{ "docId": "019dd923-622c-750b-8b96-5115bded0db8", "docSlug": "562f89e5e11c", "documentTitle": "Noble Group (NOBL)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2015-04-09 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "pageCount": 14, "prevPage": 9, "nextPage": 11, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript to challenge management's claims about asset impairments.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-5115bded0db8/10", "deckHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8#slide-10", "components": [ { "bbox": null, "kind": "callout", "text": "The suggestion that we should use a spot price that has an 8% free float and trades A$10,000 a day as a fair representation of the market value is, at best, naive.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0930-77dc-94a2-5dd7ee46101b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.27 }, "kind": "paragraph", "text": "Summary: On the basis of select commentary by Noble Group management and the associated deceptive behavior identified below, we have concluded it is highly likely that one or more of the allegations made in the Iceberg report are true.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2019602c-b173-41a7-a5af-93aaf889678e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.71 }, "kind": "paragraph", "text": ": Thank you, Conrad, for your question. So Territory is, just to clarify, is an iron ore mine in Australia... we don't see any other issues on any of the other exposures that we have.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82789251-c701-4346-9519-97d573dbe14f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "paragraph", "text": "Analysis: The CEO's qualified statements, coupled with the attack on the non-attributed suggestion, indicate that Noble has some degree of uncertainty about the level of risk associated with further deteriorating market conditions.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4da06ee-b9a8-45a7-8c1b-96bffb26237d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.54 }, "kind": "paragraph", "text": ": Hi, there. It's Conrad calling from Macquarie. Just a couple of quick questions, please. The issue that you had with Territory Resources... are there any other risks like that still sitting there on the balance sheet?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dd508981-6c3d-4b14-b496-5016b425a523", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": ": Hi, there. It's Conrad calling from Macquarie. Just a couple of quick questions, please. The issue that you had with Territory Resources, which impacted the operating income from supply chains in Metals, are there any other risks like that still sitting there on the balance sheet, if you like, whether in Metals or in Energy? I mean you mentioned in Yancoal that you didn't see much incremental further write-down risk, but are there any more issues like Territory in there? And then, could you just split the fourth quarter loss from associates into how much came from Agri and how much came from Yancoal? Thank you. : Thank you, Conrad, for your question. So Territory is, just to clarify, is an iron ore mine in Australia. We put it on care and maintenance because of the price falls. As you know, we're an asset light firm, but that doesn't mean we don't have any assets on our balance sheet. We've gone through as part of our year-end process and reviewed in great detail the operating assets that we have on our balance sheet and have [ph] felt (35:45) we have impaired them as we did in previous quarters. So looking at what we have, looking at the amount of exposures that we have in associates, at this point, we don't see any other issues on any of the other exposures that we have.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0930-77dc-94a2-63077b009730", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.23 }, "kind": "title", "text": "Analysis of Noble Group Q4 2014 Call", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3b33b53-7883-4ae5-b695-9d3fa74ba003", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "b937dab2-dba3-4997-838a-3f78c401403e", "evidence": "The slide explicitly identifies 'deceptive behavior' and analyzes management's responses to uncover potential accounting misrepresentations.", "confidence": 0.9 } ], "arcBeats": [ { "to": 10, "from": 6, "beatId": "0ae25f44-6e73-4c25-ba85-72ade228048e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The document presents an analysis of Noble Group's transactions and accounting practices, highlighting contradictions and discrepancies.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }