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Newsletter Summary

Currency rates
Equities of largest breweries
Market prices change trend
Top industry news
Brewery news
Malt news
Barley news
Hops news
More news
Malting barley prices
Barley price evolution
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

07 Sept - 09 Sept 2005
Crop 2005
2rs Barley €116.0-118.0-0.43%
6rw Barley €105.0-107.0

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


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Other e-malt.com newsletters

Last five newsletters
See this Newsletter!
Newsletter 36a, 2005

See this Newsletter!
Newsletter 35b, 2005

See this Newsletter!
Newsletter 35a, 2005

See this Newsletter!
Newsletter 34b, 2005

See this Newsletter!
Newsletter 34a, 2005



Market price evolutions

The evolution of market prices for barley and malt, which are periodically issued with e-malt.com newsletters are published on e-malt.com site in Market Prices section. Just click here!

Available market price evolutions


E-malt.com graphs

All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.
Last five graphs



The graphs are updated from time to time. Just see the updates online on e-malt.com site!

E-malt.com Tables

All e-malt.com tables are published in e-malt.com Statistics section. The Statistics section includes Barley statistics, Malt statistics and Beer statistics. The tables related to barley are published in Barley Statistics section, the tables related to malt in Malt Statistics section and the tables related to beer in Beer Statistics section.

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E-malt.com Newsletter 36b
September 07 - September 09, 2005

Currency Rates
Base Currency: Euro, EUR
on 09-September-2005

1 EUR = 1.2403 USD
1 EUR = 0.6758 GBP
1 EUR = 1.4662 CAD
1 EUR = 1.6056 AUD
1 EUR = 137.07 JPY
1 EUR = 2.8787 BRL
1 EUR = 35.0546 RUB
1 EUR = 10.0572 CNY
Base Currency: US Dollar
on 09-September-2005

1 USD = 0.8065 EUR
1 USD = 0.5448 GBP
1 USD = 1.1821 CAD
1 USD = 1.2945 AUD
1 USD = 110.53 JPY
1 USD = 2.321 BRL
1 USD = 28.263 RUB
1 USD = 8.1087 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Belgium: InBev delivers solid organic growth in the first half of 2005... Click here

Netherlands: Heineken reports 5.4% organic net profit growth for the H1 of 2005, in line with expectations... Click here

China: Tsingtao Brewery to become the largest brewery in the northwest China... Click here

Australia: Lion Nathan lodges S.A. Supreme Court appeal to preserve pre-emptive rights... Click here

Russia: Baltika announces the proposed merger of Russian assets... Click here

USA & China: Anheuser-Busch wants more acquisitions in China... Click here

EU: Export licence bookings so far... Click here

Russia: Ochakovo Brewery has launched its second malting plant... Click here

Australia: Barley production is forecast by ABARE to be 6.6 mln tonnes in 2005-06... Click here

EU: Analysts’ overview on the crops of EU main barley producers... Click here

World: Alpha acid content in hops crop 2004... Click here

More News
China: China Resources Enterprise Announced Interim Results for 2005 ...more info

Ukraine: In January-August 2005 Ukraine’s beer production increased by 20.7% ...more info

Canada: Statistics Canada about beer vs. other alcoholic beverages ...more info

Australia: Agshow revealed new barley variety ...more info

Ukraine: Sarmat Brewery doubling its capacity in Donetsk ...more info

EU: Outline on European barley markets for August ...more info

Australian: Lion Nathan’s statement: “Shareholders will be arbiters on bid acceptance” ...more info

USA: Miller Brewing Company boosts water commitment to aid hurricane Katrina relief efforts ...more info

Netherlands: Royal Grolsch N.V. net profit under pressure from supermarket war ...more info

Germany: InBev closes sale of stake in Bremer Erfrischungsgetränke to focus on its core German beer business ...more info

USA: Montana barley harvest looks very good ...more info

Ireland: Diageo plans expanding its operations at Guinness brewery in Dublin ...more info

Australia: ABB Grains’ Barley pool estimates remain unchanged ...more info

UK: Scottish & Newcastle to relocate headquarter ...more info

Australia: Lion Nathan appoints Peter Bush as non-executive director ...more info

USA: Texas' oldest Independent Shiner Brewery launches Shiner 96 ...more info

Canada: Lakeport Brewing launches retail partner store program to offer its brands in rural Ontario ...more info

