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  "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",
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  "pageNumber": 51,
  "pageCount": 133,
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  "nextPage": 52,
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  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide uses a forensic accounting approach to identify discrepancies in financial reporting.",
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      "kind": "callout",
      "text": "We believe this may be part of the reason why investors seem not to have noticed the disparity between CapEx announced and the amount actually spent.",
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      "text": "Total Overstatement: S$570,999,000",
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      "text": "As Olam has avoided delineating its CapEx spend, we have gathered all evidence possible from announcements on Olam's website, local press, and analyst reports in order to build a model of Olam's capital expenditures.",
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      "text": "Looking through analyst reports there is a gross overestimate of cash paid for acquisitions. We believe this may be part of the reason why investors seem not to have noticed the disparity between CapEx announced and the amount actually spent.",
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      "kind": "paragraph",
      "text": "When looking through the Olam cash flow statement in the 2012 Annual Report, one figure stood out more than any other, and that was the S$875 million cash out flow for the purchase of property, plant and equipment.",
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      "kind": "table",
      "text": "Table comparing Annual Report cash outflows vs Press Release data for acquisitions across FY2009-FY2012.",
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      "kind": "title",
      "text": "Non-Acquisition Capital Expenditure – So Black Holes do Exist!",
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