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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide uses a table to demonstrate how NCAG inflates earnings and masks underlying performance, drawing a parallel to Enron.",
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      "text": "Olam’s Aggressive Accounting Masks Its Poor Performance and Incentivizes It to Spend Increasingly Precious Cash",
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      "text": "NCAG as % of Net Income: 47.9%",
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      "text": "As is shown in the table above, Olam has relied heavily on NCAG income as a contributor to net income over the past three years. Similarly heavy use of NCAG",
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      "text": "Olam frequently books non-cash accounting gains (“NCAGs”) in its income statement. The two primary non-cash accounting gains Olam records are negative goodwill and biological gains.",
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      "text": "A portion of our analysis relies on publicly available financial statements and other information filed with the Corporate Affairs Commission of Nigeria.",
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      "text": "21 http://www.cacnigeria.org/jm/",
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      "text": "1 Calculated assuming no taxes on NCAG gains\n2 Cumulative NCAG was subtracted from the total ending balance of assets\n3 Adjusted Assets calculated as total assets net of cumulative NCAG gains",
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