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  "documentTitle": "Eurofins Scientific SE (ERF)",
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      "text": "Should Eurofins be Trusted? Three New Data Points Suggest \"No\"",
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      "text": "The company's response claimed that consolidating pooling receivables into the Cash & Equivalents line item is a Spanish GAAP requirement. That statement is seemingly contradicted by the Spanish subsidiary filings of Bureau Veritas.",
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      "text": "In the company's response to our report, it claimed that ~100% of external revenue is audited by statutory audits.",
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      "text": "This is highly misleading, because Eurofins' Annual Report notes that Deloitte, the global auditor, only covers 71% of consolidated third-party revenue (by either an audit or a review). Therefore, 29% of its external revenue is not covered by Deloitte's work.",
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      "text": "Of course, Dr. Martin's two decades of abusive real estate transactions involving Eurofins further argues against trusting the company.",
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      "text": "Eurofins recently unequivocally denied using any factoring. However, we have evidence that Eurofins almost certainly factors both receivables and payables (\"reverse factoring\").",
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