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Emmi Investor Day
Welcome to the Hotel California
Pamela Dressler
Managing Director Cypress Grove
and Meyenberg
Lucerne, 7 November 2018
The California CollectionCypress Grove & EmmiWhat is behind Cypress Grove’s success?State of the IndustryFuture Opportunities
Welcome to the Hotel California
● Cheese in America
2Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Dark Ages in Europe×
3Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Fermented Sisters in Europe
WheatMilk
×
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5Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Fermented Sisters in the United States
Barley Grapes
Wheat
Milk
×
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Not surprisingly, California fostered new food trends.
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Fermented Sisters got some love in the ‘70s & ‘80s×
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...and cheese×
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Food Heroes: Our FoundersMeyenberg: Carol & Robert×
12Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Cheese in America
Cypress Grove & EmmiWhat is behind Cypress Grove’s success?State of the IndustryFuture Opportunities
Welcome to the Hotel California
● The California Collection
13Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Sebastopol, CAJanuary 2016
Turlock, CAJanuary 2017
Petaluma, CAJune 2016
Arcata, CAAugust 2010
Map of Switzerland(California is 10X bigger than Switzerland)
San Francisco, CA
The California Collection
14Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
SEBASTOPOL, CA#1 GOAT MILK
YOGURT PRODUCER IN THE UNITED
STATES
The California Collection
15Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
SEBASTOPOL, CA
~ 30-50 MILLION AMERICAN
ADULTS ARE LACTOSE
INTOLERANT
The California Collection
16Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
PETALUMA, CA
SUPPORTING THE VIABILITY OF LOCAL
AGRICULTURE THROUGH
CHEESEMAKING
The California Collection
17Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
TURLOCK, CA
CONTROLS MAJORITY OF GOAT MILK IN THE UNITED
STATES
The California Collection
18Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
ARCATA, CA
MOST WIDELY DISTRIBUTED
ARTISAN CHEESE IN THE UNITED STATES
The California Collection
19Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Cheese in AmericaThe California Collection
What is behind Cypress Grove’s success?State of the IndustryFuture Opportunities
Welcome to the Hotel California
● Cypress Grove & Emmi
20Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
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Cypress Grove in 2010 (Prior to Emmi Acquisition)
HIGH QUALITY MILK WAS SCARCE
CHEESEMAKING CAPACITY WAS
SMALL
LEAN TEAM IN NEED OF
TALENT
Cypress Grove & Emmi
Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg 21
Emmi helped us build a goat dairy to supply milk and educate and foster the fledgling industry.
Cypress Grove & Emmi
×
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Ryan Andrus, Dairy Manager×
Cypress Grove & Emmi
A state-of-the-art new creamery increased our cheesemaking capacity.
×
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Growing our Talent
Digital Transformation & CollaborationFirst AcadEmmi #AllThingsDigital this autumn
Emmi Operational ExcellenceImplementation = greater efficiency and cost savings
Human Resources
Elevating our talent
Cypress Grove & Emmi
Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg 26
Entrepreneurial spirit. Strong company culture & allegiance. Brand loyalty.
What Remained the Same?
Cypress Grove & Emmi
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Cypress Grove & Emmi
Gross Revenue Growth 2010-2018
0
5
10
15
20
25
30
2010 2011 2012 2013 2014 2015 2016 2017 2018 est.
Sales
In USD million
Growth over previous year, in %
13%16%
11%
15%
14%
10%8%
15%
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You can insert graphs from Google Sheets
Cypress Grove & Emmi
2017 Sales by Product
29Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Premium Pricing
top 20% of the industry$56-77 / kg
$34-55 / kg
$11-33 / kg
Cypress Grove & Emmi
30Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Cheese in AmericaThe California CollectionCypress Grove & Emmi
State of the IndustryFuture Opportunities
Welcome to the Hotel California
● What is behind Cypress Grove’s success?
31Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
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Emotional Connection with Raving Fans
What is behind Cypress Grove’s success?
Cypress Grove’s Facebook
engagement rate: 12.5% —52x the food
and beverage industry average of 0.24%
Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
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Cheesemonger Education & Love
What is behind Cypress Grove’s success?
Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Tireless Commitment to QualityStill winning awards, year after year
What is behind the success of Cypress Grove?
● 50 gold awards since 2010
● 13 awards in 2018
34Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Cheese in AmericaThe California CollectionCypress Grove & EmmiWhat is behind Cypress Grove’s success?
Future Opportunities
Welcome to the Hotel California
● State of the Industry
35Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Food Trends are in Our Favor
High protein
Probiotic
Lowsugar
Healthy fats
Fewer, wholesome ingredients
FoodieMovement
State of the Industry
36Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Power of Suppliers
State of the Industry — Porter’s 5 Forces
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×
Power of Consumers
State of the Industry — Porter’s 5 Forces
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We Face Some Strong Headwinds
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Retail Trade▪ Distributor consolidation▪ Retailer consolidation▪ Discounters gaining ground▪ SKU rationalization
Power of Customers
State of the Industry — Porter’s 5 Forces
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State of the Industry — Porter’s 5 Forces
Competition in the Industry
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New Entrants into the Industry
State of the Industry — Porter’s 5 Forces
42Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Threat of Substitutes
Plant-based threat▪ Yogurt and milk are two biggest concerns
State of the Industry — Porter’s 5 Forces
43Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Cheese in AmericaThe California CollectionCypress Grove & EmmiWhat is Cypress Grove’s success?State of the Industry
Welcome to the Hotel California
● Future Opportunities
44Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
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What do we want to achieve?
CONTINUED STRONG GROWTH
PREMIUM PRICES
GREATER AWARENESS
LOYAL FANS
$
Future Opportunities
Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg 45
Strong Branding
Future Opportunities
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Strong BrandingFuture Opportunities
47Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Innovation
Future Opportunities
New Yogurt Flavors!Available non-organic
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×
Growing Online Communities
Future Opportunities
49Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
“
“...It worked and now I am a very healthy adult that still uses your goat milk regularly!”
“My gut and taste buds thank you!”
“After trying all the formulas on the market all without success, the goat milk worked the best! Thank you so much for
helping my son to become the healthy child he is today.”
“Future Opportunities
50Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Emmi owns the goat business west of the Mississippi.
Future Opportunities
51Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
UC Davis ResearchFuture Opportunities
52Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Educating Consumers: New Usage OccasionsFuture Opportunities
53Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Educating Consumers: Cowgirl Creamery’s Retail Store
Future Opportunities
54Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Driving Efficiencies & Sharing Resources
Future Opportunities
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Upgrading Capabilities
Future Opportunities
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● Strong brands = premium market positioning● Investment in facilities & infrastructure — platform for
growth● Innovation & new product development to strengthen
portfolio for long-term growth● Safeguard company culture
Summary
57Emmi Investor Day, Pam Dressler, Managing Director Cypress Grove and Meyenberg
Thank you
