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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-01-22 00:00:00",
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      "text": "We contend that the reclassifications were premature and highly aggressive, and that the gains are unjustified.",
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      "text": "3) At the time of sale in 2014, the land plots were valued using the comparable transactions method as potential development was considered a long way off. 4) In the following years, planning permission on the land plots (particularly within Polygon BC) progressed significantly, and the valuation shifted to the future development value (FDV) method. 5) In 2017, Radovan Vítek acquired the properties and contributed the assets to CPIPG at the valuation price and disclosed a related-party transaction. 6) Polygon BC refers to CPIPG’s residential land plot in Kolbenova. Construction began on the units in Q2 2022, and the most recent valuation by JLL was €113.5 million (2017: €37.2 million and 2014: €16.7 million), meaning that the transaction brought significant value to CPIPG stakeholders. 7) MQM Czech refers to Řitka, which finally received a building permit in 2022 and was valued by JLL at the end of 2022 at €38 million (2017: €13.7 million and 2014: €3.3 million).",
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      "text": "CPI PG's December 8th response indicates that since reacquisition in 2017, the two Czech landbanks held by MQM and Polygon BC were valued as “Investment Properties Under Development”, not as “Land and Vacant Buildings.” By reclassifying these landbanks, CPI PG booked massive fair value gains, boosting both its profits and assets. These reclassifications appear to conflict with CPI PG’s own written accounting policies. We contend that the reclassifications were premature and highly aggressive, and that the gains are unjustified.",
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      "text": "At the time of sale in 2014, the land plots were valued using the comparable transactions method as potential development was considered a long way off. — CPI PG response",
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      "text": "1 CPI PG response, December 8, 2023, p.12",
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      "text": "Polygon BC and MQM Czech – 2017~2021 Unjustified FV Gains",
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