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  "documentTitle": "Oatly Group AB (OTLY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Includes a specific callout to a board member's past involvement in an inventory inflation scheme at Green Mountain Coffee Roasters.",
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      "kind": "callout",
      "text": "Oatly Director Rathke's Experience With Inflating Inventory",
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      "text": "A common financial shenanigan is to overstate inventory to understate Cost of Goods Sold and inflate Net Income.",
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      "text": "Total Inventories: $39.1",
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      "text": "Warning: We observe that inventory growth has been growing faster than revenue growth. Oatly has been claiming that demand is far outpacing its ability to deliver product to market...",
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      "text": "\"This error is the result of applying an incorrect standard cost to intercompany K-Cup inventory balances in consolidation. This error resulted in an overstatement of the consolidated inventory and an understatement of the cost of sales.\" — Green Mountain Coffee Roasters, Inc. Announces Restatement of Financials, Nov 19, 2021 and 8-K",
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      "text": "Source: Companieshouse UK filings for 2017-2018 converted at average historical SEK rates per Riksbank, F-1 Registration Statement for 2019-2020.",
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      "text": "Inventory Growth Diverging From Sales Growth",
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