We're going to find our way around some real financial statements now, and we'll start with Samsonite.

We could find Samsonite on Felix, or we could find it on the investor relations website.

You can see that their annual report was published at some time in April of 2025.

There's a lag because it takes a while to get the annual report ready.

It covers probably the calendar year 2024, but we need to get into the report to see that.

You can see that the English link is missing and it appears to be in perhaps another language if we're lucky, and we click in and we are lucky, although it is in another language.

It's also translated into English and you can see that there is a short statement from the chairman and then there is the contents page, which for us is very important.

At the top, they've got their intro.

It tells you what the companies like, what it does, where it operates.

It also starts talking about their year.

This is what we'd call the management discussion and analysis.

That's a real goldmine of information management, analyzing what's gone on during the year and why.

We can then see after some regulatory stuff and governance that we get into the financial statements themselves.

We can see the three main financial statements here and that the area that they span is relatively short, just a couple of pages compared to the hundreds of pages which have gone before it.

We can see that there's an area afterwards, which is a note to the financial statements, and that's where we'll find our footnotes.

Similarly useful for understanding the financial statements.

Samsonite produces their financial statements to IFRS.

This is the set of accounting standards that mainly governs, governs European companies.

If we look at a different company such as GameStop, you could see that this is traded on the New York Stock Exchange.

And so as an American company, if we go into their equivalent, okay, so there you've got your 10 k.

If we click into it's their year end, you can see that the format is very, very different.

The format of IRS companies is loosely governed.

There are rules, but they're a bit looser.

The format of SEC, which is the American regulatory body for this kind of thing, their regulations are much tighter.

And so what you'll find is that American companies financial statements broadly all look very similar despite looking similar to each other and different from IFRS companies.

They do have a lot in common.

We've got our table of contents here and we've got a business profile.

We've got some other items that describe the business and how it interacts with SEC regulations.

Item seven is a big one.

That's management, discussion and analysis.

We've then got item eight, which is the financial statements, and you can see that this contents page is clickable and when I click on it, it gets its own contents page, which is very, very helpful.

Um, this isn't always the case, but GameStop have gone to the effort of putting together a really nice contents page specifically for their financial statements, and you can see that I can then click through to the different statements and they've also got a really nice contents page for the notes, which are very, very helpful.

Let's take a look at the income statement.

You can see that there are three years here and it describes many of the items that are very familiar from an income statement, such as sales through costs, down into profits.

On GameStop's income statement, there's no indication of how I would find out more about net sales.

What I would need to do is go to the table of contents, go to financial statements, and then hope that the company put together a really good contents page like this.

We'll see this isn't always the case here. If I wanted to find out about revenue, I could click on note four.

Let's compare this to Samsonite, which remember is an IFRS company.

The contents page suggests that page 180 is where I need to be.

We then find that 180 doesn't exactly correspond to 180 here, so we scroll along a little bit.

Okay, and there we can find the consolidated statement of income, and that's the income statement.

Now, the IRS financial statements are very different.

You can see that their structure is slightly different.

The wording is slightly different, but also what's important and what I wanna highlight in this session is that the notes are signed, posted here on the, the face of the financial statements, and that's common to all the financial statements.

For example, here, profit here in the balance sheet.

And this helps us to find the notes.

So if we wanted to find the sales note for Samsonite, we could go to note four.

This is very common in IFRS companies to have the note on the face of financial statements and it can be very, very helpful for navigating.

We're back at the contents page of Samsonite and we're going to go to the management discussion and analysis on page 32.

If we then scroll down a bit, You can see that what's very different about this is that there's quite a lot of graphics.

Now as I'm scrolling, there aren't actually that many graphics, but there's nice pictures.

You know, there's some infographics like here on page 48, which is a bit like pie chart, and this is very different.

The equivalent in GameStop, which I've just browsed to quickly, um, is very dry.

You can see that there's some tables, but there's no pictures and there's no infographics.

And this is a big difference between IFRS and US gaap.

US GAAP has quite tight regulation around how financial statements can look and they can look a little drier than IFRS statements.

In summary, if we look at the contents page, again, there are some major differences between IFS and US Gap companies, but broadly speaking, the contents of the financial statements are the same.