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Newsletter Summary

Currency rates
Equities of largest breweries
Market prices change trend
Top industry news
Brewery news
Malt news
Barley news
Hops news
More news
Malt Price Evolution
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

18 Jul-20 Jul 2005
Crop 2005
2rs Barley €117.0-118.0 +0.86%
6rw Barley €106.0-108.0     

Note: Just click on the price link and you will be led to our Market Price History.
Average barley market prices are French and are estimated on FOB Creil basis.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.


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E-malt.com Newsletter 29a
July 18 - July 20, 2005

Currency Rates
Base Currency: Euro, EUR
on 20-July-2005

1 EUR = 1.2043 USD
1 EUR = 0.6921 GBP
1 EUR = 1.4688 CAD
1 EUR = 1.6032 AUD
1 EUR = 135.75 JPY
1 EUR = 2.8259 BRL
1 EUR = 34.561 RUB
1 EUR = 9.9794 CNY
Base Currency: US Dollar
on 20-July-2005

1 USD = 0.8307 EUR
1 USD = 0.5748 GBP
1 USD = 1.2196 CAD
1 USD = 1.3312 AUD
1 USD = 112.79 JPY
1 USD = 2.3465 BRL
1 USD = 28.698 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
    Russia: InBev acquires Tinkoff Brewery ... Click here

    Latin America: SABMiller to buy Colombia's Bavaria ... Click here

    China: Kingway Brewery Holding expects 30 % growth in beer sales in 2005 ... Click here

    Thailand: Buddhists monks demonstrate against listing of Thai Beverage PCL ... Click here

    Japan: Suntory will suspend sales of Premium Malt's beer sales ... Click here

    EU: Malt production to decrease in 2005/2006 Click here

    Australia: Last rains have boosted the national barley crop ... Click here

    Germany: Slight hops acreage decrease expected ... Click here


More News
    Brazil: AmBev announced volumes for the second quarter 2005 ...more info

    Colombia: Bavaria shares fall 16.5 percent after merger news ...more info

    Brazil: AmBev's estimates for 2005 ...more info

    Europe: Heat hits European grain crops ...more info

    Canada: Lakeport Brewing Income Fund appoints CFO ...more info

    Russia: Beer preferences of Yekaterinburg consumers ...more info

    UK: Greene King Directors' shareholdings ...more info

    Colombia: Colombian peso opens up 0.63 % on brewery deal ...more info

    UK: Over 1,300 sign petition to keep Ridley Brewery open ...more info

    Ukraine: Barley harvest is progressing ...more info

    Belgium & Germany: InBev sells stake in Bremer Erfrischungsgetränke to Coca-Cola ...more info

    UK: Moody's may cut SABMiller, Miller Brewing ratings ...more info

    Canada: Ontario should allow grocers to bid for the right to carry beer ...more info

    USA: Coors Brewing Co. applauds Missouri Legislation on Underage Drinking ...more info

    USA & China: Dogfish Head Brewery recreates 9,000 year old beer ...more info

    Australia: Yarra feed barley variety just released ...more info

    China: Tsingtao Brewery upgraded to 'equal-weight' by Morgan Stanley ...more info



Brewery News
Russia: InBev acquires Tinkoff Brewery

World’s largest beer maker by volumes, InBev S.A., announced on July 18 that it has reached an agreement to acquire 100% of Tinkoff, the St. Petersburg, Russia-based brewer, for an enterprise value of €167 million. Tinkoff, Russia's 4th largest independent brewer in terms of capacity, will immediately add 2.3 million hectoliters of capacity (expandable to 4.8 million hectoliters) to InBev's current Russian platform. The majority of this additional capacity (2 million hectoliters) will be produced by a new state-of-the-art brewery. In addition, Tinkoff is the market leader in the fast-growing Russian super-premium beer segment and produces one of Russia's best-known brands.

InBev is currently the number two brewer in Russia, with eight breweries, 12.7 million hectoliters and 15.6% market share in 2004. It has experienced substantial volume growth in recent years (2000-04 CAGR of 11.6%).

The acquisition of Tinkoff is fully aligned with InBev's stated strategy of targeted external growth in strategically important high-growth markets.

The key driver for acquiring Tinkoff is the immediate alleviation of existing short-term capacity constraints which InBev has faced in Russia. Tinkoff's new state-of-the-art 2 million hectoliter brewery (expandable to 4.8 million hectoliters) will allow InBev to supply the St. Petersburg region locally and generate CAPEX savings.

...more info



Latin America: SABMiller to buy Colombia's Bavaria

SABMiller plc announced on July 19 a major investment in Latin America through a transaction with the Santo Domingo Group (SDG) in which SABMiller will obtain a controlling interest in Bavaria S.A. The Transaction will be effected by way of a merger, and will result in the SDG owning an economic interest of approximately 15.1% in SABMiller. The implied equity value of Bavaria is $4.8 billion and, including net debt and minority interests, the total implied enterprise value for 100% of the Bavaria group is approximately $7.8 billion.

Bavaria is the second largest brewer in South America with leading market positions in Colombia (99% of the beer market), Peru (99%), Ecuador (93%) and Panama (79%) where its key brands are Águila, Cristal, Pilsener and Atlas, respectively. The combined business will have annual beer volumes of approximately 175 million hectolitres, pro forma aggregated net revenues of approximately $12.5 billion and pro forma aggregated EBITDA of approximately $3.5 billion.

Bavaria is highly complementary to SABMiller’s existing operations and provides access to a major additional source of profitable growth in one of the global beer industry’s most strategically important and fastest growing regions. The Andean region of South America is forecast to achieve a compound annual growth rate in beer volumes of 4% over the next five years, well in excess of the global industry average of approximately 2%.

Following the Transaction, SABMiller will have a leading position in South America, in addition to its existing strong positions in the USA, Europe, Africa and Asia, establishing SABMiller as a leading brewer across 5 continents. Bavaria will further diversify SABMiller’s existing portfolio of businesses and brands in highly attractive growth markets.

...more info



China: Kingway Brewery Holding expects 30 % growth in beer sales in 2005

Kingway Brewery Holdings Ltd. is targeting 30 % growth in beer sales in 2005, as the Chinese brewer, in which Heineken N.V. owns 21.44%, plots an aggressive expansion, its top executive said, according to Reuters on July 20.

The purveyor of Kingway and "New Life" beer saw sales rise 35 percent by volume in the first half in the world's largest market for the brew, Chairman Ye Xuquan told Reuters in a telephone interview on Wednesday.

The brewer commands a leading position in the country's prosperous south and has been building capacity in the north -- territory now dominated by top domestic brewer Tsingtao and Yanjing Brewery Co. Ltd.

Kingway hopes that an aggressive expansion would help it triple sales to 1.2 million tonnes of beer in 2009, domestically, versus just 390,000 tonnes last year. "Our sales grew by 35 percent in the first half, we expect at least 30 percent for the full year," he said from the northern city of Xi'an, where the brewer broke ground on its newest plant.

Kingway, 21.44% owned by Heineken via a joint venture, commanded about 2 percent of the mainland beer market at the end of 2004. Ye reiterated a scheme to more than double the company's capacity to 1.35 million tonnes in four years.

...more info



Thailand: Buddhists monks demonstrate against listing of Thai Beverage PCL

About 5 000 Buddhist monks, nuns and students demonstrated on Wednesday, July 20, outside the Thai Securities and Exchange Commission to protest plans by the country's largest beer company to list its shares on the market, saying the need to make a profit would encourage drinking. Thai Beverage's owner Charoen Siriwattanapakdi is the richest man in Thailand, with assets estimated at $3 billion by Forbes magazine.

The protest by a coalition of 128 anti-vice groups came after last Thursday, Thai Beverage PCL, which makes the country's best-selling Chang beer (Elephant Beer), submitted an application for listing on the Stock Exchange of Thailand.

"Followers of Buddhism, Christianity, and Islam all suffer from the negative effects of alcohol, so how can the Securities and Exchange Commission stand by its decision," said the leader of the protest, Chamlong Srimuang, a political mentor of Thai Prime Minister Thaksin Shinawatra.

Police estimated the number of protesters at 3,000, but reporters believed it was closer to 10,000. The demonstrators were largely members of Buddhist religious organizations, inspired by the religion's principle of abstinence from alcohol. Many carried Thai flags and banners with slogans such as “If you love Thailand, oppose the listing of alcoholic beverages on the SET."

...more info



Japan: Suntory will suspend sales of Premium Malt's beer sales

Suntory Ltd. announced on July 20 it will suspend sales of The Premium Malt's beer in 350-milliliter cans in Japan as output has failed to catch up with strong demand, Kyodo News posted. The company said it will expand production capacity before resuming sales in early August.

The Premium Malt's became the first Japanese beer to win the grand gold medal in the 44th Monde Selection international liquor and food contest in Brussels last month.

July's shipments are expected to double the planned level to 100,000 cases, Suntory said. One case holds 12.66 liters.

Suntory, which now produces The Premium Malt's at its brewery in Fuchu, Tokyo, said it will begin making the beer at a Gunma Prefecture brewery as well in late August.

Malt News

EU: Malt production to decrease in 2005/2006

Malt industry analysts assume a smaller malt production in 2005/2006, in spite of expanded malting capacities. In 2003 the 25 countries of the EU produced 377 million hl of beer, full figures for 2004 are not available yet. Assuming an average usage of 14 to 15 kilos of malt per hectoliter, malt needs inside the EU are 5.3 to 5.6 million tonnes. A production of 8.2 million tonnes of malt would leave an export surplus of 2.6 to 2.9 million tonnes of malt, clearly too much.

