{
  "docId": "019dd923-622c-750b-8b96-6d03b12e1d18",
  "docSlug": "cfe5ee328183",
  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-04-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 62,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "precedent_table",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide uses a forensic accounting lens to question the quality of earnings by isolating non-operating segments and exceptional items.",
  "elementsJson": [
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-6d03b12e1d18/16",
  "deckHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-6d03b12e1d18#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9df-eb0b4d8f6d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.11,
        "y": 0.75
      },
      "kind": "disclaimer",
      "text": "Footnotes 19 and 20 regarding T-online EBITDA and IFRS 8 Operating Segments.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3b67cd0-305c-4d68-9738-f5b79c013da0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: 224.5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9df-f31b90438d1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "The table below reconciles Operational EBITDA to EBITDA. The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2613825-1bd8-45df-9548-cee370a3d2b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Basically, for these, we acquired, as you know, on the 2nd of November. We acquired the companies, so we had 2 months, November and December. And for the 2 months, basically, the contribution was, in terms of revenues, more than EUR 25 million, and in terms of EBITDA, it was more than EUR 10 million, between EUR 10 million and EUR 15 million. — 2015Q4 transcript in 2016/2",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9df-ec01d4ba631d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.645
      },
      "kind": "source-note",
      "text": "Source: segment reporting in ARs from 2012 to 2015. Note*: The Non operating segment expenses are grouped with the elimination adjustments listed as Reconciliation in Ströer’s annual reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28efd421-1147-4759-a335-81cff32273fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.11,
        "y": 0.27
      },
      "kind": "table",
      "text": "Reconciliation of Operational EBITDA to EBITDA 2012-2015",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78f4f1eb-b97a-49fa-b9ee-5bc7617249b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.11,
        "y": 0.695
      },
      "kind": "title",
      "text": "VI. Cash Flow Statement Shenanigans Appear to Disguise Cash Flow Needs, and Indicates Ströer’s Auditor is Asleep at the Switch",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97b75194-96c8-4178-87f2-bfaf759f1b95",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "993700c6-0b69-49ac-9e75-de11d96a4e46",
      "evidence": "The slide explicitly labels the analysis as 'Cash Flow Statement Shenanigans' and questions auditor oversight.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 3,
      "beatId": "b3f52913-eba1-4212-8b6a-c784e421d7c9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple sections expose contradictions in Ströer's financial reporting and governance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}