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E-Malt.com Newsletter 47a
November 17 - November 19, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"The world is round and the place which may seem like the end may also be the beginning. "
Ivy Baker Priest
Trading Info

At this moment there is one BARLEY REQUEST for 10,000 tonnes of barley on the trading portal www.e-malt.com: http://www.e-malt.com, section Trading online.

Barley request: 10,000 tonnes of any 2RS;
Baudin, Hamelin, Gairdner, Schooner (Australian origin)
Crop: 2008;
Conditioning: Bulk;
Delivery: January 2009;
Price: USD 350 /tonne;
FOB;
To see and make a bid to the barley request, please view code BR2410U1534.

Currency Rates
Base Currency: Euro, EUR
on 19-November-2008

1 EUR = 1.2631 USD
1 EUR = 0.8423 GBP
1 EUR = 1.5528 CAD
1 EUR = 1.9504 AUD
1 EUR = 122.042 JPY
1 EUR = 2.9057 BRL
1 EUR = 34.6844 RUB
1 EUR = 8.6342 CNY
Base Currency: US Dollar
on 19-November-2008

1 USD = 0.7918 EUR
1 USD = 0.667 GBP
1 USD = 1.2294 CAD
1 USD = 1.5441 AUD
1 USD = 96.619 JPY
1 USD = 2.3005 BRL
1 USD = 27.4606 RUB
1 USD = 6.836 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

November 18, 2008

Type Crop 2008 Crop 2009
2rs Barley EUR134.0-136.0 EUR147.0-149.0 1.33%
6rw Barley EUR125.0-127.0 EUR134.0-136.0 2.17%
2rs Malt EUR362.0-364.0 0.55% EUR372.0-374.0 0.67%
6rw Malt EUR349.5-351.5 0.57% EUR355.0-357.0 1.11%
Feed Barley EUR107.0-109.0 1.82% 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

World: InBev completes acquisition of Anheuser-Busch ...Click here
China: China Resources reports a 32% increase of turnover over the first nine months of 2008 ...Click here
Turkey: Efes Breweries International posts results of the first nine months and third quarter of 2008 ...Click here
Australia: Lion Nathan reports strong FY 2008 results ...Click here
China & Belgium & United States: InBev – Anheuser-Busch merger approved by China’s Ministry of Commerce under certain conditions ...Click here
Belgium & United States: InBev must sell its Labatt indirect subsidiary – US Department of Justice ...Click here
Australia: Lion Nathan’s merger proposal fails to attract Coca Cola Amatil ...Click here
Switzerland: Swiss beer sells 3.5% better in 2007/2008 brewing year ...Click here
EU: Strategie Grains forecasts a slight decrease in barley planted areas in 2009 ...Click here
United States: Barley supply and demand estimates unchanged, prices for malting barley increase to $5.25 ...Click here
United Kingdom: HGCA survey confirms improved barley quality in 2008 ...Click here
Australia: Large percentage of low-grade grain makes ABB announce pool payment option for F3 and F4 feed barley ...Click here




India: United Breweries and SABMiller jointly sue Andhra Pradesh government for beer monopoly ...More Info
Russia: Imported beers losing share on the Russian beer market ...More Info
United States & Canada: Molson Coors announces changes in leadership ...More Info
China & Costa Rica: Tsingtao and brewer Florida Bebidas agree on mutual beer distribution ...More Info
Latvia: Increased excise tax on beer to take effect as from February 2009 ...More Info
New Zealand: Consumers warned of “inevitable” beer price hike in March 2009 ...More Info
The Netherlands: Grolsch brewery introducing innovative “beer on tap” bottles ...More Info
Botswana: SABMiller’s Sechaba Brewery increases turnover by 33% over the six months ended September, 30 ...More Info
Go to our news database with more than 13912 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

World: InBev completes acquisition of Anheuser-Busch

Belgian brewing giant InBev announced on November, 18 that it has completed its acquisition of Anheuser-Busch, following approval from shareholders of both companies.

The combination creates the global leader in beer and one of the world’s top five consumer products companies.

Under the terms of the merger agreement, all shares of Anheuser-Busch will be acquired for 70 USD per share in cash, for an aggregate of 52 billion USD.

