{ "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": 49, "pageCount": 124, "prevPage": 48, "nextPage": 50, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses a red flag icon and red-bordered callouts to emphasize the contradiction.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-17900a3ad1c6/49", "deckHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6#slide-49", "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Warning: Oatly's 2018 U.S. sales can't be reconciled and vary by 100%. Both Nielsen and a Swedish magazine reported $6m of sales in 2018, whereas Oatly just disclosed $12m of sales in its new investor presentation. We believe this adds further credibility to our concerns about the accuracy of Oatly's financial reporting.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "96ece0ed-69a7-4179-9ac2-16c761eb198d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Warning: Oatly's 2018 U.S. sales can't be reconciled and vary by 100%. Both Nielsen and a Swedish magazine reported $6m of sales in 2018, whereas Oatly just disclosed $12m of sales in its new investor presentation.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0397-72dc-a87b-05fede867063", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "Oatly investor presentation slide showing 2018 U.S. revenue of $12 million.", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c234d3ad-1539-40d1-820c-bcb445a1e416", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "2018 U.S. Sales: $6m vs $12m", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0397-72dc-a87b-0ce950b6c9a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.55, "y": 0.65 }, "kind": "quote", "text": "\"From 2018 to 2019, sales of oat milk skyrocketed from $6 million to nearly $40 million, Genevieve Aronson, VP of communications at Nielsen, told CNBC Make It.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3404855d-066c-4cbb-923e-3d4034d9b9b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.55, "y": 0.45 }, "kind": "quote", "text": "\"Oatly's growth has been impressive. It has contributed to U.S. sales of oat milk going from $6 million in 2018 to about $40 million in 2019.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b9fe0e62-16db-4b86-8a71-9c4a5448bb6e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Oatly's growth has been impressive. It has contributed to U.S. sales of oat milk going from $6 million in 2018 to about $40 million in 2019.\" — THE RISE OF OATLY, UMGAS Magazine; \"From 2018 to 2019, sales of oat milk skyrocketed from $6 million to nearly $40 million, Genevieve Aronson, VP of communications at Nielsen, told CNBC Make It.\" — How Oatly went from a decades-old obscure brand to a $10 billion IPO, CNBC, May 20, 2021", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0397-72dc-a87b-0870bc6795a5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.23, "y": 0.84 }, "kind": "source-note", "text": "This is the first full disclosure of Oatly's 2018 revenue figure. It is contradicted by various other sources, including Nielsen. Note: footnoted as an \"estimate\" derived from Swedish GAAP and not audited", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "67156eef-7883-4f09-8502-b253922403f2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.36, "x": 0.32, "y": 0.05 }, "kind": "title", "text": "U.S. Sales In Question", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "abc07876-06f6-4e8c-b83a-784197e96bde", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "8be2a987-f98b-4e93-9b10-4f4d94f73496", "evidence": "Directly highlights a discrepancy in financial reporting to cast doubt on company integrity.", "confidence": 0.95 } ], "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 }