WEBVTT - illycaffè Chairman on Sustainability and Good Coffee

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<v Speaker 1>You're listening to Bloomberg BusinessWeek with Carol Messer and Tim

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<v Speaker 1>Stenebek on Bloomberg Radio. You the cream in my coffee?

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<v Speaker 2>You saw it in little talking about coffee. A little

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<v Speaker 2>bit of news. First, Arabica coffee futures jumping to the

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<v Speaker 2>highest June traders looking closely at the issue of declining

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<v Speaker 2>exchange inventories to him, which were at the lowest since

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<v Speaker 2>nineteen ninety nine. Basically kind of supplied ament.

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<v Speaker 1>What were you going to say, I was going to

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<v Speaker 1>say Arabica or what's the other being? Robusto Robusta.

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<v Speaker 2>We have an expert in the house.

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<v Speaker 3>Yeah, that voice you're hearing Elie Cafe chairman Andrea e Lee,

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<v Speaker 3>the grandson of Eli founder Francesco Ely, who started the

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<v Speaker 3>coffee company ninety years ago in Italy. By the way,

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<v Speaker 3>if you had any sort of espresso drink today, you

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<v Speaker 3>can thank Andrea's grandfather because he invented the steam driven

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<v Speaker 3>coffee maker that we now know as espresso machines. Andrea

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<v Speaker 3>joins us here in the Bloomberg Interactive Brokers studio.

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<v Speaker 4>How are you very well pleased to be here?

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<v Speaker 2>What was it like growing up with that history?

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<v Speaker 4>Oh? I felt it was coffee was at the center

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<v Speaker 4>of the universe because my father, as I am, was

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<v Speaker 4>a chemist, always thinking and talking about coffee, and he

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<v Speaker 4>started drinking coffee, sipping, let's say, coffee, when I was

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<v Speaker 4>two and a half years old, and since then all

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<v Speaker 4>this coffee, coffee, coffee, cofee, coffeeffee.

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<v Speaker 3>So there's no it's not two is not too young

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<v Speaker 3>to drink coffee.

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<v Speaker 4>No, it was just sipping, you know, admiring my mother,

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<v Speaker 4>you know, trying to prepare express with these little, tiny

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<v Speaker 4>express machines at home at the time, no capsules that

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<v Speaker 4>were still existing, because we started the very first capsule

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<v Speaker 4>portionate fifteen years later than that, in order to you know,

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<v Speaker 4>make it easier to produce coffee everywhere in the restaurants

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<v Speaker 4>or offices or home. But before that it was quite difficult.

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<v Speaker 4>You needed to be a trained barrista. But in this

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<v Speaker 4>case you need to have a cumbersome a big machine

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<v Speaker 4>at home. Was very difficult. So and my father I

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<v Speaker 4>nicknamed her the Engineer of Coffee, you know, was a

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<v Speaker 4>precursor to this, you know, expertise in home express of brewing.

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<v Speaker 2>So Andrea, how comes is there's so many bad cups

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<v Speaker 2>of coffee out there, Like, what is the difference? Like

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<v Speaker 2>we were talking, we talk about it of it sometimes, don't.

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<v Speaker 1>Go there, You're going to get fired. I'm going to

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<v Speaker 1>get fired.

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<v Speaker 2>But why is it that you can have what makes

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<v Speaker 2>a great cup of coffee?

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<v Speaker 4>Well, you need good beans, first of all, and it's

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<v Speaker 4>difficult to access them, just to tell you. In order

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<v Speaker 4>to access to good beans with this pioneered the direct

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<v Speaker 4>source thing in nineteen ninety one. So we did organize

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<v Speaker 4>ourselves to go direct, working hand in hand with coffee growers.

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<v Speaker 4>And the second major step has been creating the University

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<v Speaker 4>of Coffee in order to transfer knowledge to them how

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<v Speaker 4>to elevate their agronomical practices for better sustainable quality. And

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<v Speaker 4>this is the reason why we had this award that

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<v Speaker 4>we are giving tomorrow to the best growers of the

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<v Speaker 4>nine let's say origins where we use coffee from. But

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<v Speaker 4>producing high quality coffee is not an easy job. So

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<v Speaker 4>direct Trading, University of Coffee Electronics sorting out every single bean.

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<v Speaker 4>This has been one of our patents, sorting every single bean,

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<v Speaker 4>because one defective being can spoil up to one keil

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<v Speaker 4>of coffee. You know, this is an amazing let's say

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<v Speaker 4>science behind and this is the reason why I'm second

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<v Speaker 4>generation scientist chemist coffee for coffee.

