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E-Malt.com Newsletter 28a
July 07 - July 09, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"Every really new idea looks crazy at first."
Abraham H. Maslow
Currency Rates
Base Currency: Euro, EUR
on 09-July-2008

1 EUR = 1.5697 USD
1 EUR = 0.7954 GBP
1 EUR = 1.5994 CAD
1 EUR = 1.6457 AUD
1 EUR = 168.08 JPY
1 EUR = 2.5231 BRL
1 EUR = 36.9116 RUB
1 EUR = 10.7818 CNY
Base Currency: US Dollar
on 09-July-2008

1 USD = 0.6371 EUR
1 USD = 0.5067 GBP
1 USD = 1.0189 CAD
1 USD = 1.0484 AUD
1 USD = 107.081 JPY
1 USD = 1.6074 BRL
1 USD = 23.5145 RUB
1 USD = 6.8685 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

July 08, 2008

Type Crop 2007 Crop 2008
2rs Barley nq   €246.0-248.0
6rw Barley nq   €219.0-221.0
2rs Malt €530.5-532.5 €492.5-494.5
6rw Malt €497.5-499.5 €458.5-460.5
Feed Barley €175.0-177.0 nq  

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. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

Belgium: InBev files consent solicitation statement to provide Anheuser-Busch shareholders a direct voice in proposed combination at $65 per share ...Click here
USA: Anheuser-Busch sues InBev over takeover attempt ...Click here
Hong Kong: Czech brewer Budejovicky Budvar has registered its trademark in Hong Kong ...Click here
The Netherlands: Heineken to restate Scottish & Newcastle's accounts ...Click here
Kazakhstan: Efes Breweries funds its expansion in Kazakhstan beer market with EBRD support ...Click here
India: The United Breweries invests in hiking brewing capacity by 20% in three years ...Click here
Romania: 2008 is the first year after 2005 when brewers see a growth rate of below 10% in January-April period ...Click here
EU: Malt export licence bookings are only 50,000 t more than the total of last year ...Click here
World: The IGC barley crop figure for 2008/2009 has been reduced by 2 million tonnes ...Click here
Argentina: Any barley crop failure could have bad consequences for the whole Continent ...Click here




Belarus: Beer production increased by 5.1% in H1 2008 ...More Info
Belgium: InBev seeks summary judgment in court ...More Info
Chile: CCU 2nd-qtr sales volume up 14.1 pct ...More Info
USA: SABMiller plc completes acquisition of US importation rights for Grolsch ...More Info
Australia: Coca-Cola Amatil not interested in Foster's beer business ...More Info
UK: Public smoking ban hits pubs ...More Info
Estonia: Saku brewery calls EGM to discuss Carlsberg bid for remaining shares ...More Info
Switzerland: Heineken announced 96.54% of Eichhof GH shares in Switzerland tendered ...More Info
USA: Molson Coors' new CEO will have a $875,000 salary ...More Info
USA: The former Diageo-Guinness USA executive will take over the marketing reins for Heineken USA ...More Info
USA: Coors Brewing Company launches Responsible Drinking Campaign with OnSite Network ...More Info
Canada: Brick Brewing Company thanks Ontario with a ‘buck a beer’ ...More Info
Iran: A new type of feed barley bran-less that can be grown in saline and desert lands was introduced ...More Info
Go to our news database with more than 13071 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: InBev files consent solicitation statement to provide Anheuser-Busch shareholders a direct voice in proposed combination at $65 per share

InBev announced in a press release on July 7 that it will file a preliminary consent solicitation statement with the United States Securities and Exchange Commission seeking to remove each member of the board of directors of Anheuser-Busch Companies Inc. and provide Anheuser-Busch shareholders an opportunity to have a direct voice in the proposed combination with InBev.

The highly-qualified slate of directors proposed by InBev is composed of Marjorie L. Bowen, Adolphus A. Busch IV, G. Peter D’Aloia, Ronald W. Dollens, James E. Healey, John N. Lilly, Allan Z. Loren, Ernest Mario, Henry A. McKinnell, Paul M. Meister, William T. Vinson, Lawrence Keith Wimbush and Larry D. Yost.

