Kirin Holdings Co., Japan’s leading brewer, cut on November, 6 its full-year net income forecast by 25 percent on costs to close two domestic breweries in the shrinking beer market.

The company’s consolidated sales decreased to 1.67 bln yen in the first nine months of this year as compared to sales of 1.70 bln yen in the same period a year ago. Operating income shrunk to 93.97 mln yen (103.86 mln in January – September 2008), whereas net income plummeted to 41.71 mln yen from 95.64 mln a year ago.

Kirin said it expects its full year sales to amount to 2.3 bln yen, operating income – to 130 mln, and net income – to 45 mln yen. All figures were reduced from the previous forecast.

Kirin’s combined sales volumes of beer, happoshu (low-malt beer) and new genre (no malt beer) from January to September increased by a margin that exceeded the market average. In the fast-growing new genre market, continued robust sales of the dominant brand Kirin Nodogoshi Nama enabled the company to achieve a year-on-year increase in excess of 20%, which was above the market average for that category. The company said its core brands performed well. Strong sales of Kirin ...More Info

Brewer Lion Nathan announced on November, 5 that it had achieved its promised step-up in growth for FY09 ended September this year.

The company delivered operating net profit after tax (NPAT) of A$313.1 mln, an increase of 13% on the prior year. Group net sales revenue grew 7.1% to A2.242 bln.

As expected, the second half of the financial year saw an accelerated growth rate of 22% against the previous corresponding period. In contrast to FY08, Easter fell in the second half of the financial year and the business cycled its first half year of increased investment in the Boag’s business.

Underpinning the result was an excellent performance from Lion Nathan Australia, which grew operating EBITD by an impressive 16% to A$515.7 mln.

Net sales revenue rose 11% and total volumes increased by 4.7% against growth in the market of 4.2% (according to AC Nielsen data). Excluding the impact of Boag’s, volume growth was in line with the market, while a continued focus on higher value ‘power’ brands delivered slightly improved value share.

Lion Nathan Australia’s ‘power’ brands continue to perform very well, with each of Tooheys Extra Dry, XXXX Gold and Hahn Super Dry performing ahead of their market segments. The company’s portfolio now ...More Info

Philippine conglomerate San Miguel Corp, which sells nine out of 10 beers in the country, reported on November, 5 strong first nine months results driven by the sustained growth of its beer and liquor units, along with higher productivity and continuing cost discipline across all businesses.

Net income as of September, reached P57 billion while consolidated revenues grew 4% to P126.5 billion. Operating income ended the period at 12% higher to P13.1 billion. Before one-off items, net income rose 6% year-on-year to P7.61 billion.

Volume improvements combined with cost management and stable raw material prices boosted San Miguel Brewery Inc.’s performance (SMB Inc.) after a difficult first three months for the Company’s beer unit. SMB Inc. revenues and operating income were both up 5% in January-September to P37 billion and P11.3 billion, respectively.

With the San Miguel Octoberfest kickoff in September, the company expects to further improve volumes and consumption for the rest of 2009.

The Boston Beer Company, Inc. reported on November, 5 a third quarter core product depletions - the total number of cases sold by a distributor to retailers - increase of 6% as compared to the third quarter of 2008.

Net revenue for the third quarter of 2009 was $108.7 million, an increase of $7.6 million, or 8%, over the same period last year. Net income for the third quarter was $10.4 million, or $0.72 per diluted share, an increase of $10.7 million, or $0.74 per diluted share, from the third quarter of 2008, primarily as a result of increased core shipments and improved gross margins. The third quarter 2008 results included the estimated after-tax negative impact on net income of $1.2 million, or $0.08 per diluted share, resulting from accruals for full year shortfall fees at other brewers as a result of volumes transferred to the Pennsylvania Brewery, and $1.2 million, or $0.08 per diluted share, resulting from additional costs of a product recall initiated in April 2008. Excluding these provisions, the company's third quarter net income increased $8.3 million, or $0.58 per diluted share.

Jim Koch, Chairman and Founder of the Company, commented, "Our 6% depletions growth in the third quarter ...More Info

Danish brewer Royal Unibrew reported on November, 6 that it had seen significantly improved earnings in the nine months to 30 September 2009.

Operating profit (EBIT before special items) amounted to DKK235 million compared to DKK 145 million for the same period of last year. Profit before tax amounted to DKK126 million compared to DKK22 million last year. Moreover, cash flow developed positively, and net interest‐bearing debt was reduced by DKK297 million from the beginning of the year.

