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  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Includes a red-flag callout and a highlighted excerpt from the company's sustainability report.",
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      "kind": "callout",
      "text": "Warning: Oatly regularly touts its good corporate citizenship to the environment. In its 2019 Sustainability Report, it hinted that its growth was placing strains on its short-term ability to improve its environmental footprint, but pledged to “make things right again” with various improvements. However, Spruce Point believes that it has back-tracked on this pledge. We find that it has unremedied EPA violations for over a year.",
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      "kind": "quote",
      "text": "It seems our products are so popular that we struggle to meet the demand. If people love Oatly and want more, we want to be better at getting it to them. And we’re off to a decent start: In 2019 we produced around 165 million liters of product, a whopping 93% increase compared to 2018. We’ve built two new production sites—one in Vlissingen in the Netherlands, and one in Millville, New Jersey in the US—both of which opened in 2019. Because the focus was on finalizing and starting up these sites, the increased production capacity initially had a negative impact on our overall environmental footprint. But we always think long-term, and the plan is to catch up and make things right again with various improvements at these locations. During 2020, we also plan to start building two additional production sites—another in the US and our first one in Asia (Singapore). — 2019 Sustainability Report",
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      "text": "Failure To Disclose Environmental Regulatory Non-Compliance For Almost A Year",
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