Effective November, 18, InBev has changed its name to Anheuser-Busch InBev. Starting November 20, 2008, the company will trade under the new ticker symbol ABI on the Euronext Brussels stock exchange.

Anheuser-Busch has become a wholly owned subsidiary of Anheuser-Busch InBev and will retain its current headquarters in St. Louis, MO. St. Louis will also become the North American headquarters for the combined company.

The new company manages a portfolio of over 200 brands that includes global flagship brands Budweiser, Stella Artois and Beck’s, fast growing multi-country brands like Leffe and Hoegaarden, and strong “local jewels” such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Cass, Klinskoye, Sibirskaya Korona, Chernigivske, and Jupiler, among others.

InBev has received all regulatory clearances required to be obtained in order to proceed with completion.

MANAGEMENT / BOARD OF DIRECTORS

Several management ...More Info


China: China Resources reports a 32% increase of turnover over the first nine months of 2008

China Resources Enterprise Limited announced the third quarter and nine months results of its beer operations on November, 19.

The Chinese conglomerate which produces Snow beer in a joint venture with SABMiller Plc said China's economic growth slowed during the reported period and the spreading financial turmoil and declining exports should further dampen the country's economy.

"The economy is expected to slow down further in the last quarter of the year and 2009," it said in a statement.

According to the company, its beer operation reported turnover of HK$5,780 million and HK$13,370 million for the third quarter and the first nine months of 2008 respectively, representing increases of 35.0% and 32.0% over the same periods in 2007.

Attributable profit for the third quarter and the first nine months of 2008 was HK$256 million and HK$361 million respectively, representing increases of 19.1% and 13.2% over the corresponding periods in 2007.

The sales volume of beer for the third quarter and the nine months in 2008 rose by 5.7% and 5.1% respectively to approximately 2,623,000 kiloliters and 6,113,000 kiloliters. However, organic sales volume for the first nine months under review slightly declined 1.7% year-on-year, mainly affected by the earthquake in Sichuan, adverse weather as well as lower ...More Info


Turkey: Efes Breweries International posts results of the first nine months and third quarter of 2008

Efes Breweries International N. V. published its results for the nine months ended September, 30 on its official site on November, 14.

The company said its sales volume grew to 11.2 mln hl (+ 7.6%) over the reporting period. Net sales revenue amounted to US$861.1 mln (+ 31.4%), gross profit constituted US$360 mln (+ 16.2% over January – September, 2007). The brewer’s EBITDA rose by 6.3% to US$139.4 mln.

EFES reported its gross profit margin declined by 549 bps to 41.9%, and EBITDA margin declined by 384 bps to 16.2%.

“We are pleased to report another quarter of top line growth in a challenging period” commented Mr. Alejandro Jimenez, CEO and Chairman of the Board of Management of EBI. “Our commitment to deliver sustainable growth ahead of market growth resulted in continued momentum of our sales volume increase, albeit slowing consumer demand and unfavourable weather conditions. While we managed our cost base to limit the impact of raw material cost increases on our profitability, the increased volatility and slowing economic activity in our operating markets , especially in the third quarter is visible in our operating performance. Although we still expect our sales volume growth to be ahead of the market growth in ...More Info


Australia: Lion Nathan reports strong FY 2008 results

Lion Nathan, one of Australia’s leading brewers, announced a strong FY 2008 result on November, 18.

As stated in an official press-release, Lion Nathan achieved a 4.2% increase in operating net profit after tax (NPAT) to AU$278.3 million for the twelve months to 30 September 2008. The company posted a reported NPAT of AU$272.7 million, down 3.3%, with comparative figure for prior year including a net benefit of AU$14.9 million from significant items.

Group net sales revenue was up 6.5% to AU$2.094 billion.

Group operating EBIT was up 7.3% to AU$507.0 million.

Financial year 2008 (FY08) one-time items of AU$8.0 million pre tax (AU$5.6 million post tax) relating to the restructuring and integration costs incurred as part of the acquisition of J Boag & Son Pty Limited (Boag’s).

Excluding Boag’s, Lion Nathan Australia grew beer volumes by 0.5%, versus the market which grew slightly (+0.1%4) on prior year. Net sales revenue grew by 6.5% assisted by positive mix shifts to “Power brands” and step-up brands. Including Boag’s net sales revenue grew by 11.3%.

