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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malting barley prices
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
19 Feb - 21 Feb, 2007
Crop 2006
2rs Barley €213.0-215.0
6rw Barley €187.0-189.0
2rs Malt €414.0-416.0
6rw Malt €379.5-381.5
Crop 2007
2rs Barley €164.0-166.0 1.23%
6rw Barley €147.0-149.0 1.37%
2rs Malt €339.5-341.5 0.74%
6rw Malt €317.5-319.5 0.63%

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. Average Malt Prices are theoretical and based FOB Antwerp being estimated on French malting barley prices. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.

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E-malt.com Newsletter 08a
February 19 - February 21, 2007
Quote of the week

"Life is a tragedy for those who feel, and a comedy for those who think."
Jean De La Bruyere


Currency Rates
Base Currency: Euro, EUR
on 21-February-2007

1 EUR = 1.3155 USD
1 EUR = 0.6738 GBP
1 EUR = 1.5339 CAD
1 EUR = 1.6735 AUD
1 EUR = 157.735 JPY
1 EUR = 2.7563 BRL
1 EUR = 34.4832 RUB
1 EUR = 10.2087 CNY
 Base Currency: US Dollar
on 21-February-2007

1 USD = 0.7602 EUR
1 USD = 0.5122 GBP
1 USD = 1.166 CAD
1 USD = 1.2721 AUD
1 USD = 119.909 JPY
1 USD = 2.0952 BRL
1 USD = 26.2126 RUB
1 USD = 7.7602 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Australia: Foster's says profit rises 90% on beer, asset sales and cost savings... Click here

Denmark: Carlsberg’s strong growth in earnings driven by Western Europe and BBH... Click here

Japan: Country's third-largest beer maker may be bought by a higher-rated rival... Click here

Netherlands: Heineken reports strong organic net profit growth of 12.6% for 2006... Click here

USA: Craft beers consumption surged up in 2006... Click here

World: Beer is No.1 food and beverage category for growth value in the World... Click here

Ethiopia: Assela Malt prepares for expansion, production to double... Click here

Canada: Ottawa is going to end CWB’s monopoly after barley farmers vote... Click here

Denmark, Sweden & Finland: Malting barley area prognosis for 2007... Click here

More News
Switzerland & Russia: Baltika starts exporting beer to Switzerland ... More Info

Colombia: Colombia continues to rely on barley imports to satisfy demand for malting barley ... More Info

UK: Anheuser-Busch Europe changes its UK sales team ... More Info

USA: Officials worry youth access to Anheuser-Busch’s web site ... More Info

USA: Both feed and malting barley markets remain stable ... More Info

UK: S&N staff fears the £30m cost-cutting ... More Info

Japan: Sapporo denies U.S. investment fund’s takeover attempt ... More Info

Canada: Producer investment create new barley varieties ... More Info

Czech Republic: Zdeněk Lux is the new brew master of Staropramenc ... More Info

Ukraine: Quotas for barley export may be cancelled by the beginning of March ... More Info

USA: Barley production slightly higher but still outpaced by consumption ... More Info

USA: Beer industry revenue in the U.S. in 2005 and its foreign trade ... More Info

Japan: Sapporo Holdings net profit decreased 35.6% because of falling sales ... More Info

Japan: Suntory to expand its business despite decline in domestic food market ... More Info

USA: Anheuser-Busch is the only brewer listed in Hispanic Magazine’s Corporate 100 ... More Info



Brewery News
Australia: Foster's says profit rises 90% on beer, asset sales and cost savings

Foster's Group Ltd., Australia's biggest beer and winemaker, said first-half profit rose 90 percent on higher beer prices, asset sales and cost savings in its wine unit, Bloomberg reported February 20.

Net income rose to A$553.5 million ($435 million), or 27 cents a share, in the six months ended Dec. 31 from A$291.1 million, or 15 cents, a year earlier, Melbourne-based Foster's said in a statement today. The earnings include A$190 million in one-time gains from selling its breweries in Vietnam.

Chief Executive Officer Trevor O'Hoy expects to save A$165 million a year from annual wine costs as he uses his 55 percent share of the Australian beer market to start new beer brands and raise prices for labels such as Victoria Bitter. With a glut of Australian wine depressing prices, O'Hoy has fired staff and sold vineyards to reduce debt after paying A$3.2 billion for winemaker Southcorp Ltd. in 2005.

“In our Australian beer business, Crown and Corona remain Foster's top premium performers while Pure Blonde and Carlton Draught continue their extraordinary growth,'' O'Hoy said in the statement. `”18 months on from the Southcorp acquisition, the integration is now substantially complete.''

Profit before items rose 11 percent to A$363 ... More Info

Denmark: Carlsberg’s strong growth in earnings driven by Western Europe and BBH

Carlsberg released its 2006 financial statement in a press release on February 20.

• Net revenue climbed 8% to DKK 41.1bn (DKK 38.0bn in 2005). The increase was due to a strong performance at BBH, a good performance in Asia and 4% revenue growth in Western Europe.

• Operating profit was DKK 4,046m, against DKK 3,518m in 2005. Beverage activities generated operating profit of DKK 3,997m (3,306m in 2005, excluding the contribution from the then associate Hite Brewery Co. Ltd.), corresponding to an increase for continuing operations of 21% relative to 2005. Other activities, including the sale of real estate, contributed operating profit of DKK 49m, against DKK 96m in 2005.

• Net profit was DKK 1,884m, against DKK 1,110m in 2005.

• It will be proposed to the Annual General Meeting that a dividend be paid of DKK 6.00 per share, corresponding to an increase of 20% (DKK 5.00 per share in 2005).

• For 2007 Carlsberg anticipates growth of around 5% in net revenue. Operating profit is expected to increase to approx. DKK 4.5bn of which approx. DKK 4.3bn comes from the brewing activities. Net profit is expected to show a small improvement on the reported figure for 2006.

“The progress made in 2006 is ... More Info

Japan: Country's third-largest beer maker may be bought by a higher-rated rival

Investors should sell the credit- default swaps of Sapporo Holdings Ltd. as Japan's third-largest beer maker may be bought by a higher-rated rival, analysts at JP Morgan Securities Co. and Shinsei Securities Co. said, according to Bloomberg, February 20.

The cost of protecting 1 billion yen ($8.35 million) of Tokyo-based Sapporo's debt from default will fall to 1.5 million yen, should Asahi Breweries Ltd. offer to buy the company to counter a bid from Steel Partners Japan Strategic Fund LP, said Mana Nakazora, chief credit analyst at JP Morgan in Tokyo. The price was 3.06 million yen as of 6:30 p.m. in Tokyo.

“We recommend selling Sapporo's credit default protection because of the chance it will be bought by a bigger rival,'' said Yasuhiro Matsumoto, an analyst at Shinsei in Tokyo. Asahi is rated five levels higher than Sapporo at A- by Standard & Poor's and has more expertise in operating a beer maker than Steel Partners, he said.

Kirin Brewery Co. may consider an alliance with Sapporo, the Mainichi newspaper reported today, citing an unidentified executive at the Tokyo-based brewer. Asahi will look into an alliance should Sapporo ask for help to counter the Steel Partners takeover, the Nikkei and ... More Info

Netherlands: Heineken reports strong organic net profit growth of 12.6% for 2006

Dutch brewing force, Heineken N.V., announced strong organic net profit growth of 12.6% for the full year 2006, a significant improvement compared to 2005, according to company’s press centre, February 21. Heineken delivered organic growth across all key business metrics and regions. The company expects continued strong performance in 2007 with organic net profit growth in the range of 10-13%. For 2006 the company proposes a dividend of €0.60 per share, an increase of 50% compared with 2005. This is subject to shareholder approval at the Annual General Meeting on 19 April 2007.

Net profit grew 12.6% organically and EBIT was up 10.7% organically. Net profit was 59.1% higher reflecting in part €291 million of exceptional items, mainly related to book gains, compared with exceptional costs of €72 million in 2005.

