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E-Malt.com Newsletter 26a
June 22 - June 24, 2009
Open!
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Quote of the week

"Action may not always bring happiness, but there is no happiness without action"
Benjamin Disraeli
Currency Rates
Base Currency: Euro, EUR
on 24-June-2009

1 EUR = 1.3942 USD
1 EUR = 0.8536 GBP
1 EUR = 1.608 CAD
1 EUR = 1.771 AUD
1 EUR = 132.979 JPY
1 EUR = 2.8126 BRL
1 EUR = 43.9149 RUB
1 EUR = 9.5468 CNY
Base Currency: US Dollar
on 24-June-2009

1 USD = 0.7173 EUR
1 USD = 0.6122 GBP
1 USD = 1.1533 CAD
1 USD = 1.2702 AUD
1 USD = 95.3809 JPY
1 USD = 2.0173 BRL
1 USD = 31.4972 RUB
1 USD = 6.8473 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

June 24, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR114.0-118.0 EUR136.0-140.0 2.82%
6rw Barley EUR109.0-113.0 EUR127.0-131.0 1.53%
2rs Malt EUR330.0-334.0 EUR348.0-352.0 1.27%
6rw Malt EUR322.5-326.5 EUR335.5-339.5 0.88%
Feed Barley nq    EUR100.0-104.0 1.92%

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: AB InBev said to be seeking binding bids for its Central and Eastern European operations by mid-July ...Click here
United States & Canada: Molson Coors Brewing Co. ready to consider any purchase that reinforces existing operations - CEO ...Click here
Germany: Carlsberg negotiating sale of one of its German breweries ...Click here
China: Asahi Breweries to expand Tsingtao sales force and production capacity ...Click here
Russia: Efes Breweries International to increase share capital in its Russian subsidiary ...Click here
South Africa: SABMiller should beware of Heineken/Diageo brewery in South Africa - analysts ...Click here
Bulgaria: AB InBev’s Bulgarian brewer sees sales increase, net profit plummet in 2008 ...Click here
The Czech Republic: Brewer Budejovicky Budvar specifies 2008 production and sales results ...Click here
World: World malt trade to drop by 2% in the current marketing year - IGC ...Click here
World: International Grain Council expects barley production and trade to fall, consumption to remain unchanged in 2009/10 ...Click here
World: ABARE forecasts world barley production to decrease by 9 mln tonnes in 2009-10 ...Click here
France: Barley exports estimates revised upwards ...Click here
France: Alsace hop growers to harvest just 450 ha this year ...Click here




United States: AB InBev brewing an overhaul of its US beer distribution network - report ...More Info
The Czech Republic: Heineken rumoured to be planning to merge its Kralovsky Pivovar Krusovice brewery with beverage group Drinks Union ...More Info
Romania: Brewer URBB not planning to expand portfolio, hopes for a hot summer to compensate the first five months drop ...More Info
South Korea: Koreans switching to canned beer in difficult economic times ...More Info
The Czech Republic & Australia: Budweiser Budvar starts exporting its pale lager in kegs to Australia ...More Info
The Netherlands: Heineken urged to put up beer price in supermarkets ...More Info
Canada: Barley bids slowly creeping upwards ...More Info
Uganda: Nile Breweries Limited reports growth in FY ended March 2009 ...More Info
Romania: Heineken not to brew Dracula and Sovata brands any more ...More Info
India: Heineken brewing a promo campaign to escalate beer sales in India ...More Info
Zimbabwe: Brewer Delta Beverages to increase production following the installation of new equipment ...More Info
The Czech Republic: Budweiser Budvar brewery says its new Pardál Echt Pale Lager is available across the country since the beginning of this month ...More Info
Asia Pacific: Diageo appoints new President of its Asia-Pacific region ...More Info
Go to our news database with more than 15272 articles.
Today with the possibility to be translated in 7 different languages!
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Brewery News

Belgium: AB InBev said to be seeking binding bids for its Central and Eastern European operations by mid-July

Anheuser-Busch InBev is seeking binding bids by mid-July for its Central and Eastern European operations, after CVC Capital Management sent the brewer an unsolicited approach for the businesses, Dow Jones cited people familiar with the situation on June, 23.

The London-based buyout shop approached the brewing giant with an offer triggering an auction process to get what the company hopes is a "fair" and "best" price, sources said.

Other sponsors interested in the assets include U.S. private equity firms Kohlberg Kravis Roberts, TPG and Warburg Pincus, along with CVC's local rival Cinven Group Ltd., people said.

The auction is unlikely to attract many strategic buyers, people said.

