{
  "docId": "019dd923-622c-750b-8b99-53ebe45211d2",
  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 98,
  "pageCount": 147,
  "prevPage": 97,
  "nextPage": 99,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "The table highlights a lack of disclosure in Canadian filings compared to Australian filings for the same entity.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/98",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-98",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "From local filings, we see that its EBITDA margin has fallen sharply over the past three years from 7.8% to 3.9% (Adj EBITDA from 8.2% to 6.0%), while operating cash flow amounted to just A$3 million in 2022.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856e-2dff0645cecf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 3.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856e-34eb52652b68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.958,
        "x": 0.021,
        "y": 0.165
      },
      "kind": "paragraph",
      "text": "While Saputo discloses total Australian revenues deep within its segment reporting to Canadian investors, it does not provide Australia's Adjusted EBITDA or any key balance sheet metrics.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c101d266-f751-4a60-a01a-bca7c56d25bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "For the twelve-month period ended on December 31, 2018, the Specialty Cheese Business generated revenues of approximately A$192 million (CDN$182 million) and later revised at closing to For the twelve-month period ended on December 31, 2018, the Specialty Cheese Business generated revenues of approximately A$192 million (approximately CDN$171.1 million). — Saputo 2018 and 2019 Annual Report",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856e-308385e3ac7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.021,
        "y": 0.895
      },
      "kind": "source-note",
      "text": "Source: Saputo 2018 and 2019 Annual Report and Australian Filings for A.C.N 166 119 133 Pty Ltd",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0db03c0d-a895-4b15-8dfe-2593d714c8fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.958,
        "x": 0.021,
        "y": 0.915
      },
      "kind": "source-note",
      "text": "1) Note: Saputo changed its revenue claims for the business... 2) Adjusted for impairment charges, restructuring and acquisition costs",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49c80af7-b468-401e-8a54-740f7d6c2cf1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.585,
        "w": 0.958,
        "x": 0.021,
        "y": 0.295
      },
      "kind": "table",
      "text": "Comparison table of financial metrics between Canadian and Australian filings for Saputo's Australian operations.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0583718-4750-4e10-b80a-64fdd1fba5de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.384,
        "x": 0.308,
        "y": 0.055
      },
      "kind": "title",
      "text": "Aussie Financials Show A Bleak Reality",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93e6a70b-9724-4b85-973d-d9950a094e76",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}