www.eurofins.

com
Corporate Presentation
Half Year 2013
Eurofins
A global leader in bioanalytical testing in the food,
environment and pharmaceutical sectors
2
Introduction
Market & Strategic Positioning
Finance & Outlook
Summary
Appendix
Contents
3
Eurofins Mission is to contribute to global
Health, Safety & Environment with the best in bioanalysis
Founded in 1987

IPO in 1997 in Paris at EUR 1.83 per share

Network of around 180 laboratories in 35
countries

Over 100,000 reliable analytical methods

Over 14,000 employees
Key figures 2012 2007-2012 CAGR
Revenues EUR 1,044m 16%
EBITDA EUR 161m 20%
Net Profit EUR 64m 27%

*Adjusted reflects ongoing performance of the mature and recurring activities excluding separately disclosed items
Food
Environment Pharmaceuticals
Eurofins provides testing
services in three main areas:
Recent trends in global food production, processing,
distribution and preparation are creating an increasing
demand for food safety research in order to ensure a
safer global food supply. World Health Organisation
EUROFINS 2017: Mid Term Objectives
EUR 2bn Revenues (13.9% CAGR)
>20% Adjusted EBITDA Margin
4
(~ 40% of
revenues)
(~ 40% of
revenues)
5%
10%
Market size
estimate
~ EUR 4bn


Market
growth
rate
To the best of Eurofins knowledge, based on data available to the Group
~ EUR 1.5 - 2.0bn

~ EUR 5bn
N1
worldwide
N1 to N3
worldwide
Leading global and local market positions
(~ 20% of
revenues)
Testing for
Pharma/
Biotech
Environment
Testing
Food &
Feed
Testing
N1
worldwide
Eurofins
ranking
N 1 in Europe
N 1 in Germany
N 1 in France
N 1 in Scandinavia
N 1 in Benelux
N 1 in the UK*
N 1 in Brazil
N 2 in the USA

N 1 in Europe
N 1 in Germany
N 1 in France
N 1 in Scandinavia
N 1 in Benelux






N 1 Worldwide in Pharma
Product Testing
N 1 Worldwide in Discovery
Pharmacology Services
Among top 3 global providers
of central laboratory, genomic
and agrosciences services
N 1 or 2 in most segments/
countries in Europe