India: UK’s Cobra beer to conquer Indian market ...more info

USA: Two more Anheuser-Busch Breweries join hurricane Katrina relief efforts ...more info



Brewery News

Belgium: InBev delivers solid organic growth in the first half of 2005

InBev S.A. the world’s leading brewer by volume, announced on September 8 its results for the first half of 2005 (HY05):

-Organic beer volume growth of +5.5%; more than twice the industry average
-Challenging market conditions in Western Europe, more than offset by very good performances throughout the Americas and Russia/Ukraine
Organic revenue increased by +6.8% yoy (year on year)
-EBITDA margin expanded to 26.1% versus 23.0% in the first half of 2004 (HY04)
- Profit attributable to InBev equity holders of 397 million euro versus 205 million euro in HY04
-Successful conclusion of the Mandatory Tender Offer (MTO) for AmBev’s common shares raised InBev’s economic interest in the company from 50.27% to 55.52%
-Significant progress made to drive value creation: improving capital structure through share buy-back and purchase of AmBev preferred shares, and improved deployment of invested capital via sales of German soft drinks and Spanish beer minority stake

The financial and operating information was presented in euro pursuant to IFRS, and comparisons refer to the first half of 2004. It should be noted that in order to facilitate the understanding of InBev’s underlying performance, growth analyses are based on organic numbers, hence eliminating the impact of currency fluctuations, acquisitions or divestitures and transfers ...

...
more info


Netherlands: Heineken reports 5.4% organic net profit growth for the H1 of 2005, in line with expectations

Heineken Holding N.V. announced on September 7 first-half 2005 consolidated results in line with forecast and on target to meet the full year 2005 profit outlook.

The result of Heineken Holding N.V.’s participating interest in Heineken N.V. for the first half of 2005 turned out at ˆ173 million3.

Heineken achieved organic growth in all key metrics in the first six months of 2005: 1.3% in turnover, 3.6% in EBIT and 5.4% in net profit, in line with Heineken’s outlook statement published on 22 February 2005.

Reported net profit of Heineken N.V. decreased to ˆ345 million due to exceptional charges and weaker currencies against the euro. Net profit (beia) of Heineken N.V. increased ˆ9 million, or 2.5% to ˆ371 million, despite a negative currency effect of ˆ15 million.

Group volume grew by 3.3% (from 54.4 million hectolitres to 56.2 million hectolitres).

Sales of Heineken beer in the premium segment grew by 3% to 9.7 million hectolitres, further confirming its position as the world’s leading international beer brand.

In the USA, sales volume excluding distribution of the Femsa brands, decreased by 2.5%. However, depletions – sales by distributors to the retail-trade - were down only marginally (-0.4%). Heineken Premium Light Lager has been ...

...
more info


China: Tsingtao Brewery to become the largest brewery in the northwest China

Tsingtao Brewery the leading Chinese brewery based in the eastern port city of Qingdao, has recently integrated its 9 production facilities in north and northwest China to become the largest brewer in northwest China Tsingtao Brewery Xian Hans Group, Asia Pulse announced on September 9.

The new group makes the Hans brand beer, with an annual output of 1.1 million kiloliters. The Hans is a beer brand born in Xian in 1988 and originally owned by Xian Hans Beer and Drinks Factory.

In December of 1995, Xian City and Tsingtao Brewery capitalized jointly the Xian Hans Beer and Drinks Factory, and renamed it as Tsingtao Brewery Xian Co., Ltd. The recapitalized company expanded its annual beer output from 24,500 kiloliters in 1996 to 600,000 kiloliters in 2004.

Its gross profit hit 431 million yuan (US$53 million) in 2004, a turnaround from a loss of 24.32 million yuan in 1996. Starting from 2000, Tsingtao Brewery has built up nine production bases for the Hans brand in northwest and north China, forming an annual output capacity of 1.1 million kiloliters. Morevorer, it has built a sales network for the brand in 11 provinces, with the market share of the ...

...
more info


Australia: Lion Nathan lodges S.A. Supreme Court appeal to preserve pre-emptive rights

Lion Nathan Australia has lodged on September 8 a formal appeal to the Full Court of the Supreme Court of South Australia against the decision of his Honour Justice Perry on 2 September 2005 regarding attempts by Coopers Brewery (Coopers) to remove Lion Nathan’s pre-emptive rights granted by Coopers 10 years ago.

Under the third-tier rights granted to Lion Nathan, the company is entitled to purchase Coopers shares when shares are offered for sale but not acquired by any existing shareholders or by the Coopers superannuation fund.

Coopers initiated Court proceedings to enable it to remove Lion Nathan’s pre-emptive rights in March 2002.

“Coopers chose to grant these pre-emptive rights to Lion Nathan in 1995 and we owe it to our shareholders to defend our position. We agreed to sell 19.9% of Coopers then owned by our company in exchange for these rights, so obviously it is disappointing that they should seek now to remove them,” Lion Nathan’s Chief Executive Officer, Mr Rob Murray, said today.

Grounds for Appeal

Lion Nathan will argue firstly that Kirin holds no relevant interest over shares in Lion Nathan Australia, as claimed by Coopers.

Secondly, Lion Nathan will argue that the ‘change of control’ provisions within the Coopers’ constitution ...

...
more info


Russia: Baltika announces the proposed merger of Russian assets

Baltika Breweries addressed on September 9 a letter to its shareholders and the general public regarding its proposed merger of Baltika with the Pikra, Vena and Yarpivo brewing companies whose majority owner is Baltic Beverage Holding AB (“BBH”). BBH is a 50:50 owned joint venture between Carlsberg Breweries A/S and Scottish & Newcastle plc.

Baltika’s goal is to develop the company into the largest and most professional consumer goods business in Russia. The proposed merger is a natural evolution for the company and will help ensure that Baltika is well placed to continue to enjoy success in the future.

BBH is currently facing a court case brought by minority shareholders in Russia opposed to its plans to consolidate the ownership of the three Russian breweries -- Yarpivo, Vena and Pikra -- into an enlarged Baltika.

The principles of the proposed transaction are:

The proposed legal merger will be subject to the approval of Baltika minority shareholders;

Minority shareholders will receive detailed information on the proposed legal merger prior to any EGSM votes. The Board of Baltika also intends to provide information on the advantages of the legal merger and an indication of its future dividend policy;

The Independent Directors of Baltika have agreed to ...

...
more info


USA & China: Anheuser-Busch wants more acquisitions in China

America’s Anheuser-Busch could make more acquisitions in China to tap a market that's growing as much as seven times faster than the US, according to the head of the company's international operations, China Daily reported on September 7.

Anheuser-Busch, the world's biggest brewer, in April tripled its stake in Tsingtao Brewery Co Ltd, China's biggest beer maker, to 27 %. China's beer market will expand by as much as 5 % a year until 2008, compared with growth of 0.7 % for the US and 2.5 % for Europe through 2005, beverage research firm Canadian estimates.

Each of China's 1.3 billion people drinks an average of 18 litres of beer a year, compared with as much as 80 litres each in Europe. "Obviously we'd like them to drink as much per capita as they do in Germany," Burrows said. Beer consumption in South Korea and Japan stands at about 35 litres per person, according to Burrows. "If it reached that, the market would double in size."

In 2004 Anheuser-Busch beat back London-based SAB Miller to acquire Harbin Brewery Group Ltd, China's oldest and fourth-largest brewer, in a transaction valued at HK$3.5 billion (US$444 million). The American brewer first entered ...

...
more info

Malt News

EU: Export licence bookings so far

EU malt export licence bookings July 1 – August 30 were 338,000 tonnes.

In 2004, 422,000 tons were fixed till August 24. According to analysts if licence bookings and malt shipments continued at the same pace, total exports in 2005/06 would arrive at little more than 2 Millones tonnes, another decrease of 200,000 tonnes for the year and, what is worse, a decrease of almost half a Million tons in two years.


Russia: Ochakovo Brewery has launched its second malting plant   (Corrected)

One of the biggest Russian breweries, ZAO Ochakovo, based in Moscow, has announced it launched on September 2 its second malting plant in Russia. The new plant is placed in Belgorod and will be able to manufacture about 100 thousand tonnes of malt per annum. Ochakovo has spent 3 years and US$ 40 million for the project. According to Ochakovo’s analysts, the malting plant in Belgorid will have a payback time of 7 years.

The first malting plant of Ochakovo with the capacity of 100 thousand tonnes of malt was launched in September 2003 in Lipetsk region.

According to different estimations, the volume of Russian malt market comes to 1.2-1.6 million tonnes.


