Market Sensitive Notice, page-172

Agree with you makattack COGS is always higher in early commercialisation stage ,and is a red herring and not a relevant KPI .
It is the speed of ramp up in sales from a baseline and the average profit margin on units sold over that time that determines the companies value on an NPV basis not the possible profit in the first few years which has virtually no effect on NPV despite being early income (not discounted for time)
On a second note, the first computers Steve Jobs made had very little impact on the NPV of Apple at that stage , but the IP even at that early stage was the formula for success, same here .