{"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":1,"defined_names":5,"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":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"]
[]
[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 1.2"]
[null,null,"2017-01-26"]
[]
[]
[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."]
[]
[]
[]
["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 system/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 FinForecastTool OPT ARTES is licensed under the ESA Software Community License – Type 3 - v1.1"]

{"sheet":"I.Input Data","index":1,"n_rows":87,"n_cols":23,"rows_kept":87,"cut":false,"hidden":false,"merged":[[18,2,19,2],[18,3,19,3],[18,4,19,4],[4,2,5,2],[20,0,22,0],[18,1,19,1],[4,0,10,0],[4,1,5,1],[4,3,5,3],[28,13,28,22],[39,13,39,22],[41,10,41,11],[41,12,41,22],[42,10,42,11],[39,10,40,11],[28,2,28,11],[61,10,61,11],[62,10,62,11],[63,10,63,11],[43,10,43,11],[44,10,44,11],[45,10,45,11],[55,10,55,11],[56,10,56,11],[58,10,58,11],[59,10,59,11],[60,10,60,11],[48,13,48,22],[48,10,49,11],[66,10,67,11],[66,13,66,22],[39,9,45,9],[48,9,63,9],[66,9,73,9],[68,10,68,11],[69,10,69,11],[70,10,70,11],[71,10,71,11],[72,10,72,11],[73,10,73,11],[50,10,50,11],[52,10,52,11],[53,10,53,11],[78,10,79,11],[78,13,78,22],[78,9,82,9],[80,10,80,11],[81,10,81,11],[82,10,82,11]]}
["I.","Input Data","The following tables corresponds to the different tables displayed in the Outline Proposal Template of ARTES C&G"]
[]
[1.1000000000000001,"Table 1.1 Planning and Costing Summary"]
[null,"Max 20 years span (-10 to +10 years wrt commercial launch)"]
["Planning and Costing Summary","Phase","Included in proposed activity?","Cost kEUR","ESA Funding","Start","Conclusion","year beginning","Duration","year end","Days in start year","Duration days","Days in end year"]
[null,null,null,null,"% of Costs","Mon-YY","Mon-YY",null,"years"]
[null,"Definition","YES",500,1,"2016-01-01","2016-06-01",{"$f":"YEAR(F7)-YEAR($F$11)","v":-2},{"$f":"+(G7-F7)/365","v":0.41643835616438357},{"$f":"YEAR(G7)-YEAR($F$11)","v":-2},{"$f":"DATE(YEAR(F7),12,31)-F7","v":365},{"$f":"G7-F7","v":152},{"$f":"G7-DATE(YEAR(G7)-1,12,31)","v":153}]
[null,"Technology","YES",1000,0.75,"2016-07-01","2017-02-01",{"$f":"YEAR(F8)-YEAR($F$11)","v":-2},0.58904109589041098,{"$f":"YEAR(G8)-YEAR($F$11)","v":-1},{"$f":"DATE(YEAR(F8),12,31)-F8","v":183},{"$f":"G8-F8","v":215},32]
[null,"Product","YES",800,0.5,"2017-03-01","2017-12-01",{"$f":"YEAR(F9)-YEAR($F$11)","v":-1},0.75342465753424659,{"$f":"YEAR(G9)-YEAR($F$11)","v":-1},305,275,335]
[null,"Demonstration","NO",0,0.5,"2018-01-01","2018-12-01",{"$f":"YEAR(F10)-YEAR($F$11)","v":0},0.91506849315068495,{"$f":"YEAR(G10)-YEAR($F$11)","v":0},364,{"$f":"G10-F10","v":334},{"$f":"G10-DATE(YEAR(G10)-1,12,31)","v":335}]
[null,"Commercial","-","-","-","2018-01-01","2028-12-01",0,{"$f":"+(G11-F11)/365","v":10.923287671232877},{"$f":"YEAR(G11)-YEAR($F$11)","v":10},364,3987,{"$f":"G11-DATE(YEAR(G11)-1,12,31)","v":336}]
[]
[2.5,"Revenue Streams"]
[null,"In the commercial exploitation stage , our product will be sold to our customer segments as described in the table below."]
[null,"[Note: The table provides 3 different ways of generating revenues from up to 3 different Customer Segments: by selling the product per unit, and/or by charging the installation of each product, and/or by a yearly service fee per product. Figures can be adjusted; if a specific entry is not applicable, put it to 0]"]
[null,"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,"Figures can be adjusted; if a specific entry is not applicable, put it to 0"]
[null,"Table 2.3 Product Pricing"]
[null,"Customer Segments","Product unit price","Product installation charge per unit","Service fee per product per year"]
[]
["Revenue Stream","Customer Segment 1 (CS1)",120,150,2000]
[null,"Customer Segment 2 (CS2)",10,20,20]
[null,"Customer Segment 3 (CS3)",20,20,20]
[null,"Churn Rate",null,0.1]
[]
[2.9,"Cost Structures"]
[null,"The key elements of cost for realising the value proposition are presented in the following tables."]
[]
[null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,"Year ->",-10,-9,-8,-7,-6,-5,-4,-3,-2,-1,0,1,2,3,4,5,6,7,8,9,10]
[{"$f":"+SUM(C31:L31)","v":500},"Definition",{"$f":"IF(OR(C$30<$H$7,C$30>$J$7),0,IF(C$30=$H$7,(IF($H$7=$J$7,$D$7,$D$7*$K$7/$L$7)),IF(C$30=$J$7,($D$7*$M$7/$L$7),($D$7*365.25/$L$7))))","v":0},0,0,0,0,0,0,0,500,0,0,0,0,0,0,0,0,{"$f":"IF(OR(T$30<$H$7,T$30>$J$7),0,IF(T$30=$H$7,($D$7*$K$7/$L$7),IF(T$30=$J$7,($D$7*$M$7/$L$7),($D$7*365.25/$L$7))))","v":0},0,0,0]
[{"$f":"+SUM(C32:L32)","v":1000},"Technology",{"$f":"IF(OR(C$30<$H$8,C$30>$J$8),0,IF(C$30=$H$8,(IF($H$8=$J$8,$D$8,$D$8*$K$8/$L$8)),IF(C$30=$J$8,($D$8*$M$8/$L$8),($D$8*365.25/$L$8))))","v":0},0,0,0,0,0,0,{"$f":"IF(OR(J$30<$H$8,J$30>$J$8),0,IF(J$30=$H$8,(IF($H$8=$J$8,$D$8,$D$8*$K$8/$L$8)),IF(J$30=$J$8,($D$8*$M$8/$L$8),($D$8*365.25/$L$8))))","v":0},{"$f":"IF(OR(K$30<$H$8,K$30>$J$8),0,IF(K$30=$H$8,(IF($H$8=$J$8,$D$8,$D$8*$K$8/$L$8)),IF(K$30=$J$8,($D$8*$M$8/$L$8),($D$8*365.25/$L$8))))","v":851.16279069767438},148.83720930232559,0,0,0,0,0,0,0,{"$f":"IF(OR(T$30<$H$8,T$30>$J$8),0,IF(T$30=$H$8,($D$8*$K$8/$L$8),IF(T$30=$J$8,($D$8*$M$8/$L$8),($D$8*365.25/$L$8))))","v":0},0,0,0]
[800,"Product",{"$f":"IF(OR(C$30<$H$9,C$30>$J$9),0,IF(C$30=$H$9,(IF($H$9=$J$9,$D$9,$D$9*$K$9/$L$9)),IF(C$30=$J$9,($D$9*$M$9/$L$9),($D$9*365.25/$L$9))))","v":0},0,0,0,0,0,0,0,0,800,0,0,0,0,0,0,0,{"$f":"IF(OR(T$30<$H$9,T$30>$J$9),0,IF(T$30=$H$9,($D$9*$K$9/$L$9),IF(T$30=$J$9,($D$9*$M$9/$L$9),($D$9*365.25/$L$9))))","v":0},0,0,0]
[0,"Demonstration",{"$f":"IF(OR(C$30<$H$10,C$30>$J$10),0,IF(C$30=$H$10,(IF($H$10=$J$10,$D$10,$D$10*$K$10/$L$10)),IF(C$30=$J$10,($D$10*$M$10/$L$10),($D$10*365.25/$L$10))))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(OR(T$30<$H$10,T$30>$J$10),0,IF(T$30=$H$10,($D$10*$K$10/$L$10),IF(T$30=$J$10,($D$10*$M$10/$L$10),($D$10*365.25/$L$10))))","v":0},0,0,0]
[null,"Year  corrected ->",{"$f":"+IF(SUM(C31:C34)=0,-1,0)","v":-1},{"$f":"+IF(SUM(D31:D34)=0,-1,C35+1)","v":-1},{"$f":"+IF(SUM(E31:E34)=0,-1,D35+1)","v":-1},-1,-1,-1,-1,-1,0,1,{"$f":"+L35+1","v":2},{"$f":"+M35+1","v":3},4,5,6,7,{"$f":"+R35+1","v":8},{"$f":"+S35+1","v":9},{"$f":"+T35+1","v":10},{"$f":"+U35+1","v":11},{"$f":"+V35+1","v":12}]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 2.7 Cost of Sales"]
[null,null,null,null,null,null,null,null,null,null,"[Note: In case you do not have detailed cost of sales figure, provide the estimate of the cost of sale per product in the top row. "]
[null,null,null,null,null,null,null,null,null,null,"In case you have detailed cost of sales, fill in the remaining rows and set zero in the top row]"]
[null,null,null,null,null,null,null,null,null,"Costs of Sale","Estimated Cost of Sales",null,{"$f":"+F11","v":"2018-01-01"},"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,100]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.1",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.2",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.3",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Cost Element N.4",null,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 2.8 Operational Expenditures"]
[null,null,null,null,null,null,null,null,null,"OPEX","Estimated OPEX",null,{"$f":"+F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,"Sales staff cost",null,40000,40000,40000,50000,50000,50000,50000,50000,50000,50000,50000]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.03,{"$f":"+M51*$L$52","v":1200},{"$f":"+N51*$L$52","v":1200},1200,1500,1500,1500,1500,1500,1500,1500,1500]
[null,null,null,null,null,null,null,null,null,null,"Sales staff",null,1.2,1.2,1.5,1.5,2,2,2,2,2,2,2]
[null,null,null,null,null,null,null,null,null,null,"Marketing staff cost",null,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.25,{"$f":"+M54*$L$55","v":7500},{"$f":"+N54*$L$55","v":7500},7500,7500,7500,7500,7500,7500,7500,7500,7500]
[null,null,null,null,null,null,null,null,null,null,"Marketing staff",null,1,1,1.5,1.5,2,2,2,2,2,2,2]
[null,null,null,null,null,null,null,null,null,null,"Admin staff cost",null,25000,25000,25000,40000,40000,40000,40000,40000,40000,40000,40000]
[null,null,null,null,null,null,null,null,null,null,"Uplift",0.03,{"$f":"+M57*$L$58","v":750},{"$f":"+N57*$L$58","v":750},750,1200,1200,1200,1200,1200,1200,1200,1200]
[null,null,null,null,null,null,null,null,null,null,"Admin staff",null,0.5,0.5,0.8,1,1,1,1,1,1,1,1]
[null,null,null,null,null,null,null,null,null,null,"Other Facilities Cost N.1",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other Facilities Cost N.2",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Other Facilities Cost N.3",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Sat Capacity - Units",null,1,1.4,1.8,2,2,2,2,2,2,2,2]
[null,null,null,null,null,null,null,null,null,null,"Sat Capacity - Costs per unit",null,42000]
[]
[null,null,null,null,null,null,null,null,null,null,"Table 2.9 Capital Expenditures"]
[null,null,null,null,null,null,null,null,null,"CAPEX","Estimated CAPEX",null,{"$f":"+$F$11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,"Investment N.1",null,100000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Investment N.2",null,0,20000,0,0,0,0,0,0,50000,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,5]
[null,null,null,null,null,null,null,null,null,null,"Investment N.3",null,5000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Investment N.4",null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Lifetime Inv. Above (years)",null,7]
[]
[2.11,"Market Analysis"]
[null,"Our projections in term of the served obtainable market (SOM, being the percentage of the SAM that we aim to capture in the short terms for each segment identified), is shown in the following table. "]
[null,null,null,null,null,null,null,null,null,null,"Table 2.12 Served Obtainable Market"]
[null,null,null,null,null,null,null,null,null,"Sales Volume","Number of product units sold per year",null,{"$f":"+$F$11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,null,null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B21","v":"Customer Segment 1 (CS1)"},null,10,100,200,220,200,500,600,650,800,450,450]
[null,null,null,null,null,null,null,null,null,null,{"$f":"+B22","v":"Customer Segment 2 (CS2)"},null,0,0,5,0,4,4,4,4,4,4,4]
[null,null,null,null,null,null,null,null,null,null,"Customer Segment 3 (CS3)",null,0,0,0,2,0,0,0,0,0,0,0]
[]
[2.12,"Financial Indicators"]
[]
[null,"Cost of Capital (WACC)",0.1]

{"sheet":"II. Revenues","index":2,"n_rows":31,"n_cols":14,"rows_kept":31,"cut":false,"hidden":false,"merged":[[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],[27,1,29,1],[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,{"$f":"+'I.Input Data'!B21","v":"Customer Segment 1 (CS1)"},{"$f":"+'I.Input Data'!C21","v":120},{"$f":"+'I.Input Data'!D21","v":150},{"$f":"+'I.Input Data'!E21","v":2000}]
[null,{"$f":"+'I.Input Data'!B22","v":"Customer Segment 2 (CS2)"},{"$f":"+'I.Input Data'!C22","v":10},{"$f":"+'I.Input Data'!D22","v":20},{"$f":"+'I.Input Data'!E22","v":20}]
[null,{"$f":"+'I.Input Data'!B23","v":"Customer Segment 3 (CS3)"},{"$f":"+'I.Input Data'!C23","v":20},{"$f":"+'I.Input Data'!D23","v":20},{"$f":"+'I.Input Data'!E23","v":20}]
[]
[]
[null,"Estimated Cost of Sales",null,{"$f":"+'I.Input Data'!F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10]
[null,"Cumulative Volume Sales",{"$f":"+$B$6","v":"Customer Segment 1 (CS1)"},{"$f":"+'I.Input Data'!M81","v":10},{"$f":"(D13*(1-'I.Input Data'!$D$24)+'I.Input Data'!N81)","v":109},{"$f":"(E13*(1-'I.Input Data'!$D$24)+'I.Input Data'!O81)","v":298.10000000000002},{"$f":"(F13*(1-'I.Input Data'!$D$24)+'I.Input Data'!P81)","v":488.29},{"$f":"(G13*(1-'I.Input Data'!$D$24)+'I.Input Data'!Q81)","v":639.46100000000001},{"$f":"(H13*(1-'I.Input Data'!$D$24)+'I.Input Data'!R81)","v":1075.5149000000001},{"$f":"(I13*(1-'I.Input Data'!$D$24)+'I.Input Data'!S81)","v":1567.9634100000003},{"$f":"(J13*(1-'I.Input Data'!$D$24)+'I.Input Data'!T81)","v":2061.1670690000001},{"$f":"(K13*(1-'I.Input Data'!$D$24)+'I.Input Data'!U81)","v":2655.0503620999998},{"$f":"(L13*(1-'I.Input Data'!$D$24)+'I.Input Data'!V81)","v":2839.5453258899997},{"$f":"(M13*(1-'I.Input Data'!$D$24)+'I.Input Data'!W81)","v":3005.5907933009998}]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2 (CS2)"},{"$f":"+'I.Input Data'!M82","v":0},{"$f":"(D14*(1-'I.Input Data'!$D$24)+'I.Input Data'!N82)","v":0},{"$f":"(E14*(1-'I.Input Data'!$D$24)+'I.Input Data'!O82)","v":5},{"$f":"(F14*(1-'I.Input Data'!$D$24)+'I.Input Data'!P82)","v":4.5},{"$f":"(G14*(1-'I.Input Data'!$D$24)+'I.Input Data'!Q82)","v":8.0500000000000007},{"$f":"(H14*(1-'I.Input Data'!$D$24)+'I.Input Data'!R82)","v":11.245000000000001},{"$f":"(I14*(1-'I.Input Data'!$D$24)+'I.Input Data'!S82)","v":14.120500000000002},{"$f":"(J14*(1-'I.Input Data'!$D$24)+'I.Input Data'!T82)","v":16.708449999999999},{"$f":"(K14*(1-'I.Input Data'!$D$24)+'I.Input Data'!U82)","v":19.037604999999999},{"$f":"(L14*(1-'I.Input Data'!$D$24)+'I.Input Data'!V82)","v":21.133844499999999},{"$f":"(M14*(1-'I.Input Data'!$D$24)+'I.Input Data'!W82)","v":23.020460050000001}]
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[null,null,{"$f":"+$B$8","v":"Customer Segment 3 (CS3)"},{"$f":"'I.Input Data'!M83*$C$8","v":0},{"$f":"'I.Input Data'!N83*$C$8","v":0},{"$f":"'I.Input Data'!O83*$C$8","v":0},{"$f":"'I.Input Data'!P83*$C$8","v":40},{"$f":"'I.Input Data'!Q83*$C$8","v":0},{"$f":"'I.Input Data'!R83*$C$8","v":0},{"$f":"'I.Input Data'!S83*$C$8","v":0},{"$f":"'I.Input Data'!T83*$C$8","v":0},{"$f":"'I.Input Data'!U83*$C$8","v":0},{"$f":"'I.Input Data'!V83*$C$8","v":0},{"$f":"'I.Input Data'!W83*$C$8","v":0}]
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[null,"Product Service Fee Revenue",{"$f":"+$B$6","v":"Customer Segment 1 (CS1)"},{"$f":"+D13*$E$6","v":20000},{"$f":"+E13*$E$6","v":218000},{"$f":"+F13*$E$6","v":596200},{"$f":"+G13*$E$6","v":976580},1278922,2151029.8000000003,3135926.8200000008,4122334.1380000003,5310100.7242000001,{"$f":"+M13*$E$6","v":5679090.651779999},6011181.5866019996]
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[null,null,{"$f":"+$B$8","v":"Customer Segment 3 (CS3)"},{"$f":"+D15*$E$8","v":0},{"$f":"+E15*$E$8","v":0},0,40,36,32.400000000000006,29.160000000000004,26.244000000000007,23.619600000000005,21.257640000000006,19.131876000000005]
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[null,"Total Revenues",{"$f":"+$B$6","v":"Customer Segment 1 (CS1)"},{"$f":"+D16+D20+D24","v":22700},245000,650200,1035980,1332922,{"$f":"+I16+I20+I24","v":2286029.8000000003},3297926.8200000008,4297834.1380000003,5526100.7242000001,5800590.651779999,6132681.5866019996]
[null,null,{"$f":"+$B$7","v":"Customer Segment 2 (CS2)"},{"$f":"+D17+D21+D25","v":0},0,250,90,281,{"$f":"+I17+I21+I25","v":344.90000000000003},402.41,454.16899999999998,500.75209999999998,542.67688999999996,580.40920099999994]
[null,null,{"$f":"+$B$8","v":"Customer Segment 3 (CS3)"},{"$f":"+D18+D22+D26","v":0},0,0,120,36,{"$f":"+I18+I22+I26","v":32.400000000000006},29.160000000000004,26.244000000000007,23.619600000000005,21.257640000000006,19.131876000000005]
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{"sheet":"III. Costs","index":3,"n_rows":32,"n_cols":24,"rows_kept":32,"cut":false,"hidden":false,"merged":[[4,14,4,23],[6,1,9,1],[15,1,18,1],[19,1,25,1],[10,1,13,1],[14,1,14,2],[4,3,4,12]]}
[]
[null,"Result -- Annual Expenses"]
[]
[]
[null,null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
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{"sheet":"IV. Profit&Loss + Cash Flow","index":4,"n_rows":73,"n_cols":24,"rows_kept":73,"cut":false,"hidden":false,"merged":[[6,0,27,0],[28,0,36,0],[23,1,24,1],[21,1,22,1],[26,1,27,1],[31,1,33,1],[34,1,36,1],[69,17,69,18],[44,17,44,18],[6,3,6,12],[6,14,6,23],[8,1,11,1],[12,1,17,1],[18,1,20,1]]}
["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)."]