However, Efes Breweries International N.V. has expressed interest, people said, and SABMiller PLC may also be interested but could have antitrust issues in the Czech Republic.

Other trade players such as Carlsberg A/S and Heineken Holding N.V. are digesting acquisitions and trying to pay down debt, which may prevent them from bidding.

The process is being run under a tight timeframe with information packages due out within the next week or so, the people added.

Analysts said that a sales price of EUR2 billion just for AB InBev's Central European business, excluding Russia and Ukraine, would be reasonable. ...More Info


United States & Canada: Molson Coors Brewing Co. ready to consider any purchase that reinforces existing operations - CEO

Molson Coors Brewing Co. President and Chief Executive Officer Peter Swinburn said the company is willing to take on more debt for an acquisition of “reasonable” size, should the opportunity arise, Bloomberg reported on June, 23.

“We’re willing to leverage up on any deal that we think is attractive and gives us a return,” Swinburn said. “We’ve got capacity to make certain acquisitions.”

Molson Coors, which makes Blue Moon beer, could also sell shares to help fund a purchase, he said. The company, which raised its quarterly dividend last month, had $1.57 billion of long-term debt as of March 29 and forecasts free cash flow exceeding $500 million this year. It has $300 million of 4.85 percent bonds coming due in September 2010.

Molson Coors, the biggest brewer based in North America, was created in a $3.4 billion merger between Adolph Coors Co. and Canada’s Molson Inc. in 2005. The brewer’s international expansion has focused on bolstering sales of Coors Light in Asia, Western Europe and Latin America. The brand sells at a higher profit margin in some overseas markets. Swinburn said he’d consider any purchase that reinforces existing operations.

Swinburn declined to specify the size of a potential acquisition, particular companies ...More Info


Germany: Carlsberg negotiating sale of one of its German breweries

Danish brewing giant Carlsberg Group is selling its German brewery in Braunschweig, the company’s German communication officer, Udo Dewies, was quoted as saying by the daily Børsen on June, 22.

“We are negotiating with several potential purchasers. The negotiations progressed further last week, but I cannot say how close we may be to a conclusion,” he said.

The announcement came shortly after Carlsberg’s divestiture of its Norwegian brewery Arendal. Carlsberg had earlier said that it intends to shut down breweries at Leeds in UK and at Pori in Finland.

The sale of the German brewery is part of Carlsberg’s adjustment strategy in Europe. Here some breweries are strategically important while others are support breweries which will, in the longer term, be shut down.

The British analyst Mathew Webb at Cazenove has earlier estimated that Carlsberg could save DKK 400-50 million annually if the brewery shuts down seven of its so-called support breweries – including the Braunschweig brewery.


China: Asahi Breweries to expand Tsingtao sales force and production capacity

Asahi Breweries Ltd. will expand its Chinese sales force and production capacity dedicated to the Tsingtao Beer brand, the Wall Street Journal cited a Nikkei report on June, 19.

Asahi acquired a roughly 20% stake in China's Tsingtao Brewery Co. from the Belgian AB InBev in April. About 150 salespeople at an Asahi joint venture with Itochu Corp. specializing in Yantai Beer will be transferred to Tsingtao Brewery, bringing the sales force there to 300.

And the Asahi-Itochu venture plans to start producing Tsingtao Beer on a subcontracting basis in addition to its Yantai brand. Asahi will also increase its sales network to a total of 300 firms there by the end of the year.

Asahi entered the Chinese beer market in 1994 and has invested in local brewers because the region holds promise of offsetting the shrinking domestic demand. But Asahi suffered a 2.7 billion yen operating loss on Chinese sales of 13.3 billion yen in 2008. By shifting focus to Tsingtao Beer, Asahi aims to quickly beef up its presence there.


Russia: Efes Breweries International to increase share capital in its Russian subsidiary

Efes Breweries International N.V. (“EBI”) announced on June, 19 that the General Shareholders' Meeting of Moscow Efes Brewery (“MEB”), EBI’s operating subsidiary in Russia, resolved to increase MEB’s share capital through issuance of additional shares of up to 455,729,167.00, amounting to USD200,000,000.

EBI currently holds directly, indirectly or economically 91.2% of MEB. Remaining shares are owned by the European Bank for Reconstruction and Development (“EBRD”), and both EBI and its subsidiaries as well as EBRD would participate to the capital increase and no change in the shareholding structure is expected post capitalization.

MEB will utilize the main portion of the proceeds of the capital increase to pay down its debt to EBI in the amount of USD148,000,000, stemming from the restructuring in Russia and the balance will be used to pay down some of MEB’s short term bank borrowings in Russia.


South Africa: SABMiller should beware of Heineken/Diageo brewery in South Africa - analysts

With a new South African brewery producing the brands of Heineken NV and Diageo PLC about to come on-stream in the next few months, SABMiller PLC faces a major threat to its long-term sales and profit margins in its home market, particularly in the important premium segment, the Wall Street Journal published on June, 22.

The new brewery will allow Heineken and Diageo to brew, rather than import, brands such as Heineken Pilsner, Guinness and Amstel, cutting costs dramatically and allowing the companies to make a play for serious market share.

SABMiller appears outwardly relaxed about the increased competition, but the fact it's increasing investment in South Africa suggests it's taking the threat seriously.

South Africa is SABMiller's home market, and while it's relatively low-growth, the company's near monopoly position - it still controls almost 90% of the South African market - has made its South African operations a reliable cash generator for the world's number-two brewer, accounting for 25% of total operating profit in the last financial year.

SABMiller's dominance in South Africa first came under threat two years ago when it lost a license to brew Heineken's Amstel brand after a legal dispute. SAB had been brewing and distributing the ...More Info


Bulgaria: AB InBev’s Bulgarian brewer sees sales increase, net profit plummet in 2008

AB InBev’s Bulgarian brewing subsidiary Kamenitza AD reported a 16.5% increase in sales to BGL117.7 mln in 2008, Investor.bg communicated on June, 22.

The brewer’s net profit dropped by 93% to BGL1.15 mln due to investments amounting to BGL15.1 mln. This year is expected to see about BGL31.4 mln allocated for sales, administration and production needs.

Sales of the flagship Kamenitza beer grew 4% to 932 thousand hl as compared to 2007. The brand’s market share increased by 1.4 percentage points to 18.1%. The Astika brand market share grew by 0.6% to 2.6% last year. AB InBev’s international best seller Stella Artois enjoyed a sales growth of 12.9% over the reporting period.

Kamenitza AD exports around 1% of its production. The company’s exports decreased by 23% in 2008 due to a change of partnership in Macedonia.


The Czech Republic: Brewer Budejovicky Budvar specifies 2008 production and sales results

Czech state-owned brewer Budejovicky Budvar NP's production rose 4.75% on the year in 2008 to 1.31 million hectolitres, Dow Jones reported on June, 24.

Budejovicky Budvar's 2008 domestic sales rose 9.7% on year to 731,059 hectolitres, the company said, adding Czech brewers overall produced 0.5% less beer in 2008 than a year earlier, while Czech beer sales contracted 1.3% on the year.

The company said exports fell 0.9% on the year to 581,518 hectolitres, though that is still Budejovicky Budvar's second best export volume ever following the 5.8% annual increase to 587,000 hectolitres in 2007.

The brewery is located in Ceske Budejovice, called Budweis in German, and its beer is known in dozens of countries around the world by its Budweiser brand, while in the Czech Republic the beer is sold as "Budvar."

Anheuser-Busch InBev NV holds exclusive rights to the Budweiser trademark in the U.S., though elsewhere around the world the Budweiser trademark belongs to one or the other breweries, depending on local court rulings, dozens of which are ongoing.

The Czech government elected in October will decide whether or not to continue with the planned privatization of the brewery and its trademarks.


Malt News

World: World malt trade to drop by 2% in the current marketing year - IGC

World trade in barley malt in 2008/09 (July/June) is estimated at 6.2 mln tons (grain equivalent), 150,000 tons less than previously forecast and 2% below last year’s figure, the International Grain Council communicated in a report on May, 29.

Although trade has been underpinned by rising beer demand in parts of Latin America and Africa, the global economic slowdown, and resulting drop in disposable incomes, has restricted growth in beer demand in some countries. Reduced purchasing power has also prompted a switch to lower-priced beer, often for at-home consumption, which typically has a reduced malt content compared to premium brands. In some instances however, beer sales appear to have risen as a substitute for higher-priced wines and spirits.

Due to a slow pace of purchases to date, the forecast of malt imports by Russia is trimmed to just 100,000 tons, almost half the previous year’s and compared to over 800,000 in 2001/02. Although increased domestic malting capacity has led to a sharp contraction in malt imports in the past seven years, the economic crisis and rising excise duties have further lowered malt demand, with domestic beer production in 2008 reported to have declined for the first time since 1996.

Malt shipments to Far ...More Info


Barley News

World: International Grain Council expects barley production and trade to fall, consumption to remain unchanged in 2009/10

According to IGC’s World Grain report published on May, 29, world barley production in 2009/10 is forecast to fall to 144.6 mln tons despite a 1% increase in area.