Australia’s strong top line performance translated into an operating EBIT result of AU$446.1 million, up 7.9%.

New Zealand – operating EBIT was up 3.8% to NZ$90.0 million fuelled by successful innovation and ...More Info


China & Belgium & United States: InBev – Anheuser-Busch merger approved by China’s Ministry of Commerce under certain conditions

China's Ministry of Commerce approved InBev's acquisition of Anheuser-Busch Cos., but it put restrictions on the new firm's investments in China, Dow Jones posted on November, 18.

According to the ministry’s statement, the new company following the acquisition won't be allowed to raise the 27% stake in Tsingtao Brewery Co. held by Anheuser-Busch or InBev’s 28.56% stake in Zhujiang Brewery.

It also said the new company won't be allowed to take stakes in Beijing Yanjing Brewery Co. and China Resources Snow Breweries, which produces Snow Beer, citing anti-competitiveness concerns.

China Resources Snow Breweries is a joint venture between London-based SABMiller PLC and China Resources Enterprise Ltd.

The ministry said InBev must send it reports of any changes to the shareholding structure of the new company's controlling shareholders.

It also said that if InBev goes against any of the conditions set by China for its purchase of Anheuser-Busch, InBev must apply beforehand for approval from the Ministry of Commerce before being allowed to carry out any changes.


Belgium & United States: InBev must sell its Labatt indirect subsidiary – US Department of Justice

Belgian brewing giant InBev announced on November, 14 that it had reached an agreement with the U.S. Department of Justice ("DOJ") that permits the completion of its proposed acquisition of Anheuser-Busch Companies, Inc.

According to InBev, the terms of the consent final judgment filed in U.S. District Court for the District of Columbia are as follows:

Labatt Brewing Company Limited (“LBCL”), a partially owned, indirect subsidiary of InBev headquartered in Toronto, Canada, will grant to an independent third party a perpetual exclusive license to market, distribute and sell Labatt branded beer (primarily Labatt Blue and Labatt Blue Light) for consumption in the U.S., to brew such Labatt branded beer in the U.S. or Canada solely for sale for consumption in the U.S., and to use the relevant trademarks and intellectual property to do so.

InBev will sell to the licensee the assets or stock of InBev USA LLC Labatt USA, an InBev subsidiary, headquartered in Buffalo, New York, whose staff currently handles the importing, marketing and sale of Labatt branded beer to wholesalers in the United States.

LBCL will brew and supply the Labatt branded beer for the licensee for an interim period of no more than three years.

These actions will be implemented following ...More Info


Australia: Lion Nathan’s merger proposal fails to attract Coca Cola Amatil

Lion Nathan Limited confirmed on November, 17 that it was in discussions with Coca-Cola Amatil Limited (“CCA”) regarding a potential merger between Lion Nathan and CCA where Lion Nathan would acquire all of the issued shares in CCA via a scheme of arrangement.

According to the Australian brewer, the combination of Lion Nathan and CCA as proposed would create the leading Australian and New Zealand beverage company, with a strong and diversified business comprising leading brands spanning almost all drinking occasions including beer, soft drinks, spirits and fine wine.

Lion Nathan announced that it intends to maintain separate alcoholic and non–alcoholic beverage businesses to ensure that the growth momentum of the respective businesses can be continued (including in respect of The Coca-Cola Company brands) and as such Lion Nathan would seek to retain CCA’s key operational management.

It was proposed that the current Chairman and CEO of Lion Nathan will lead the combined group and that two CCA non-executive directors will be offered non-executive board seats in Lion Nathan.

The offer consideration proposed by Lion Nathan is $6.15 in cash plus 0.469 Lion Nathan ordinary shares per CCA share (“Base Offer”) which implies a total equity value for CCA of approximately $8.0 billion ...More Info


Switzerland: Swiss beer sells 3.5% better in 2007/2008 brewing year

Brewing year 2007/2008 saw a 3.5% increase in beer sales compared to the previous year, Swiss Info reported on November, 18.

The Swiss Brewers' Association in Zurich said a total of 4.49 million hectolitres of beer was sold in the brewers' year, which runs from the beginning of October to the end of September. The 153,000 hl increase was possible mainly due to the Euro 2008 football championships, observers say.

