Found it (page 45):
At 31 May 2017 the expected remaining life of the franchise is considered to be four and a half years.
Well that is very interesting. That is why I have been telling everyone to read the Annual Reports, it's quite remarkable how much useful information you'll find there written in very direct language that is readily understandable to their shareholders. That clearly puts the total development lifetime of Elite as ending sometime in late 2021, i.e., approximately 7 years of total development, certainly less than the 10 year "plan" that many people have tried to claim. We will be 4 years into development by the end of 2018. That means that FD will need to deliver a full Horizons-quality expansion every year from 2019 through to 2021 in order to deliver adequate value to their LEP holders.
That is quite a lot of work that FD has ahead of them, and it also sets a hard cap on when we can expect space legs, boarding actions and inhabited planets to be developed, i.e., a maximum of 3 years after Beyond is finished at the end of 2018.
Found it (page 45):
The deferred revenue is in respect of Elite Dangerous lifetime expansion passes purchased during the financial year and Elite Dangerous: Horizons revenue in respect of future promised content.
It just keeps getting better. That literally refers to "promised content".
So I guess that FD did make a "promise" after all, didn't they?
I suppose the next question is, did they pinky swear though? I mean technically if not then it's not a "real" promise, right?
I need to go back and read those Annual Reports again. They are full of fun facts about Elite development.