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  "documentTitle": "CPI Property Group (CPIPGR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-22 00:00:00",
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  "pageNumber": 42,
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  "notes": "The slide uses excerpts from financial statements to point out that assets classified as 'land bank' received significant valuation gains, which the author implies is questionable.",
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      "kind": "paragraph",
      "text": "In 2021, both MQM Czech and Polygon are clearly described as part of the Czech land bank portfolio.\nIn 2022, MQM Czech once again is listed as being part of the land bank portfolio.",
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      "kind": "paragraph",
      "text": "Below: Fair value increase disclosure from CPI FIM Consolidated Financial Statements, 2022.",
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      "text": "Valuation gain\nIn 2022, the valuation gain related primarily to the Group's Czech land bank portfolio in total amount of EUR 105.8 million, primarily related to future development projects Bubny Development of EUR 26.8 million, Nová Zbrojovka of EUR 14.7 million, MQM Czech of EUR 13.4 million and CPI – Land Development EUR 10.7 million. On the other hand, the Group recognized valuation loss mainly from Polish portfolio of EUR 25.1 million and one Czech land bank of EUR 12.8 million.\nIn 2021, the valuation gain related primarily to the Group's Czech office and land bank portfolio in total amount of EUR 226.1 million, primarily related to future development projects Rezidence Pragovka of EUR 58.4 million, Polygon of EUR 53.0 million, STRM Alfa of EUR 34.4 million, Bubny Development of EUR 20.6 million and MQM Czech of EUR 11.0 million. Further, the Group recognized valuation gain from Polish and Italian portfolio of EUR 24.3 million and EUR 12.9 million, respectively.",
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      "kind": "source-note",
      "text": "1 https://klbnypark.cz/en/about\n2 CPI FIM Consolidated Financial Statements 2022, Pg. 24.",
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      "kind": "title",
      "text": "Although Polygon BC wouldn't begin construction until mid-2022, CPI PG recognized a €53.0 million fair value gain on the asset in 2021, increasing the carrying value to €94.5 million.",
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