{
  "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": 43,
  "pageCount": 124,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a red flag icon to signal a warning/red flag in the activist thesis.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-17900a3ad1c6/43",
  "deckHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Warning: Spruce Point finds it unusual that Oatly made an auditor change within the past two years before coming public. Furthermore, Oatly did not explicitly point out this change of auditor to investors.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d37fd8c0-4936-488d-9a73-1f9fa6aedff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "While auditor rotations can be viewed positively, we believe three auditors in six years is excessive in light of the accounting anomalies we have identified related to sales, gross margins, inventories and capex.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a87a-5e63179ffccd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.51,
        "y": 0.45
      },
      "kind": "image",
      "text": "PwC auditor statement",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a5a4584-405a-4e43-a750-8080d440e29b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.29,
        "y": 0.72
      },
      "kind": "image",
      "text": "Deloitte AB auditor statement",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "791acb11-cebc-439c-8026-506d97a4595a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.07,
        "y": 0.45
      },
      "kind": "image",
      "text": "Ernst & Young AB auditor statement",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5a93661-f4ef-4566-9778-da02eef9eede",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.07,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: F-1 SEC Registration document, F-2",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40ec14c1-fecd-42fe-a32f-3d938ac20707",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.51,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: 2018 Companieshouse Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86c4b016-cd3b-46a6-a78b-0364c7f7a83a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.3,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Oatly AB 2015 Annual Report at Companieshouse UK",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1f1d19e-9815-4a52-9d54-8e08a550f19d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Oatly Fails To Disclose A Recent Auditor Change; Three Auditors In 6 Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f442b177-d505-49d4-871f-ef6e7a8d6072",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e7358b1b-32cd-4d30-a61a-37075bf94205",
      "evidence": "Highlighting non-disclosure of auditor changes as a red flag for accounting anomalies.",
      "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
}