{
  "docId": "019dd923-622c-750b-8b96-063645a867ac",
  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 133,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes two tables: one detailing DKK million assets/liabilities and another detailing historical margin account assets/liabilities in S$ '000s.",
  "elementsJson": [
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/16",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Net-net, Olam had only approximately S$60 million of truly free cash as of the end of FY2012.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef8-892618be1621",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "free cash: S$60 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef8-8dceb9fbc07f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.72,
        "x": 0.14,
        "y": 0.755
      },
      "kind": "paragraph",
      "text": "Olam as a physical trader engages in extensive hedging (and possibly speculating) with financial instruments. Many – to most – of these transactions are likely executed with brokers...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a4860ef-828a-4cb0-af25-cc170d224639",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "We have converted these accounts into Singapore Dollars and compared them to Olam's purchase accounting allocation. As can be seen from the table above, DLH has never given any significant value to its intangible assets...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6540a84-240b-47ba-8562-2d7691cd308d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.72,
        "x": 0.14,
        "y": 0.535
      },
      "kind": "paragraph",
      "text": "At the end of FY2012, Olam seems to have had only three weeks of operating cash. The Company reported S$1.1 billion in cash, but that number is misleading...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd2b6468-5554-40fd-b4de-d534c8fcf46f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.14,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "29 Olam 2011 Annual Report, p.131. 30 Id.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bca6071c-05f4-4c34-8acd-6a7e433b2a04",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.6,
        "x": 0.2,
        "y": 0.145
      },
      "kind": "table",
      "text": "Table of DKK million assets and liabilities for Group and Parent company for 2010 and 2009.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64170f22-5b87-4d95-914e-61da02bbfdad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.675
      },
      "kind": "table",
      "text": "Historical Margin Account Assets/Liabilities table from FY2005 to FY2012.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c049364a-1b2c-4758-8df1-bd485876aa54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.48,
        "x": 0.14,
        "y": 0.505
      },
      "kind": "title",
      "text": "Olam's Looming Solvency Crisis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76b9c749-9826-42cc-bb9f-f65743a1b05c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 11,
      "beatId": "bbf191d5-c2cd-433e-9eaf-b22bfec7e6b2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed critique of Olam's accounting practices",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "1c7944d6-7b78-442f-b56d-e49c84e46309",
      "evidence": "Detailed analysis of Olam's financial statements",
      "position": 0,
      "objective": "Reveal Olam's accounting irregularities",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}