Barley News

Australia: Last rains have boosted the national barley crop

Late-season rains in eastern Australia have boosted the national barley crop for the current growing season to slightly above average, Reuters cited the country's main trader and exporter for the eastern states saying on July 18.

The crop for the year to March 31, 2006 was headed toward 7.3 million tonnes after being rescued by rain which began falling in mid-June, said Ole Houe, manager of coarse grains for GrainCorp Ltd. This is slightly ahead of the five-year average of 6.5 million tonnes and ahead of 6.5 million tonnes last year.

A healthy glow in Australia's new barley crop, which will largely go to brew beer in China and Japan, is apparent in contrast with crop forecasts of only around a month ago.

In early June, the Australian Bureau of Agricultural and Resource Economics slashed its official forecast to 5.6 million tonnes from 7.3 million tonnes, as drought cut deeply into the planting season.

Soaking planting rain began to fall four days later. "We didn't waver too much. We had it at around 7 million tonnes all along," Houe said, pointing out that late amendments could be made.

...more info

Hops News

Germany: Slight hops acreage decrease expected

First preliminary figures are now available for the German set-aside and clearing programme, Joh. Barth & Sohn GmbH & Co. KG, the agricultural company that processes and trades hops and hop products worldwide, announced at the beginning of July 2005.

German hops acreage is reported to be 93.6 ha (231 acres) aroma hops and 311.9 ha (770 acres) bitter and high alpha hops – mainly the variety Hallertauer Magnum. Apart from this programme, approx. 200 ha (494 acres) bitter hops are supposed to have been cleared. "We assume that the aroma hop acreage increased by approx. 370 ha (914 acres). Due to the change in the payment of EU subsidies to growers, the procedure of the acreage survey has been changed and delayed. Reliable statistics are expected by mid-July."

Acreage reduction in the bitter and high alpha segment is therefore -8.6%. The market 2005 clearly shows an end to oversupply, one indicator being the reduced stocks in the hands of the hop trade and the brewing industry which balanced the deficit from crop 2003.

Practically all aroma hops grown have been sold by pre-contract. All additional sales must therefore be made on the spot market. The varieties Hallertau Tradition, Spalt Select and Perle are especially scarce. Only an above-average crop would ease this tense situation. An average crop will ensure sufficient supply with German high alpha hops. However, no big surplus quantities are expected that used to burden the marketing of spot hops in the past years.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2043 July 20, 2005 
 Crop year   2004   2005 
 Parity   FOB Creil   FOB Creil 
 Position   July 2004   July 2005 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  118.00  142.50 
2RS  Prestige  nq  nq  118.00  142.50 
2RS  Cellar  nq  nq  118.00  142.50 
2RS  Aspen  nq  nq  nq  nq 
2RS  Optic  nq  nq  nq  nq 
2RS  Sebastien  nq  nq  117.00  141.00 
2RS  Astoria  nq  nq  117.00  141.00 
2RS  Cork   nq  nq  116.00  140.00 
6RW  Esterel   nq  nq  107.00  129.00 
nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Table of the week
Kazakhstan Beer Market, 2004

  2003  2004
 Market size, in million l  300  311 
 Market growth, %  +14.4 %  +28.4 % 
 Per capita consumption, litres 20  na 

Company 

Market share, % 

2003  2004
 BBH   21 %  23 % 
 Efes 16 %  20 % 
 Shymkentpivo 18 %  11 % 
 Almaty Brewery#1 7 %  8 % 
 Rosa  6 %  6 % 
 Dinal/Heineken 6 %  6 % 
 Other 26 %  26 % 
Graph of the week

Agenda
July 2005:
Interwine China. International Wine, Brewery and Beverage Processing Technology and Equipment Trade Fair;
2005 North American Barley Researchers Workshop;
U.S. Grains Council Summer Board Meeting;
The 50 th International Hop Growers’ Congress (IHGC). China;
District Eastern Canada MBAA annual convention;
Open Door to "Mortal's Beers";

August 2005:
IFDE INDIA 2005 / INTERNATIONAL FOOD & DRINK EXH;
FOOD EXPO 2005, Hong Kong;
FOOD INGREDIENTS SOUTH AMERICA 2005, Sao Paulo, Brazil;
35th BCCA Canvention 2005, NC USA;

September 2005:
International Brewery and Soft Drinks Industry Exhibition. Ukraine ;
4th WORLD BEER & DRINKS FORUM, before the drinktec in Munich;
Great Canadian Beer Festival;
Brew Cruise to New England/Canada;
Drinktec 2005. Munich, Germany;
Fremont Oktoberfest,Seattle, WA, USA;
Great American Beer Festival;


More events are available on site e-malt.com
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