* except routine Bacteriology - focus on high end analysis
5
Demand for safe
pharmaceuticals, quality food
and clean environment
Risks linked to
global sourcing
and brand
vulnerability
Consolidation of the
fragmented laboratory
market and scale effects
Drivers for long-term market growth
Outsourcing of internal
laboratories by industry
One-stop shopping (focus on
few global testing suppliers)
Increasing wealth
and quality of Life
Technological
progress
Advancing
globalisation
New analytical
methods and lower
detection limits
Consumer
expectations for
protection
Secular Underlying
Fundamentals
General Market Drivers Laboratory Market Drivers
6
Eurofins is set to reinforce its global market leadership
Eurofins Growth Cycles
* Company objective
2000-2005 CAGR
36%
2006-2011 CAGR
18%
2012-2017 CAGR
14%
Eurofins 2017
2,000
7
Continued operating and financial growth momentum
Eurofins 5 year Report Card: 2007-2012 CAGR H1 2013: Strong revenue and earnings growth
16%
20%
29%
28%
Revenues EBITDA EPS Op CF
2012 Achievements
8% organic growth versus 5%
objective
EUR 1bn revenue objective
exceeded one year ahead of
schedule
20,000m
2
of new state-of-the-
art labs added to the network
>20 acquisitions
14.4% ROCE despite
significant investments and
one-off restructuring costs
7.5%* organic growth generated in the
seasonally slower first half of the year
27% increase in adjusted EBITDA
translates to 110 bp margin expansion
Majority of start-ups transferred to
mature perimeter
8 acquisitions with combined revenues
of over EUR 70m
35% increase in operating cash flows
Sustained operating momentum in the
groups largest markets
Extension and renewal of credit lines at
better conditions optimize balance sheet
* Excluding companies in significant restructuring
8
An international network of world class, standardised
laboratories is attractive for our customers
80% of the worlds population still has limited access to testing laboratories
N. America 23.5%
France 17.7%
Germany 17.1%
Nordic Region 13.4%
Others 15.1%
Benelux 7.9%
UK & Ireland 5.3%
H1 2013 revenue split :
Entry into high-
growth markets
with 17 start ups
Geared towards strong economies and fast-growing
markets
Share of Eurofins revenues in various markets (June 2013)
Germany
Austria
Switzerland
Benelux
Scandinavia
(Northern
Europe)
Germany
+
Northern
Europe
USA
+
AP & EM
Germany
Northern Europe
USA
AP& EM
UK Total
Excluding
France &
Southern
Europe
France Italy Spain
Greece
Portugal
TOTAL
9
10
Eurofins strategy aims at building long lasting
competitive advantages
Extensive expertise in local regulations for all
major markets, and one-stop contact for
compliance in multiple countries
Globally reliable standards of high quality and
consistency
International key accounts management
Internet-based transactions and access to
testing results
Competence Centres & R&D activities
Proprietary technologies for proof of
origin, virus phenotyping & authenticity
testing
Continuous development/acquisition of
advanced technologies
One stop shop
Leading technology
Pure-play laboratory operator
International network with a presence in
35 countries
Vast technological portfolio with more
than 100,000 reliable methods
Over 80 million assays performed per
year
But one contact person for each
customer
Industrialised processes
Unrivalled expertise accessible to all
customers
Continually expanding geographical coverage
Proven operating model that can be rolled-out
in various/multiple markets
Quality of customer service
11
Introduction
Market & Strategic Positioning
Finance & Outlook
Summary
Appendix
Contents
12
Consumers
increasing awareness
and demand for safe
and high quality food
The Food testing market has robust growth drivers
Compels industry to strengthen its testing programs
New products (GMOs, new packaging, etc.) create need for new tests
Governments increase regulations on food control
Brands have become more global and vulnerable to contaminations
Transparency and traceability are becoming the priorities
Increasing pressure on producers and manufacturers to invest in testing
Food scares and
crises, widely
covered in the
media
Demand for a high quality, state-of-the-art, international network of laboratories
Globalisation: Raw
materials sourced
from countries
with different QC
practices
Outsourcing of
industrys
internal or state-
owned
laboratories
13
Retail & Distribution
Eurofins Food & Feed testing offering is the most
comprehensive in the market
Agricultural
production, product
development
Production
Dioxins
Veterinary drug
residues
Organic residues POPs
Heavy metals Irradiation
Quality Control Vitamins
GMO Labelling
Purity Nutritional
Microbiology Sensorial
Authenticity Pesticides
Mycotoxins Allergens
14
Year Brand/ Contamination Impact Cost
Country
Salmonella
in tomatoes
and peppers
2008
E. Coli in
cookie dough
70 people sick, 25 people hospitalized, job losses,
withdrawal of 86 million "cookies-worth, court
proceedings initiated
50,000 infants ill, 6 deaths, global recall of
dairy and related products, criminal
charges in China
Melamine in
dairy products
Sanlu/
Fronterra +
global brands
~ USD 100m
USD 250m
Unquantified
2009
About 1,500 people sick throughout US
& Canada pulling of products from
shops & restaurants
2008
Nestl
North
America/
Mexico
Dioxins Recall of Irish pork products, job
losses, destruction of 100,000 pigs
2008
FreshPlaza
CNN Health
BBC News
Irish pork > EUR 300m
Irish Exporters
Association
Salmonella
in peanut
butter
2008
~ USD 100m
Est. only for
Kelloggs
9 dead, 683 people sick, global recall of
peanut butter and related products
(1,600 types of products involved)
Kelloggs,
Unilever,
General Mills
Bloomberg
High profile food scares have expensive consequences
for producers
Dioxins in
eggs, poultry
and pork
About 3,000 tonnes of feed contaminated with oil
intended for use in bio-fuels, 4700 farms closed,
revenues lost, tightening regulation
2011 Germany BBC news
Beef products
contaminated
with horse meat
Sales of frozen burgers plunged 43% and frozen
ready meals fell 13% in the UK between 21 Jan
17 Feb, 2013, at the height of the scandal
2013 Europe The Guardian
~ EUR 360m
Market value
lost for Tesco
15
and destroy market value
48% drop in share price in first week.

