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  "docSlug": "4e150a3ef496",
  "documentTitle": "NMC Health plc (NMC.LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-17 00:00:00",
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  "notes": "The slide presents evidence of potential accounting manipulation by NMC, specifically regarding off-balance sheet financing and misleading public statements.",
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      "kind": "callout",
      "text": "When NMC has sizable reverse factoring facilities that it guarantees, why issue this statement if not to mislead investors?",
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      "kind": "metric",
      "text": "Days Payable Outstanding: 75.0",
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      "componentId": "019dd953-0396-73da-b909-5b7044b8d572",
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      "kind": "paragraph",
      "text": "We believe that NMC does not include these facilities in its reported debt totals. If they were included in debt, we would expect them to be in Short-Term Borrowings...",
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      "kind": "paragraph",
      "text": "The table below shows the amounts outstanding of which we are aware under each facility:",
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      "kind": "paragraph",
      "text": "We found an un-announced $105 million facility arranged by First Energy Bank. As a general matter, we are unable to reconcile to NMC's reported debt figures...",
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      "kind": "paragraph",
      "text": "We also see a November 2019 NMC press release as an attempt to mislead about its reverse factoring...",
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      "kind": "paragraph",
      "text": "We note also the increase in Days Payable Outstanding over time:",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ. https://cf-cdn.nmc.ae/Uploads/InvestorRelations/governance-initiatives-update-11-nov-2019-07fd2090-7ae1-4029-960e-aef866042520.pdf",
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      "kind": "table",
      "text": "Supply Chain Finance Balances ($mn) by date",
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      "text": "Avg. Days Payable Out. by period",
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      "kind": "title",
      "text": "Questionable $105 Million Facility",
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