On June 11, 2008, InBev announced a proposal for a friendly combination to create the world’s leading beer company through an acquisition of all the outstanding common shares of Anheuser-Busch at $65 per share in cash, representing an immediate premium of 35% over the unaffected share price and a premium of 18% over the previous all-time high in October, 2002.

Carlos Brito, Chief Executive Officer of InBev, said: “Our strong preference remains to enter into a constructive dialogue with Anheuser-Busch to achieve a friendly combination that comprehensively addresses the interests of all constituents. ...More Info


USA: Anheuser-Busch sues InBev over takeover attempt

Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in, The Associated Press communicated on July 9.

Anheuser-Busch Cos. Inc. made the claim in a lawsuit filed late Monday, July 7, just hours after InBev SA filed its own motion seeking to oust Anheuser-Busch's board of directors. The lawsuit, filed in St. Louis federal court, claims that InBev is deceiving Anheuser-Busch shareholders about the company's $46 billion takeover bid by concealing a number of facts.

The suit says InBev doesn't have the solid financing to underwrite the deal, as the company claims, and that it has not disclosed that it operates a brewery in Cuba, which could complicate its efforts to operate in the United States.

"Anheuser-Busch is asking the court to prevent InBev from taking any further steps to solicit Anheuser-Busch's shareholders until it provides full and accurate information concerning its proposal," Gary Rutledge, Anheuser-Busch's vice president of legal and government affairs said in a statement Tuesday.

InBev did not return a message seeking comment Tuesday. But the company did make a public appeal for support of its bid ...More Info


Hong Kong: Czech brewer Budejovicky Budvar has registered its trademark in Hong Kong

Czech brewery Budejovicky Budvar NP said on July 3rd it had registered its trademark in Hong Kong after its rival, U.S.-based Anheuser-Busch, withdrew its objections, The Associated Press posted.

Budvar said in a statement it first applied for the "Budejovicky Budvar" trademark at Hong Kong's Trade Mark Registry office in 1997, but Anheuser-Busch objected, arguing it could be confused with its "Bud" and "Budweiser" trademarks registered in Hong Kong.

Budvar said the trademark was registered earlier this year after Anheuser-Busch withdrew its objections. It gave no details. There was no immediate reaction from Anheuser-Busch.

Budvar said it expected the registration would help to boost sales. It has imported its lager to Hong Kong since the 1990s, it said.

Budvar has fought with U.S.-based beer giant Anheuser-Busch Companies, Inc. in a number of countries over use of the famous Budweiser brand, to which both companies claim a historical right.

Budvar, which exported its beer to 53 countries last year, entered the Chinese market this year, two years after it had its trademark registered in China despite a legal challenge from Anheuser-Busch.


The Netherlands: Heineken to restate Scottish & Newcastle's accounts

Dutch brewer Heineken plans to restate accounts for its newly acquired Scottish & Newcastle (S&N), a spokeswoman said on July 7, partially confirming a report in Britain's Sunday Telegraph, according to Reuters.

"We are assessing the assets we have bought and we are putting them in light of our own approach to reporting and accounting," the spokeswoman said, adding the firm was aiming to inform the market of any relevant changes at the end of August.

Shares in the world's third largest brewer slipped more than 3 percent on Monday following the report over the weekend, but some analysts did not expect a restatement to have any major impact on the company's overall results.

"It's not such a drama in itself," said Petercam analyst Kris Kippers. "If you look at S&N, it doesn't weigh out that much for the total company so it will probably only have an effect of about 2 or 3 percent on the overall numbers."

"It's better for Heineken to do it now than do it within six or 12 months."

The Sunday Telegraph reported the firm is set to restate profit for S&N by as much as 10 percent after finding discrepancies in its accounts, citing analysts.

Heineken's spokeswoman would not ...More Info


Kazakhstan: Efes Breweries funds its expansion in Kazakhstan beer market with EBRD support

The European Bank for Reconstruction and Development (“EBRD”) has closed a syndication loan (the “Loan”) of 40.0 million USD for Efes Karaganda Brewery JSC (“Efes Kazakhstan” or the “Company”), a wholly owned subsidiary of Efes Breweries International N.V. (“EBI”) to increase the Company’s brewing capacity, allowing it to expand its presence in the market and to enable Efes Kazakhstan to keep-up with the rapidly growing demand in the country, the company announced on July 4th.

The Loan consists of an A loan, provided by EBRD and a B loan, provided by participants tothe syndication, in the amount of 16 million USD and 24 million USD, respectively and has a maturity of 6 years.

The Loan will allow Efes Kazakhstan to expand its brewing capacity to 2.9 million hectolitres from its current 2.1 million hectolitres and further develop the Company’s warehousing and distribution infrastructure.

The EBRD and EBI have been strategic partners since 1997. The EBRD has played a key role in funding the growth of EBI’s operations in Kazakhstan when the Bank financed the Company’s construction of a green-field plant in Almaty in 2001.

Efes Kazakhstan, founded in 1996, is the second largest brewer of Kazakhstan with 26%market share (AC Nielsen, March 2008) The ...More Info


India: The United Breweries invests in hiking brewing capacity by 20% in three years

The United Breweries Group (UB) intends to invest Rs 1,000 crore in three years to hike its brewing capacity by about 20%. "The United Breweries Group has a capital expenditure plan of Rs 488 crore for the current financial year.

This is part of a capacity expansion programme, which commenced in April 2006 and involves a total expenditure of around Rs 1,000 crore over three years," according to UB Group Chief Financial Officer Ravi Nedungadi.

"The expansion would be partly funded by the recently concluded rights issue of Rs 425 crore and the remaining through a combination of internal accruals and debt."

The UB Group has a brewing capacity of 60.25 lakh hecto litres per annum and proposes to expand to 71.50 lakh hecto litres per annum in the next two years.

UB is setting up a facility in Andhra Pradesh. This will have an annual production capacity of 60 lakh cases per annum to begin with and 120 lakh cases eventually. The company also plans to have a greenfield plant in Karnataka with a capacity of 30 lakh cases a year. The Press Trust of India quoted Ravi Nedungadi, CFO of the United Breweries Group, as saying: "The ...More Info


Romania: 2008 is the first year after 2005 when brewers see a growth rate of below 10% in January-April period

Beer sales advanced by only 5% in the first four months of this year against the same period of 2007, with last year's performance, a 27% increase, not being repeated this year, Ziarul Financiar communicated.

Thus, 2008 is the first year after 2005 when brewers see a growth rate of below 10% in January-April period and particularly a decline in January, of around 12%.

The figures, however, can be explained, and were even anticipated by producers, given that the high temperatures seen in the first half of 2007 were not registered this year. The low temperatures and rainy weather of the first few months are thus a reason brewers blame for the low growth pace of the market.

"Because of the rainy weather, sales at outdoor restaurants and bars stagnated compared with last year, while retail sales rose by 30-40% in the first half of this year. The market resumed its upward trend in the last half of June, but everything depends on this summer's weather," stated Shachar Shaine, chairman of the Romania's Brewers Association and chairman of United Romanian Breweries Bereprod, Tuborg brand producer.

While URBB posted a 15% advance in overall beer sales this June, below the 20% initial estimate ...More Info


Malt News

EU: Malt export licence bookings are only 50,000 t more than the total of last year

Malt export licence bookings in the EU until June 24 are 1.8 mln tonnes, only 50,000 tons more than the total of last year and far below the numbers of former years, market analysts commented on June 27.

They said it is not certain, whether the EU Commission will issue a new and final figure this week. As of July 1 exporters must not book licences for export shipments any more.