[null,"The Discounted Cash Flow  (DCF) method is used to evaluate the project."]
[null,"Table 2.13 Profit & Loss and Cash Flow Statement"]
[null,"Cost of Capital (WACC)",{"$f":"+'I.Input Data'!C87","v":0.1}]
["PROFIT & LOSS",null,null,"Development Phase(s)",null,null,null,null,null,null,null,null,null,{"$f":"+'I.Input Data'!F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
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[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":1500},{"$f":"+'II. Revenues'!E23","v":15000},{"$f":"+'II. Revenues'!F23","v":30100},{"$f":"+'II. Revenues'!G23","v":33040},{"$f":"+'II. Revenues'!H23","v":30080},{"$f":"+'II. Revenues'!I23","v":75080},{"$f":"+'II. Revenues'!J23","v":90080},{"$f":"+'II. Revenues'!K23","v":97580},{"$f":"+'II. Revenues'!L23","v":120080},{"$f":"+'II. Revenues'!M23","v":67580},{"$f":"+'II. Revenues'!N23","v":67580}]
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[null,null,{"$f":"+'III. Costs'!C20","v":"Sales"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N20","v":49440},{"$f":"+'III. Costs'!O20","v":49440},{"$f":"+'III. Costs'!P20","v":61800},{"$f":"+'III. Costs'!Q20","v":77250},{"$f":"+'III. Costs'!R20","v":103000},{"$f":"+'III. Costs'!S20","v":103000},{"$f":"+'III. Costs'!T20","v":103000},{"$f":"+'III. Costs'!U20","v":103000},{"$f":"+'III. Costs'!V20","v":103000},{"$f":"+'III. Costs'!W20","v":103000},{"$f":"+'III. Costs'!X20","v":103000}]
[null,null,{"$f":"+'III. Costs'!C21","v":"Marketing"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N21","v":37500},{"$f":"+'III. Costs'!O21","v":37500},{"$f":"+'III. Costs'!P21","v":56250},{"$f":"+'III. Costs'!Q21","v":56250},{"$f":"+'III. Costs'!R21","v":75000},{"$f":"+'III. Costs'!S21","v":75000},{"$f":"+'III. Costs'!T21","v":75000},{"$f":"+'III. Costs'!U21","v":75000},{"$f":"+'III. Costs'!V21","v":75000},{"$f":"+'III. Costs'!W21","v":75000},{"$f":"+'III. Costs'!X21","v":75000}]
[null,null,{"$f":"+'III. Costs'!C22","v":"Admin"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N22","v":12875},{"$f":"+'III. Costs'!O22","v":12875},{"$f":"+'III. Costs'!P22","v":20600},{"$f":"+'III. Costs'!Q22","v":41200},{"$f":"+'III. Costs'!R22","v":41200},{"$f":"+'III. Costs'!S22","v":41200},{"$f":"+'III. Costs'!T22","v":41200},{"$f":"+'III. Costs'!U22","v":41200},{"$f":"+'III. Costs'!V22","v":41200},{"$f":"+'III. Costs'!W22","v":41200},{"$f":"+'III. Costs'!X22","v":41200}]
[null,null,"Facilities",null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N23+'III. Costs'!N24+'III. Costs'!N25","v":0},{"$f":"+'III. Costs'!O23+'III. Costs'!O24+'III. Costs'!O25","v":0},{"$f":"+'III. Costs'!P23+'III. Costs'!P24+'III. Costs'!P25","v":0},{"$f":"+'III. Costs'!Q23+'III. Costs'!Q24+'III. Costs'!Q25","v":0},{"$f":"+'III. Costs'!R23+'III. Costs'!R24+'III. Costs'!R25","v":0},{"$f":"+'III. Costs'!S23+'III. Costs'!S24+'III. Costs'!S25","v":0},{"$f":"+'III. Costs'!T23+'III. Costs'!T24+'III. Costs'!T25","v":0},{"$f":"+'III. Costs'!U23+'III. Costs'!U24+'III. Costs'!U25","v":0},{"$f":"+'III. Costs'!V23+'III. Costs'!V24+'III. Costs'!V25","v":0},{"$f":"+'III. Costs'!W23+'III. Costs'!W24+'III. Costs'!W25","v":0},{"$f":"+'III. Costs'!X23+'III. Costs'!X24+'III. Costs'!X25","v":0}]
[null,null,{"$f":"+'III. Costs'!C26","v":"Sat Capacity"},null,null,null,null,null,null,null,null,null,null,{"$f":"+'III. Costs'!N26","v":42000},{"$f":"+'III. Costs'!O26","v":58799.999999999993},{"$f":"+'III. Costs'!P26","v":75600},{"$f":"+'III. Costs'!Q26","v":84000},{"$f":"+'III. Costs'!R26","v":84000},{"$f":"+'III. Costs'!S26","v":84000},{"$f":"+'III. Costs'!T26","v":84000},{"$f":"+'III. Costs'!U26","v":84000},{"$f":"+'III. Costs'!V26","v":84000},{"$f":"+'III. Costs'!W26","v":84000},{"$f":"+'III. Costs'!X26","v":84000}]
[null,"Expenses R&D","Cost of Development Phases",{"$f":"+'III. Costs'!D7+'III. Costs'!D8+'III. Costs'!D9+'III. Costs'!D10","v":0},{"$f":"+'III. Costs'!E7+'III. Costs'!E8+'III. Costs'!E9+'III. Costs'!E10","v":0},{"$f":"+'III. Costs'!F7+'III. Costs'!F8+'III. Costs'!F9+'III. Costs'!F10","v":0},{"$f":"+'III. Costs'!G7+'III. Costs'!G8+'III. Costs'!G9+'III. Costs'!G10","v":0},{"$f":"+'III. Costs'!H7+'III. Costs'!H8+'III. Costs'!H9+'III. Costs'!H10","v":0},{"$f":"+'III. Costs'!I7+'III. Costs'!I8+'III. Costs'!I9+'III. Costs'!I10","v":0},{"$f":"+'III. Costs'!J7+'III. Costs'!J8+'III. Costs'!J9+'III. Costs'!J10","v":0},{"$f":"+'III. Costs'!K7+'III. Costs'!K8+'III. Costs'!K9+'III. Costs'!K10","v":0},{"$f":"+'III. Costs'!L7+'III. Costs'!L8+'III. Costs'!L9+'