Monday, 3 October 2011

Profit Account for September 2011

Evekill statistics for September 2011:
  • Kills: 40
  • ISK destroyed: 1.6 billion
  • Losses: 8
  • ISK lost: 0.16 billion
  • Efficiency: 91.01%
  • Kill/Death ratio: 5/1

Battleclinic Rank: 26,610

Although I don't have nearly as many kills this month as some fellow Tuskers, September has been particularly busy for me; only July had more kills, and my efficiency was far worse. This is particularly surprising when I consider how little time I have actually been able to devote to Eve - there were a couple of week long periods where I was not able to log on at all. Despite the high kill count, though, there has been a shortage of treasure ships; those big kills that make you rich for a short while. Instead, it has been a bit of a grinder, with my losses eating away at what little profit I have been able to scrape together.

I have also made some changes to the way losses are valued. Until recently, I was using Battleclinic cost listings, but Tsubutai suggested that Evekill has more accurate valuations. When I compared the values attributed to my faction repair system (Battleclinic - 12 million ISK; Evekill - 5.45 million ISK) to what I actually paid for it (4.25 million ISK), I decided it was worth making the switch. This will mean a slight inconsistency between loss values when compared to the last few months.

For those interested in a comparison, last month's figures can be found here.

Schedule of Income

Solo Income

Dropped modules and other loot
ISK 106,414,402 

ISK 30,800,000
Bounty on Stoakes (ISK 800,000)
"Ransom" from toothslayer (ISK 30,000,000)

Total Solo Income
ISK 137,214,402

Group Income

Dropped modules and other loot
ISK 14,515,880
Vengeance et alia v Falcon et alia (ISK 8,515,880)
Vengeance & Rifter v Cyclone (ISK 6,000,000)

ISK 10,000,000
Dariaz Taron (ISK 10,000,000)

Total Group Income
ISK 24,515,880

Total Income
ISK 161,730,282

Schedule of Expenses

Solo Expenses

Reasonable losses (see note 1)
ISK 79,589,357
Vengeance (ISK 17,077,984) - Vengeance v Sabre.
Vengeance (ISK 17,510,527) - Vengeance v Gate Camp.
Vengeance (ISK 17,304,505) - Vengeance v FW Gang.
Capsule with four +2 implants (ISK 12,930,000)
Malediction (ISK 14,766,341) - Malediction v Thrasher.

Avoidable losses (see note 2)

Other expenses
ISK 1,842,018
Repairs (ISK 790,218)
Ransom CSPA (ISK 11,800)
Contract fees (ISK 40,000)
Donation to Joshua Baker (ISK 1,000,000)
Total Solo Expenses
ISK 81,431,375

Group Expenses

Reasonable losses (see note 1)
ISK 17,696,556
Vengeance (ISK 17,696,556) - Vengeance et alia v Cyclone et alia; a gang action.

Avoidable losses (see note 2)
ISK 39,860,493
Malediction (ISK 16,718,436) - Malediction et alia v Vagabond; I was fast tackle, and I tried to hold on too long while the rest of the gang caught up. Should have bailed.
Vengeance (ISK 23,142,057) - Vengeance et alia v Ashimmu; what the hell was I thinking?

Total Group Expenses
ISK 57,557,049

Total Expenses
ISK 138,988,424

Schedule of Profit (Loss)

Total Income
ISK 161,730,282

Total Expenses
ISK 138,988,424

Net Profit (Loss) (see note 3)
ISK 22,741,858

Appendix 1: Estimated Income Pending

Unsold solo roam loot
ISK 5,000,000

Total Income Pending
ISK 5,000,000

Appendix 2: Explanatory Notes

Accounting basis

This profit account has been prepared on the basis of income received and expenses incurred. That is, income is only recorded when the ISK has actually been deposited in my wallet and the expense of purchasing a ship is recorded only when the ship has been destroyed.

All accounts have to make decisions about when, and how, to record income, and each method has it's own advantages and disadvantages. I prefer the income received basis because it takes the guesswork out of preparation, but I recognize that this means that there will be cases where a profitable month may show a loss, simply because the bulk of the faction loot is still on contract in Jita. The reverse is also true.

