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  "documentTitle": "Eurofins Scientific SE (ERF)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-07-03 00:00:00",
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  "notes": "The slide uses a snippet from a Spanish financial statement to demonstrate that 'Tesoreria' (Treasury) only includes cash, not the receivables.",
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      "text": "We consistently found that Cash Equivalents excluded Pooling Receivables",
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      "text": "We reviewed the filings of four Spanish Bureau Veritas subsidiaries. We consistently found that Cash Equivalents excluded Pooling Receivables. A typical Bureau Veritas note appears at right: \"The composition of the treasury balance and other equivalent assets as of December 31, 2021 and 2020 is as follows.\" Translated to read \"Treasury\" (i.e., Cash = cash)",
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      "text": "The composition of the treasury balance and other equivalent assets as of December 31, 2021 and 2020 is as follows. — Bureau Veritas Inspeccion y Testing, S.L. Financial Statements 2021",
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      "text": "Below: Bureau Veritas Inspeccion y Testing, S.L. Financial Statements 2021, Pg. 29.",
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      "text": "9. Efectivo y otros activos líquidos equivalentes. La composición del saldo de tesorería y otros activos equivalentes al 31 de diciembre de 2021 y 2020 es como sigue: 2021 16 2020 14",
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      "text": "Bureau Veritas, Which Pools Cash, Does Not Reclassify Related Party Receivables as Cash Equivalents",
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