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  "documentTitle": "Olam International (OLAM)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-30 00:00:00",
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  "notes": "This is a text-heavy research note page from a short-seller report.",
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      "kind": "callout",
      "text": "Given the enormous amount of such revisions, Olam's response only serves to reinforce our thesis that Olam's accounting functions are at best incompetent.",
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      "kind": "paragraph",
      "text": "The first point is that Olam's Q4 Statement of Cash Flows could have misled investors who were trying to determine how much negative goodwill to subtract in order to calculate profits excluding exceptional items.",
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      "kind": "paragraph",
      "text": "In its 45-page response, Olam responded to only one of the 79 unexplained accounting revisions (totaling over S$2.7 billion in absolute value) we identified in Olam's historical Statements of Cash Flows.",
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      "kind": "quote",
      "text": "This assertion is totally incorrect as MW is comparing a GROSS number of S$118 million which was stated in the Annual report to a NET number of S$87.6 million in the Q4 FY2010 SGXNET...",
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      "kind": "quote",
      "text": "\"This assertion is totally incorrect as MW is comparing a GROSS number of S$118 million which was stated in the Annual report to a NET number of S$87.6 million in the Q4 FY2010 SGXNET. The difference between the two is clearly explained on page 13 of Q4 FY2010 SGXNET, ‘During the period, the Company has completed the Purchase Price Allocation (“PPA”) exercise for the recently acquired tomato paste manufacturing facility (OTP) in California and the Almond Orchards in Australia. This exercise resulted in an aggregate exceptional gain of S$87.6 million in the form of negative goodwill (net of transactional and related expenses of S$29.1 million and a one off impairment for charges for certain ginning assets in the USA amounting to S$1.4 million)’. Thus, 87.6 + 29.1 + 1.4 = 118!\" — Olam International",
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      "kind": "title",
      "text": "Olam's Accounting is Incompetent at Best",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slide 6 reveals underlying issues with Olam's accounting practices.",
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