III. Costs'!L10","v":1351162.7906976743},{"$f":"+'III. Costs'!M7+'III. Costs'!M8+'III. Costs'!M9+'III. Costs'!M10","v":948837.20930232562},{"$f":"+'III. Costs'!N7+'III. Costs'!N8+'III. Costs'!N9+'III. Costs'!N10","v":0},{"$f":"+'III. Costs'!O7+'III. Costs'!O8+'III. Costs'!O9+'III. Costs'!O10","v":0},{"$f":"+'III. Costs'!P7+'III. Costs'!P8+'III. Costs'!P9+'III. Costs'!P10","v":0},{"$f":"+'III. Costs'!Q7+'III. Costs'!Q8+'III. Costs'!Q9+'III. Costs'!Q10","v":0},{"$f":"+'III. Costs'!R7+'III. Costs'!R8+'III. Costs'!R9+'III. Costs'!R10","v":0},{"$f":"+'III. Costs'!S7+'III. Costs'!S8+'III. Costs'!S9+'III. Costs'!S10","v":0},{"$f":"+'III. Costs'!T7+'III. Costs'!T8+'III. Costs'!T9+'III. Costs'!T10","v":0},{"$f":"+'III. Costs'!U7+'III. Costs'!U8+'III. Costs'!U9+'III. Costs'!U10","v":0},{"$f":"+'III. Costs'!V7+'III. Costs'!V8+'III. Costs'!V9+'III. Costs'!V10","v":0},{"$f":"+'III. Costs'!W7+'III. Costs'!W8+'III. Costs'!W9+'III. Costs'!W10","v":0},{"$f":"+'III. Costs'!X7+'III. Costs'!X8+'III. Costs'!X9+'III. Costs'!X10","v":0}]
[null,null,"ESA Financial support",{"$f":"-('III. Costs'!D11+'III. Costs'!D12+'III. Costs'!D13+'III. Costs'!D14)","v":0},{"$f":"-('III. Costs'!E11+'III. Costs'!E12+'III. Costs'!E13+'III. Costs'!E14)","v":0},{"$f":"-('III. Costs'!F11+'III. Costs'!F12+'III. Costs'!F13+'III. Costs'!F14)","v":0},{"$f":"-('III. Costs'!G11+'III. Costs'!G12+'III. Costs'!G13+'III. Costs'!G14)","v":0},{"$f":"-('III. Costs'!H11+'III. Costs'!H12+'III. Costs'!H13+'III. Costs'!H14)","v":0},{"$f":"-('III. Costs'!I11+'III. Costs'!I12+'III. Costs'!I13+'III. Costs'!I14)","v":0},{"$f":"-('III. Costs'!J11+'III. Costs'!J12+'III. Costs'!J13+'III. Costs'!J14)","v":0},{"$f":"-('III. Costs'!K11+'III. Costs'!K12+'III. Costs'!K13+'III. Costs'!K14)","v":0},{"$f":"-('III. Costs'!L11+'III. Costs'!L12+'III. Costs'!L13+'III. Costs'!L14)","v":-1138372.0930232559},{"$f":"-('III. Costs'!M11+'III. Costs'!M12+'III. Costs'!M13+'III. Costs'!M14)","v":-511627.90697674418},{"$f":"-('III. Costs'!N11+'III. Costs'!N12+'III. Costs'!N13+'III. Costs'!N14)","v":0},{"$f":"-('III. Costs'!O11+'III. Costs'!O12+'III. Costs'!O13+'III. Costs'!O14)","v":0},{"$f":"-('III. Costs'!P11+'III. Costs'!P12+'III. Costs'!P13+'III. Costs'!P14)","v":0},{"$f":"-('III. Costs'!Q11+'III. Costs'!Q12+'III. Costs'!Q13+'III. Costs'!Q14)","v":0},{"$f":"-('III. Costs'!R11+'III. Costs'!R12+'III. Costs'!R13+'III. Costs'!R14)","v":0},{"$f":"-('III. Costs'!S11+'III. Costs'!S12+'III. Costs'!S13+'III. Costs'!S14)","v":0},{"$f":"-('III. Costs'!T11+'III. Costs'!T12+'III. Costs'!T13+'III. Costs'!T14)","v":0},{"$f":"-('III. Costs'!U11+'III. Costs'!U12+'III. Costs'!U13+'III. Costs'!U14)","v":0},{"$f":"-('III. Costs'!V11+'III. Costs'!V12+'III. Costs'!V13+'III. Costs'!V14)","v":0},{"$f":"-('III. Costs'!W11+'III. Costs'!W12+'III. Costs'!W13+'III. Costs'!W14)","v":0},{"$f":"-('III. Costs'!X11+'III. Costs'!X12+'III. Costs'!X13+'III. Costs'!X14)","v":0}]
[null,null,"R&D (net)",{"$f":"+D19-D20","v":0},{"$f":"+E19-E20","v":0},0,0,0,0,{"$f":"+J19+J20","v":0},{"$f":"+K19+K20","v":0},212790.69767441833,437209.30232558143,0,{"$f":"+O19+O20","v":0},0,0,0,0,0,0,0,0,0]
[null,"Total Expenses","Total Expenses (w/o ESA)",{"$f":"+SUM(D13:D18)+D19","v":0},{"$f":"+SUM(E13:E18)+E19","v":0},0,0,0,0,0,0,1351162.7906976743,948837.20930232562,{"$f":"+SUM(N13:N18)+N19","v":142815},168615,234750,280900,323600,353600,363600,368600,383600,348600,348600]
[null,null,"Total Expenses (with ESA)",{"$f":"+SUM(D13:D18)+D21","v":0},{"$f":"+SUM(E13:E18)+E21","v":0},0,0,0,0,0,0,212790.69767441833,437209.30232558143,{"$f":"+SUM(N13:N18)+N21","v":142815},168615,234750,280900,323600,353600,363600,368600,383600,348600,348600]
[null,"EBITDA (with ESA support)","EBITDA",{"$f":"+D12-D23","v":0},0,0,0,0,0,{"$f":"+J12-J23","v":0},{"$f":"+K12-K23","v":0},{"$f":"+L12-L23","v":-212790.69767441833},{"$f":"+M12-M23","v":-437209.30232558143},-120115,{"$f":"+O12-O23","v":76385},415700,755290,1009639,1932807.1,2934758.3900000011,3929714.5510000009,5143025.0959000001,5452554.5863099992,5784681.1276789997]
[null,null,"EBITDA Margin",{"$f":"IF(D12=0,0,D24/D12)","v":0},{"$f":"IF(E12=0,0,E24/E12)","v":0},0,0,0,0,0,0,0,0,-5.2914096916299558,{"$f":"IF(O12=0,0,O24/O12)","v":0.31177551020408162},0.63909601045430087,0.72891072100676513,0.75728282776006406,0.84534687632836691,0.88976334375840826,0.91424545699796556,0.93059055149505643,0.93990851393226915,0.94316255968982143]
