{
  "docId": "019dd923-622c-750b-8b96-5a94b5d7e084",
  "docSlug": "fcfc0434b622",
  "documentTitle": "TeliaSonera AB (TLSN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-10-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 10,
  "pageCount": 37,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "appendix_disclosure",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "This page is part of a shareholder letter/activist report, focusing on financial and legal risks.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-5a94b5d7e084/10",
  "deckHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Resolving TeliaSonera’s legal issues with governments could cost it in the tens of billions of Swedish Krona.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9635-fb762732b11e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.55
      },
      "kind": "list",
      "text": "TeliaSonera appears to be continuing to engage in conduct that violates the FCPA - including by helping to cause the distribution of dividends to possibly problematic joint venture partners.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "680b3827-0a98-4df9-bade-8de4461c25cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "FCPA liability: SEK 20 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9635-ff9b75d137f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "Based on 2013 financials, TeliaSonera would be losing 33% of its reported consolidated free cash flow. These losses make sustaining a per share dividend anywhere near SEK 3 highly unlikely without negatively impacting the credit profile.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9027f197-95d6-4029-a034-f5f638bfa5f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "Resolving TeliaSonera's legal issues with governments could cost it in the tens of billions of Swedish Krona. We estimate TeliaSonera's net income from Eurasia and Nepal during the three years alone of 2011 through 2014 was SEK 20 billion (US$2.5 billion).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e73d330f-0c50-46f5-8dfe-fe4dddf0b4f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "27 Defined as cash flow from operations... 31 Operating income was approximately SEK 25 billion...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05fd7d82-e78f-41e3-b33d-edac5337c156",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.15,
        "y": 0.3
      },
      "kind": "title",
      "text": "Potential FCPA Liability",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b42ee872-3179-4139-a6ec-a01e4088807a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 6,
      "beatId": "05bfdc75-f2d7-4a3d-81e2-269931f170d5",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed analysis of TeliaSonera AB's financial reporting issues",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 4,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "6948c7dd-88ae-4085-9c80-4d1507849061",
      "evidence": "The document highlights repeated patterns of issues in different countries",
      "position": 0,
      "objective": "Identify patterns of corruption and legal exposure",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    },
    {
      "to": 12,
      "from": 7,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "83422055-6f5b-4ee5-917a-2c2004576b25",
      "evidence": "The document mentions potential write-downs of up to SEK 20 billion",
      "position": 1,
      "objective": "Highlight the cost of inaction on addressing corruption and legal exposure",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}