Month end update - July 2025

I made 70bn profits in July 2025, made an accounting payment of 12bn to Omega my 7 accounts and distributed nothing.  Therefore, my wealth rose by 58bn to 2.418 trillion isk.

So a reasonable month.  Real life busy, so manufacturing took a back seat.

Total Sell Orders on the market was flat at 2.0 trillion and Buy Orders flatish at 0.1 trillion isk = 2.1 trillion isk on the market in total.

Manufacturing was slow this month - real life was busy.

I am on holiday for half of August.

Omega / "accounting payments"

In June i took part in the Omega sale and spent 143 billion isk to buy 12 months Omega on all my 7 accounts.  That 143 billion isk counts to me as an asset in my wealth and i will reduce it by 12 billion each month to wind it down to zero when the Omega runs out.

Therefore, each month i will have this "accounting payment" of 12 billion isk.

More details in the section "Seven Omega Accounts to pay for" below.

Distribution Policy

My plan going forwards is to have 50 billion isk spare in my wallet, on top of isk in my manufacturing operation, for opportunities that come up and therefore i will distribute every surplus 50 billion - i.e. when i get to 100 billion isk in my wallet (on top of the isk in my manufacturing operations) i will distribute 50 billion.

I find there is no longer a "purpose" to watching my wealth rise like there was on the road to my first trillion.

Distributions

These days, the aim is to distribute my profits to the Oz Tank Show or other ventures that generate content in Eve Online.  Watching the numbers go up was great in the first trillion but lacks purpose onwards.

In July i did not distribute anything.  ISK in wallet = 190 billion = 187 billion normal isk + 3 billion isk in manufacturing.

So far i have given 438bn to Eve shows:

260bn isk to the Oz Tank Show

92.5bn to The Oz Show

50bn to the twitch show TheOneAndOnlySidar

20bn to the podcast Declarations of War to sponsor it.

13.2bn to the Nth_Dimensional Twitch show

1.6bn to the Raff_About_It show

The Oz Tank Show started in July 2023 and i have generated profits of 1.603 trillion in the July 2023 - July 2025 period and distributed 438bn.

So that leaves 1.2 trillion isk to distribute to some venture(s).

It is early days but the Oz Show is considering having some of its tycoons sponsor a new Corporation.  Lets see.

Seven Omega Accounts to pay for

Therefore, i took advantage of the 20% plex discount and added another 12 months on all my accounts in June.

In July spent 143 billion isk buying 12 months of Omega for 7 accounts and another 12 months for one of those accounts because i was too far into a bottle of red to be paying attention  (1 of these accounts is a manufacturing account which was an old account going back to 2012 that has been in alpha since around 2016).

My seven Omega accounts will come off Omega from July 2026 to September 2026 with one account going to October 2027.

Rather than being complicated and staggering the depreciation of this asset and figuring out how the extra 12 months will work - I will account for this in the normal way by saying from this July 2025 onwards 1/12 of the 143 billion will be recognised as a cost each month = 143/12 = 12 billion isk and the asset held in wealth will therefore reduce by 12 billion isk each month.

For the accountants amongst you that will mean come July 2026 i will have a number of free months of Omega to come including one account Omega all the way to October 2027!

If i did what i used to do which was to buy 3 months of Omega i would be spending 7x6.2x1200/3 = 17 billion isk a month.  So the 20% discount and 12 month purchase was a good deal.

The basic numbers for July

In July i had sales of 455bn isk vs June of 482bn.  So a decline of 6% but above my long term average of £325bn.

455bn sales is my third best ever with 516bn in December 2024 being the best, June the second best and now May the fourth best.  The sales are coming in.

This comes to average daily sales of 14.7bn isk.  In other words, each evening i expect to see across all my accounts an additional 15bn isk (less transaction taxes) sitting on the characters to be reinvested back into the markets.

So, good news on Sales for May, June and July in 2025.

Item profits were 120bn isk which is a margin of 26% (120/455).  So above the 25% target.  There will be an upwards distortion from Skill Farming in here which i am sure i could work out if i had the time.

Taxes and Courier fees came to 50bn isk.  I am still facing a lot more competition in Blueprints which is pushing up my broker relist fees - they are now running at 4% of sales vs 1 to 2% historically.

That takes the Trading Profits to 70bn isk and so a trading margin of 15.5% (70/454).  So still below the 16% margin target which rarely happens.

And then from this 70bn profits i pay the 12bn Omega charge.

That was how 455 billion isk of sales became 58 billion isk of profits.

What is needed to get wealth to rise to 100bn in a month?

