{ "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": 11, "pageCount": 14, "prevPage": 10, "nextPage": 12, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 2, "notes": "The slide uses a 'forensic' analysis style to deconstruct corporate communication, identifying manipulation and avoidance tactics.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-5115bded0db8/11", "deckHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-5115bded0db8#slide-11", "components": [ { "bbox": null, "kind": "callout", "text": "Collectively, his deceptive behavior is strongly indicative of a level of concern that is higher than what has been disclosed regarding additional problems with Yancoal.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0930-77dc-94a1-9b43844fbfa2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.36 }, "kind": "paragraph", "text": ": Losses on associates, in the year, NAL, the Noble Agri, the quarterly impact - the impact on the associate line was just a quarterly impact about $94-ish million and the Yancoal impact was roughly $60 million loss, [ph] it was all (36:47).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d47930e-6858-4ecd-9b4b-0138550248de", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": ": Hi, good evening. I wanted to ask about the write-down on Yancoal... And was any of the write-down - was it in any way sort of connected with recent questions raised about the Yancoal valuation by Iceberg? Thank you.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "304b16d0-3047-47de-b704-a8eebde3e4bc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.44 }, "kind": "paragraph", "text": "Analysis: Mr. Van der Zalm initially provides information that was not requested. After further prompting from Mr. Alireza, he provides only approximate figures regarding the losses. His behavior reflects concern about providing any significant detail regarding the question that was posed.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "362de3d1-18de-4972-9823-6e235299bd4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Analysis: Mr. Alireza begins his response with overly polite behavior... Collectively, his deceptive behavior is strongly indicative of a level of concern that is higher than what has been disclosed regarding additional problems with Yancoal.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6aa6b411-39a8-4742-8511-5e170cdf054f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.65 }, "kind": "paragraph", "text": ": Sure. So just to clarify, we review all of our associates/other assets investments on our balance sheet, on a quarterly basis... In terms of when the decision was made to write-down Yancoal, we've been going through the process of reviewing our balance sheet and all of our assets with E&Y for the last month, month-and-a-half since the year-end. We presented those results to the Audit Committee over the last", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8d8238c8-3a00-4435-ad94-d0ba47c0a842", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "In terms of the breakdown between Yancoal and Noble Agri, Robert, do you have those details? : Noble Agri was on the balance sheet at roughly $1.4-ish billion. : I think the question is in terms of the losses on associates.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b27de45f-781d-4175-978d-506d1aaa5742", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "In terms of your last question, there is nothing in terms of our results that was impacted in any way by any anonymous report that was released. — Yusuf Alireza", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0930-77dc-94a1-9d6a1ceac626", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "3553fdaa-0ff6-4eb1-a5b5-fc5d971f746a", "evidence": "The slide explicitly analyzes communication for 'deceptive behavior' and 'manipulation' to uncover hidden financial concerns.", "confidence": 0.9 } ], "arcBeats": [ { "to": 14, "from": 11, "beatId": "44de4707-7114-4d90-9234-8e75bcf94a83", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The document presents a conclusion and analysis of Noble Group's accounting practices, highlighting areas of concern.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }