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  "documentTitle": "Dollarama Inc. (DOL)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Uses a transcript from an earnings call to contrast management's explanation of asset disposals with financial data.",
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      "kind": "callout",
      "text": "Why are Dollarama shopping carts being repurposed for Dollar City use? Perhaps they were sold above-market to Dollar City in FY 2013, when the relationship began. Could this be the reason for an unexplained $14.9M disposal of leasehold improvements that year?",
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      "kind": "callout",
      "text": "Perhaps they were sold above-market to Dollar City in FY 2013, when the relationship began. Could this be the reason for an unexplained $14.9M disposal of leasehold improvements that year?",
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      "text": "Photos of children with Dollar City branding",
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      "text": "Transcript of Q&A between Keith Howlett, Larry Rossy, and Michael Ross regarding leasehold improvements and asset disposals.",
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      "kind": "paragraph",
      "text": "In 2013, Dollarama entered into an agreement to export and sell products to Dollar City... Details about Dollar City are scarce: Who is the management? Where is company headquarters? Who are the shareholders?",
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      "text": "Q - Keith Howlett: \"On Note 5 [of the FY 2013 Annual Report], I was trying to figure out the leasehold improvements, there seemed to be some items called 'disposals at cost,' and there's sort of an offset there.\" A - Larry Rossy, CEO: \"I don't know what guys, you're going to have to help me out, guys, here.\" A - Michael Ross, CFO: \"Disposal of costs, that would be fixtures or related to...\" A - Rossy: \"I would say cars.\" A - Ross: \"Cars. Yeah, okay. We sold a few cars.\" Q - Howlett: \"Oh, I see, okay. Well, it shows up as CAD 15M for a year, that's a lot of cars.\" A - Rossy: \"Oh, it's a very expensive car.\" — FY 2013 Q4 Earnings Call",
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      "text": "Source: Dollarama 2013 Annual Report",
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      "text": "Source: FY 2013 Q4 Earnings Call",
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      "text": "Lack Of Transparency Regarding Dollar City Is A Serious Concern",
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