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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "notes": "The slide highlights a significant unexplained difference of S$1.0 billion in FY2011 COGS.",
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      "text": "However, the FY2011 number is too large for us to explain.",
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      "text": "In its Annual Reports, Olam provides a footnote detailing costs/contra-costs incorporated into its calculation of COGS. We attempted to reconcile FY2011 income statement COGS with inventory accounts in the notes to the financial statements and found that the two numbers are off by S$1.0 billion.",
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      "text": "Notes: 1. Figures taken from 2012 AR, p. 128, Note 6; 2. Figures taken from 2012 AR, p. 152, Note 18",
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