Revenue grew 7.1% organically driven by higher volumes, better pricing and improvement in sales mix. Consolidated beer volume grew 11.3% to 111.9 million hectolitres; of this 6.9% was organic and 4.4% the effect of first-time consolidations.

The Heineken brand in the international premium segment grew 11.8% to 22.5 million hectolitres and achieved its biggest increase since the 1980’s. The brand also increased its share in the segment and grew ... More Info

USA: Craft beers consumption surged up in 2006

The continuing growth of craft beer entered double digit territory in 2006, with sales by craft brewers up 11.7% by volume for the year, according to US Brewers Association, February 20. This comes on top of strong growth in each of the prior three years and illustrates the ongoing surge of consumer interest in craft beers.

“American tastes are clearly changing thus the demand for more flavorful and diverse beers is exploding,” said Paul Gatza, Director of the Brewers Association, which tabulates industry growth data.

The Brewers Association estimates 2006 sales by craft brewers at over 6,600,000 barrels (one barrel equals 31 U.S. gallons) up from an adjusted total of just under 6,000,000 barrels in 2005. The increase totals over 690,000 barrels or 9.5 million case-equivalents. For 2006 craft beer posted a retail sales figure of $4.2 billion.
A strong area of distribution for craft beer is grocery, convenience, drug and liquors stores. According to Information Resources Inc. (IRI), “The beer category reaped growth from import (+10.9%) and micro-brew (+16.9%) products, while suffering losses across domestic and non-alcoholic varieties.”

“Craft beer has become a great American success story and today U.S. craft brewers are being watched, emulated and celebrated globally.” stated Julia ... More Info

World: Beer is No.1 food and beverage category for growth value in the World

Data contained in ACNielsen’s most recent report on global food and beverage trends indicates that for the second consecutive year, beer is the No. 1 category for growth value in the world, according to Anheuser-Busch’s press room, February 16. Findings from ACNielsen’s 2006 edition of What’s Hot Around the Globe -- Insights on Growth in Food & Beverage Products demonstrate the overall alcohol category grew 4% with Beer/Lager/Ales making up 5% of the total with category growth value at $4 billion, $1.2 billion more than the second leading category, carbonated beverages, and $2.7 billion more than wine.

“Beer transcends cultural barriers and can be shared in any type of occasion,” said Bob Lachky, executive vice president of Global Industry Development for Anheuser-Busch. “Last year, a Gallup Poll indicated that once again, beer is America’s beverage of choice and the recent news of beer driving the category for growth value in the world further crystallizes the notion that beer is back in full, global force.”

The 2006 edition of What’s Hot Around the World - Insights on Growth in Food & Beverage Products as reported by ACNielsen looks at the fastest-growing categories and product areas across 66 key markets around the world, ... More Info

Malt News
Ethiopia: Assela Malt prepares for expansion, production to double

The only malt-producing factory in the country, Assela Malt Factory (AMF), is preparing for expansion work, worth 150 million Br, which will double the company's malt production capacity, according to Addis Fortune, February 21.

The expansion proposal it had submitted to the Privatization and Public Enterprise Supervising Agency (PPESA) was approved in November 2006. A tender for procurement and contracting is to be issued in the following three months, an official from the Malt Factory told Fortune.

Established in Assela town in the Oromia Regional State, close to 167Kms south east of Addis Abeba, with a capital of 9.2 million Br, the Factory has the capacity of producing 150,000qnts of malt per annum. The expansion project aims to increase productivity by 50pc.

The decision to expand came about to satisfy the growing demand for malt by breweries, who have experienced production increases in the last few years, sources from AMF told Fortune.

In early 2006, AMF failed to supply its product to Dashen and BGI due to shortages, which resulted in both breweries being forced to import the entire volume of raw material for higher prices. Those breweries that were still receiving malt were also pressed to import as all five, excluding the state-owned ... More Info

Barley News
Canada: Ottawa is going to end CWB’s monopoly after barley farmers vote

Ottawa will move quickly to end the Canadian Wheat Board's monopoly on barley sales if farmers vote strongly in favour of the plan, Agriculture Minister Chuck Strahl said Friday, according to The Canadian Press, February 16.