Swiss beer production was up by 3.4 per cent and represented an 80.8 per cent market share (80.9 per cent in 2006/2007). Imported beers represented the remaining 19.2 per cent.

The association said Swiss exports amounted to two per cent of production - about 70,000 hectolitres - an increase of 24 per cent on the previous year.

But the reverse side of the coin showed increased costs for malt, hops, packaging and energy.

Taxes on beer brought about SFr109 million ($90.95 million) into the federal coffers.


Barley News

EU: Strategie Grains forecasts a slight decrease in barley planted areas in 2009

EU’s total barley planted areas are to decrease in 2009, APK-Inform cited latest forecast by Strategie Grains on November, 18.

According to the analytical agency, the Union’s area under barley is to constitute 14.21 mln ha, which represents a slight decrease from the 14.54 mln ha planted with barley in the last season.

Winter barley area is expected to make 5.68 mln ha, and spring barley to occupy 8.53 mln ha, it was reported.


United States: Barley supply and demand estimates unchanged, prices for malting barley increase to $5.25

USDA left unchanged barley supply and demand estimates for the United States in its November crop production report, AGWeek published on November, 17.

Current estimates have the US barley production at 239 million bushels, demand at 265 million bushels (exports at 25 million bushels and domestic demand at 240 million bushels), leaving ending stocks unchanged at 68 million bushels (which also is unchanged from last year), it was reported.

Last week’s barley shipments were estimated at 24,000 bushels with 16,000 bushels going to China and 8,000 bushels going to Mexico.

This brings the year-to-date shipments for barley to 8.3 million bushels compared with 16.9 million bushels for last year at this time.

Minneapols cash bids for feed barley remain at $3.15. Malting barley bids increased 15 cents to $5.25, it is reported.


United Kingdom: HGCA survey confirms improved barley quality in 2008

The final 2008 Cereals Quality Survey results confirm that overall barley quality has improved compared to last season and most of the three-season averages, HGCA announced on November, 17.

According to experts, the estimated average specific weight for Great Britain is 65.8 Kg/hl. This is more in line with GB’s three-season average of 66.3, after last season’s average of 64.1 kg/hl.

Average nitrogen levels are at their lowest, and moisture content at the highest since Cereal Quality Survey records began. The former shows an average of 1.58%, compared to last season’s 1.71% and the previous three-season average of 1.74%, it was reported.

Screening results show that on average 93.9% of barley was retained by a 2.5mm sieve, again down on both 2007/08 and the three-year average.

Information from 20,000 barley samples were received and analysed by HGCA for the survey.


Australia: Large percentage of low-grade grain makes ABB announce pool payment option for F3 and F4 feed barley

ABB Grain has introduced a harvest payment pooling option for lower grades of feed barley to accommodate the larger than normal percentage of F3 and F4 barley this harvest, the Australian agribusiness announced on November, 18.

ABB’s pooled grain business unit manager Anthony Fitzgerald said ABB had introduced the new payment alternative to provide growers with another grain marketing option for F3 and F4 barley.

“This now means that growers that deliver their F3 or F4 to our feed pool will receive 75% of the estimated pool price, minus 100% of costs, in the first payment, which is paid 30-days end of week of delivery,” said Mr Fitzgerald.

“The large percentage of lower grade feed barley this year, coupled with an oversupply of feed grain on the international market means demand for feed generally, and lower grades in particular, is not strong. “However, by introducing a harvest payment pooling option for F3 and F4, it gives growers another viable marketing option that provides some cash flow.

“The interest rate applied to the harvest payment has improved from 10.4% to 9.65% and ABB has also improved its feed barley pool spreads.

“The spread from F1 to F2, F3 and F4 is now AU$15, AU$40 and ...More Info

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.2618 November 18, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  137.00  173.00  150.00  189.50 
2RS  Prestige  136.00  172.00  149.00  188.50 
2RS  Cellar  135.00  170.50  148.00  187.00 
2RS  Sebastien  134.00  169.50  147.00  185.50 
2RS  Tipple  134.00  169.50  147.00  185.50 
2RS  Henley  134.00  169.50  147.00  185.50 
6RW  Esterel   126.00  159.00  135.00  170.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.2618 November 18, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 108.00 136.27