In some ways, i am there now - lets see if i can get this to work.

I would need to make daily sales of 18bn on my 25% item market - that has never happened.  Therefore, to achieve 100bn profits a month i need to do one or some of three things.

1) Increase my item margin above 25% - possible but a risk.

2) Keep on doing Skill Farming - i packed that in when my 12 months of skill farming ended in June / July 2025.  Still making some sales from the tail end of it but it is no longer going to feature in the near term.

3) Expand into station trading - i sort of do that but not to any big deal.  So this is possible.

4) Expand into manufacturing - which i am now giving a real shot.  The interview with Sir SmashAlot on the Oz Show was inspirational.  As was an old youtube series Building my Industrial Empire.

My Sales Strategy

I have redesigned how i operate each evening now that i use the Eve Excel Addin fully within my business.

it takes 10 minutes to go through my trading locations to work out what needs to be bought from Jita to be sold and also what Sell Orders need to be updated.

It takes 10 minutes to buy the items from Jita and set up courier contracts and adjust all the noted Sell Orders.

And then 5 minutes to put the couriered items up for Sale when they arrive later.

What used to take 45 minutes now takes 20-25 minutes.

And then once a weak i do a deeper dive into each trading location to see what new items i can sell.  That can take a full 20 minutes.

My overall strategy remains to Buy from Sell Orders in Jita to sell in the trading hubs in other Regions.

I don't sell consumable items such as ammunition given they tend to be high volume and very competitive.  That includes ships.

I rarely sell items used as components in manufacturing because the end buyer tends to be cost conscious (and armed with spreadsheets) and able to manufacture the items themselves if market prices are too high.

I sell items that are in low supply and sell very slowly.  These items tend to have very low competition - sellers want to get cash quickly and so don't bother in these items.  If i put an item on the market and it sells in 15 days that is fine with me.

These items also tend to be price insensitive - players will buy the item almost whatever the price.  The Buyer is much more interested in getting the item to use now rather than setting off to Jita to get it cheaper.

I sell items that are typically bought to kit a ship as a player progresses or has to replace a destroyed ship / pod.

Each month i sell 20-30% of what i had to sell at the start of the month.

I have a rule that the minimum profits have to be 100m isk.  It is no use me buying items for 5m to sell them for 15m.  The profitability may be great but that won't move the dials.  That said, it is surprising how many items i can buy for 120m from Jita Sell Orders and sell for 220m in the other trading hubs.  At that isk level, players re-equipping don't care about spending an additional 100m isk to save time.

And in the secondary trading hubs Amarr / Dodixie / Rens / Hek buyers will not travel even one jump to buy a cheaper item.  For example, i can post an item for sale in the main Rens Trading up for 300m, and even if one jump away the same item is for sale for 250m the item in the main Trading Hub will still be the item sold.

Also, i recently moved to only selling items that sell over at least 500 million isk.

Therefore, i mostly sell Implants, Blueprints, ship equipment and some structure modules.  And more recently Large Skill Injectors.

What is selling well in July

Amarr for the fourth month in a row is the best sales location, followed by Dodixie.

And then out of no where Tash-Murkon came third followed by Rens and then Sobaseki and Delve both did better than Hek.

That was new.  Could be a one off and Rens / Hek could re-establish themselves.

The main competitive issue remains Blueprints where in a number of my Trading Locations they are all being undercut on the daily basis and so we have a trading war going on.

That all said, Blueprints remains a good source of income as do implants and ship equipment.  Mining items no longer - too competitive.

Manufacturing

The Oz Show had a great interview with Sir SmashAlot where he talked about his manufacturing activities to the tune of making over 1 trillion profits per month!

And the author of the blog I wanna be a Trillionaire, so frickin' bad... has moved into manufacturing and is making a good job of it.

And going back a few years there was a great youtube series Building my Industrial Empire (who is now back).

Early days, i am making some profits and will update this blog as i go.

Ideally, i want to create a process that i can scale.

Planetary Interaction

I have re-started this.  18 planets for now, set to staggered 14 day cycles.  During July / August i plan to redesign all this and perhaps move out of High Sec.

Research

For now, i have stopped trying to make this work.

Station Trading

All in Jita.  I focused a bit more on it and made sales of 32bn isk which is inline with the long term average.

I don't really have a process up and running that is scalable.

My idea of station trading is not buying items when they look cheap.  For me, station trading is about sticking to the slow moving items and quite often i am the only person in Jita trying to sell an item.  Almost always Selling for over 1bn isk.

