## 3 Data Collection and Methodological Approach

Table 2: \(Cont.\)In the fourth stage, economic results have been calculated and normalized with reference to the data referring to the average European city as provided by the Cyclelogistics project [108], as reported in Table 2b,c. In detail, profit-and-loss data have been calculated and normalized coherently with the consolidated average economic arguments on page 19 of the aforementioned data from the Cyclelogistics project [108], whilst the average data on the European cities scenario have been extracted from page 9 of the same reference [108]. In this context, normalization means using the same average economic arguments in the aforementioned report in order to calculate profit and profitability of cycle logistics projects. This way, the methodological approach adopted allowed us to compare project data homogeneously. Profit and profitability measures for each project have been calculated over 5 years depending on available data from the Cyclelogistics project [107, 108] and by rounding yearly profits down with a 0.1 correction coefficient. This way, we have reduced the overall profit (and also the profitability inferred from it). This helps us in further challenging our research hypotheses by assuming a more pessimistic scenario in terms of profit and profitability levels as well as further mitigating the risk of their overestimation. In addition, profits have been prudently calculated by considering only the share of bike-based trips explicitly devoted to goods delivery in European cities, thus assuming a scenario with an even more pessimistic underestimation. At first, these assumptions could sound like an attempt to simplify calculations in order to be able to perform a rough estimate and comparison among projects. Anyhow, as a matter of fact, that is currently the only way to perform such an analysis because of the lack of sufficient and homogeneous data. Such a shortage of data concerns both the non-profit projects funded by the European Commission and those projects run by private start-ups. Profit and profitability have been calculated in order to obtain an insight into the potential of each individual project to achieve business objectives or to produce an economic result based on both an effective and efficient use of resources. In fact, in general, profit in itself is not sufficient to prove the economic appeal of an investment in a project and whether it is worth pursuing, except when dealing with a business company. On the contrary, the concept of profitability applies, more generally, to all kinds of economic organizations, including non-profit. Profitability has been calculated as a dimensionless value according to the standard definition--i.e., sum of present value of cash flows over 5 years divided by initial investment. On the contrary, profit is not dimensionless--the currency is euros--and it has been calculated by subtracting the normalized costs in the Cyclelogistics project (e.g., for bike purchasing, maintenance, insurance and messenger pay) from the overall income [108]. Economic results and their descriptive statistics calculated in Microsoft Excel(r) are reported below (Tables 3-5). \begin{table}
\begin{tabular}{c c c} \hline \hline \multirow{2}{*}{**Area**} & \multirow{2}{*}{**Profitability over 5 Years**} & \multicolumn{2}{c}{**Average Estimated**} \\  & & **Profit/Year (EUR)** \\ \hline \multirow{6}{*}{UK and Ireland} & 2.43 & 76,225.00 \\ \cline{2-3}  & 4.08 & 476,945.00 \\ \cline{1-1} \cline{2-3}  & 2.43 & 76,225.00 \\ \cline{1-1} \cline{2-3}  & 5.29 & 619,060.00 \\ \cline{1-1} \cline{2-3}  & 4.08 & 476,945.00 \\ \hline \hline \end{tabular}
\end{table} 
Table 3: Area-/country-specific policy and factor categories, average profit and profitability levels.