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  "documentTitle": "Quintis Limited (QIN)",
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  "notes": "The slide uses a rhetorical questioning technique to challenge the company's financial reporting integrity.",
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      "kind": "callout",
      "text": "How can TFS continue to report higher than reasonable heartwood content given recent harvests? How can TFS continue to revise its biological assets upwards given recent harvests? Are shareholders aware of TFS' loss hiding accounting practices?",
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      "text": "We believe the 2013 write off acted as an “earnings bath” which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016.",
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      "kind": "metric",
      "text": "Gain per tree: $62.34",
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      "text": "We believe the 2013 write off acted as an \"earnings bath\" which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016. For example:",
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      "text": "TFS's FY 2013 accounts show a net upwards revaluation of $12.5m to TFS owned plantations, which is plausible as TFS' company owned plantations are more heavily weighted towards beyond-2007, which, as per the table in Figure 5 (above), continued booking biological gains.",
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      "text": "Considering how spectacularly off-mark TFS were to preliminary prospectus assumptions, and their continued inability to empirically evidence current biological assumptions, we speculate that more recent harvest (2008-onwards) will be subject to similar write offs.",
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      "kind": "paragraph",
      "text": "Which leads to the question: who comes up with these assumptions?",
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      "kind": "source-note",
      "text": "49 TFC Financial Reports, FY 2014, 2015 & 2016 or visit http://www.tfsltd.com.au/investors/shareholders/annual-reports/",
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      "text": "Figure 46 Biological Gains 2013-14",
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      "kind": "table",
      "text": "No. of Trees Owned: 601,129 (2013), 1,015,485 (2014). Biological gains ($'000): 12,475 (2013), 63,301 (2014). Gain per tree ($): 20.75 (2013), 62.34 (2014).",
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