World barley production is to fall 7% below last year’s record, when yields were exceptionally high, IGC said.

Due to unfavourable weather, the EU production forecast was reduced by 1.8 mln tons, to 61.1 mln (65.5 mln in 2008/09), but the outturn is still above average. Planted area is forecast to decline by 4%, with lower spring barley sowings in Denmark, Germany and Spain.

Despite some beneficial May rains, prospects in Hungary and Romania worsened after a lengthy warm and dry spell, and production forecasts for both countries are reduced, to 1.1 mln tons (1.5 mln in the current marketing year) and 1.0 mln (1.3 mln), respectively.

Dry conditions also affected yield potential in central regions of Spain, where production is forecast 0.6 mln tons lower than before, at 8.7 mln (11.1 mln). In contrast, a return to dry weather boosted spring barley plantings in the United Kingdom, the crop forecast is placed at 6.5 mln tons (6.1 mln).

Yields in Russia and Ukraine are projected to be well below last year’s exceptional levels. ...More Info


World: ABARE forecasts world barley production to decrease by 9 mln tonnes in 2009-10

World barley production is forecast to fall by 9 mln tonnes in 2009-10 to 145 mln tonnes, according to the latest Australian Commodities report by ABARE.

The majority of the forecast decline is expected to be in the Russian Federation and the Ukraine. Yields in these two countries in 2008-09 were around 30 per cent higher than the five year averages, ABARE said.

Barley prices in the Russian Federation have fallen significantly throughout 2008-09 because of an increase in supplies. At the beginning of the 2009-10 season, Russian domestic barley stocks were around 4.8 million tonnes, compared with 736,000 tonnes at the start of the 2008-09 season. The lower domestic prices are expected to lead to lower area planted to barley in 2009-10. Assuming a return to average yields in the Russian Federation, barley production is forecast to fall by 31 per cent to be around 16 million tonnes in 2009-10.

Barley production in the Ukraine is forecast to decline by 25 per cent to be 9.5 million tonnes in 2009-10. Despite a forecast increase of 8 per cent in area planted to barley, yields are expected to be significantly lower as the authorities in the Ukraine have reduced support for farm inputs ...More Info


France: Barley exports estimates revised upwards

The estimates of France’s barley exports to other EU nations have been revised upwards to more than 3.7 mln tonnes (+ 125,000 tonnes on last month) in 2008/09, FranceArgiMer communicated in its latest report on June, 10.

Estimates of French barley exports to third countries have also been increased to about 1.25 mln tonnes (+50,000 tonnes on last month’s forecast).

Ending barley stocks are not expected to reach 2 mln tonnes in the 2008/09 crop year.


Hops News

France: Alsace hop growers to harvest just 450 ha this year

Alsace hops growers will gather in the crops from only 450 hectares this year whereas the region’s 2008 hop acreage was 760 hectares, DNA reported on June, 20.

Local farmers have decided to uproot the plantation on 320 ha, or 42% of the total acreage, due to the loss of their principal customer. As previously reported by E-malt.com, Anheuser-Busch, now part of the Belgium-based world’s leading brewer AB InBev, has terminated its contract with Alsace hops producers.

Scientific Digest

Construction of a Single PEP4 Allele Deletion in Saccharomyces carlsbergensis and a Preliminary Evaluation of Its Brewing Performance

Junguang Hao, Jianjun Dong, R. Alex. Speers, Wei Shen1, Lianju Shan, Wei Fan, Qi Li, Guoxian Gu and Jian Chen

Abstract:
J. Inst. Brew. 114(4), 322–328, 2008 The secretion of proteinase A (encoded by PEP4) from brewer’s yeast is detrimental to the foam stability of unpasteurized beer. The aim of this study was to construct mutants of the allopolyploid Saccharomyces carlsbergensis strain TT, which were partially or completely deficient in proteinase A activity. Allelic PEP4 genes were consecutively disrupted by using the Cre-loxP recombination system combined with PCR-mediated gene disruption. A single PEP4 deletion mutant TT-M was successfully constructed. However, no viable mutant could be obtained when the second allelic PEP4 gene was deleted. The brewing performances of the parent strain and the modified strain were compared on a 100 L pilot fermenter scale. Proteinase A activity in fermented wort brewed with mutant strain TT-M was significantly lower (p<0.05) than that of the parent strain TT, whereas no significant difference on either maltose or maltotriose assimilation (p>0.05) was found. The mutant TT-M remained genetically stable, as shown by diagnostic PCR, after re-streaking for 20 generations. The flavor and taste of the final fermented wort, brewed with the mutant strain TT-M, was evaluated by the Tsingtao expert sensory panel, and found to be comparable to that of the parent strain and exhibited no distinct defects. The flavor component profiles of these two finished products were also comparable. The study demonstrated allelic genes in polyploid industrial yeasts could be efficiently and consecutively deleted by the retractive primer disruption strategy, and the mutant of Saccharomyces carlsbergensis partially deficient in proteinase A contributed to an improvement in foam stability. Key words: Beer foam stability, gene disruption, PEP4, Proteinase A. Load full article, 7 pages, 1348 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3942 June 24, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  118.00  101.00  140.00  119.50 
2RS  Prestige  117.00  100.00  139.00  119.00 
2RS  Cellar  116.00  99.50  138.00  118.00 
2RS  Sebastien  115.00  98.50  137.00  117.00 
2RS  Tipple  115.00  98.50  137.00  117.00 
2RS  Henley  115.00  98.50  137.00  117.00 
6RW  Esterel   111.00  95.00  129.00  110.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3942 June 24,2009
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 102.00 142.21