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<v Speaker 3>How often do you find a bad being that could

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<v Speaker 3>spoil an entire kilo of coffee? Like, how what is

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<v Speaker 3>the rate of a bad being within a badge?

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<v Speaker 4>So at the time we started sorting, it was maybe

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<v Speaker 4>two three percent. Now is less than half a percent.

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<v Speaker 4>Also because in the meantime we did improve substantially agronomical practices.

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<v Speaker 4>But you know, some of these defective beans could be

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<v Speaker 4>invisible because maybe they have some off flavors that you

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<v Speaker 4>cannot that you cannot find, So it can still happen.

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<v Speaker 4>But if everything is well processed consistently, then you can

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<v Speaker 4>prevent that. But this is not the standard in the

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<v Speaker 4>industry because the coffee growers produced for us are specifically

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<v Speaker 4>produced for us. We buy coffee upon our own standards.

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<v Speaker 4>Coffee growers like to joke about that ELI coffee doesn't

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<v Speaker 4>exist because it doesn't course to any official market standard.

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<v Speaker 4>And this is the reason why we also pay a

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<v Speaker 4>substantial premium for that, because on average we pay thirty

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<v Speaker 4>percent premium on top of the best highest coffee prices

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<v Speaker 4>in order to motivate them and reward them for the

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<v Speaker 4>extra effort for producing superior quality.

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<v Speaker 2>Is it harder to grow better coffee beans?

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<v Speaker 4>It is harder. You need the right people. This is

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<v Speaker 4>why direct sourcing because we need to really get access

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<v Speaker 4>to the people who are, let's say, philosophically seeking the

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<v Speaker 4>best in life. No matter how rich or how educated

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<v Speaker 4>they are, there are some people like that. You need

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<v Speaker 4>to find the perfect ecosystem, you know, weather, soil, like

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<v Speaker 4>the turd war. They time exactly exactly the same. You

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<v Speaker 4>need to find the right cultivar, so the right plant.

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<v Speaker 4>Not all coffee varieties are as good. And finally, you

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<v Speaker 4>need those people to process coffee in a way which

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<v Speaker 4>is perfect. So yes, it takes. It takes quite an.

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<v Speaker 2>Effort and increasingly sustainable, which when you talk about standards.

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<v Speaker 2>I want to talk a little bit about this award

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<v Speaker 2>that is being given at the United Nations, the unesto

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<v Speaker 2>ELI International Coffee Award. It is to the individual, the

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<v Speaker 2>farmer that produce the most sustainable coffee. And what's interesting

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<v Speaker 2>is that we're having this conversation. I've talked with the

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<v Speaker 2>folks over at ab and BEV like they understand the

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<v Speaker 2>importance of water, like their business will not continue unless

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<v Speaker 2>they have great access to water and other things. Obviously

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<v Speaker 2>crops that go into beverages. Same thing for you guys,

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<v Speaker 2>right in terms of the impact on the environment, Yes,

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<v Speaker 2>your businesses, you need to make sure it's done in

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<v Speaker 2>a sustainable way.

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<v Speaker 4>So yes, the award is for the best sustainable quality

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<v Speaker 4>in the company was born ninety years ago upon my

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<v Speaker 4>grandfather dreamed to offer the greatest coffee, and so as

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<v Speaker 4>a strategy we decided to have only one, because the

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<v Speaker 4>greatest can be only one, right, and of course the

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<v Speaker 4>greatest need only need must only not only be the

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<v Speaker 4>best in taste, but also the best in how it

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<v Speaker 4>is produced. Actually, as a matter of facts, sustainability and

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<v Speaker 4>quality are two phases of the same coin. You don't

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<v Speaker 4>have the one without the others. So it's not difficult

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<v Speaker 4>for us to kind of, let's say, find find a way.

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<v Speaker 4>And this award, this blend that we produce is made

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<v Speaker 4>of nine origins because each origin has a different aroma profile.

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<v Speaker 4>It's like having a nice orchestra, and the more instruments

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<v Speaker 4>you have, the richest the orchestra. Okay, so nine and

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<v Speaker 4>the three best growers of each of the nine origins

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<v Speaker 4>are awarded tomorrow at the United Nations, so they would

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<v Speaker 4>know who's the first, second, and third and go back

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<v Speaker 4>home with an extreme satisfaction and being completely boosted motivation wise, etc.

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<v Speaker 4>Which is also helping them to sell the rest of

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<v Speaker 4>the coffee. They don't sell too early to the rest

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<v Speaker 4>of the market at premiums. So the company Eli Cafe

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<v Speaker 4>has been a knowledge in many countries for having contributed

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<v Speaker 4>to transform the coffee industry in a let's say, more

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<v Speaker 4>sustainable way, and this is we are very proud of.