Threat of multiple law suits.

Over 100 brands & over 60m cans of
recalled product.

The largest customer (11% of sales)
has suspended orders (thought to be
WalMart).

Direct cost estimated at US$ 42m

2007 example: Menu Foods is the largest maker of wet cat and dog food in N. America
Melamine contamination of pet
foods due to illegal use of a plasticiser
in wheat and rice gluten raw material
supplies from China.

Tens, possibly
hundreds of
pets died
- 48%
In the wake of
the scandal
drop in orders resulting in a $3.6m
loss in the Q2 vs a $2.6m profit in
Q2/2006
- 44%
Source: http://www.lapresseaffaires.com
Contamination Direct impact Indirect impact
In fact, this was the same type of
contamination to affect baby milk
one year later.
16
Horsegate: A reminder of the need for more systematic
testing
Results & Conclusions Well-known brands were caught-up in the scandal
Dec 2012 Irish authorities become aware of the
adulteration in ABP Food Group
burgers with 29% horse meat content
Jan 2013 Eurofins Germany confirms to FSAI
presence of horsemeat on samples
tested
FSAI announced horsemeat had been
found in products of Tesco, Asda,
Dunnes Stores, Lidl, Aldi and Iceland
Tesco market value declined EUR 360m*
Out of 18 Findus products, 11 tested
positive for horsemeat. Fraud traced
back to French suppliers comigel and
Spanghero
Feb 2013 EU Commission launched coordinated
control Plan calling for random testing
for presence of horse DNA and
phenylbutazone.
Mar 2013 7,259 tests reported to the Commission:
4,144 tests for horse DNA presence
3,115 tests for phenyllbutazone
http://ec.europa.eu/food/food/horsemeat/timeline_en.htm
http://en.wikipedia.org/wiki/2013_meat_adulteration_sca
ndal#cite_note-idsum-55
EU Commission
Wikepedia

Of the 4,144 tests done to detect horsemeat, 193
tested positive (4.7%)
Of the 3,155 tests done to detect phenylbutazone
residues, 16 tested positive (0.5%)
The large food manufacturers and retailers
caught up in the scandal identified weaknesses
in their supply chains
The scandal has highlighted insufficient testing
regime in the industry
The official results from the tests imposed by the
authorities confirm that only a sufficient level of
SYSTEMATIC TESTING across the food supply
and production chains can reduce risk and
prevent similar scandals
* The Independent, 16 January 2013
17
Eurofins response to help the industry
Eurofins response to aid the industry
Rapid capacity scale-up by allocating more
of its DNA-testing resources to food
analysis, and in particular, meat speciation
Launch of relevant meat speciation and
contamination test-packages
Industry-beating accuracy and Turn-Around-
Time (TAT)
Developed new protocols based on the
latest Next Generation Sequencing (NGS)
technologies to increase its DNA-testing
capacity and significantly reduce the cost
per analysis.
Eurofins reduced its prices for DNA analysis
for meat testing during the crisis to reduce
the cost to allow the industry to not only
comply with regulations, but systematically
manage the risks in their supply chain.
Roll-out of technical resources to support local labs
18
Eurofins is meeting the demands of global players
The largest global food & beverage producers and retailers are clients of
Eurofins
Food and Beverage
Retailers
2012 Sales in
EUR billion
2012 Sales in
EUR billion

Nestl Switzerland 76.2
Unilever UK /Netherlands 51.3
PepsiCo USA 49.9
Kraft Foods* USA 43.5
Coca-Cola USA 36.6
Mars* USA 26.7
McDonalds USA 21.0
Danone France 20.9
Kelloggs USA 10.8
Pernod Ricard France 8.2

Wal-Mart Stores USA 338.3
Carrefour France 86.6
Tesco UK 79.4
CostCo USA 75.6
Kroger USA 68.9
Metro AG Germany 66.7
Aldi Germany 57.0
Casino Guichard France 42.0
ITM Enterprises* France 39.1
Royal Ahold The Netherlands 32.8
19
The Pharma testing market is both healthy and full of
potential
The increasing complexity of clinical trials leads to increasing
amounts of diagnostic procedures performed per patent
Regulatory bodies (e.g. FDA) are demanding more study data to
improve safety
Clinical trial processes are becoming increasingly rigorous to
ensure drug efficacy
The spend per drug trial is rapidly increasing
Need for big pharma
companies to expand
new drugs pipelines
Rapid technological change &
increasing complexity in testing
require ongoing investment in
technology & expertise
Greater trial complexity & size will increase likelihood of using CROs
20
Underlying trends are increasing
68
Global Drug R&D Spending (USD billion)
CAGR 8%
2004 2002
84
100
2006
116
2008
119
2010
Large pharmas need to refill their product pipeline
as the blockbusters start to come off patent

Drug development expenditures have increased
substantially in recent years

Total R&D is over USD 100bn and will increase


Sponsors increasingly outsource drug development to:
- Reduce their fixed cost base
- Access competencies that they do not have in-house
- Access experience and regulatory expertise in new geographies

Growth of biotechnology industry:
- Limited physical infrastructure
- Lack of internal expertise

26%
2008
17%
2010 2004 2006
19%
21%
23%
2012e
CAGR 5%
Global % R&D Outsourced
Source: William Blair & Co. 17 Nov, 2010
Source: William Blair & Co. 17 Nov, 2010
21
Eurofins Pharma Services: 6 activity groups
Genomics Discovery
Pharmacology
Pre-clinical /
Early
Development
Clinical
(Central
Laboratory)
Pharma
Products
Testing /
cGMP QC
Registration
Sequencing
Oligonucleotides
Pharmacogenomics
Transcriptomics
Genotyping
SNP-analysis
Pharmacology
Bioanalytical
analysis
Translational
medicine
Phase I studies

Biomarkers
Bioanalysis
Immunogenicity
Proteomics
Microbiological and
Anti-infective
analysis
Bioavailability
Bioequivalence
Impurities Analysis
Stability Studies
Process
development
Hygiene Monitoring
Packaging analysis
Regulatory/Biocides/
Chemicals/Agro-
chemicals/
Ecotoxicology/
Registration/
REACH...
Phases
I - III


Registration

Phase IV,
Surveillance, Quality Control
Basic Research, Discovery,
Combinatorial,
Biological Product Libraries, etc
Pharmacology, Exploratory
Toxicology, PK, Metabolism, etc
High-throughput-
screening
Molecular-
pharmacology
cell-based assays
in vitro screening
in vitro profiling
in vivo safety
in vivo efficacy
22
The Top 10 largest global pharmaceutical companies are
all clients of Eurofins
Top 10 pharma companies

Pfizer
Sanofi Aventis
GlaxoSmithKline
Novartis
AstraZeneca
Merck & Co
Johnson & Johnson
Roche
Eli Lilly & Co
Bristol-Myers Squibb
Country

USA
France
UK
Switzerland
UK
USA
USA
Switzerland
USA
USA
Global CRO Market
USA 60%
Europe 20%
Japan 8%
Rest of World 12%
Market
Breakdown
CAGR*
12%
9%
18%
14%
Source: William Blair &Co.
* 2007 2012est.
23
Increasing demand by citizens for a clean environment

EU expanding regulation (e.g. REACH)

Increasingly long list of products identified as toxic

Requirement for more sophisticated analyses and more
expensive equipment


The Environmental testing market continues to grow
Rise in
contamination &
pollution issues
Progress in epidemiology
& medicine has identified
more compounds as toxic
Compels industry to increase testing and outsource internal labs

24
Outdoor pollutants
Indoor and ambient
pollutants
Eurofins serves all the main environmental testing
markets
SOIL AIR
WATER
With Lancaster, Eurofins is the No.1 environmental testing service
provider in the world
Drinking water and groundwater
analysis
Full range of contaminants