However, as long as the accounts are consistent, long term trends in profitability can be reliably monitored, especially if we remain alert to the possible biases. Additionally, estimates of carried over income will appear in appendix 1.

All figures are rounded to the nearest ISK, and are derived from character and alt wallets unless otherwise stated.

Capital & Liquidity

These accounts also do not address issues of liquidity or capital. Although I may be profitable, for example, I may have no ISK in my wallet because I have converted those funds into ships and modules.

I have chosen not to address capital or liquidity for two reasons. First, this adds a great deal of additional work to the accounts, for very little additional gain. Capital and liquidity matter in the real world, where a corporation's ability to offer security for debt (capital) and meet the interest payments on that debt (liquidity) are critical issues. New Eden, mercifully, does not work like that.

ISK, how much money I have!


Note 1: "Reasonable losses" includes all losses where it was reasonable for me to engage the target and no fundamental play error occurred during the fight. Evekill costs, net of insurance, are used for simplicity, and dropped modules count as destroyed for the purpose calculating these costs, unless those modules were recovered after the fight. Loot from previous fights, if any, are excluded from the total costs - no ISK was spent on obtaining these items, so no ISK is lost when they are destroyed.

Note 2: "Avoidable losses" includes all losses where it was unreasonable for me to engage the enemy or a fundamental play error occurred during combat. Evekill costs, net of insurance, are used for simplicity, and dropped modules count as destroyed for the purpose calculating these costs, unless those modules were recovered after the fight. Loot from previous fights, if any, are excluded from the total costs - no ISK was spent on obtaining these items, so no ISK is lost when they are destroyed.

Note 3: In this line, a figure in brackets indicates a loss rather than a profit.

Appendix 3: Comments & Criticism

Somehow, I actually managed to turn a profit again this month. Of course, that profit gets me about one T2 frigate, but I'll take what I can get.


Solo roaming was again my primary source of income for this month, despite the fact that my killboard says I engaged in a fair amount of gang activity. The truth is, some of this activity was pure overkill, with a number of nearby Tuskers getting together to take on a target we could have dealt with solo or in a smaller group. Groups are only profitable when directed at high end kills, and these were not high end kills.


My expenses shot up this month, with 8 losses. While my efficiency is over 90%, that's cold comfort to my wallet.

In addition to my usual Vengeance builds, I also lost some experimental Malediction fits, but I have to accept that testing new ships is going to come with some element of expense.

Improving Performance

As I mentioned in this post, a significant number of my recent losses occurred when I was unable to escape a no-win situation; gate camps and the like. I can improve my profitability simply by improving my situational awareness and avoiding those kinds of situations.

I would also like to improve my kills/death ration; my goal would be a 10/1 ratio, and I will be keeping that in mind when I am selecting targets.


  1. It's actually somewhat awesome to see myself listed on your income statement. I don't feel too bad about that kill because I was actually watching Star Trek TNG on Netflix like a moron. I should have bailed at about nine different opportunities.

    I was wondering how you track and analyze the financial data for your monthly balance sheets. I'd like to start doing this myself and don't really know the best way to organize tracking the numbers. How do you keep notes? Do you just use the wallet journal, and if so, how do you search through it and tally everything, track which modules came from where, and so on?

    I haven't worked through your archive yet, so maybe you've already talked about your actual data collection method previously. If you have I'll just find that, but I would be interested to read about that if you haven't.

  2. Or maybe I just need to find an intro to accounting. I don't really have much experience managing finances IRL (I've always just sort of winged it when buying things, paying bills, etc.) and I'd like to use Eve as a springboard into managing and budgeting my non-Eden monies as well.

  3. At first I just trawled through my wallet entries, adding things up. This month I used EVEWalletAware, which made the process much less painful (once the program was set up, that is).

    I do tend to make some notes, though, so that I remember to chase up loot splits and that sort of thing. Similarly, I'll make draft posts on this blog to record initial thoughts about a fight, and then when I want to post something, I'll just flesh out one of the drafts I have sitting there.

    Tracking individual modules might be possible, but would be far too much effort. Instead, I just use the Evekill valuations for losses. It's going to mean that there is a slight discrepancy between the accounts and my actual wallet balances, but I can live with that.