{ "docId": "019dd923-622c-750b-8b99-17900a3ad1c6", "docSlug": "4ee8cca82f1a", "documentTitle": "Oatly Group AB (OTLY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-07-14 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 24, "pageCount": 124, "prevPage": 23, "nextPage": 25, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a side-by-side comparison to highlight the omission of a problematic career history.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-17900a3ad1c6/24", "deckHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6#slide-24", "components": [ { "bbox": { "h": 0.09, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "Warning: Oatly's CFO Christian Hanke provides an incomplete biography that obscures his role as Manager of Financial Reporting at Stratus Technologies (1999 - 2005). During his time at Stratus, the Company disclosed a multi-year financial restatement related to revenue recognition and lease accounting.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "023166f1-0c17-4fb6-9eea-76c73a11a869", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Oatly's CFO Christian Hanke provides an incomplete biography that obscures his role as Manager of Financial Reporting at Stratus Technologies (1999 - 2005).", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0397-72dc-a87a-022a1519167c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.52, "y": 0.37 }, "kind": "paragraph", "text": "We have identified and are currently reviewing certain customer transactions for which revenue was recognized and reported in the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005. The accounting issues identified in these transactions relate to the timing of the recording of revenue, and not whether the sales can be recorded as revenue. For these transactions, the products for which we have recognized revenue have been delivered, are currently in use by our customers in their operations and have either been paid for or are expected to be paid for in the ordinary course. We are reassessing the appropriate periods in which the revenue for these transactions should be recognized. While we do not expect this review to result in changes to historical cash flow, it is likely that some or all of the revenue recorded for these transactions in previous financial periods could be deferred to future periods, thereby affecting the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of 2005 and resulting in a restatement for those periods. We are working with our internal auditors, Ernst & Young, and our independent auditors, PricewaterhouseCoopers, on this detailed review of prior period revenue transactions, their potential impact on revenue, cost of goods sold and inventory and our internal controls generally. At this time, we do not have an anticipated date for the completion of our review or the release of any appropriate restated financial results. Accordingly, pending completion of this review, the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of 2005 should not be relied upon as an accurate reflection of our financial results for these periods.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e3019a5-9f89-4bd0-8f1c-0f525fee57c3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.37 }, "kind": "paragraph", "text": "Christian Hanke has served as our Chief Financial Officer since March 2020. Prior to joining the Company, Mr. Hanke served as the Interim Chief Financial Officer and Vice President, Corporate Controller from March 2019 to March 2020 and Vice President, Corporate Controller of Autoliv from November 2016 to March 2019. Mr. Hanke served as the Vice President, Financial Controller of Nasdaq Stockholm overseeing the EMEA and Asia Finance function from April 2013 to November 2016. Mr. Hanke holds a Bachelor's degree in Business Administration, with a concentration in Accounting, from Uppsala University. Mr. Hanke is a Certified Public Accountant.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "95d7e4fc-0d47-4672-9a0b-1fff96b224c6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "We have identified and are currently reviewing certain customer transactions for which revenue was recognized and reported in the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005... the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005 should not be relied upon as an accurate reflection of our financial results for these periods. — Stratus Technologies prospectus", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0397-72dc-a87a-078ccf10b474", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.68 }, "kind": "source-note", "text": "Source: Oatly website and F-1", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57eaa5a1-404d-4e42-895f-2e5c03af9dda", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.52, "y": 0.95 }, "kind": "source-note", "text": "Source: Stratus Technologies and prospectus", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "db0440ad-687f-4d4e-b22c-7c1fd60943c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Oatly's CFO Omits His Role At A Prior Accounting Scandal", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9aaaec52-e97d-412b-aacc-9a010e2eb452", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "6337b3fe-7d77-4cfb-9601-756d18a6b2a7", "evidence": "Exposing a discrepancy between a public figure's biography and historical corporate records to suggest lack of transparency.", "confidence": 0.9 } ], "arcBeats": [ { "to": 50, "from": 21, "beatId": "5f277d24-b3d8-4aee-a338-e1aabf7fa039", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "Detailed analysis of Oatly's financials, management structure, and operational issues.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }