{
  "docId": "019dd923-622c-750b-8b97-a4929b6a5ea0",
  "docSlug": "24cc080a34d8",
  "documentTitle": "Eurofins Scientific SE (ERF)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-03 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 31,
  "pageCount": 35,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses excerpts from Bureau Veritas Iberia, S.L. financial statements to point out the classification of 'Investments in group companies at CP' as a financial asset.",
  "elementsJson": [
    "headline_text",
    "screenshot",
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/31",
  "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.54,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "The Company maintains a cash-pooling agreement... recorded under the heading Credits to Group companies and associates.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5467f8ed-23dc-493c-99fb-5842addbd3be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Bureau Veritas Iberia, S.L. Financial Statements 2022, Pg. 9.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a59228f-fd8b-4fa4-8d4e-8b5da8b83a50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.35,
        "x": 0.08,
        "y": 0.38
      },
      "kind": "table",
      "text": "Balance sheet excerpt showing 'Investments in group companies at CP' as 21,356 (2022) and 22,607 (2021).",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "949e0898-e47a-409f-aec6-fa9342577f9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.54,
        "y": 0.25
      },
      "kind": "table",
      "text": "Financial assets note excerpt showing 'Loans to group and associated companies' as 21,356 (2022) and 22,607 (2021).",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba57b47e-e910-46d0-b100-90b4a34ca6e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "BV's Related Party Receivables from the Cash Pool are Financial Assets, not Cash Equivalents",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfcec7a4-cfbf-473d-b13f-3e2839cb7568",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a3b1d0d5-b1aa-4da4-88cb-3335e40183a3",
      "evidence": "The slide explicitly argues that the company misclassified financial assets as cash equivalents to mislead investors.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 25,
      "beatId": "01300c39-511d-43ca-90f6-05ec2be9870c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a thesis_headline and supporting evidence, presenting a clear argument that Eurofins does not deserve the trust necessary to take its financials at face value.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}