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  "documentTitle": "Eurofins Scientific SE (ERF)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2024-06-24 00:00:00",
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  "notes": "The slide uses accounting policy excerpts from Bureau Veritas, SGS, and Intertek as a baseline to contrast against Eurofins' reporting practices.",
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      "text": "Eurofins' complexity and opaque accounting seems optimized for malfeasance in that the company seemingly chooses risk over clarity.",
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      "text": "We think questionable cash disclosures have been a long-standing practice of Eurofins, dating as far back as 2011.",
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      "text": "In 2011 ~€89 million of cash equivalents... were recorded as investments in subsidiaries... However, in the same year, the filings of the publicly listed Group record ~€89 million in cash equivalent 'marketable securities'.",
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      "text": "29 Eurofins SE Financial Statements 2012, Pg. 3. 30 Eurofins Scientific Annual Report 2012, Pg. 61.",
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      "text": "NOTE 21 CASH AND CASH EQUIVALENTS",
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