Theoretical Malt Prices

EURO = USD 1.3942 June 24,2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  June 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  334.50  285.50  365.50  312.00  358.00  305.50  372.00  317.50 
2RS  Prestige  333.00  284.50  364.50  311.00  356.50  304.50  371.00  316.50 
2RS  Cellar  332.00  283.50  363.00  310.00  355.50  303.50  369.50  315.50 
2RS  Sebastien  330.50  282.50  362.00  309.00  354.50  302.50  368.50  314.50 
2RS  Tipple  330.50  282.50  362.00  309.00  354.50  302.50  368.50  314.50 
2RS  Henley  330.50  282.50  362.00  309.00  354.50  302.50  368.50  314.50 
2RS   Average price  332.00  283.50  363.00  310.00  355.50  303.50  369.50  315.50 
6RW  Esterel   324.50  278.00  357.00  304.50  349.50  298.00  363.50  310.50 
Asia Malt 70/30  330.00  281.50  361.50  308.50  353.50  302.00  368.00  314.00 
**  Asia Malt 50/50  329.00  280.50  360.00  307.50  352.50  301.00  366.50  313.00 


EURO = USD 1.3942 June 24, 2009
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  352.50  300.50  383.50  327.50  375.50  321.00  390.00  333.00 
2RS  Prestige  351.00  299.50  382.50  326.50  374.50  319.50  388.50  332.00 
2RS  Cellar  350.00  298.50  381.00  325.50  373.50  318.50  387.50  331.00 
2RS  Sebastien  348.50  297.50  379.50  324.50  372.00  317.50  386.50  329.50 
2RS  Tipple  348.50  297.50  379.50  324.50  372.00  317.50  386.50  329.50 
2RS  Henley  348.50  297.50  379.50  324.50  372.00  317.50  386.50  329.50 
2RS   Average price  350.00  298.50  381.00  325.50  373.50  318.50  387.50  331.00 
6RW  Esterel   337.50  289.00  370.00  316.00  362.50  309.50  376.50  321.50 
Asia Malt 70/30  346.50  295.50  377.50  322.50  370.00  316.00  384.50  328.00 
**  Asia Malt 50/50  344.50  294.00  375.50  320.50  367.50  314.00  382.00  326.00 

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

Canada Beer Sales per Packaging 2008

  Draught Bottles Cans Packaged Total Total
January 136,882 712,792 332,814 1,045,606 1,182,488
February 139,008 785,540 366,704 1,152,244 1,291,252
March 151,790 896,379 407,264 1,303,643 1,455,433
April 166,824 973,477 478,989 1,452,466 1,619,290
May 158,181 1,089,342 590,175 1,679,517 1,837,698
June 166,007 1,176,849 692,505 1,869,354 2,035,361
July 169,753 1,203,308 782,226 1,985,534 2,155,287
August 155,386 1,075,686 669,732 1,745,418 1,900,804
September 155,588 936,735 531,304 1,468,039 1,623,627
October 157,737 949,248 493,074 1,442,322 1,600,059
November 138,015 893,671 423,040 1,316,711 1,454,726
December 132,235 1,197,863 496,941 1,694,804 1,827,039
TOTAL 1,827,406 1,1890,890 6,264,768 18,155,658 19,983,064
Source: Brewers Association of Canada
Graph of the Week


Source: ABARE

These Days in Business History
June 22
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1775 US Congress authorizes the first issuance of Continental Currency, or U.S. paper money

June 23
1848 Antoine Joseph Sax patents Saxophone
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June 24
1839 Gustavus Franklin Swift, founded Swift and Co
1932 David McTaggart, co-founder Greenpeace, is born
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