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  "documentTitle": "Vivion Investments S.à.r.l.",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-12-14 00:00:00",
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  "notes": "This is a text-heavy research note page detailing forensic accounting concerns regarding Vivion's financial statements.",
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      "kind": "callout",
      "text": "We Estimate that Vivion's Controlling Shareholders Have Taken Shareholder Loan Repayments of at least €360.1 Million",
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      "text": "Shareholder Loan Repayments: €360.1 Million",
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      "text": "Therefore, it seems probable that Euro-denominated €304.1 million of the Shareholder Loans Vivion shows it received as of FY 2018 did not exist. It also seems quite possible that the €408.6 million of GBP-denominated Shareholder Loans Vivion shows it received as of FY 2018 did not exist.",
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      "text": "We estimate that since Vivion issued its bonds in H2 2019, its controlling shareholders have taken at least €360.1 million in loan repayments. Most likely, the actual number is significantly higher.",
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      "text": "Vivion’s 2018 financial statements show that €298.9 of the reported €746.1 million of the FY 2018 Shareholder Loan balances was attached to properties obtained from the controlling shareholders. Because of the questions about whether – and to what extent – the 2018 shareholder loans were actually made, in our opinion, the values of Vivion’s assets acquired in 2018 could be significantly overstated.",
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      "text": "Much of the Purported Shareholder Loans Were Attached to Real Estate Acquired from the Controlling Shareholders, Indicating that Vivion’s Asset Values Could be Significantly Overstated",
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