Analysis of soil for full
range of contaminants
Consulting and
sampling companies
are natural partners
Lancaster Environmental
Testing is the laboratory
of choice for Fortune 500
companies in the USA
25
Global trends in regulation support the business
Strong regulated markets (EU, USA) are still amending and adding regulations
Eastern European rules catching up with EU
Fast development of regulation in Asia
Regulation used for support of trading blocks (e.g. EU, NAFTA, ASEAN)
European Food Regulation (EC)178/2002

Recently passed

European REACH directive
US Country of Origin Labeling (COOL) law
PRC Food Safety Law in China
Food Safety Modernization Act (FSMA) in
USA

In the pipeline

Comprehensive Review of Food Labeling
Law and Policy in Australia & New Zealand
Food imports

Labelling (e.g. allergen, origin label,
reference intakes)

Foodstuffs (marketing standards for
beverages, meat, fish, dairy products)

Pesticides

GMO & GM products

Additives (vitamin & mineral fortification,
flavourings, sweeteners, enzymes)
Key areas of food regulation Major pieces of legislation
26
*Registration Evaluation and Authorisation of Chemicals(1): Regulation (EC) N 1907/2006 and Directive 2006/121/EC of the European Parliament and of the Council
Metals, resins, acids, solvents, oils, fibres in textile, car
components, toys, cosmetics, plastics, rubber,
microchip, etc.

Food and drug ingredients are excluded
EU regulations a key driver for the testing industry
e.g. REACH directive
Listing and assessing the safety of 30,000
chemical substances used by industries in
Europe over 11 years

Replacing the most dangerous ones - no
chemical safety studies were conducted
before 1981; only 3700 new chemicals
analysed up to 2008 out of 100,000 used
currently in EU

Time line
Physico-chemical properties: density, viscosity, etc.
Toxicity: skin, eye, mutagenicity, inhalation, oral,
reproductive
Ecotoxicity: invertebrates, plants, fish, birds, soil,
water, degradation
Increasing testing requirements from 2010
Objectives Examples of affected products or industries
Type of testing
Estimated cost
EUR 10bn according to the EU including EUR
1.5bn for testing over 11 years
> 1 t/ p.a.
production
> 100 t/ p.a.
production
> 1,000 t/ p.a. production +
substances of very high concern
Nov 2010 May 2013 May 2018
Deadlines for
registration
27
Outsourcing adds to market growth
Examples of laboratories outsourced to Eurofins
Danish Hydrology Inst. Official water reference lab Scandinavia
Suez/Sita Envirolab The Netherlands
Danish farmers association Steins water/environment laboratory Denmark
Southern Water Water testing laboratory UK
Lyon University Hospital Phase I Activity France
Austrian Research Institute Food testing Austria
Clermont University Mineral water analysis France
Raisio Group Food product testing Finland
Mondi Environmental, paper/pulp testing Slovakia
DLG Group Food and feed producer Denmark
Miljlaboratoriet Environmental testing network Denmark
BASF/QTA Environmental, chemicals USA
MWH Global Environmental, water-testing USA
TV SD Dioxin Analysis Germany
Danone Infant and clinical nutrition analysis Germany
Company Outsourced Activity Country
28
Eurofins strategy builds high Barriers to Entry
GLP
GMP
GCP
ISO 9001
ISO 17025
FDA Approved
Offering a premium quality service ... and leveraging internal efficiencies
Portfolio: over 100,000 reliable methods
unique in the world and ahead of
competition
Global laboratory network: fully set up for
cross-selling worldwide to customers
Accreditations: multiple international
accreditations
One-stop shop: single point of contact for
compliance to regulations of many
countries
Standardised testing in 35 countries
Sales and marketing: international teams
plus dedicated key account management
Reputation: high standards of quality and
consistency - the Eurofins brand
Internet: web-based transactions and
online access to testing results increase
switching costs
Industrialising the laboratory process:
rationalisation of sites and personnel
Competence Centres: high volume
laboratories providing highest levels of
expertise and service
Technology: the latest available in the
market providing the most accurate results
Economies of scale in Group purchasing
and sales functions
IT systems: cross-Group information tools
and standardised production systems
29
Introduction
Market & Strategic Positioning
Finance & Outlook
Summary
Appendix
Contents
30
Food
Water
Food, Pharma, Env
Env
Food
Laboratory Network Investments (1/2):
Laboratory start-ups to enter high-growth markets
Ireland
France
Spain
Portugal
Netherlands
Market Country
Pharma
Food, Pharma
Pharma, Food
Food, Pharma
12
13
14
15
16
Food
Pharma
5
6
Brazil
US Washington
1
2
3
4
Food
Pharma
Food
Pharma
Pharma
7
8
9
10
11
Poland
Hungary
Czech Republic
Bulgaria
Romania
Singapore
China
India
Japan