"If farmers speak out loud and clear for more marketing choice, they're not going to want to dilly-dally, and neither am I," Strahl said Friday in Calgary.

The federal government's plebiscite on the wheat board's monopoly was mailed out to barley growers on Feb. 7 and must be returned by March 13.

While no specific dates were given, Strahl said Friday that he expected to know results by the end of March.

The minister said his hope was to bring marketing choice to barley growers "as soon as possible" and that he has already asked the wheat board to put together a business plan for survival in a competitive marketplace.

Strahl said he expected the wheat board to comply.

"I can't imagine the wheat board saying they will not deal in this product," he said following a speech to the Western Barley Growers Association conference in Calgary Friday. "And I think farmers would be outraged if they said they won't do it."

Strahl told ... More Info

Denmark, Sweden & Finland: Malting barley area prognosis for 2007

H. Abildstrom & Co ApS published February 15, the prognoses for 2007 spring malting barley varieties to be sown:

Denmark

Power – 45%
Prestige – 22%
Class – 12%
Henley – 5%
Troon – 4%
Sebastian – 4%
Tipple – 3%
others – 5% (Auriga, Braemar, Christina, Scandium)

Sweden

Prestige – 30%
Astoria – 28%
Pasadena – 10%
Sebastian – 8%
Tipple – 8%
Scandium – 7%
Annabel – 7%
others – 2% (Henley, Class, Alliot)

Finland

Scarlett – 30%
Saana (mainly feed) – 20%
Prestige – 12%
Barke – 12%
Braemar – 10%
Annabel – 7%
Tipple – 2%
others – 7% (Henley, Sebastian, Power)


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3155 February 21, 2007 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  216.00  284.50  167.00  220.00 
2RS  Prestige  215.00  283.00  166.00  218.50 
2RS  Cellar  214.00  281.50  165.00  217.50 
2RS  Sebastien  213.00  280.50  164.00  216.00 
2RS  Astoria  213.00  280.50  164.00  216.00 
2RS  Cork   213.00  280.50  163.00  214.50 
6RW  Esterel   188.00  247.50  148.00  195.00 

Prices for Danish malting barley are available on site www.e-malt.com/MarketPrices

Theoretical malt prices.
  EURO = USD 1.3155 February 21, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  Feb 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  417.50  549.50  440.50  579.50  434.50  571.00  444.50  585.00 
2RS  Prestige  416.50  547.50  439.00  577.50  433.00  569.50  443.50  583.50 
2RS  Cellar  415.00  546.00  438.00  576.00  431.50  568.00  442.50  581.50 
2RS  Sebastien  414.00  544.50  436.50  574.50  430.50  566.50  441.00  580.00 
2RS  Astoria  414.00  544.50  436.50  574.50  430.50  566.50  441.00  580.00 
2RS  Cork   414.00  544.50  436.50  574.50  430.50  566.50  441.00  580.00 
2RS   Average price  415.00  546.00  438.00  576.00  431.50  568.00  442.50  581.50 
6RW  Esterel   382.50  504.00  406.00  534.00  399.50  526.00  410.50  539.50 
*  Asia Malt 70/30  405.50  533.50  428.50  563.50  422.00  555.50  432.50  569.00 
**  Asia Malt 50/50  399.50  525.00  422.00  555.00  415.50  547.00  426.50  560.50 

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Theoretical malt prices for crop 2007 are available on site www.e-malt.com/MarketPrices