[null,"CAPEX","Depreciation",null,null,null,null,null,null,null,null,null,null,{"$f":"+Depreciation!F61","v":20714.285714285714},{"$f":"+Depreciation!G61","v":24714.285714285714},{"$f":"+Depreciation!H61","v":24714.285714285714},{"$f":"+Depreciation!I61","v":24714.285714285714},{"$f":"+Depreciation!J61","v":24714.285714285714},{"$f":"+Depreciation!K61","v":4714.2857142857147},{"$f":"+Depreciation!L61","v":714.28571428571433},{"$f":"+Depreciation!M61","v":0},{"$f":"+Depreciation!N61","v":10000},{"$f":"+Depreciation!O61","v":10000},{"$f":"+Depreciation!P61","v":10000}]
[null,"Operating Profit (EBIT) (with ESA support)","EBIT",{"$f":"+D24-D26","v":0},{"$f":"+E24-E26","v":0},0,0,0,0,0,0,-212790.69767441833,-437209.30232558143,-140829.28571428571,{"$f":"+O24-O26","v":51670.71428571429},390985.71428571426,730575.71428571432,984924.71428571432,1928092.8142857144,2934044.1042857151,3929714.5510000009,5133025.0959000001,5442554.5863099992,5774681.1276789997]
[null,null,"EBIT  Margin",{"$f":"IF(D12=0,0,D27/D12)","v":0},{"$f":"IF(E12=0,0,E27/E12)","v":0},0,0,0,0,0,0,0,0,-6.2039332913782248,{"$f":"IF(O12=0,0,O27/O12)","v":0.21090087463556853},0.60110033712924016,0.70505960710459892,0.7387458019797758,0.84328500129557604,0.88954678581356772,0.91424545699796556,0.92878112895843123,0.93818471915120982,0.94153211102917367]
["PRELIMINARY SIMPLIFIED CASH FLOW",null,"plus Depreciation",{"$f":"+D27+D26","v":0},0,0,0,0,0,0,0,-212790.69767441833,-437209.30232558143,{"$f":"+N27+N26","v":-120115},{"$f":"+O27+O26","v":76385},415700,755290,1009639,1932807.1,2934758.3900000011,3929714.5510000009,5143025.0959000001,5452554.5863099992,5784681.1276789997]
[null,null,"less total CAPEX",null,null,null,null,null,null,null,null,null,null,{"$f":"-('III. Costs'!N29+'III. Costs'!N32)","v":-105000},{"$f":"-('III. Costs'!O29+'III. Costs'!O32)","v":-20000},{"$f":"-('III. Costs'!P29+'III. Costs'!P32)","v":0},{"$f":"-('III. Costs'!Q29+'III. Costs'!Q32)","v":0},{"$f":"-('III. Costs'!R29+'III. Costs'!R32)","v":0},{"$f":"-('III. Costs'!S29+'III. Costs'!S32)","v":0},{"$f":"-('III. Costs'!T29+'III. Costs'!T32)","v":0},{"$f":"-('III. Costs'!U29+'III. Costs'!U32)","v":0},{"$f":"-('III. Costs'!V29+'III. Costs'!V32)","v":-50000},{"$f":"-('III. Costs'!W29+'III. Costs'!W32)","v":0},{"$f":"-('III. Costs'!X29+'III. Costs'!X32)","v":0}]
[null,null,"less change in working capital ",null,null,null,null,null,null,null,null,null,null,{"$f":"-(N12-M12)*0.05","v":-1135},{"$f":"-(O12-N12)*0.05","v":-11115},-20272.5,-19287,-14852.45,-47658.405000000006,-50597.564500000051,-49997.808049999992,-61415.527244999961,-13726.474520499958,-16606.327068450024]
[null,"With ESA Financial Support","Free Cash Flow with ESA",{"$f":"+D29+D30+D31","v":0},{"$f":"+E29+E30+E31","v":0},{"$f":"+F29+F30+F31","v":0},{"$f":"+G29+G30+G31","v":0},{"$f":"+H29+H30+H31","v":0},{"$f":"+I29+I30+I31","v":0},{"$f":"+J29+J30+J31","v":0},{"$f":"+K29+K30+K31","v":0},{"$f":"+L29+L30+L31","v":-212790.69767441833},{"$f":"+M29+M30+M31","v":-437209.30232558143},-226250,{"$f":"+O29+O30+O31","v":45270},395427.5,736003,994786.55,1885148.6950000001,2884160.8255000012,3879716.7429500008,5031609.5686550001,5438828.1117894994,5768074.8006105497]
[null,null,"Cumulative Free Cash Flow",{"$f":"+D32","v":0},{"$f":"+E32+D33","v":0},{"$f":"+F32+E33","v":0},0,0,0,0,0,-212790.69767441833,-649999.99999999977,-876249.99999999977,{"$f":"+O32+N33","v":-830979.99999999977},{"$f":"+P32+O33","v":-435552.49999999977},{"$f":"+Q32+P33","v":300450.50000000023},{"$f":"+R32+Q33","v":1295237.0500000003},{"$f":"+S32+R33","v":3180385.7450000001},{"$f":"+T32+S33","v":6064546.5705000013},{"$f":"+U32+T33","v":9944263.3134500012},{"$f":"+V32+U33","v":14975872.882105},{"$f":"+W32+V33","v":20414700.993894499},{"$f":"+X32+W33","v":26182775.794505049}]
[null,null,"Discounted Cash Flow with ESA",{"$f":"IF((D8=-1),0,+(D32/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,0,0,0,{"$f":"IF((L8=-1),0,+(L32/(1+$C$6)^(L$8+1)))","v":-193446.08879492574},{"$f":"IF((M8=-1),0,+(M32/(1+$C$6)^(M$8+1)))","v":-361330.00192196807},{"$f":"IF((N8=-1),0,+(N32/(1+$C$6)^(N$8+1)))","v":-169984.97370398193},30920.01912437674,245529.36647397399,415454.50594137015,510482.79403921659,879435.77901024732,1223165.7370977697,1495798.7551317713,1763548.4583857767,1732978.2486455627,{"$f":"IF((X8=-1),0,+(X32/(1+$C$5)^X$8))","v":5768074.8006105497}]
[null,"Without ESA Financial Support","Free Cash Flow without ESA",{"$f":"+D29+D30+D31+D20","v":0},0,0,0,0,0,0,0,{"$f":"+L29+L30+L31+L20","v":-1351162.7906976743},{"$f":"+M29+M30+M31+M20","v":-948837.20930232562},-226250,{"$f":"+O29+O30+O31+O20","v":45270},395427.5,736003,994786.55,1885148.6950000001,2884160.8255000012,3879716.7429500008,5031609.5686550001,5438828.1117894994,5768074.8006105497]