Europe
Americas

Eastern
Europe


Asia
India: Food Lab profitable in year 2 of
start-up
Japan: Radioactivity lab set up and
profitable in year of
establishment
Brazil: Food Testing profitable
Microbio MAPA audit passed
Eastern New sales & service offices
Europe: to support strong growth
Ireland: Through Lancaster acquisition
market leadership position
reached
France: Through IPL acquisition
market leadership position
reached in Environment & Water
testing
Operational achievements
31
Laboratory Network Investments (2/2):
Expand / modernise laboratory sites
70 new/expanded modern state-of-the-art sites to enable consolidation /
closure of smaller or old sites
Total of ca. 200,000 m
2
added or brought to most modern standards
between 2005 2012 (20,000 m
2
in 2012)
Kalamazoo
Vallensbaek
Hamburg
Les Ulis
Saverne

2006 - 2008 2009
Acton
Singapore
Suzhou
Holsterbro
Lidkping
Rotterdam
Cuneo
Malbork
Washington
Huntsville
Nantes
Denver
Princeton
Vejen

Major facilities : new or recently upgraded and planned for 2013-2014
Niefern
Ebersberg
Sao Paolo


2010
Cologne
Barneveld
Des Moines
Shanghai
Shenzhen
Tokyo
Nantes (Micro)
Ebersberg ext.
2011
Wolverhampton
Saverne ext.
Glostrup
2012 2013/2014
Romsey, UK
Hamburg, DE ext.
New Orleans, LA
Bangalore, IN
Cologne,DE ext
Moss, NO
Uppsala, SW
Lancaster ext.
Vergeze, FR ext
Vejen, DK ext
Auckland, NZ ext
Yokohama ext
Dayton, NJ ext
32
Objective: Reach leadership position within
5 years of entering a new market

New Markets
= Market Entry
Denmark: Food and Env.
Brazil: Food Testing
France Environment
USA: Pharma Products Testing
Sweden, Norway: Food and Env.
Europe: Agroscience, Genomics
Japan: Genomics
Italy, Poland, Austria, Slovakia
Hungary, Finland
China, India, Singapore, Japan Environment
Australia, New Zealand
Global: Discovery Pharmacology
X
No 1
2001 2002 2003 2004 2005 2006 2007 2008
Eurofins already has long-standing no.1 or no.2 positions in its main markets:
Germany (Food + Env.), France (Food), Benelux (Food + Env. + Central lab)
2009 2010 2011 2012
No 1
X
No 1
X No 1
X No 1
X No 1
X No 1
X No 1/3
X
X
X
2013
X
X
No 1
33

Start-ups: 17 start ups
between 2006 and 2010

Typically losses in years 1
and 2 of about EUR 1-2m
p.a. per start-up

Initial Capex EUR 1- 3m per
lab (e.g. premises, equipment)

Upgrade existing
laboratories: > EUR 300m
invested in additional
capital in 2006-2012


Heavy investment in new markets and resources for
future profits

Deploy IT systems
eLIMS, eCommerce (EOL)

Best practice lab
organisation & processes

Consolidation into large,
world-class sites

Standardised testing
procedures

Invest in state-of-the-art
technology

Under development
perimeter
Bringing recently
acquired labs to group
standards
Building corporate
resource for future size
and growth

Recruitment of top
leadership

Additional layer of
management to lead
global business lines

Central IT systems and
processes
(e.g. ERP, CRM)

