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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The slide highlights specific line-item mismatches between cash flow statements and balance sheets, suggesting potential financial reporting errors or manipulation.",
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      "text": "It is also worth noting that certain figures in the Q4 2010 statements were inconsistent with the Q3 2010 statements.",
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      "text": "i. Increase in receivables declined by S$362.0 million. Receivables on the balance sheet increased by S$0.1 million.\nii. Increase in payables and other current liabilities decreased by S$150.3 million. Total change in those items on the balance sheet between the Q4 and annual report for FY2012 was negative S$38.4 million.\niii. Purchase of PP&E increased by S$105.8 million. No change to PP&E on the balance sheet.\niv. Cash spent on acquisitions declined by S$81.6 million.\nv. Proceeds from borrowings declined by S$82.4 million. Borrowings only declined by S$13.3 million on the balance sheet.\nvi. Fair value gains on biological assets of S$54.0 million were added, which likely should have boosted net income before tax by S$54.0 million.\nvii. Net effect of exchange rates on cash declined by S$50.3 million.\nviii. Interest expense paid decreased by S$37.7 million.\nix. Negative goodwill increased by S$29.2 million. Changing this also likely should have changed net income.\nx. Increase in inventories declined by S$16.1 million. Moving in the opposite direction, inventories increased by S$46.2 million on the balance sheet.\nxi. Allowance for doubtful debts moved from zero in the Q4 filing to S$10.1 million. Changing this also likely should have changed net income.\nxii. Proceeds from disposal of PP&E declined by S$8.0 million.",
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      "text": "It is also worth noting that certain figures in the Q4 2010 statements were inconsistent with the Q3 2010 statements: for instance, the statement of cash flows in Q4 2010 showed zero proceeds from disposal of PP&E, but the balance of S$16.1 million for the year was more than double the balance shown in the Q3 statement of cash flows (S$7.9 million). Similarly, “Investment in jointly controlled entities / associates” declined from S$107.7 million in the first 9 months to S$85.5 million in the fiscal year, despite the Q4 investment being zero. Discrepancies with the annual report included the following:",
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      "text": "h. In the 2011 AR, there were only two numbers that changed from the Q4 filing: proceeds from borrowings increased by S$133.0 million and the net effect of the exchange rate decreased by S$133.0 million. The two changes cancelled each other out, and there was no end effect on cash and cash equivalents. All figures reported on the balance sheet were",
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