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<v Speaker 2>We're here with Eli Cafe Chairman Andrea Ely, of course,

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<v Speaker 2>the grandson of the founder of the company started some

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<v Speaker 2>ninety years ago in Italy. Here in Urbenberg Interactive Brokers Studio.

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<v Speaker 2>I want to pull John Tucker in because he's normally

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<v Speaker 2>in the wee hours of the morning drinking a lot

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<v Speaker 2>of coffee and you're listening to our conversation and I

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<v Speaker 2>wonder if you have a.

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<v Speaker 1>You know, the beans that we get, there's a whole

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<v Speaker 1>lineup and it's fantastic they do this for us. Among

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<v Speaker 1>them Jamaican Gourmet, there's the Rwandan high altitude coffee bean.

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<v Speaker 1>And just from your perspective, what do you suppose is

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<v Speaker 1>the best coffee bean that is out there.

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<v Speaker 4>And there is no such thing as the best what's

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<v Speaker 4>your favorite? Ruanda that you mentioned has been an award

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<v Speaker 4>winning coffee at our nesto Ili Coffee Award. And amazingly,

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<v Speaker 4>because there are two awards, one is the let's say,

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<v Speaker 4>best of the best, which is chosen by an independent

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<v Speaker 4>jur of very sophisticated you know, coffee tasters, and the

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<v Speaker 4>other is the so called coffee over choice, let's say,

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<v Speaker 4>selected by coffee people in the street, you know, in

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<v Speaker 4>the coffee shops. And the Wanda coffee was a lady

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<v Speaker 4>who started a little cooperative won both awards at the

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<v Speaker 4>same time. Quite unique, it's quite amazing. You can't want

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<v Speaker 4>one that's similar to Ethiopian coffee. This is the plateau

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<v Speaker 4>in Echiopy where coffee was born. Is still considered to

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<v Speaker 4>be one of the refined, most refined coffee, but not

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<v Speaker 4>the only one.

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<v Speaker 1>Can you train us how to make a good cup

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<v Speaker 1>of No, I'm serious. You can't have a YouTube video

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<v Speaker 1>or something like that out there. How to make it

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<v Speaker 1>depends if.

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<v Speaker 4>You if the preparation, if you want to be an

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<v Speaker 4>expert in expresso preparation, or.

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<v Speaker 1>American simple American American coffee.

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<v Speaker 4>Well, I typically use a V sixty or a brewer

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<v Speaker 4>or chemics with the special filters. Then you look like,

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<v Speaker 4>don't don't boil the water. Make it one seventy five

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<v Speaker 4>or something like that, not too hot, because otherwise you

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<v Speaker 4>burn the coffee. And then rinse the filter before and

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<v Speaker 4>in order to get remove this flavor of the filter.

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<v Speaker 4>And then you do you gently, you gently pour your

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<v Speaker 4>water on top of the coffee, and you will get

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<v Speaker 4>a nice coffee. Don't worry.

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<v Speaker 3>I have a Camex, I have a Harriov sixty. Come

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<v Speaker 3>on over my place. I'll make you a great cup.

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<v Speaker 2>Of cor Bring it all.

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<v Speaker 3>It's fine, I'll bring it all in. It's also the

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<v Speaker 3>grind of the beans matters a lot.

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<v Speaker 4>It matters, but less so for filter coffee, very much

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<v Speaker 4>so for expresso coffee, because espresso is critical. It's the

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<v Speaker 4>same time a solution, a little colloidal suspension of these

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<v Speaker 4>tiny oil droplets which makes the coffee so flavory and

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<v Speaker 4>so smooth. And then it's also an emulsion with a

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<v Speaker 4>cream at topping the coffee. This is more critical to

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<v Speaker 4>get and you need a really perfection. Also in the grind.

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<v Speaker 3>Can you talk a little bit about transporting the coffee

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<v Speaker 3>after it's roasted to its final destination, because my understanding

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<v Speaker 3>is you need to have fresh beans. How do you

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<v Speaker 3>keep beans fresh if they're roasted in Italy in santainis This.

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<v Speaker 4>Is an interesting question for us because yes, you either

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<v Speaker 4>have a coffee freshly roasted, or like we do, you

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<v Speaker 4>have aged coffee. Because our technology is to pressurize coffee,

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<v Speaker 4>which not only preserves under pressure and no air, so

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<v Speaker 4>no oxygen which could oxidize the aroma. You preserve the fragrance,

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<v Speaker 4>but then you enhance the aroma of coffee because you

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<v Speaker 4>could ate it like it would be a precious wine.