What i don't do is Investing.  I.e. i don't buy an item now i think is cheap and hold onto it to sell it a few months later when the price has risen.

Alpha Accounts

I have 1 Alpha account with a character in Venal left.  All the others were upgraded to Omega last summer to start Skill Farming.

Old Accounts

This is my third outing in Eve Online.  I still have the characters of the prior two attempts and i have resurrected them all.  One account is Omega and does manufacturing the rest remain as Alpha for now.

Plex

I bad 18,300 Plex at the end of July and spent all of that buying 12 months of Omega across all my Omega accounts (and another 12 months on one account because i was too far into a bottle of red wine to notice).  So i have around 260 Plex left.

Thinking about whether or not to rebuild - for now i won't.  CCP seem to be taking actions to make this less lucrative so for now i will hold off.

Items in hanger for sale

There are a number of items that i sell that can only be sourced from Regions outside of The Forge (the home of Jita).

To make my life easier, i buy them from their home bases and have them couriered to Jita to be stored ready to be couriered to their final sale destination.  Makes life a lot easier for the cost of one transport leg.

Also, given i am skill farming i have a number of Skill Extractors and Large Skill Injectors sitting in hangers waiting to be used / sold - these are being sold down over time.

In all, some 372bn isk of items in Hangers.

Buy Orders

Buy Orders have varied over time and peaked at around and are just off the high at 92bn.  Whilst i am not focusing on Station Trading in Jita i am taking more opportunities in all this,

Once i get a grip, Buy Orders will also increase as i ramp up the Station Trading in Jita.

ISK

I have 190bn spare ISK kicking around.

For the last 12 months the average ISK in wallets has been over 100bn compared to around 50bn before this.

The reason for his is purely real life being busy and so not having the time to make sure everything is invested.

I want to enhance station trading a bit but i also want to keep distributing my isk to other content providers.

I now have a new distribution policy where i will distribute all blocks of 50 billion isk above 50 billion + manufacturing isk in my wallet.

Current Wealth

Current wealth is 2.418 trillion ISK made up from:

• Plex held as an investment 2bn ISK
• Items in hanger for sale 372bn ISK
• Items in hanger for use in business 11bn ISK
• Omega brought forward 131bn ISK
• Buy orders on the market 92bn ISK
• items for sale 2.03 trillion ISK

• less a 20% provision 405bn ISK*

• ISK in wallet 190bn ISK

When i add up my wealth, I don't count assets I use in the course of my business such as ships, fittings etc nor do I add back any expenses such as skills purchased etc.  The wealth I disclose is made up of items that are ISK or are in the process of being converted to ISK or are used to generate isk that can be readily resold back onto the market.  Any ships or skills or fittings etc i buy are counted as expenses in that month.  The only exception to this rule is Blueprint Originals i use for manufacturing.  They are held at cost.

* I take a 20% provision against the items I am selling.  Eve calculates wealth by adding up the value of the sell orders hence it is possible to increase your wealth by buying an item for 100m ISK and putting a sell order for 120m ISK (in this case your wealth would increase by 20m ISK).  For me, I want my wealth to be calculated at cost.  I know that the value of my sell orders will likely fall over time as I update my orders downwards as competition reduces their prices before my items are sold.  Hence the 20% provision is my best guess as to what the maximum reduction I would need to make to my sell orders as a whole before they are sold.  In an ideal world I would value my sell orders at the value which I bought the items for.

MCT deal from June 2024 - now paid off leaving 6 months pure profit to come

The June 2024 Omega and MCT Deal

Back in June 2024 i took advantage of what was a brilliant deal to buy 12 months of Omega (the game ticket to allow premium play) and 24 MCT (allows me to train the other 2 characters in an account) for all my 6 accounts.

I actually upgraded 2 of my Alpha accounts to Omega to participate further in this.

My view at the time was that i could take part in this and through the skill farming from all the characters i did not need to train anymore i could pay for the cost in 6 months and then make good profits in the final 6 months.  And therefore get the 12 months of Omega for free.

The result to date (actually to mid January 2025)

The cost was 130bn isk - that was the catch, you had to have c22bn or so per account lying around.

In 6 months I have covered all the costs amd made profits of 4bn isk after all costs including taxes.  So the 130bn is now covered.  Inline with expectations.

Therefore, i have 6 more months of pure profit making to come from skill training.  Not unfair to assume i can make another 135bn in that time.

So, this deal in June got me 12 months of Omega for free and i will make total profits of 135bn.  Fantastic.