[null,null,"Cumulative Free Cash Flow without ESA",{"$f":"+D35","v":0},{"$f":"+D36+E35","v":0},{"$f":"+E36+F35","v":0},0,0,0,0,0,-1351162.7906976743,-2300000,-2526250,{"$f":"+N36+O35","v":-2480980},{"$f":"+O36+P35","v":-2085552.5},{"$f":"+P36+Q35","v":-1349549.5},{"$f":"+Q36+R35","v":-354762.94999999995},{"$f":"+R36+S35","v":1530385.7450000001},{"$f":"+S36+T35","v":4414546.5705000013},{"$f":"+T36+U35","v":8294263.3134500021},{"$f":"+U36+V35","v":13325872.882105002},{"$f":"+V36+W35","v":18764700.993894503},{"$f":"+W36+X35","v":24532775.794505052}]
[null,null,"Discounted Cash Flow without ESA",{"$f":"IF((D8=-1),0,+(D35/(1+$C$6)^(D$8+1)))","v":0},0,0,0,0,0,0,0,{"$f":"IF((L8=-1),0,+(L35/(1+$C$6)^(L$8+1)))","v":-1228329.8097251584},{"$f":"IF((M8=-1),0,+(M35/(1+$C$6)^(M$8+1)))","v":-784162.98289448384},-169984.97370398193,30920.01912437674,245529.36647397399,415454.50594137015,510482.79403921659,879435.77901024732,1223165.7370977697,1495798.7551317713,1763548.4583857767,1732978.2486455627,{"$f":"IF((X8=-1),0,+(X35/(1+$C$5)^X$8))","v":5768074.8006105497}]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Table 2.14 Financial Indicators with and without ESA Support"]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WITH ESA "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pay Back",{"$f":"CONCATENATE(\"year \",COUNTIF(INDIRECT(SUPPORT!$D$33),\"<0\"))","v":"year 5"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"IRR",{"$f":"IF(SUM(INDIRECT(SUPPORT!$D$34))=0,0,IRR(INDIRECT(SUPPORT!$D$34)))","v":0.55071545512072873}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NPV",{"$f":"NPV($C$6,INDIRECT(SUPPORT!$D$34))","v":7572552.5994291883}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WITHOUT ESA "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pay Back",{"$f":"CONCATENATE(\"year \",COUNTIF(INDIRECT(SUPPORT!$D$28),\"<0\"))","v":"year 7"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"IRR",{"$f":"IF(SUM(INDIRECT(SUPPORT!$D$29))=0,0,IRR(INDIRECT(SUPPORT!$D$29)))","v":0.30283372925278229}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NPV",{"$f":"NPV($C$6,INDIRECT(SUPPORT!$D$29))","v":6114835.8975264402}]

{"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,{"$f":"+'I.Input Data'!M71","v":5},{"$f":"1/D8","v":0.2},{"$f":"+'I.Input Data'!F11","v":"2018-01-01"},"Commercial Exploitation Phase"]
[null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,{"$f":"+P9+1","v":11},12,13,14,15]
[null,null,{"$f":"+'III. Costs'!C29","v":"Total investment 5y"},null,null,{"$f":"+'III. Costs'!N29","v":100000},{"$f":"+'III. Costs'!O29","v":20000},{"$f":"+'III. Costs'!P29","v":0},{"$f":"+'III. Costs'!Q29","v":0},{"$f":"+'III. Costs'!R29","v":0},{"$f":"+'III. Costs'!S29","v":0},{"$f":"+'III. Costs'!T29","v":0},{"$f":"+'III. Costs'!U29","v":0},{"$f":"+'III. Costs'!V29","v":50000},{"$f":"+'III. Costs'!W29","v":0},{"$f":"+'III. Costs'!X29","v":0}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F10","v":100000},{"$f":"+G10+F11","v":120000},{"$f":"+G11+H10","v":120000},120000,120000,120000,120000,120000,170000,170000,170000,170000,170000,170000,170000,170000]
[null,null,null,{"$f":"+F9","v":0},{"$f":"+F10","v":100000},{"$f":"IF(F$9=$D12,$E12/$D$8,IF(F$9>=$D12+$D$8,0,IF(F$9<$D12,0,$E12/$D$8)))","v":20000},20000,20000,20000,20000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$f":"+G9","v":1},{"$f":"+G10","v":20000},0,4000,4000,4000,4000,4000,0,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$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},{"$f":"+N10","v":50000},0,0,0,0,0,0,0,0,10000,10000,10000,10000,10000,0,0,0]
[null,null,null,{"$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":76000},{"$f":"+H11-H29","v":52000},28000,4000,0,0,0,40000,30000,20000,10000,0,0,0,0]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G30+F30","v":44000},{"$f":"+H30+G29","v":68000},92000,116000,120000,120000,120000,130000,140000,150000,160000,170000,170000,170000,170000]
[null,null,"Depreciation",null,null,{"$f":"SUM(F12:F29)","v":20000},{"$f":"SUM(G12:G27)","v":24000},24000,24000,24000,4000,0,0,10000,10000,10000,10000,10000,0,0,0]
[]
[null,null,null,"Lifetime","Depr. Rate"]
