{
  "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": 75,
  "pageCount": 124,
  "prevPage": 74,
  "nextPage": 76,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Includes a warning callout box and a quote from a former accounting professional.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-17900a3ad1c6/75",
  "deckHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6#slide-75",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.88,
        "x": 0.09,
        "y": 0.0017
      },
      "kind": "callout",
      "text": "Warning: By structuring the purchase the way it chose, Oatly could potentially be misallocating the purchase price to areas such as land (which is not depreciated) and building and fixtures...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9d41a30-8534-4f10-aac8-1fc0800b35a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Warning: By structuring the purchase the way it chose, Oatly could potentially be misallocating the purchase price to areas such as land (which is not depreciated) and building and fixtures.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a87d-6f24fc0f4e99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.12,
        "y": 0.0034
      },
      "kind": "quote",
      "text": "Number one is the state of accuracy of the information that Oatly provides. I would make emphasis on division by division...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fa16f17-8379-418a-94d8-95e5a65aff75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Number one is the state of accuracy of the information that Oatly provides. I would make emphasis on division by division. EMEA, Europe, including Sweden. The U.S. is right now number one contributor to sales. The marketing channel and expectations from China from the Company; that's from a sector perspective. If I were to invest, want to make sure the financials are accurate and telling the right story. Coming back to your question about net sales. What is included in the net sales? I think the operating expenses make sense. In the balance sheet, I would like to see the composition of the fixed asset, to see plant by plant, and what is the depreciation are they taking. I would like to see the accounts receivables because normally Oatly is in the 30 day process, but with some customers we have to pay immediately. The cycle of the cash is not in the favor of the Company. — Former Oatly Accounting And Control Professional",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0397-72dc-a87d-721848df25b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.48,
        "x": 0.49,
        "y": 0.0064
      },
      "kind": "table",
      "text": "13. Property, plant and equipment table showing Land and buildings, Plant and machinery, Construction in progress",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ee0d446-7738-458e-ba24-793773c08e17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.01,
        "y": 0.0064
      },
      "kind": "table",
      "text": "Oatly Depreciation Schedule: Buildings and fixtures 8-40 years, Plant and machinery 3-15 years",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da465e49-0361-4829-bb7f-5a3dda5d6577",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Capex Procured In A Non-Transparent Fashion Through Bundling (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98c1df14-b3df-4266-a21e-d2f1aa84e3dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b821f1c7-ede1-4fa2-b31f-499ad6b0a344",
      "evidence": "The slide explicitly argues that accounting practices are used to inflate earnings and hide asset composition.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}