Profit vs Cash

Worth noting that i am still buying Skill Extractors to cover for the next 6 months.  Therefore, although i am in profit the net cash spent (sales less all costs) is still 181bn isk.  As is the case in real life, profit is not cash but they do converge over time.

How does this reconcile?  Well, I have 149bn of Skill Extractors in inventory and 36bn of Skill Injectors in inventory, and then the cash spent of 181bn.  Hence, 149+36-181 = 4bn profit.

The 36bn of Skill Injectors are valued at lower than the bid price of Jita - so i am comfortable there.  The 149bn of Extractors reflects the price i paid for them and they will be converted into higher value Skill Injectors anyway - so i am comfortable with the value of these.

The maximum net cash i had spent during all this was 261bn.  That reflects the 130bn initial cost and then buying Skill Extractors at good prices to get the Skill Farm flowing.

The Accounting of this all.

For the Accountants here, the below shows the Profit & Loss Account, Balance Sheet and Cash Flow Statement of this venture.

The narrative above discussed the Balance Sheet.

Tbe Profit & Loss Statement shows 280bn of sales, 13.6bn of Gross Profits and then after Transaction Taxes and Broker Fees gives the Profits of 3.8bn.

The "Cost of Sales" is made up of isk spent on extractors and startup less items i have in inventory.  i.e. what is going on here is that if i spend 100bn on extractors but still had 80bn of them in inventory then for the purposes of this profit calculation i recognise that as 20bn spent as costs.

The Cashflow statement shows how the profits of 3.8bn ends up being cash spent of 180.6bn.  The answer is that i have spent 148bn on skill extractors that i still hold in inventory and i have 36bn of Injectors still to sell.  In the Accounting world that is known as the "movement in working capital".

Eve Excel Add In - a run through of my sheet to calculate my wealth, Part 2

This is the second part on my series looking at the spreadsheets which use the Eve Online Excel Add-in to calculate my net wealth.

This sheet focuses on the assets i hold in hangers and is quite annoying in that i have not yet managed to work out how i can do this in one line per character.

i.e. in the prior sheet for each character it only takes one line to calculate the total Sell Orders for example.

For the assets in hangers i need to list them all out and then make sure i am not counting Blue Print Copies.

The basics of the Spreadsheet is that for each character i list out all the assets in the hangers and then value them off Jita prices.  This will also capture all Blueprint Copies which i need to eliminate.  I then list all the Blueprints and if they are a copy i add them all up and take them away from the first list.  All will be clear on the spreadsheet below.

I also do something similar for the Corporate which captures everything in Corporate Hangers.  I.e. items delivered from courier contracts.

Lets go through the first character:

Cell D4 picks up the character ID from the list i input in column D.  See the prior post in where to get the character IDs.  There are two ways.

Cells E4, F4 and G4 get the character name, system and Region:

=EVEONLINE.CHARACTER(D4),  =EVEONLINE.SOLARSYSTEM(MODE(EVEONLINE.CHARACTER_ASSETS(D4).final_location.solar_system_id)).solar_system_name,  =EVEONLINE.REGION(MODE(EVEONLINE.CHARACTER_ASSETS(D4).final_location.region_id)).name)

The real work starts in cell D9 with the formula =EVEONLINE.CHARACTER_ASSETS(D4)

This lists all the assets held in hangers for the character where D4 is the cell containing the character ID.  It will form a list.

Column E will then take each item in column D and get the quantity =D9.quantity

Column F will then get the minimum Sell Price in Jita for each item in Column D =EVEONLINE.MARKET_ORDERS_STATS(10000002,D9.type.id).sell.min

10000002 is the id for The Forge which is the Region where Jita is.

The way this formula works is to bring up all the type.id for each asset item, and then gets the enter market order book in The Forge for this item, and then at the end gets the Sell prices only and then only the minimum.

Column G then multiplies these Columns together to get the value of each asset and then this is all summed up in Cell G7.

But we must now eliminate the value of all Blueprint Copies (which are given the Blueprint Original price).

So, Column I lists all the Blueprints owned by the character =EVEONLINE.CHARACTER_BLUEPRINTS(D4)

Column J then shows how many runs are left for each Blueprint =I9.runs.  If the runs left are -1 then that is a Blueprint Original, otherwise it is a Copy.

Column K then lists the value of only the Copies which in this case instead of multiplying the columns together i just used a new formula =IFERROR(IF(J9<>-1,EVEONLINE.MARKET_ORDERS_STATS(10000002,I9.type.id).sell.min,0),0)

Cell K7 then sums all these Blueprint Copies.

