{ "docId": "019dd923-622c-750b-8b99-17900a3ad1c6", "docSlug": "4ee8cca82f1a", "documentTitle": "Oatly Group AB (OTLY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-07-14 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 20, "pageCount": 124, "prevPage": 19, "nextPage": 21, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 3, "notes": "Uses a red flag icon to signal a warning or contradiction.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-17900a3ad1c6/20", "deckHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-17900a3ad1c6#slide-20", "components": [ { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "callout", "text": "Recall from the prior slide, that transportation and oats are two major components of Oatly's environmental impact. However, in its quest to grow and rush an IPO so investors can cash out, we believe there is clear evidence of Oatly disregarding these enormous climate factors. For instance, in Oatly's U.S. expansion, its production facilities are nowhere close to Western Canada, where its U.S. President is on record saying 90% of its oats come from.(1) In addition, Oatly is pushing its Asia and China expansion story, while oats are being sourced from Sweden, or up to 6,000 miles away!", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99f53ce0-db5a-45f6-81b5-791cbd30497b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "In its quest to grow and rush an IPO so investors can cash out, we believe there is clear evidence of Oatly disregarding these enormous climate factors.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0397-72dc-a879-228a97a19779", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.04, "y": 0.36 }, "kind": "list", "text": "Oatly's U.S. President said that 90% of its oats come from Western Canada.(1) Oatly's first production facility is located in New Jersey, or approximately 3,000 miles away from its oat supply: Fmr. Oatly North American Manager: \"I don't know why they would pay ($10m for a used plumbing facility in NJ), but my jaw dropped when I heard it\" Fmr. Oatly Accounting Professional: \"In the system, there were issues with tracking items. We had so many warehouses, there was no control or coordination\" Oatly's second production facility is located in Utah Fmr. Oatly North American Manager: \"I think Utah was the wrong place, wrong location. They were looking more at the tax credits (a short-term one shot deal). I was looking more in the Pacific Northwest, to fit more with the green sustainability, North/South trucking routes and production. Utah is an improvement in the West, but not optimal as far as I'm concerned.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57c0ee8b-af9b-4f34-9981-dc7fe0669e11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.52, "y": 0.36 }, "kind": "list", "text": "Oatly's Asia Expansion Also Shows Extreme Distance From Oat Sourcing \"This strategic partnership is a testament to Yeo's unwavering commitment to manufacturing standards and high standing in the food and beverage industry in Asia,\" Yeo's Group chief executive officer Samuel Koh told The Business Times. The Singapore facility will produce 60 million litres of oat milk a year at launch, and has the option to scale up further with additional investment. The oats will be sourced from Sweden. Johnny Teo, executive director for food, healthcare and biomedical at Enterprise Singapore, said: \"This collaboration between Yeo's and Oatly is an example of a strategic cross-border partnership that capitalises on complementary capabilities among different players in the food ecosystem, which we hope to see more in Singapore\".", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e0db1c0-e083-45a1-afcf-d2a7f4e73223", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I don't know why they would pay ($10m for a used plumbing facility in NJ), but my jaw dropped when I heard it — Fmr. Oatly North American Manager. In the system, there were issues with tracking items. We had so many warehouses, there was no control or coordination — Fmr. Oatly Accounting Professional. I think Utah was the wrong place, wrong location. They were looking more at the tax credits (a short-term one shot deal) — Fmr. Oatly North American Manager. This strategic partnership is a testament to Yeo's unwavering commitment to manufacturing standards and high standing in the food and beverage industry in Asia — Samuel Koh, Yeo's Group CEO.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0397-72dc-a879-247b4fc8948a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "1) Oatly U.S. President at Food Loves Tech Expo, Nov 2018", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "147d5d12-8b72-440a-af28-e0d188cbfac9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.52, "y": 0.96 }, "kind": "source-note", "text": "1) \"Yeo's, Oatly in S$30m tie-up to produce oat drink for Asia in Singapore\", Business Times, Nov 2018", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3a5a7c23-ccfd-4667-9215-da4a7268875f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Lip Service To Sustainability: Cherry Picking Transportation Impact (cont'd)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2ac2fa0-cea3-46df-98f1-546e81ec01b1", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "from": 5, "beatId": "6f92ef2f-caf1-4aa6-bfbd-d0dfd603c24c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Introduction of key concerns with Oatly's financial reporting and sustainability claims.", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }