{
  "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": 8,
  "pageCount": 35,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Muddy Waters Research slide 7.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-a4929b6a5ea0/8",
  "deckHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a4929b6a5ea0#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "While this is not evidence of malfeasance, in our opinion, it indicates massive amounts of Related Party Receivables and Payables are netted routinely in Eurofins, and the system for tracking them seems far from perfect.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-9656-843db6cb5119",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.1,
        "x": 0.85,
        "y": 0.02
      },
      "kind": "image",
      "text": "MUDDY WATERS RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a701f099-e0a0-4aa3-b3c6-53a691b90c99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "With no explanation, in 2018, ESS restated its 2017 Related Party Payables lower by €76.5 million, which it then netted against Related Party Receivables, reducing the balance of RP Payables by €76.5 million and RP Receivables by €75.0 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d72d9d45-7444-4ac6-8884-cc2b88d1abd3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "While this is not evidence of malfeasance, in our opinion, it indicates massive amounts of Related Party Receivables and Payables are netted routinely in Eurofins, and the system for tracking them seems far from perfect.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "def35cfe-d485-40f9-a55f-5c7584c7695e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Eurofins Support Services LUX Holding 2017 & 2018",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e35739bf-e9f8-4b21-ad46-9b1acffe5829",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3c33d437-1d82-4f4d-978e-6c7ee618db8f",
      "evidence": "The slide highlights an unexplained accounting restatement to suggest potential internal control failures.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 5,
      "beatId": "a7047530-0706-4c69-89a8-5f0d50e2a931",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents a series of expose_contradiction slides highlighting inconsistencies and potential manipulations in Eurofins' financial statements and accounting practices.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}