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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide uses financial data to highlight lack of correlation and volatility, suggesting aggressive accounting or transfer pricing.",
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      "text": "Olam's staff costs are material to its operations, but they are also quixotic with little rhyme or reason.",
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      "text": "Income Tax Rate",
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      "text": "The following table shows Olam's tax rates between FY2005 and FY2012. Note the volatility that began in FY2008.",
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      "text": "Olam's tax rate fluctuations make no sense to us – even controlling for non-cash accounting gains. In general, Olam is buying commodities in Africa, Asia, and South America; and then, selling them to North America and Europe.",
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      "text": "Olam's staff costs are material to its operations, but they are also quixotic with little rhyme or reason. The table below shows the lack of correlation between staff costs and revenue, volume, or reporting period:",
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      "kind": "quote",
      "text": "See Olam's Aggressive Accounting Masks Its Poor Performance and Incentivizes it to Spend Increasingly Precious Cash. — Muddy Waters, LLC",
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      "text": "56 http://olamonline.com/wp-content/uploads/2012/11/14Nov2012-Q1FY2013_ResultsANN.pdf, p. 11. 57 See Olam's Aggressive Accounting Masks Its Poor Performance and Incentivizes it to Spend Increasingly Precious Cash.",
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      "text": "Table showing FY 2005 to FY 2012 data for EBT, Income Tax Expense, and Income Tax Rate.",
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      "text": "Table showing Q1 2013 to FQ2 2011 data for Revenue, Volume, Staff Costs, and associated ratios/changes.",
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