{
  "docId": "019dd923-622c-750b-8b97-5ab109c5e2f7",
  "docSlug": "dd06256eb138",
  "documentTitle": "Vivion Investments S.à.r.l.",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-12-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 5,
  "pageCount": 39,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "This is a research note page focusing on forensic accounting and potential fraud.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/5",
  "deckHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It seems probable that €304.1 million of the Shareholder Loans on Vivion’s books as of FY 2018 were never actually funded (i.e., that the loans were falsified).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adbb-d08e1a3c3121",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "shareholder loans: €746.1 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adbb-d555bc653679",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.764,
        "x": 0.118,
        "y": 0.415
      },
      "kind": "paragraph",
      "text": "Vivion’s controlling shareholders appear to have saddled the company with hundreds of millions of shareholder loans of questionable existence... we question whether €325.3 million of loans were actually made.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63d545f1-76b7-4848-a4bc-2ed848eabb65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.764,
        "x": 0.118,
        "y": 0.685
      },
      "kind": "paragraph",
      "text": "Vivion and its controlling shareholders’ structures are exceedingly complex... we suspect that at least part of the motivation is to make tracing fund flows difficult.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f0fd35a-f574-4b67-b3b4-23ab570b0ce1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.764,
        "x": 0.118,
        "y": 0.145
      },
      "kind": "paragraph",
      "text": "It seems probable that €304.1 million of the Shareholder Loans on Vivion’s books as of FY 2018 were never actually funded... we estimate that Vivion has “repaid” at least €360.1 million of Shareholder Loans since inception...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "831eb660-819c-4711-bb2e-6a8d344aaa55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.764,
        "x": 0.118,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "It is important to distinguish Vivion Holdings S.a.r.l. (Luxembourg) – which we term “Holdings” – from Vivion itself... As of FY 2018, Vivion shows two categories of loans from related parties totaling €712.7 million...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8be89db5-4929-4142-84fa-8c16bb281732",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.45,
        "x": 0.118,
        "y": 0.102
      },
      "kind": "title",
      "text": "Do the Shareholder Loans Really Exist?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2143df95-2c22-4ad6-89d4-98bfe43defa8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.55,
        "x": 0.118,
        "y": 0.65
      },
      "kind": "title",
      "text": "Missing Accounting Evidence for Purported Shareholder Loans",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94e19645-dc2e-402c-a384-294c0611bdb5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "27c505e3-d13d-4259-83bf-1221f55eb271",
      "evidence": "The slide explicitly questions the existence of loans and alleges improper pocketing of funds.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 5,
      "beatId": "c890d1b8-f433-4a14-ab11-93b8fd56ff2a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document exposes contradictions in Vivion's financials",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 5,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "9b467ce7-3ad7-4e5a-90bc-e1ed2bab77cd",
      "evidence": "The document reveals discrepancies in Vivion's shareholder loans",
      "position": 0,
      "objective": "Expose contradictions in Vivion's shareholder loans",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}