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<v Speaker 4>So that means that our age coffee is more complex,

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<v Speaker 4>richer and elegant in terms of aroma profile compared to

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<v Speaker 4>a freshly roasted wine. But this is unique to Illy, okay,

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<v Speaker 4>and we can make it only thanks to these tins,

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<v Speaker 4>which are basically a kind of a flavor lock, you know,

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<v Speaker 4>a kind of a locker of flavors instead of just

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<v Speaker 4>a container. Otherwise you could use a simple bag.

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<v Speaker 2>All right, now, I want a cup of coffee. I

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<v Speaker 2>want to get to climate change and the impact it

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<v Speaker 2>has had on farmers who grow coffee beers.

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<v Speaker 4>Yeah, coffee growing coffee agriculture is very, very sensitive to

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<v Speaker 4>climate conditions. Do you have narrow conditions to grow coffee

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<v Speaker 4>in terms of temperature and rain? And as a consequence

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<v Speaker 4>of climate change, up to fifty percent of the currently

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<v Speaker 4>suitable land will be gone by twenty fifty. Already there

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<v Speaker 4>are some countries which are gradually exiting the market. There's

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<v Speaker 4>a consequence of climate change, so we have to adapt

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<v Speaker 4>as quickly as possible. And in order to adapt, there

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<v Speaker 4>are three sequential actions to be done. First, improving the

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<v Speaker 4>agronomical practices transitioning regenerative agriculture seems to be the most

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<v Speaker 4>promising one, and then we can talk about reginative agriculture.

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<v Speaker 4>Second most important move is rejuvenating the plantation themselves with

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<v Speaker 4>younger plants, but also plants made of new varieties which

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<v Speaker 4>are more resist resistant to the adverse conditions caused by

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<v Speaker 4>climate change. And only if these two first initiatives are

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<v Speaker 4>not enough, then you can consider moving migrating the plantation

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<v Speaker 4>to higher latitudes or higher altitudes where you can meet

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<v Speaker 4>milder climates. But start with the regenerative agriculture and We.

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<v Speaker 2>Only have about a minute left. Just a real quick question, Now,

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<v Speaker 2>where are most of your beans coming from.

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<v Speaker 4>Most of the beans come from Brazil because they are

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<v Speaker 4>better for expresso coffice, high body and rich, but also

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<v Speaker 4>because Brazil is such a large producing country. Regenerative agriculture

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<v Speaker 4>is important because it's based on enriching the soil, nourishing

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<v Speaker 4>the soil with a organic carbon. So not only it's

0:15:10.240 --> 0:15:13.520
<v Speaker 4>a quested carbon in the soil, but it nourishes the

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<v Speaker 4>soil microbiolta, which is good for fertility, which is good

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<v Speaker 4>for protecting against pathogens which might let's say damage the crop.

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<v Speaker 4>And it makes the coffee production reed get rid of

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<v Speaker 4>most of the agrochemicals that you use, So that means

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<v Speaker 4>that you also have a benefit not only regenerative for

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<v Speaker 4>the environment, but also benefit for health because you have

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<v Speaker 4>less residues from ago chemicals.

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<v Speaker 3>We only have thirty seconds left. But earlier this year,

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<v Speaker 3>the CEO of the company said that there's going to

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<v Speaker 3>be an IPO in twenty twenty six, And you're still

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<v Speaker 3>thinking about that.

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<v Speaker 4>Yes, I think I know that this is the trajectory,

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<v Speaker 4>let's say the road map. Okay, so twenty six is

0:16:02.320 --> 0:16:05.720
<v Speaker 4>still far away they find that decision needs to be made.

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<v Speaker 4>Of course, as you know better than me, will depend

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<v Speaker 4>on the market condition at that time, so we shall

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<v Speaker 4>be flexible about the timing. But this is the goal,

0:16:14.200 --> 0:16:14.760
<v Speaker 4>this is the.

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<v Speaker 2>Goal, just real quickly. Do you ever drink tea?

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<v Speaker 4>Sometimes? Absolutely? Sometimes, but there's the occasionally put.

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<v Speaker 1>Some Bailey's in the coffee, Bailey's Irish scream at natty irishman.

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<v Speaker 1>You ever have that?

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<v Speaker 2>Andrea, what a pleasure, thank you, so I appreciate it.

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<v Speaker 2>Andrea Ely, of course, chairman of Eli Cafe here in studio,