Theoretical Malt Prices

EURO = USD 1.2618 November 18, 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  365.50  461.00  396.50  500.50  389.00  490.50  403.00  508.50 
2RS  Prestige  364.00  459.50  395.50  498.50  387.50  489.00  402.00  507.00 
2RS  Cellar  363.00  458.00  394.00  497.00  386.50  487.50  400.50  505.50 
2RS  Sebastien  361.50  456.50  393.00  495.50  385.00  486.00  399.50  504.00 
2RS  Tipple  361.50  456.50  393.00  495.50  385.00  486.00  399.50  504.00 
2RS  Henley  361.50  456.50  393.00  495.50  385.00  486.00  399.50  504.00 
2RS   Average price  363.00  458.00  394.00  497.00  386.50  487.50  400.50  505.50 
6RW  Esterel   350.50  444.00  383.00  483.50  375.50  473.50  389.50  491.50 
Asia Malt 70/30  359.50  453.50  390.50  493.00  383.00  483.50  397.50  501.50 
**  Asia Malt 50/50  357.50  451.00  388.50  490.00  381.00  480.50  395.00  498.50 


EURO = USD 1.2618 November 18, 2008
Crop year 2009
Parity FOB Antwerp
Position Oct 2009 - Sep 2010
Conditioning Bulk In bags Bulk containers Bags, containers
Malting barley variety EURO USD EURO USD EURO USD EURO USD
2RS  Scarlett  375.50  474.00  406.50  513.50  399.00  503.50  413.50  521.50 
2RS  Prestige  374.50  472.50  405.50  511.50  398.00  502.00  412.00  520.00 
2RS  Cellar  373.00  470.50  404.50  510.00  396.50  500.50  411.00  518.50 
2RS  Sebastien  372.00  469.00  403.00  508.50  395.50  499.00  409.50  517.00 
2RS  Tipple  372.00  469.00  403.00  508.50  395.50  499.00  409.50  517.00 
2RS  Henley  372.00  469.00  403.00  508.50  395.50  499.00  409.50  517.00 
2RS   Average price  373.00  470.50  404.50  510.00  396.50  500.50  411.00  518.50 
6RW  Esterel   356.00  450.50  388.50  490.00  380.50  480.50  395.00  498.00 
Asia Malt 70/30  368.50  464.50  399.50  504.00  392.00  494.50  406.00  512.50 
**  Asia Malt 50/50  365.00  460.50  396.50  500.00  388.50  490.50  403.00  508.50 

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

Table of the Week

EU production of barley and wheat malt: 2006-2007
2006, t 2007, t
Country barley
malt
wheat
malt
total Country barley
malt
wheat malt total
Austria 145,453 471 145,924 Austria 154,456 377 154,833
Belgium 625,886 0 625,886 Belgium 720,000 0 720,000
Germany 1,726,293 83,220 1,809,513 Germany 1,858,438 89,900 1,948,338
Denmark 275,000 0 275,000 Denmark 269,000 0 269,000
Spain 436,000 0 436,000 Spain     446,000
Finland 152,156 421 152,577 Finland 176,017 0 176,017
France 1,332,882 56,318 1,389,200 France 1,229,206 64,984 1,294,190
Ireland 125,000 0 125,000 Ireland 128,000 0 128,000
Italy 64,015 0 64,015 Italy 68,500 0 68,500
Netherlands 217,000 0 217,000 Netherlands 340,500 0 340,500
Sweden 185,000 0 185,000 Sweden 202,000 0 202,000
UK 1,438,564 0 1,438,564 UK 1,464,298 0 1,464,298
Czech Rep 384,970 0 384,970 Czech Rep. 527,545 0 527,545
Hungary 136,000 0 136,000 Hungary     136,000
Lithuania 85,000 0 85,000 Lithuania     85,000
Poland 316,000 0 316,000 Poland     325,000
Slovakia 265,051 0 265,051 Slovakia     260,429
Greece 45,000 0 45,000 Greece     45,000
        Bulgaria     60,000
Portugal 75,000 0 75,000 Romania     98,157
TOTAL     8,170,700 TOTAL     8,748,807
Graph of the Week



These Days in Business History
November 17
1801 1st edition of New York Evening Post
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1914 U.S. declares Panama Canal Zone neutral

November 18
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November 19
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Agenda