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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": "The slide highlights a growing variance between two accounting sources, which the author interprets as a red flag for aggressive capitalization.",
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      "text": "Warning: There is evidence to suggest aggressive capitalization of costs on the balance sheet. In 2017-2018 we see that purchases of fixed assets reported through the cash flow statement near perfectly match additions to the PP&E accounts in the footnotes. However, in 2019-2020 we see a growing divergence. Recall that we also observe that inventory and accounts receivable have grown faster than sales. One possible explanation is that sales may have been pulled forward and inventory overstated. In this potential scenario, recent historical losses would be understated. To plug the gap on the asset side of the balance sheet, Oatly could be inflating PP&E asset accounts.",
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      "text": "Note: Conversion to IFRS greatly eliminated the disparity in 2019 from $3.7m to $0.5m but now it's grown to $10.1m",
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      "text": "To plug the gap on the asset side of the balance sheet, Oatly could be inflating PP&E asset accounts.",
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      "text": "PP&E variance: $10,129",
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      "text": "Source: Companieshouse UK filings for 2017-2019 SEK and F-1 Registration Statement for IFRS 2019-2020. SEK converted at average FX rates per Riksbank",
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      "text": "Divergence of Capex Through Cash Flow Statement And Balance Sheet",
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