Barley News

World: The IGC barley crop figure for 2008/2009 has been reduced by 2 million tonnes

As the barley crop prospects have deteriorated in Australia, Canada, North Africa and the Middle East, the IGC world crop figure for 2008/2009 has been reduced by 2 million tonnes to 145.6 million tonnes, still 10 million tonnes better than last year.

The improved prospects are in the EU, Ukraine and the United States.

In the European Union, the production forecast is lifted by 0.3m. tons, to 61.5m. (57.5m.). Persistent dryness reduced yield potential in parts of northern Europe, notably in Denmark, Finland, Germany and Poland. In contrast, ample moisture supplies boosted yields in Spain, where the crop estimate is raised by 0.9m. tons, to 9.9m., but still falling short of last year’s record 11.4m. In France, production is expected to increase to 11.4m. tons (9.5m) as yields recover from the poor results in the previous season.

With spring planting completed in Russia, weather conditions were mostly favourable for the crop. Barley production is forecast to increase by 15%, to 18.0m. tons (15.6m.), unchanged from May. The production estimate for Ukraine, where harvesting commenced in southern growing regions with higher than anticipated yields, is lifted by some 0.5m. tons, to 10.0m. (6.7m.).

World trade forecasts are 16,3 Mill. tons by the IGC, but ...More Info


Argentina: Any barley crop failure could have bad consequences for the whole Continent

Argentina had been hit by a bad drought, which prevented barley planting at the optimal time. The widely reported farmers strike also made timely seed deliveries to the farmers impossible.

Meantime local rainfalls and the end or a pause of the farmers strike have alleviated the situation. But forecasts of plantings and the barley crop differ by wide margins, a crop figure between 1 and 2 million tonnes is forecast.

As local Argentine malting barley demand is 1 million tonnes, and Brazil is used to imports of several 100,000 tonnes from Argentina (with the Mercosur preference of zero import tax), any crop failure could have bad consequences for the whole Continent.

Scientific Digest

A Review of Flavour Formation in Continuous Beer Fermentations

Tomáš Brányik, António A. Vicente, Pavel Dostálek and José A. Teixeira

Abstract

J. Inst. Brew. 114(1), 3-13, 2008 The attractive prospect of a continuous beer fermentation system consists mostly of the accelerated transformation of wort into beer. Although continuous beer fermentation has been studied as a promising technology for several decades, the number of industrial applications is still limited. The major obstacle hindering the extensive industrial exploitation of this technology is the difficulty in achieving the correct balance of sensory compounds in the short time typical for continuous systems. This paper offers an integral view on the particularities of continuous systems, which may impart beer a sensorial character distinct from conventionally fermented counterparts. The main groups of flavour active compounds are discussed from the perspective of possible control strategies by means of process parameters and strain selection ... Load full article, 6 pages, 456 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.5668 July 08, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  249.00  390.50 
2RS  Prestige  nq  nq  248.00  388.50 
2RS  Cellar  nq  nq  247.00  387.00 
2RS  Sebastien  nq  nq  246.00  385.50 
2RS  Tipple  nq  nq  246.00  385.50 
2RS  Henley  nq  nq  246.00  385.50 
6RW  Esterel   nq  nq  220.00  345.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.5668 July 08, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 176.00 276.00

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

Theoretical Malt Prices

EURO = USD 1.5668 July 08, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  July 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  533.50  836.00  557.50  873.50  549.50  860.50  563.50  882.50 
2RS  Prestige  532.50  834.50  556.50  871.50  548.00  858.50  562.50  881.00 
2RS  Cellar  531.50  832.50  555.00  869.50  547.00  856.50  561.00  879.00 
2RS  Sebastien  530.00  830.50  553.50  867.50  545.50  854.50  559.50  877.00 
2RS  Tipple  530.00  830.50  553.50  867.50  545.50  854.50  559.50  877.00 
2RS  Henley  530.00  830.50  553.50  867.50  545.50  854.50  559.50  877.00 
2RS   Average price  531.50  832.50  555.00  869.50  547.00  856.50  561.00  879.00 
6RW  Esterel   498.50  782.50  523.00  819.50  515.00  806.50  529.00  828.50 
Asia Malt 70/30  521.50  817.50  545.50  854.50  537.50  841.50  551.50  864.00 
**  Asia Malt 50/50  515.50  807.50  539.00  844.50  531.00  831.50  545.00  854.00 