[null,null,null,{"$f":"+'I.Input Data'!M74","v":7},{"$f":"1/D33","v":0.14285714285714285},{"$f":"+'I.Input Data'!F11","v":"2018-01-01"},"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'!C32","v":"Total investment 7y"},null,null,{"$f":"+'III. Costs'!N32","v":5000},{"$f":"+'III. Costs'!O32","v":0},{"$f":"+'III. Costs'!P32","v":0},{"$f":"+'III. Costs'!Q32","v":0},{"$f":"+'III. Costs'!R32","v":0},{"$f":"+'III. Costs'!S32","v":0},{"$f":"+'III. Costs'!T32","v":0},{"$f":"+'III. Costs'!U32","v":0},{"$f":"+'III. Costs'!V32","v":0},{"$f":"+'III. Costs'!W32","v":0},{"$f":"+'III. Costs'!X32","v":0}]
[null,null,"Cumulative CAPEX (at Start of the Year)",null,null,{"$f":"+F35","v":5000},{"$f":"+G35+F36","v":5000},{"$f":"+G36+H35","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000]
[null,null,null,{"$f":"+F34","v":0},{"$f":"+F36","v":5000},{"$f":"IF(F$34=$D37,$E37/$D$33,IF(F$34>=$D37+$D$33,0,IF(F$34<$D37,0,$E37/$D$33)))","v":714.28571428571433},714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,0,0,0,0,0,0,0,0,0]
[null,null,null,{"$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":3571.4285714285716},{"$f":"+H36-H54","v":2857.1428571428569},{"$f":"+I36-I54","v":2142.8571428571427},{"$f":"+J36-J54","v":1428.5714285714284},{"$f":"+K36-K54","v":714.28571428571377},{"$f":"+L36-L54","v":0},{"$f":"+M36-M54","v":0},{"$f":"+N36-N54","v":0},{"$f":"+O36-O54","v":0},{"$f":"+P36-P54","v":0},{"$f":"+Q36-Q54","v":0},{"$f":"+R36-R54","v":0},{"$f":"+S36-S54","v":0},{"$f":"+T36-T54","v":0},{"$f":"+U36-U54","v":0}]
[null,null,"Cumulative Depreciation",null,null,null,{"$f":"+G55+F55","v":1428.5714285714287},{"$f":"+H55+G54","v":2142.8571428571431},2857.1428571428573,3571.4285714285716,4285.7142857142862,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009,5000.0000000000009]
[null,null,"Depreciation",null,null,{"$f":"SUM(F37:F52)","v":714.28571428571433},714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,714.28571428571433,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[]
[null,"TOTAL DEPRECIATION",null,null,null,{"$f":"+F55+F30","v":20714.285714285714},24714.285714285714,24714.285714285714,24714.285714285714,24714.285714285714,4714.2857142857147,714.28571428571433,0,10000,10000,10000,10000,10000,0,0,0]

{"sheet":"SUPPORT","index":6,"n_rows":41,"n_cols":8,"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,null,null,null,"YES"]
[null,"E",null,null,null,null,null,"NO"]
[null,"F"]
[null,"G"]
[null,"H"]
[null,"I"]
[null,"J"]
[null,"K"]
[null,"L"]
[null,"M"]
[null,"N"]
[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",{"$f":"MATCH(0,'IV. Profit&Loss + Cash Flow'!D8:X8)","v":9}]
[null,null,"Column identification for Year 0",{"$f":"INDEX($B$1:$B$21,$D$22)","v":"L"}]
[null,null,"Column identification for Year 1",{"$f":"INDEX($B$1:$B$21,$D$22+1)","v":"M"}]
[]
[null,null,"Year range",{"$f":"CONCATENATE($D$23,\"8:X8\")","v":"L8:X8"}]
[]
[null,null,"Cumulative cash flow without ESA",{"$f":"CONCATENATE($D$23,\"36:\",$D$41,\"36\")","v":"L36:W36"}]
[null,null,"Free cash flow without ESA",{"$f":"CONCATENATE($D$23,\"35:\",$D$41,\"35\")","v":"L35:W35"}]
[null,null,"Free cash flow without ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"35:\",$D$41,\"35\")","v":"M35:W35"}]
[null,null,"Yo cash flow without ESA",{"$f":"CONCATENATE($D$23,\"35\")","v":"L35"}]
[]
[null,null,"Cumulative cash flow with ESA",{"$f":"CONCATENATE($D$23,\"33:\",$D$41,\"33\")","v":"L33:W33"}]
[null,null,"Free cash flow with ESA",{"$f":"CONCATENATE($D$23,\"32:\",$D$41,\"32\")","v":"L32:W32"}]
[null,null,"Free cash flow with ESA (excl. Yo)",{"$f":"CONCATENATE($D$24,\"32:\",$D$41,\"32\")","v":"M32:W32"}]
[null,null,"Yo cash flow with ESA",{"$f":"CONCATENATE($D$23,\"32\")","v":"L32"}]
[]
[null,null,"Full duration in years (development + commercialisation)",{"$f":"'IV. Profit&Loss + Cash Flow'!N8+'I.Input Data'!I11-1","v":11.923287671232877}]
[]
[null,null,"Column position for end of Commercial Phase",{"$f":"D22+D38","v":20.923287671232877}]
[null,null,"Column identification for end of Commercial Phase",{"$f":"INDEX($B$1:$B$21,$D$40)","v":"W"}]

{"sheet":"Change Log","index":7,"n_rows":4,"n_cols":3,"rows_kept":4,"cut":false,"hidden":false,"merged":[]}
["Version","Date","Notes"]
["1.0","2016-09-09","First version published"]
["1.1","2017-01-24","Corrected bug in OPEX formula (row 20, 21 and 22 from column N to X in worksheet III. Costs) with uplift added to the salary and the sum multiplied by the number of staff"]
["1.2","2017-01-26","Corrected bug in Input Data on rows 52, 55 and 58 from column M to U.Uplift is now calculated with the value of cells L52, L55 and L58 instead of only L52 and the formula has been changed"]