And therefore the sum of all the assets owned is Cell G7 - Cell K7.

Finally, look carefully at how it is done for the Corporation Hangers in columns GB onwards.

Eve Excel Add In - a run through of my sheet to calculate my wealth

I have been using the excel Add-In since it came out to calculate my wealth.

The aim of the excel sheet is to avoid making lists of all the Sell Orders and Buy Orders i have but to try and get as much of it into a one line formula if possible.

Using the Add-In is much quicker than the old days and quite easy to use, though with a reasonably steep learning curve.

Knowledge of excel is a must.

The Spreadsheet

Below is my Excel Spreadsheet (as at the point in time i posted it) and I explain the formulas used.  It is the formulas that count and how they are put together more than anything else.

I will assume that everyone knows how to get the add-in up and running.  If not, a suitable explanation is given by Oz in a youtube video.

In the Sheet itself, every Add-In formula i use is written above the column it is used it.

Items in yellow is data you need to input yourself.

The way to update this sheet if you have it in excel is ctrl + shift + alt + F9

Going through the columns on the main part

Column B - Character ID:

Every character in Eve Online has its own ID.  There are two ways to find this out.

1) Look at your character (or Corporation) on Eve Who and in the URL is your character ID

2) use the formula <=EVEONLINE.ACTIVE_CHARACTER().id> which will list all the ID's of characters you have on the addin.

Either way, we need these character IDs to run the spreadsheet.

Column C - name:

This is an easy formula of <=EVEONLINE.CHARACTER(B9)> where B9 is the cell with a character ID in it.

This will give the name of the character.

<=EVEONLINE.CORPORATION(B14)> gives the name of the Corporation where B14 is the Corporation ID.

Column D - solar system:

Ignore for now, not important and there may be a simpler way.  I will deal with this at the bottom of the post.

Column E - region:

Ignore for now, not important and there may be a simpler way.  I will deal with this at the bottom of the post.

Column F - wallet:

For characters the formula is <=EVEONLINE.CHARACTER_WALLET_BALANCE(B9)> where B9 is the cell with a character ID in it.

For the corporation, you still have to link it to a character with access to the bank accounts (linking it to the corporation will not work).  Also for Corporations there are various parts of the wallet, so they all need to be added up.

So, this is where is gets interesting and we start to use the Excel functionality.

I could use a formula to list out all the balances in all the Corporation accounts which would be <CORPORATION_WALLETS(B9).balance>.  This would list out all the bank balances in the corporation.

But i want one number which is the sum of these hence, the formula is <=SUM(EVEONLINE.CORPORATION_WALLETS(B9).balance)> where B9 is the cell with the ID of a character with access to the Corporation bank accounts.

Note we now have the Excel function <SUM> come in which sums up the list that was produced before into one line.

Column G - Sell Orders:

This is where we really start to use the functionality of the Add-In.

The formula i use to get the sum of all the Sell Orders for a character is <=IFERROR(SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B8).volume_remain) - SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain),0)>

B8 is the cell with the character ID in it.

Lets break this down.

<=EVEONLINE.CHARACTER_ORDERS(B9)> will list all the Sell and Buy orders for a character including the price and quantity initially put on and what is left.  That is no use - we need to isolate the quantity left to sell, the price and whether it is a Buy or Sell order.

<EVEONLINE.CHARACTER_ORDERS(B9).price> will list the price that the Sell or Buy order is listed at

<EVEONLINE.CHARACTER_ORDERS(B9).volume_remain> will list all the remaining quantity to Sell or Buy.

And this is the beauty of the Add-In and Excel, the formula <=EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain> will list the value of all the Sell and Buy orders.  It will be a list that multiples the price of each order by the remaining quantity.

Therefore, i can use the Excel SUM function to get the total value of all the Sell and Orders on one line by doing <SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain)>

However, this is the combined value of the Sell and Buy Orders.

The Add-In only gives us the ability to isolate the Buy Orders and so i need to take this total value and take away the value of the Buy Orders.

the formula <EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order> gives a True or False for each Order if it is a Buy or Sell Order.

Therefore, i can use the same formula as before but Add-In this bit to give me a list of all Buy Order Values <EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain>

and as before i can use the Excel SUM function to get the total value on one line <SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain)>

So, i only now need to take one SUM away from the other to get the total Sell Orders.

And add an IFERROR function at the beginning to give the answer "0" if there are not and Buy or Sell Orders.

Column H - Buy Orders:

<=IFERROR(SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain),0)>

This is merely the SUM of the Buy Orders we used above.

