ShadowFall Fund is short Eurofins Scientific SE
TALK ABOUT CLOSENESS? - ShadowFall Research shadowfall.com/blog/2019/07/0…
ShadowFall Fund is short Eurofins Scientific SE . A month later and still no response from the Belgian auditor we wrote to.
Maybe he’s busy auditing ERF’s Luxembourg subsidiary accounts, which in recent years have been filed by May?
However, what is like clockwork is the $ERF’s movement in its Commercial Paper utilisation, which decreases for its important reporting dates to then rise up thereafter. Window dressing, n’est-ce pas?
ShadowFall Fund is short Eurofins.
Still no sign of Eurofins’ Luxembourg 2018 filings, however its Commercial Paper facility has ticked up a further €60m from a few weeks back and €157m from what it’s likely to have been at its half year. Problème de liquidité pour moi?
ShadowFall Fund is short Eurofins .
Another week passes and still no sign of Eurofins’ Luxembourg 2018 filings.
shadowfall.com/social-media-d…
However, Audit Conseil Services’ (ACSe) accounts are filed. ACSe’s revenue at €1.1m in 2018 (2017: €1.1m). On our calculations, Eurofins & its CEO’s businesses historically account for 10%+ of ACSe’s revenue. Given ACSe’s flat revenue should we assume that ERF remains a client?
Meanwhile Eurofins’ Commercial Paper facility continues to tick higher. Now €177m higher from when it was brought down for its reporting date at end of June. In our view, Eurofins’ debt burden is becoming insurmountable.
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