Table of the week

World Barley Supply and Demand
Year Area
harvested
mln ha		 Yeld
mt/ha		 Production
mln mt		 Exports
mln mt		 Feed dom.
Consumption
mln mt		 Domestic
consumption
mln mt		 Ending stoks
mln mt
1977/78 83.0 1.9 157.1 10.1 113.8 158.9 19.9
1978/79 80.9 2.2 175.6 10.6 123.9 171.2 24.3
1979/80 84.0 1.8 153.8 10.2 118.5 159.2 18.9
1980/81 78.6 2.0 157.4 13.5 111.2 158.3 18.3
1981/82 81.6 1.8 149.5 14.5 109.4 151.8 16.0
1982/83 78.8 2.0 161.2 16.0 113.4 155.8 21.5
1983/84 79.8 2.0 158.5 15.8 122.0 164.5 15.5
1984/85 79.2 2.2 170.5 17.4 122.4 162.9 23.1
1985/86 80.0 2.2 173.6 17.7 127.8 167.2 29.6
1986/87 79.6 2.2 178.1 18.3 132.1 173.8 33.8
1987/88 78.7 2.2 175.3 18.3 129.7 173.6 33.4
1988/89 76.4 2.1 164.0 19.0 121.9 166.2 31.1
1989/90 73.6 2.3 166.1 18.5 126.2 170.5 26.7
1990/91 72.9 2.5 179.0 19.6 130.4 175.9 29.8
1991/92 76.4 2.2 169.8 19.4 120.2 166.3 33.3
1992/93 73.4 2.3 166.2 16.4 118.9 165.6 33.3
1993/94 74.7 2.3 169.2 18.8 123.7 168.9 33.5
1994/95 73.2 2.2 160.7 15.3 121.1 165.8 28.5
1995/96 69.0 2.1 141.6 13.4 107.7 150.6 19.5
1996/97 66.5 2.3 153.6 17.9 106.2 149.4 23.6
1997/98 64.9 2.4 154.3 12.8 103.7 145.8 32.2
1998/99 60.7 2.2 135.7 17.8 98.6 139.0 28.9
1999/00 55.3 2.3 127.5 18.8 94.0 132.3 24.0
2000/01 54.6 2.4 132.8 16.9 94.4 134.1 22.8
2001/02 56.8 2.5 142.3 17.6 95.1 136.3 28.7
2002/03 56.4 2.4 134.8 16.8 94.3 136.4 27.2
2003/04 60.1 2.4 142.9 14.8 102.6 147.5 22.6
2004/05 58.4 2.6 154.2 17.3 100.3 143.5 33.3
2005/06 56.4 2.4 138.1 17.7 97.4 142.4 28.9
2006/07 57.4 2.4 138.3 15.3 101.3 145.5 21.6
Source: USDA, February 2007
Newsletter SummaryTop
Graph of the week


These Days in Business History
February 19
1878 Thomas Alva Edison patents gramophone (phonograph)
1899 Cornelius Vanderbilt Whitney, Pan Am Airways (World airways) founder is born
1969 1st Test flight of Boeing 747 jumbo jet

February 20
1768 1st American chartered fire insurance company opens
1811 Austria declares bankruptcy
1848 Edward H. Harriman is born in Hempstead. By age 50 he commands the Union Pacific and Southern Pacific railways, making him one of the most powerful railroad barons in the world.

February 21
1914 The Hong Kong Stock Exchange (formerly the Association of Stock Brokers in Hong Kong) is established.
1947 Edwin H. Land, founder of Polaroid Corp., demonstrates the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America.
1988 Peter Kalikow purchases New York Post from Rupert Murdoch for $37.6 million
Agenda
February 2007:
Singapore international beer festival.
WBA International Diploma in Brewing Technology Program Chicago
Grainworld 2007, Canada.

March 2007:
Beer Day, Iceland.
WorldFoodUzbekistan - 2007.
World Barley Malt & Beer Conference.
The 2nd International Trading Summit: Grains & Oilseeds, Turkey.


April 2007:
InterFood St. Petersburg
15th Annual International Beer Festival, USA.
The International Hop Growers’ Convention (IHGC) Meetings, France.
24th ANNUAL INTERNATIONAL BEER FESTIVAL SAN FRANCISCO



More events are available on site e-malt.com
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