The Add-In gives us the ability to isolate the Buy Orders by using the formula <EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order> which gives a True or False for each Order if it is a Buy or Sell Order.

I also can list the price of each Buy Order <EVEONLINE.CHARACTER_ORDERS(B9).price>.

and i can list the quantity that remains to be bought <EVEONLINE.CHARACTER_ORDERS(B9).volume_remain>.

and so combining these altogether i can get a list of the Buy Orders value per Order <EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain>

and as before i can use the Excel SUM function to get the total value on one line <SUM(EVEONLINE.CHARACTER_ORDERS(B9).price * EVEONLINE.CHARACTER_ORDERS(B9).is_buy_order * EVEONLINE.CHARACTER_ORDERS(B9).volume_remain)>

and then wrap it into an IFERROR function to default to 0 if there is an error.

Column I - Inventory:

This is taken from another workbook and will be in a following post.  So far i am unable to nail the value of the inventory held by each character in a one line formula.  Hence i use another workbook to do the calculations.

Column J - Provision vs Sell Orders:

this is merely me taking a 20% provision against each sell order to recognise i will need to pay Transaction Tax when the sale goes through + i may need to list it at a lower value to get it sold.

So nothing to do with the Add-In.

Column K - Contracts outstanding or in progress:

<=IFERROR(SUM(FILTER(EVEONLINE.CHARACTER_CONTRACTS(B9),(EVEONLINE.CHARACTER_CONTRACTS(B9).status="in_progress") + (EVEONLINE.CHARACTER_CONTRACTS(B9).status="outstanding")).collateral),0)>

where B9 is the character ID.

Lets break this down.

I can list all the contracts i have that are "outstanding" and "in progress" and " finished" using the formula <EVEONLINE.CHARACTER_CONTRACTS(B9)>.

But what i am interested in are only those "outstanding" or "in progress".

The Add-In allows me to show the status of each contact using ".status".  So <EVEONLINE.CHARACTER_CONTRACTS(B9).status> will list the status of each contract.

Therefore, i can use the Excel FILTER function to isolate only those that are "outstanding" or "in progress".  The FILTER function works a bit like COUNTIF.  <FILTER(list, condition)>.

I can use multiple conditions and in my case i was either "outstanding" or "in progress".  "+" is the equivalent of "OR".

Therefore, to list only these contracts that are "outstanding" or "in progress" i use the formula <FILTER(EVEONLINE.CHARACTER_CONTRACTS(B9),(EVEONLINE.CHARACTER_CONTRACTS(B9).status="in_progress") + (EVEONLINE.CHARACTER_CONTRACTS(B9).status="outstanding"))>

And then to get the contract value i use ".collateral" to make the formula <FILTER(EVEONLINE.CHARACTER_CONTRACTS(B9),(EVEONLINE.CHARACTER_CONTRACTS(B9).status="in_progress") + (EVEONLINE.CHARACTER_CONTRACTS(B9).status="outstanding")).collateral>.

And of course i want this on one line so i use the SUM function to add it all up <SUM(FILTER(EVEONLINE.CHARACTER_CONTRACTS(B9),(EVEONLINE.CHARACTER_CONTRACTS(B9).status="in_progress") + (EVEONLINE.CHARACTER_CONTRACTS(B9).status="outstanding")).collateral)>

And wrap it in an IFERROR function to return "0" if there is an error.

Column L - Items in Corporate Delivery Hangers:

This is taken from another workbook and will be in a following post

Column M - Plex:

The Add-In can't access the Plex Wallet - so i have to manually input the quanity.

But the Jita minimum Sell price is the formula <=EVEONLINE.MARKET_ORDERS_STATS(10000002,44992).sell.min>

where "10000002" is the ID of The Forge region and "44992" is the ID of Plex.

Column D and E - System Location and Region Location:

These columns list the System and Region each character is in.  There must be na easier way of doing this but for now i cant work it out.  So i have looked for the location for each character where most of their assets are and used that as the assumed location of the character.

so, for System: <=EVEONLINE.SOLARSYSTEM(MODE(EVEONLINE.CHARACTER_ASSETS(B9).final_location.solar_system_id)).solar_system_name>

where B9 is the cell with the character ID.

and for Region: <=EVEONLINE.REGION(MODE(EVEONLINE.CHARACTER_ASSETS(B9).final_location.region_id)).name>

where B9 is the cell with the character ID.

Eve Excel add-in

I am beta testing the excel add-in and so far i like what i see.

This will really allow players to more readily use data to get more involved in Industry and keep track of your Characters and Corporation more generally.  All of this could be done before but now much less coding / excel knowledge is required.