Additional central cost
+EUR 10m 2010 vs 2005
34
Sustained earnings momentum despite heavy
investments for future growth
Adjusted results reflect the ongoing performance of the mature and recurring activities excluding separately disclosed items
Separately disclosed items includes one-off costs from integration, reorganisation, discontinued operations and other non-recurring costs, temporary losses and other costs related to network expansion, start-ups and new
acquisitions undergoing significant restructuring, non-cash accounting charges for stock options, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill, revaluation of amounts due from business
acquisitions and transaction costs related to acquisitions as well as the related tax effects
HY 2013 HY 2012
+/- %
Adjusted
Results
EURm (unless
otherwise
stated)
Adjusted

Results
Separately
disclosed
items
Statutory
Results
Adjusted
Results
Separately
disclosed
items
Statutory
Results
Revenues
570.3 570.3 480.4 480.4 18.7%
EBITDA
93.1 -14.8 78.2 73.2 -9.0 64.2 27.1%
EBITA Margin
16.3% 15.2%
EBITAS
66.2 -19.4 46.8 51.8 -13.2 38.6 27.7%
Net Profit
45.2 -22.7 22.5 34.6 -15.5 19.1 30.5%
Basic EPS

(EUR)
3.02 -1.52 1.51 2.41 -1.08 1.33 25.6%

Operating Cash Flow
54.7 40.4 35.4%
Capex
43.0 28.0 53.5%
Net Debt
381.5 310.6 22.8%
Growth and Profitability are critical objectives
3-tiered margin support towards mid-
term profitability objective
1. Start of profit contribution from start-
ups (FY 2012 break-even)
2. Proportion of companies in
restructuring becoming smaller
compared to the size of the Group
3. Investments in large industrialized
laboratories unlock operational leverage
A cruising altitude of >20% adjusted
EBITDA margin, in addition to top line
growth ensure continued earnings and
cash flow growth



35
Group Profitability Objectives
++
E company expectations ++ Based on stated company objectives and assumes linear acquisitions 2013-2017
new EUR 150m bond with lower annual coupon
issued in January 2013 to refinance the original
EUR 150m hybrid bond issued in 2007 and 2011
non-dilutive bond with perpetual maturity,
callable at par by Eurofins in Jan 2020
interest: fixed coupon of 7.00% until first call,
Euribor 3m + 818 bp thereafter if not called
Hybrid
OBSAAR
issued March 2006 and June 2010
maturity: 2006 fully repaid
2010 bond EUR 176m across
2015, 2016, 2017
interest rate mostly hedged
Solid Balance Sheet
3.5 x
1.5 x
Net Debt/ Clean EBITDA
Dec12 Jun13
2.0 x
Net Debt/ Equity 1.1 x
Max.limits
Net Debt (EUR m) 381.5
Covenants applicable to financial instruments:
36
Net Debt
calculation
Short-term borrowings
+ Long-term borrowings
+ OBSAAR
- Cash & cash equivalents
= NET DEBT
Total Equity (EUR m)
EUR 170m issued in July 2011 to lengthen Group
debt maturity
5-7 year maturity; + 180-220 bp above mid-swap
or Euribor 6m; interest rate-hedged
Schuldschein
1.7 x
0.8 x
300.8
376.1
Cash + cash
equivalents (EUR m)
117.5 134.3
360.3
37
High Degree of Financial Flexibility
37
Net Debt/
Adjusted EBITDA:
max 3.5x
Net debt/Equity:
max 1.5x

Debt ratios remain well below
covenant limits despite EUR 120m
cash invested in the business in H1
2013
Gearing covenant dropped in the new
bank facilities
High financial flexibility with fairly
long debt maturity
OBSAAR issued in 2010
Schuldschein issued in 2011
Hybrid bond issued in 2013
Extension and renewal of credit
facilities

Continued profitability improvement
means that key debt ratios have
remained stable despite an increase
in absolute amount in Net Debt to
EUR 381m from EUR 301m in
December 2012.
*
38

Food safety & contamination issues
New regulations (e.g. FSMA,
REACH)
Outsourcing trend
Risks due to globalisation of trade
Vulnerability of global brands
Scientific developments (e.g.
GMOs) + new testing methods
Outlook: becoming the world leader in the bioanalytical
testing market

