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Module 3: Preliminary Asset Assessment
Module 3: Preliminary Asset Assessment
Welcome to the field! Today, we leave the sterile environment of interactive sliders behind and dive into the raw, hard data of your assigned companies. Watch the introductory briefing below, then follow the instructions. Your printed Worksheet is your command center, while your smartphone will serve as your data-mining and reporting tool.
STEP 1: Team Formation | Company Selection | Introductory Presentations
STEP 1: Team Formation | Company Selection | Introductory Presentations
Students form groups, select a company to analyze during the current and upcoming classes, and prepare preliminary general company presentations.
STEP 2: OBTAIN THE ANNUAL REPORT
STEP 2: OBTAIN THE ANNUAL REPORT
Find your company's latest Consolidated Annual Report online and open it on your phone.
(Hint): Where to look?
(Hint): Where to look?
Scroll to the very bottom of your company’s homepage. Look for sections like "Investor Relations", then navigate to "Financial Results" or "Periodic Reports". Download the full Annual Report (or 10-K for US companies) in PDF format.
Still did'nt find? OBTAIN THE ANNUAL REPORT HERE
STEP 3: GUIDED TEAM EXERCISE:
STEP 3: GUIDED TEAM EXERCISE:
PRELIMINARY ASSET ASSESSMENT –
PRELIMINARY ASSET ASSESSMENT –
5-GROUP FINANCIAL STATEMENT LABS
5-GROUP FINANCIAL STATEMENT LABS
Team Field Mission – Unassisted Balance Sheet Extraction
Module 3 Recap
Module 3 Recap
5-Minute Classroom Debrief: What Each Team Teaches the Whole Group
5-Minute Classroom Debrief: What Each Team Teaches the Whole Group
🎮 1. CD PROJEKT – Code & Cash
What to remember: A game studio has no factories, yet 50% of its assets are long-term. Under IAS 38, programmer salaries for future games (The Witcher 4, Cyberpunk 2) are saved on the Balance Sheet as Development Projects (PLN 1.15B / 33% of assets). The other big piece is simply Cash in the bank (PLN 1.32B / 38%).
🏭 2. ORLEN – Heavy Steel & Concrete
What to remember: This is a classic heavy industrial Balance Sheet, with 70% long-term assets. Physical refineries, pipelines, power grids, and fuel stations make up 54% of everything ORLEN owns (PLN 142.4B). To maintain these assets and build offshore wind, ORLEN reinvests PLN 33B into CAPEX in a single year.
🛒 3. Biedronka (Jerónimo Martins) – Rented Stores as Assets
What to remember: Biedronka rents most of its 6,500+ stores, yet it still shows 67% long-term assets. That is because IFRS 16 requires long-term rental contracts to be put directly on the Balance Sheet as Right-of-Use assets (EUR 4.0B / 26% of assets), right next to physical store equipment (EUR 6.1B / 41%).
🌐 4. Amazon – The "Upside-Down" US Balance Sheet
What to remember: When reading a US GAAP Balance Sheet, watch out for two things. First, it is printed upside-down, starting at the top with Cash (USD 86.8B). Second, there is no subtotal for long-term assets—you have to calculate it yourself to see that 72% of Amazon's assets (USD 589B) are long-term, led by AI data centers and warehouses (USD 357B).
✨ 5. Puig Brands – Bought Luxury Brands
What to remember: Puig owns only 7 factories (less than 6% of its assets), yet 70% of its Balance Sheet is long-term. That is because Puig grew by buying famous luxury brands (Charlotte Tilbury, Byredo, Rabanne). Under IFRS 3 and IAS 38, the billions paid for those brand names sit on the Balance Sheet as Goodwill and Intangibles (EUR 4.5B / 53% of all assets).
Curious for more? Check out these videos below!
Curious for more? Check out these videos below!
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