There is no NDA - and plenty of market commentators are showing examples on their streams.

The best way to think about it for now is that it gives the same data you get into the Eve Portal app.  Though, i can see how it can be used for much more.

The data comes straight into a spreadsheet - there is a limit on how much data can come in at any one time before more is added.  But not too long between additions.

Works on Excel, the free Excel (only web based), on MAC and PC.

You need to add characters by logging in - but that is all very intuitive.

Example excel formulas

=EVEONLINE.CHARACTER_ORDERS(<char_id>) - will pull into excel a column of all Buy and Sell orders from one of your characters.

=EVEONLINE.CHARACTER_ORDERS(<char_id>).price will show the price that the Buy or Sell order is at.

So far, pretty basic stuff and very intuitive.

It can get tricky though:

=MIN(FILTER(EVEONLINE.MARKET_ORDERS(10000002, <item_id>),EVEONLINE.MARKET_ORDERS(10000002, <item_id>).transaction_type="SELL").price is what is currently required to show the lowest Sell Order price for an item in Jita (this is the formula i use to value assets i hold).

What have i done so far

So far, i have built a spreadsheet that tells me my wealth: Adds up all my Sell and Buy orders across my 14 Traders (8 Omega alts and 6 alpha alts); adds up the value of my assets; adds in the value of the ISK held by the alts and the ISK held by my corporation.

The thing it won't do for now is capture any assets delivered by courier contract into a Corporation Delivery Hanger and it can't capture the Plex in the Plex Wallet.  That may change.

Also, some things could be ironed out, for example the excel formula to find the lowest Sell Price or Highest Buy price in a station is a bit intensive.  I am sure they will be.

If you have a big spreadsheet like i do that cane take a minute or so to update, best to put your formulas to "manual" and so the data updates when you want it to rather than every time you come out of a cell.

Current videos on the add-in

Oz has one: First look: Eve Online Excel Add-in Beta

Talking in Stations has one (bias to the Industrial side of life, using Blueprints): Eve x Excel for Dummies

Output

For what it is worth, my wealth as i write this post is now 916bn isk, so an increase of 48bn vs end of February.  Maybe i can make March a 70bn increase in wealth month.  Lets see.

Scalability of the Business Model - Asset Turnover

Brace yourselves, some business theory here:

The summary of all the below is that any new Trade Locations that i open need to be better than Tash-Murkon to be viable given todays price of Plex.

Currently, i make around 20-35bn ISK profit per month after plex costs to fund 3 Omega accounts.  I should always be aiming to grow the absolute monthly profit such that i can say i make 25-40bn per month and then 30-45bn and so on.  Sticking at 20-35bn ISK profit per month is not the aim.

The question is how to take the business to the next level.

Thinking about the current Business Model

The current business model is Regional Trading.  I buy from Sell Orders in Jita, courier these items to my Trade Locations and put them up to Sell there.

There is still plenty of runway to build on my current business model.  I can put more items for sale in the existing markets and also Plex more alpha accounts to omega open new markets.

When thinking about how far to take my current business model before branching into other areas i need to consider three things:

1) Does time allow given my 45 minutes per day allowance

2) Can my business even scale (i.e. will sales rise as i put more on the market to sell)

3) Is this still better than the alternatives

Lets put (1) and (3) aside for now and focus on (2) - the business model scalability question.

What i am really asking is that as i put new items on the market to sell - will they sell or just sit there forever?  If i open two new Trade locations and so invest 70bn into Sell Orders in each - will those items actually sell or sit there stale?

And the way to measure this is to look at the Asset Turnover.

The Theory

The theory behind this is that my monthly profit = Assets x Asset Turnover x profit margin (before plex costs).

Assets grow with my monthly profit.  I reinvest all the current 20-35bn monthly profit back into my business.  So this is a growth lever - though slow.

The profit margin i know is 16% (currently doing better at around 20% but i know it will revert back to 16%.  So, no growth from this lever.

Asset Turnover is a measure of what proportion of my Sell Orders are sold each month.  Asset Turnover = Revenues / Assets.

And therefore measures the efficiency of my sales process.  If all my Sell Orders were sold in a month then the Asset Turnover would be 1x.  If 20% of all my Sell Orders were sold my Asset Turnover would be 0.2x.

The Numbers

So, in August 2022 my wealth was 481bn and my revenues were 218bn.  Therefore my Asset Turnover was 218 / 481 = 0.45 times.(Asset Turnover = Revenues / Assets).  Put simply, i sold 45% of my assets in August,  (or perhaps i sold the same 22% twice over).