Unique technological portfolio of over
100,000 methods

Volume scale advantage &
Competence Centres

Focus on running labs

Global network of standardised labs

Experience in integrating value
adding acquisitions

Recurring revenues with high
switching costs and high barriers to
entry

+
Key Success Factors
Sustainable Market
Growth Drivers
Eurofins unique position in a young, fast growing and fragmented market
should lead to long term, sustainable profitability
=
Solid Outlook
5 Year Objectives
EUR 2 billion by 2017
5% organic growth
ca. EUR 120m acquisitions
>20% Adjusted EBITDA
margin over the period
Approximately EUR 500m
capex over the period
1-2 new markets per year

39
Introduction
Market & Strategic Positioning
Finance & Outlook
Summary
Appendix
Contents
40
High-growth, non-cyclical markets driven by secular
mega-trends
Advancing globalisation but with very few global
testing suppliers
Fragmented competition & opportunities for
consolidation
Very recurring business; 8% - 12% historic organic
growth
High barriers to entry
Best in class technology and quality give best brand
protection
No. 1 or 2 worldwide in most business lines
Strong international presence in 35 countries
State-of-the-art laboratory infrastructure
High switching costs for clients
Good cash flow visibility
Experienced multi-national leadership
Conclusion: our sustainable competitive advantage
Track record of profitable growth Strong ROCE and cash flow generation potential
ROCE of 14.4% in 2012 despite significant future-orientated investments and one-off restructuring costs
5-year CAGR: EPS 29.0%, Operating Cash Flow 28%
Large potential to roll out business model in fast growing economies
Following the last intense investment cycle (2006-2010), Eurofins is well-positioned to double in size and reach
EUR 2bn in revenues by 2017 whilst maintaining leadership in multiple markets and improving profitability
41
Appendix / Back up slides
42
Eurofins has vastly outperformed the market since
its IPO and each of its 3 equity offerings (based on share price of EUR 158.5 as of 26 July 2013)
1997
IPO
5m
1998
rights issue
6m
SPO 1
1999
rights issue
7m
SPO 2
2000
SPO
38.5m
SPO 3
Eurofins: +8,556% (32% CAGR)
CAC 40: +43% (2% CAGR)
SBF 120: +62% (3% CAGR)
S&P 500: +93% (4% CAGR)
Eurofins: +1, 912% (22% CAGR)
CAC 40: +12% (1% CAGR)
SBF 120: +27%(2% CAGR)
S&P 500: +59% (3% CAGR)

Eurofins: +1,970% (24% CAGR)
CAC 40: -15% (-1% CAGR)
SBF 120: -5%(0% CAGR)
S&P 500: +30%(2% CAGR)

Eurofins: +269% (10% CAGR)
CAC 40: -37% (-3% CAGR)
SBF 120: -27%(-2% CAGR)
S&P 500: +23%(1% CAGR)

Eurofins: +1447% (32% CAGR)
CAC 40: +21% (2% CAGR)
SBF 120: +32% (3% CAGR)
S&P 500: +70% (5% CAGR)

10
Years
Since SPO 2
Since SPO 1
Since IPO
Since SPO 3
2 years
Eurofins: +199% (73% CAGR)
CAC 40: 29% (13% CAGR)
SBF 120: 30% (14% CAGR)
S&P 500: +44% (20% CAGR)
5 years
Eurofins: +177% (24% CAGR)
CAC 40: -8% (-2% CAGR)
SBF 120: -2% (0% CAGR)
S&P 500: +37% (7% CAGR)
Total equity raised in 4 offerings: only EUR 56m
43
Post acquisition and integration into Eurofins, both sales
and profits increase significantly
Illustration
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Annual
Sales /
million
Acquired
by
Eurofins
CAGR
19%
EBITA
margin in
% of sales
<8%
>20%
Growth drivers post acquisition:
1) Sales increase through cross selling of
Eurofins lab specialities internationally
2) Cost reduction focus on most frequently
performed tests
Frequency
(e.g. no. of
tests per day)
No. of tests offered
100
Prior to acquisition
50%
50%
% of employees
performing tests
Can be subcontracted to specialised
Eurofins laboratories after acquisition
400
Focus and scale drive profitability
Actual example of an acquired lab:
100
50
500
Company A