The significant performance improvement is due to the implementation of a number of activities to strengthen Royal Unibrew’s earnings and cash flow initiated at the beginning of the year as well as to increasing net selling prices and a changed sales mix, the company said.

The results were realised in spite of difficult market conditions and decreasing revenue, it added.

The full‐year profit expectations for 2009 are upgraded as EBIT before special items is now expected to amount to DKK210 – 235 million compared to the expectation of DKK170 – 210 million previously announced in the Company’s H1 Report.

”Our performance for the nine months to 30 September 2009 was not only better than last year, but also better than expected. We have been ...More Info

Grains handler and marketer GrainCorp Ltd has successfully sold new shares, which weren't taken up by retail shareholders in an entitlement offer, at a premium of 15 per cent over the original offer price, Sky News communicated on November, 6.

The clearing price for the retail bookbuild was A$6.50 per new shares, 85 cents more than the entitlement offer price of A$5.65, Sydney-based GrainCorp said in a statement on November, 6.

The retail bookbuild price is still a 4.1 per cent discount to the last closing price of A$6.78 on November, 4.

The premium of 85 cents will be paid to the retail shareholders who did not, or were ineligible, to take up shares under the entitlement offer, for each share not taken up.

GrainCorp announced the accelerated nine-for-ten renounceable entitlement offer on October 6 to raise about A$600 million for the takeover of United Malt Holdings, the world's fourth largest malt manufacturer.

UK barley availability is estimated at 8.006 mln tonnes in 2009/10, up 0.960 mln tonnes (14%) on last season, HGCA communicated on November, 4.

Opening stocks are estimated at 1.204 mln tonnes, considerably up by 0.444 mln tonnes (58%) on 2008/09. Production this season is provisionally estimated at 6.747 mln tonnes, up 0.603 mln tonnes (10%), while imports are estimated down by 87,000 tonnes on last season, at 55,000 tonnes.

Human and Industrial (H&I) Processors’ Usage of barley is estimated at 1.682 mln tonnes, down 87,000 tonnes (5%) on last season. Barley usage in animal feed rations is estimated at 3.202 mln tonnes, up 4% (0.132 mln tonnes) on last season. Estimated seed usage of barley is estimated 8% higher at 0.173 mln tonnes respectively.

The barley exportable surplus in addition to intervention stocks is estimated at 2.012 mln tonnes, significantly up by 1.2 mln tonnes (148%) on 2008/09.

Deliveries of barley into UK intervention are expected this season. Closing stocks of barley are set at 0.903 mln tonnes, the five-season average, a decrease of 0.301 mln tonnes on last season.

Maltsters’ and distillers’ barley usage in July/August, at 0.231 mln tonnes, was 49,000 tonnes (18%) lower than last season’s equivalent. Barley usage by ...More Info

Sofie M.G. Saerens, Kevin J. Verstrepen, Johan M. Thevelein and Freddy R. Delvaux

Abstract:
The production of volatile esters by yeast is of major industrial interest because the presence of these compounds determines the fruity aroma of fermented beverages, like beer and wine (6-8, 11, 13, 14, 23, 24, 31- 33, 37-41, 50). The need to understand and control ester synthesis is driven by the fact that esters play a key role in the sensorial quality of these fermented alcoholic beverages. Especially in the brewery, problems with ester production have been encountered by the introduction of modern brewing practices, such as high-gravity brewing, the use of tall cylindroconical fermentors and the production of reduced-alcohol beers. Indeed, it is wellknown that the use of worts of high specific gravity results in disproportionate amounts of esters (2, 30). In contrast to high-gravity brewing, fermentations in tall ‘Apollo’ fermentors or the production of low alcohol beers result in a reduction of ester formation, so that the produced beers lack desirable fruity tones (30). As esters are synthesized via several yeasts’ complex metabolic pathways, there is a need to gain a clear understanding of ester metabolism. One needs to take a closer look at the individual genes involved, their functions and regulatory mechanisms. In alcoholic beverages, there are two important groups of esters: the acetate esters and the medium-chain fatty acid (MCFA) ethyl esters. For acetate ester synthesis, the genes involved have already been cloned and characterized (16, 26, 28, 34, 52, 53, 55-57). Also the biochemical pathways and the regulation of acetate ester synthesis are welldefined (10, 28). About the molecular basis of MCFA ethyl ester synthesis however, research was only recently successful (10, 45, 46). This paper reviews the current knowledge of the synthesis of MCFA ethyl esters and discusses the different factors that allow MCFA ester formation to be controlled during fermentation.
Cerevisia, 33(2) 2008
www.cerevisia.eu