A growth driver or growth headwind?

The question is, how is this trending?  Is it a growth driver or a drag on growth?

I have been tracking my Asset Turnover since i started, as shown in the chart below:

And clearly, ignoring the starting months, it peaked in December 2021 at 1.2x driven by the mining changes and then fell to 0.4x before rising more recently.

Something is dragging the Asset Turnover down.  It will likely be a mix of market slowing down and new Trading Locations having a naturally lower Asset Turnover.

If i look into each trading location, as shown below, then i can see that Dodixie and Amarr typically run around 0.6x whilst Rens, Hek and Sobaski run at around 0.3x and Tash-Murkon bring up the rear at 0.1x.

There is clear evidence that each Trade location has different Asset Turnovers.

In other words, each new trade location i open has a lower asset turnover indicating that whilst my business model may be scalable the incremental growth from each new trading location is lower.

Lets therefore assume any new Trading Location has an Asset Turnover of 0.1x.

And therefore, if i do decide to open two more new trading locations (say in Arnon and Alentene) which typically take 70bn Sell Orders each (so 140bn invested into the two markets combined) then i should only expect combined monthly profits of 140 x 16% x 0.1x = 2.24bn ISK which is not, today, enough to upgrade the account to Omega.

However, the Asset Turnover of all other Trade Locations remains good and therefore it still makes sense to keep on expanding the number of Sell Orders in each of those Locations until we see clear evidence that this is dragging down the Asset Turnover.

Conclusion

In other words, to make this work i need to ensure that the new Trade Locations are better than Tash-Murkon.

But expanding into existing Trade Locations is still viable.

Accounting for my business

OK, this is an accounting post where i show how my Eve business would be accounted for in real life - move on if this is not your thing!

My business model is very simple at present:

 - I buy from sell orders in Jita

 - I pay to have the items couriered

 - I put the items up for sale in Dodixie and Amarr at a 25% profit margin

 - I change the selling price as appropriate to stay competitive

 - I collect the sales proceeds

So, the Profit and Loss Account below captures all the above and is the simple part of it all:

(items in yellow is where i have had to input to the spreadsheet, the rest are deduced)

Revenues are the total sales i have made from Dodixie and Amarr.  Combined that comes to 54.6bn in November.

By working backwards i know that my profits from selling these items was 17.6bn isk in November.

And then i have all the costs associated with making the sale: Sales Tax; Broker Listing Fees; Broker Price change fees; and courier fees.  They came to 6.8bn isk.

Take off the 1.4bn isk to buy the Plex and so my profit for November was 9.4bn isk which is the increase in my wealth.

The main thing to notice here is that revenues increased by 48% to 54.6bn but my profit increased by 124% to 9.4bn.  Partly due to the price of Plex being the same but mainly due to me selling items at a higher margin than the targeted 25%.

The Balance sheet just adds up my assets which should be the same as the sum of all my profits:

Pretty simple balance sheet.

In November i had 1.1bn of stock in my hanger waiting to be put on the market to sell, i have 18.6bn of items for sale in Dodixie and Amarr and that has a 20% provision against it of 3.7bn as a very cautious estimate of what i may have to reduce prices by to sell it all.  And then there is the 0.7bn isk in my wallets.

So, total wealth was 16.6bn which is also the sum of all the profits i have made since i started in August 2020.

The Cashflow statement then answers the question of how can i make 9.4bn isk of profit but only generate cash of 0.6bn isk.

So, we start in November with 10.8bn of profits and then we need to make a series of adjustments to recognise the investment i have made in 'working capital'.

firstly, stock in hangers increased from 0.0 to 1.1bn isk - that has therefore absorbed 1.1bn isk of cash.

secondly, the value of items i have for sale at the end of the month increased from 8.9bn to 18.6bn isk - so that absorbed 9.7bn isk of cash.

thirdly, the provision rose from 1.8bn to 3.7bn.  This is a non-cash loss so we reverse that rise of 1.9bn out.

what that means is that a November trading profit of 10.8bn actually created 2.0bn isk of cash.  the rest was invested back into the market.

that 2.0bn isk covered the 1.4bn isk Plex payment to leave 0.6bn isk to add to the 0.1bn that was in my wallet at the end of October.

Simples.

. . . . . . as an aside, this is why in the real world many companies that are growing very fast seem to have very little cash to spare, it is all going back into the business to drive the growth.  In my case, it is all being used to buy more items in Jita to sell in Dodixie and Amarr.