":"+'III. Costs'!P25","v":0},{"$f":"+'III. Costs'!Q25","v":0},{"$f":"+'III. Costs'!R25","v":0},{"$f":"+'III. Costs'!S25","v":0},{"$f":"+'III. Costs'!T25","v":0},{"$f":"+'III. Costs'!U25","v":0},{"$f":"+'III. Costs'!V25","v":0},{"$f":"+'III. Costs'!W25","v":0},{"$f":"+'III. Costs'!X25","v":0}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F35","v":100000},{"$f":"+G35+F36","v":100000},{"$f":"+G36+H35","v":100000},100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000]
[null,null,null,{"$f":"+F34","v":0},{"$f":"+F36","v":100000},{"$f":"IF(F$34=$D37,$E37/$D$33,IF(F$34>=$D37+$D$33,0,IF(F$34<$D37,0,$E37/$D$33)))","v":14285.714285714286},14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$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$33)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Book Value (at End of the Year)",null,null,{"$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":71428.57142857142},57142.857142857145,42857.142857142855,28571.428571428565,14285.714285714275,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G55+F55","v":28571.428571428572},{"$f":"+H55+G54","v":42857.142857142855},57142.857142857145,71428.571428571435,85714.285714285725,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001,100000.00000000001]
[null,null,"Depreciation",null,null,{"$f":"SUM(F37:F52)","v":14285.714285714286},14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
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[null,"TOTAL DEPRECIATION",null,null,null,{"$f":"+F55+F30","v":14285.714285714286},14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,14285.714285714286,0,0,0,0,0,0,0,0,0]

{"sheet":"SUPPORT","index":6,"n_rows":41,"n_cols":9,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
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[null,"X"]
[null,null,"Column position for Year 0",{"$f":"MATCH(0,'IV. Profit&Loss + Cash Flow'!D8:X8)","v":10}]
[null,null,"Column identification for Year 0",{"$f":"INDEX($B$1:$B$21,$D$22)","v":"M"}]
[null,null,"Column identification for Year 1",{"$f":"INDEX($B$1:$B$21,$D$22+1)","v":"N"}]
[]
[null,null,"Year range",{"$f":"CONCATENATE($D$23,\"8:X8\")","v":"M8:X8"}]
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[null,null,"Cumulative cash flow without ESA",{"$f":"CONCATENATE($D$23,\"35:\",$D$41,\"35\")","v":"M35:S35"}]
[null,null,"Free cash flow without ESA",{"$f":"CONCATENATE($D$23,\"34:\",$D$41,\"34\")","v":"M34:S34"}]
[null,null,"Free cash flow without ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"34:\",$D$41,\"34\")","v":"N34:S34"}]
[null,null,"Yo cash flow without ESA",{"$f":"CONCATENATE($D$23,\"34\")","v":"M34"}]
[]
[null,null,"Cumulative cash flow with ESA",{"$f":"CONCATENATE($D$23,\"32:\",$D$41,\"32\")","v":"M32:S32"}]
[null,null,"Free cash flow with ESA",{"$f":"CONCATENATE($D$23,\"31:\",$D$41,\"31\")","v":"M31:S31"}]
[null,null,"Free cash flow with ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"31:\",$D$41,\"31\")","v":"N31:S31"}]
[null,null,"Yo cash flow with ESA",{"$f":"CONCATENATE($D$23,\"31\")","v":"M31"}]
[]
[null,null,"Full duration in years (development + commercialisation)",{"$f":"'IV. Profit&Loss + Cash Flow'!N8+'I.Input Data'!J34","v":7.0027397260273974}]
[]
[null,null,"Column position for end of Commercial Phase",{"$f":"D22+D38-1","v":16.002739726027396}]
[null,null,"Column identification for end of Commercial Phase",{"$f":"INDEX($B$1:$B$21,$D$40)","v":"S"}]

{"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,"2021-07-14","Adaptation to Proposal Part 1. v.2.4"]