Eurofins Corporate Presentation H1 2013

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

20,000m2 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


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


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 m2 added or brought to most modern standards

between 2005 2012 (20,000 m2 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


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)


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


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

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

Documents

Eurofins Corporate Presentation H1 2013