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  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
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  "pageNumber": 11,
  "pageCount": 39,
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  "notes": "The slide combines a financial calculation of loan repayments with a qualitative investigation into occupancy rate discrepancies.",
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    {
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      "kind": "callout",
      "text": "Vivion appears to take pains to conceal its relationship with rent24. We suspect that rent24 could be used to artificially inflate rent receipts in Germany.",
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      "text": "occupancy rate: 70%",
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      "kind": "paragraph",
      "text": "While Vivion touts an occupancy rate in Germany of approximately 90%, we suspect that its current occupancy rate is little better than 70%. First, we checked Vivion rental listings placed by Lianeo Real Estate GmbH...",
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      "kind": "source-note",
      "text": "3 Vivion H1 2022 results presentation, p. 19; 4 Vivion FY2021 results presentation, p. 19, FY20 2.8%, FY19, 1.5%...",
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      "kind": "table",
      "text": "Peak Shareholder Loan Balance (30-Jun-2020) 1,055.2; Subsequent Minimum Shareholder Loan Balance (30-Jun-2021) 780.2; Net Change 275.0; Accured Interest 2H 2020 21.1; Accured Interest 1H 2021 19.3; Out of period Shareholder Loan net repayments (2H 2019) 44.7; Minimum Shareholder Loan Repayments 360.1",
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      "kind": "title",
      "text": "Vivion Appears to Artificially Inflate its Germany Occupancy Rate, and Presumably its Rental Income Too",
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      "evidence": "The document presents evidence of Vivion's inflated occupancy rates",
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