{
  "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": 52,
  "pageCount": 133,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 45,
  "notes": "The slide uses a forensic accounting approach to question the transparency of Olam's capital spending, specifically targeting the 'unattributed capex' figure.",
  "elementsJson": [
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/52",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.89
      },
      "kind": "callout",
      "text": "Total unattributed capex: 996,204",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3171be2-afd2-4687-8e05-168a184bd2b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "As a stakeholder in the company, especially a bondholder, the most worrying questions must be, \"Where has my money gone?\" and, \"How am I going to get it back?\"",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befb-4e01e80031ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Unattributed capex: S$996.2 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befb-52401a48a68a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "However, we have only been able to find announced projects totaling S$590.8 million, a difference of S$996.2 million. To reiterate, we have reviewed and analyzed all press releases and presentations on Olam's websites and read through all the analyst reports we could obtain but have not been able to identify any further announced capital spend to bridge this gap.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a4a9708-fc0c-4fc1-b7a1-c35bc274086a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.24
      },
      "kind": "paragraph",
      "text": "We understand that Olam only announces projects that will require a capital investment over US$15 million. Olam may argue that this undisclosed spending is all maintenance. However, it is unreasonable to suggest that it spent S$500 million on routine maintenance in 2012 alone.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca24f976-dc8c-4d2d-b86b-03f47635e5f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.72,
        "x": 0.14,
        "y": 0.38
      },
      "kind": "table",
      "text": "Detailed breakdown of capex by year (2009-2012), listing projects, commitments, and sources, culminating in a total unattributed capex of 996,204.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a65822d-4d4d-4cdc-b2c9-76d702720429",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "465da6f8-1787-4584-8c90-6814f8d95f71",
      "evidence": "The slide explicitly attempts to identify missing capital expenditure to question company transparency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 133,
      "from": 51,
      "beatId": "bfd56f27-9e0e-4a96-9fda-8bd5736531bb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and recovery analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 50,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "55a0474f-bcfd-4075-a427-456e1a9d8b5a",
      "evidence": "Discussion of Olam's solvency crisis",
      "position": 1,
      "objective": "Highlight the risks of not addressing Olam's issues",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}