EURO = USD 1.5668 July 08,2008 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  496.00  777.00  519.50  814.00  511.50  801.00  525.50  823.50 
2RS  Prestige  494.50  775.00  518.50  812.00  510.00  799.50  524.50  821.50 
2RS  Cellar  493.50  773.00  517.00  810.00  509.00  797.50  523.00  819.50 
2RS  Sebastien  492.00  771.00  516.00  808.00  507.50  795.50  522.00  817.50 
2RS  Tipple  492.00  771.00  516.00  808.00  507.50  795.50  522.00  817.50 
2RS  Henley  492.00  771.00  516.00  808.00  507.50  795.50  522.00  817.50 
2RS   Average price  493.50  773.00  517.00  810.00  509.00  797.50  523.00  819.50 
6RW  Esterel   459.50  721.00  484.00  758.00  475.50  745.50  490.00  767.50 
Asia Malt 70/30  483.50  757.50  507.00  794.50  499.00  781.50  513.00  804.00 
**  Asia Malt 50/50  477.00  747.00  500.50  784.00  492.50  771.50  506.50  793.50 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

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

Prices Evolution

Prices evolution
Source: Agriculture and Agri-Food Canada; July 2, 2008

Table of the Week

EU Malt Export Licence Fixations

(in tonnes) 2004-2005 2005-2006 2006-2007 July 01, 2007 -
June 24, 2008  
 France   674,140  648,338  460,829  357,498 
 Germany   295,876  236,735  239,633  352,420 
 Belgium   418,344  551,396  531,606  578,586 
 Bulgaria   1,270  2,860 
 U.K. 201,892  190,862  114,156  106,867 
 Finland   64,986  79,357  70,783  60,217 
 Denmark    74,743  68,809  72,374  99,380 
 Sweden   78,369  96,100  90,550  96,700 
 Netherlands   49,128  92,383  78,754  90,756 
 Ireland   56,924  7,001  2,250 
 Italy  181  3,148 
 Austria   16,954  38,932  22,743  9,085 
 Spain  
 Romania   500 
 Portugal   850  1,088  992  476 
 Czech Republic   82,062  77,036  41,769  25,203 
 Poland   167-  2,025 
 Hungary   85,792  16,865  5,474  2,638 
 Slovakia   76,916  75,863  23,157  16,645 
 Lithuania  54  172  1,855 
 Total EU   2,219,661  2,180,986  1,756,691  1,806,858 

  Total Wheat malt, tonnes  
Total 2004 - 2005  8,162 
Total 2005 - 2006  4,693 
Total 2006 - 2007  5,404 
July 01, 2007 - June 24, 2008  7,621 
   
  Total Roasted malt, tonnes  
Total 2004 - 2005  27,212 
Total 2005 - 2006  23,257 
Total 2006 - 2007  30,084 
July 01, 2007 - June 24, 2008  28,146 
Graph of the Week



These Days in Business History

07 July
1550 - Chocolate introduced.
1802 - 1st comic book "The Wasp," is published.
1814 - The world's first authentic historical novel, 'Waverley' by Sir Walter Scott, is published.
1891 - Travelers cheque patented.
1929 - In Italy, the Vatican in the centre of Rome becomes a sovereign state.

08 July
951 - Paris is founded.
1497 Portuguese navigator Vasco da Gama sets sail from Lisbon in search of a sea route to India.
1796 U.S. State Department issues 1st American passport.
1870 Congress authorizes registration of trademarks.

09 July
1815 1st natural gas well in U.S. is discovered
1875 The Bombay Stock Exchange is founded in Bombay (now Mumbai), India.
1953 1st helicopter passenger service, New York City
1957 Announcement of discovery of atomic element 102 - nobelium.
Agenda