{
  "docId": "019dd923-622c-750b-8b95-ffce19e398a1",
  "docSlug": "44ffa60fe44d",
  "documentTitle": "Olam International (OLAM)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-30 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 7,
  "pageCount": 8,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses red boxes to highlight discrepancies in financial reporting between two different statements.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-ffce19e398a1/7",
  "deckHref": "/decks/019dd923-622c-750b-8b95-ffce19e398a1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-ffce19e398a1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-ffce19e398a1#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "PBT was the same in both statements. The Q4 2010 Statement of Cash Flows obviously should have included the transaction costs and impairment charges. That it did not is another example showing that Olam's accounting is incompetent at best.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9eb-595c892a44fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Negative goodwill: S$89.0 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9eb-5dee7072351b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.65,
        "x": 0.14,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "However, in the Q4 2010 financials, Olam subtracted out only S$89.0 million:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f302ee0-afaf-49e5-8ff9-de880aec27a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "PBT was the same in both statements. The Q4 2010 Statement of Cash Flows obviously should have included the transaction costs and impairment charges. That it did not is another example showing that Olam's accounting is incompetent at best.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "863f6e6f-c3fd-455c-9274-3aaed0226cbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "The foregoing response from Olam explains what its mistake was, but it does not explain how or why Olam made it. See the following:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6d093d8-8bc7-47f8-a010-d3d548e439ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.72,
        "x": 0.14,
        "y": 0.24
      },
      "kind": "table",
      "text": "Cash flow statement table 1",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "684ef2b5-fcd0-4f31-b7ab-1f634f5fe834",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.72,
        "x": 0.14,
        "y": 0.51
      },
      "kind": "table",
      "text": "Cash flow statement table 2",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3206308-594f-4405-9e1a-5df80039edbf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.42,
        "x": 0.15,
        "y": 0.14
      },
      "kind": "title",
      "text": "Consolidated Cash Flow Statement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b06f1a7-7267-419b-a15e-8d2278f26aba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 7,
      "from": 4,
      "beatId": "16e3b2fa-ae7c-4ef5-b7f7-123f386c10a1",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Slides 4-7 expose contradictions in Olam's financials and accounting practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}