We're now going to look for sales and find out more about sales.

Going to look at two companies, Logitech and Ubisoft.

Firstly, let's look for Logitech.

Logitech is a Swiss company but it produces its accounts under US gap.

Let's go to their year end, And so we're opening up their 10 K.

We're looking for sales, remember, and so we'll go to the contents page and we'll look for the financial statements.

You can see it's ended up on a place that's a little unexpected, so I'll have to scroll around and you can see when I do, we get to a sort of contents page for the financial statements.

You can see that the notes are not particularly well signposted.

Now I want to find sales, so I'll go to the income statement and I can see my sales there for the last three years.

On the very first line of that table, there's no suggestion of which note governs this.

If we wanted to find the note, we could try the contents page again, so we'd go through to the contents page we saw earlier.

Then we'd say notes.

Now scrolling through.

There appears to be no contents page for the notes themselves.

You can see I was sort of dumped here and it just says Notes to consolidated financial statements.

Note one is the company note two is significant accounting policies, which is of uh, often a very long note and now I'm effectively scrolling, trying to find anything that I can about sales, perhaps a note or something else.

I've done a fair amount of scrolling while I had the video recording paused and I'm now down all the way at note 15 some pages after I just left you.

You can see that this breaks down the sales and it breaks it down into products and geographical area, which is very helpful.

Now let's have a look at the management discussion.

So I'd go back to the table of contents and I'd look for management discussion and analysis.

Again, there's no contents page here, so I'm having to scroll and figure out what's happening myself.

A little scrolling while the recording was paused and I've gone down to page 43.

You can see here it says net sales and there is a discussion of net sales and it talks about the growth in different areas.

Then it starts to explain that growth in a way that is not represented particularly well in the financial statements.

This makes this incredibly useful, was primarily driven by an increase in gaming, keyboards, combos.

That's excellent analysis side view to the company and what's going on to its revenue.

Next we're going to have a look at the French company, Hubsoft or Ubisoft.

Um, it's a gaming company.

You can see it's listed in Paris and so it'll be governed by IFRS most likely.

Now it's annual results. You can see uh, a postponement and so there's something going on there that's difficult.

Here. We've got the full year and if we click on English, you can see that this is more of a press release and it doesn't really have what we want.

Okay, this is not really a full set of financial statements.

This is quite common problem that you may run into when using data providers.

You may not find the document you want or find unexpected documents linked.

What I'm gonna do is go to the uh, company's investor relation website reports, and I'm gonna just look in this section and see what they've got.

It appears that they use the wording universal registration document.

When we open it and we have a look at the contents, let's check that it does fulfill our requirements and you can see that it's got some preamble.

How do we do, okay? Then we have some regulations.

Then we have the financial statements.

You can see that this fulfills all of the uh, criteria of being a set of financial statements that we can use.

This is a document we want.

Now that we have the report, we're gonna find sales.

The consolidated financial statements are here and you can see from the icon as in my cursor, it's clickable, which is helpful.

You can see it's ended up at what appears to be the balance sheet, so let's keep scrolling and you can see here are the income statements.

Sales are described here, and then we have a note as well, which is helpful.

We're looking for note four, and I've gone back to the contents page.

You can see that there's no notes section, so I might go back to my consolidated financial statements and look around.

You can see scrolling up has yielded another contents page, which wasn't particularly well signposted from the first contents page.

There's the summary statements, which we looked just looked at, and then there are the notes which we can click on.

That brings us to another contents page, which is very helpful, and we can then click on sales and scrolling down, we get to our sales note, which gives us an excellent breakdown of the types of product that this gaming studio sells.

We're now looking for management discussion and analysis, so we're going back to the overall contents page.

This company doesn't actually call it management discussion and analysis, and so we'll have to read carefully and think what would fulfill that most closely.

We've got key figures, which will probably have a discussion as well.

Highlights, sounds pretty good. This sounds better.

The performance review, we'll have to be careful because this is non IFRS data, which means it's adjusted for things like cleaning, non-recurring, things like that.

Let's click in and take a look.

There's a lot of caveating that goes on in a section like this, and that's because they're not talking about regulated numbers.

These are not IFS numbers that they're talking about.

They're non IFS numbers, and so we need to be a bit careful with that too.

If we scroll down, you can see an alternative effectively income statement, which the non IFRS version, which is massaging out things like non-recurring items underneath, we can start to see the sorts of stuff that we're actually looking for, which is why have things moved the way they have? They're not specifically talking about revenue, but net bookings is a pretty good proxy for a company like this.

We've gone looking for sales.

We've found it successfully for two types of company, and we found that for a big number, an important number like sales.

There are almost always three places that you can look to find more information.

The income statement itself, the notes to the income statement, the footnotes, and then the management discussion and analysis.