Cooperatives and CHS Nate Gieseke, CHS Aligned Solutions
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1 Cooperatives and CHS Nate Gieseke, CHS Aligned Solutions 2014 CHS Inc.
2 WHAT IS A COOPERATIVE? The United States Department of Agriculture (USDA) defines a cooperative as: a user-owned, user-controlled business that distributes benefits to its member-owners on the basis of use
3 A COOPERATIVE S KEY PRINCIPLES The User-Owner principle: The cooperative is owned by the people who use it. The User-Control principle: The cooperative is controlled by the people who use it. The User-Benefits principle: The benefits generated by the cooperative accrue to its users on the basis of their use.
4 TYPES OF COOPERATIVES Marketing Co-ops: owned by and benefit members who use the cooperative to sell their products 54% of all co-ops 31% of total co-op memberships Ex: Sunkist, Ocean Spray, CHS Supply Co-ops: supply members with the materials needed to operate 41% of all co-ops 67% of total co-op memberships Ex: Southern States Cooperative; Tennessee Farmers Cooperative, CHS Service Co-ops: provide specialized services related to the owner s business of operations 5% of all co-ops 2% of total co-op memberships Ex: Basin Electric Power Cooperative; Pioneer Telephone Company, CHS
5 COOPERATIVE CONSOLIDATION BY 2020 Number of U.S. Cooperatives Total U.S. Cooperatives Consolidation will impact the cooperative landscape
6 PREDICTED CONSOLIDATION BY 2020 State est est. % Decrease Indiana % Illinois % Iowa % Kansas % Miss./Kent % Minnesota % Mont./Wyo % Nebr./Colo % Ohio/Mich % North Dakota % South Dakota % Texas/Okla % Wisconsin % PNW % TOTAL 3,964 2,835 1,691 1, % Source: USDA and CHS Business Solutions
7 CATALYST FOR CHANGE ERAS Consolidation in last five years in actuality is faster than projected from U.S. Department of Rural Development. Consolidation is taking place at more rapid paces among mega coops and midsize cooperatives. Historically, lower returns for farms and challenged cooperative have been the catalyst for change among cooperatives. Agriculture currently in soft cycle. We will experience an era of change in the next five years and it has already started
8 COOPERATIVES IN THE UNITED STATES Oak Brook, Illinois Hardware store chain St. Paul, MN Largest bank in Farm Credit System New York, NY Global news network Austin, Texas Pub and brewery Inver Grove Heights, MN Energy, grains and foods company Cabot, VT Dairy farm and products Lakeville-Middleboro, MA Cranberry and grapefruit producer Portland, OR Produce retailer Kent, WA Outdoor gear and clothing
9 WHO IS CHS? Nation s leading cooperative, owned by farmers, ranchers and co-ops Global energy, grains and foods business Helping producers, co-ops and customers grow their businesses
10 SERVING PRODUCERS IN THEIR COMMUNITIES 1,100 member cooperatives and more than six dozen CHS Service Centers across the U.S. and Canada Crop inputs, energy, technology, grain marketing and business support Connecting local owners to global markets
11 TELLING THE COOPERATIVE STORY OUR LOCATIONS
12 CONNECTING GLOBALLY
13 CHS MEMBERSHIP Individual Members Individual producers of agriculture products Cooperative Associations Associations of agriculture producers Must operate under the provisions of Capper-Volstead Act
14 CHS OWNERSHIP 1,100 locally owned cooperatives serving more than 500,000 producers 75,000 individual producers (through company-owned facilities) Preferred stockholders (CHSCP, CHSCO, CHSCM, CHSCN, CHSCL) on NASDAQ Exchange Voting equity 70% Voting equity 30% Voting equity 0%
15 GOVERNANCE 17 directors represent 8 CHS regions Full-time producers Elected by member-owners by region Three-year terms Board annually determines the amount of cash to be distributed to members
16 CHS MEMBERSHIP AREA BY REGIONS Region 1 Region 3 Region 5 Region 7 Region 2 Region 4 Region 6 Region 8
17 RECENT HIGHLIGHTS Fiscal 2014 net income $1.1 billion Fiscal 2014 net revenues $42.7 billion Number 69 on 2015 Fortune 500 list A 2015 Minnesota Top Workplace fourth consecutive year!
18 CASH RETURNS $ in millions * *Estimated based on FY2014
19 COMPETING WITH A COOPERATIVE STRATEGY CHS is owned by the producers who actually use its products and services All decisions made within CHS are guided by the producer members on the board CHS does business as a globally competitive company, focusing on growth, efficiency, and returning profit to owners
20 LEVERAGING COOPERATIVE POWER We are a cooperative, and we are: Profitable Competitive Successful
21 RETURNING PATRONAGE TO MEMBERS Patronage is based on earnings for products members buy from, grain they sell, or the services they use from cooperatives Income is not taxed at the corporate level, but passed to members income tax CHS currently distributes patronage as 40% cash and 60% capital equity certificates Patronage distributions are set and redeemed at the discretion of the cooperative s board of directors Equity payments vary by cooperative. Options include: Equity retirement by age of patron Equity retirement by year of purchase
22 LOCAL GOVERNANCE Board of Director roles and responsibilities: - Establish mission, vision, values - Set strategy and structure - Delegate to management - Exercise accountability to shareholders Benefits of serving on a board of directors: - Exposure to advanced business ideals - New learned processes of thinking - Local involvement - Compensation - Balance Sheet Management
23 BEYOND PATRONAGE: COOPERATIVE MEMBER BENEFITS Cooperatives provide members: Dependable sources of supply and markets for products Democratic control in procuring and marketing products High economies of scale and efficiencies High-quality products and customized services Market competition on local prices Improved farm management with expert advice Rural economic benefits But, no guarantees for farmer profitability
24
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