{
  "docId": "019dd923-622c-750b-8b97-7ded5e578fea",
  "docSlug": "631c22c05486",
  "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": "2024-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 33,
  "pageCount": 35,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide highlights the accumulation of debt in a subsidiary (Les Mas) while the property was under construction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-7ded5e578fea/33",
  "deckHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea#slide-33",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In 2016, the property was still under construction and no income was recorded.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7a7-e91dec4c23f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "total liabilities: €22.0 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7a7-ecf790ded480",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Les Mas's 2013 financial statements report its real estate purchases were initially financed by two bank loans with a principal sum of €8.5 million and seller financing of €4 million (see supra) for a total of just €12.5 million. By YE2016 another bank loan for €2.5 million was added to finance renovations, meanwhile recorded accrued interest on seller financing increased that total due to €4.8 million, and another €6.1 million in other debts was added, bringing the total liabilities to €22.0 million. In 2016, the property was still under construction and no income was recorded.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f9ca9fb-9d33-4740-af5f-804e939d8c0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "SCP Reflets, acquired just 8 days prior to the acquisition, did not publish financials.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0ee44bd-34ea-4857-89e1-09cea35c8306",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "1 Les Mas 2016 financial statements",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e937cb5-a98a-419f-91f1-c14bc86879c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.4,
        "x": 0.3,
        "y": 0.35
      },
      "kind": "table",
      "text": "Les Mas 2016 Financials (last year on file) – Liabilities table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8108690f-eb8f-449d-b2c3-d47cda0dfffe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Pietroni – Subsidiaries' Liabilities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12c5f1d1-0355-41be-8f79-70883295912d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 35,
      "from": 21,
      "beatId": "267dc7f5-468a-40fb-8a8b-ffb6144f5222",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The conclusion and call to action, highlighting the implications of the findings for investors and regulators.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}