{
  "docId": "019dd923-622c-750b-8b97-7713cb2db73c",
  "docSlug": "db6aaeefee70",
  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-21 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 47,
  "pageCount": 51,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses red arrows to map specific text in the disclosure to 'Red Flags' callouts.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-7713cb2db73c/47",
  "deckHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7713cb2db73c#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.72,
        "y": 0.28
      },
      "kind": "callout",
      "text": "Red Flags\nA 49% stake in a loss-making luxury yacht builder.\nOmits subsidiary BT 2 Vessel Ltd.\nValues the asset as a building, not the 49% equity stake in the loss-making luxury yacht builder.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "645c008c-dee8-4c8a-a772-f0066fffcf26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "A 49% stake in a loss-making luxury yacht builder.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e55-bc5d6dd7e9e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.035,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "CPI PG described Eurocraft as the \"owner of one building in Italy\".\nCPI PG entirely omitted BT 2 from the subsidiary list.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bee1402-39da-4888-88a3-1c921505339f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.65,
        "x": 0.035,
        "y": 0.34
      },
      "kind": "paragraph",
      "text": "On 25 June 2021, the Group acquired Polma 1 SA (\"Polma\") from the Group's majority shareholder. Polma is a Luxembourg based direct or indirect parent company of the following:\n- Italy based subsidiaries - Eurocraft Cantieri Navali S.rl. (owner of one building in Italy), Capital Dev S.p.A., Parsec 6 S.p.A. (owner of the shopping centre Maximo in Rome, Italy), Parco delle Acacie Due S.p.A (owner of the land plot in Rome, Italy), Vicovaro R.E. S.r.l. (owner of a landbank in Vicovaro, Italy), Samar - S.P.A. (owner of the land plot in Rome, Italy), ISTITUTO IMMOBILIARE DI CATANIA S.P.A. (owner of a landbank in Rome, Italy), C.E.Co.S. Completamento Edilizio Corso Sicilia (owner of the land plot in Rome, Italy), ISTITUTO PER L'EDILIZIA SAN BERILLO S.R.L., S. MARIA DELLA GUARDIA S.R.L., CPI Real Estate Italy S.rl., CPI Tor di Valle S.rl.; and\n- Switzerland based subsidiary - Ranchmatti SA (owner of a one building in Switzerland).\nAs a result of the transaction, the Group acquired primarily:\n- the three-floor shopping centre Maximo located in Rome, Italy in the fair value of EUR 262.1 million;\n- several landbank plots for the purpose of future development in Italy, primarily in Rome, Catania and Vicovaro in the fair value of EUR 58.9 million; and\n- one building in Switzerland and Italy in the fair value of EUR 17.7 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3edc88e0-90c3-4bea-89a5-3455fe16fdbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.035,
        "y": 0.045
      },
      "kind": "title",
      "text": "Subterfuge in CPI PG's Polma 1 Disclosures",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "049f1cf5-1220-4cac-bb5b-c9ea8be40e8e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "94201934-860b-409f-a311-a4d11b0b2edb",
      "evidence": "The slide explicitly identifies 'Red Flags' and 'Subterfuge' to expose misleading corporate disclosures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 51,
      "from": 7,
      "beatId": "710bc55b-2a40-47b4-94c4-ec2b7d194a9a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the document's slides are labeled as expose_contradiction, indicating a focus on revealing inconsistencies and questionable actions.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}