Barley News

Australia: Barley production is forecast by ABARE to be 6.6 mln tonnes in 2005-06

Widespread above average rainfall received in mid-June 2005 across eastern Australia and South Australia has improved the outlook for winter crop production in 2005-06, The Australian Bureau of Agricultural and Resource Economics (ABARE), the professionally independent government economic research agency, published on September 6, 2005.

Barley production is forecast by ABARE to increase marginally to 6.6 million tonnes in 2005-06, compared to 2004-05. The figure reflects an increase in the area sown but lower yields. Barley is a hardy broad acre crop that is less vulnerable to severe changes in seasonal conditions. With the late break to the season, an increased area was sown to barley in place of crops such as canola.

New South Wales:

The area planted to barley is estimated to have increased by 2 per cent to 660 000 hectares in 2005-06. The late break to the season contributed to the increased area sown to barley, as the planting opportunity for crops such as canola had finished when the rainfall arrived, and growers altered their planting programs to include more barley. While the area sown is estimated to increase, yields are forecast to be lower and barley production is forecast to fall by 23 per cent to ...

...
more info


EU: Analysts’ overview on the crops of EU main barley producers

Barley harvests are over except for the very North, Scotland, Central Sweden and Finland, where at least 50 % have been combined in good condition.

The U.K., Denmark and South Sweden harvested very good crops of malting barley, early poor results in England proved to be exceptions. Colour, grain size, protein and moisture are optimal.

On the other hand, latest evaluations of the French crop show excessive proteins all over the East/Northeast. In the whole country only 1.2- 1.3 Mill. tonnes of spring barley have protein contents below 11.5 % and a few hundred thousand tonnes between 11.5 and 12 %.

South Germany, the Czech Republic and Slovakia have had rainstorms during the last part of their harvests, which led to downgrading of sizeable quantities of malting to feed barley. The German Malting Barley Assn. estimates a selection of 1,523 Million tonnes of malting barley, trade estimates in Bavaria are even lower.

A private Czech estimate puts the sound barley at 60 % of the total spring crop, which would still be 1 Million tonnes. Slovakia had losses in the east of the country.


Hops News

World: Alpha acid content in hops crop 2004

With the 2004 hop harvest, the percentage shares of the world market, which had been disrupted by the unusually dry weather conditions in Europe in 2003, returned to normal, according to this summer Barth report.

Germany and the USA between them accounted for 70.9% of total world alpha production in crop year 2004 (2003: 63.5%). With a share of world alpha production totalling 37.7% (2003: 24.4%), Germany overtook the USA, whose share fell to 33.2% (2003: 39.1%), as the world’s biggest alpha producer. China remained in third place, although its share of 15.8% in 2003 dropped to 8.0% in 2004 as a result of the reduction in acreage and the lower average alpha content there.

In Alpha Group I – fine aroma hops – Germany produced 40.7% (2003: 27.4%), beating the Czech Republic, with 35.6% (2003: 40.6%), into second place. In Alpha Group II – aroma hops – Germany,with 44.0%, also regained the top position it had lost to the USA in 2003 with a share of only 30.2%. The USA’s share in 2004 was only 22.3% (2003: 34.5%). The USA, on the other hand, was able to maintain leadership in Alpha Group III – bitter hops/high-alpha hops – with 38.8%, ...

...
more info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2403 September 09, 2005 
 Crop year   2004   2005 
 Parity   FOB Creil   FOB Creil 
 Position   July 2004   July 2005 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  118.50  147.00 
2RS  Prestige  nq  nq  118.00  146.50 
2RS  Cellar  nq  nq  118.00  146.50 
2RS  Aspen  nq  nq  nq  nq 
2RS  Optic  nq  nq  nq  nq 
2RS  Sebastien  nq  nq  116.00  144.00 
2RS  Astoria  nq  nq  116.00  144.00 
2RS  Cork   nq  nq  115.50  143.50 
6RW  Esterel   nq  nq  106.00  131.50 
nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Barley Price Evolution

Source: ABARE, September 6, 2005

Table of the week

Finland and Sweden Barley Harvest

  Finland Sweden
2003 2004 2005 2003 2004 2005
Total Spring Barley acreage, in 1000 ha   530  564  600  360  395  395 
Malting barley acreage in 1000 ha  139  145  164  90  90  95 
Total Spring Barley crop, in 1000 tonnes  1650  1850  2000  1470  1700  1600 
Selected malting barley, in 1000 tonnes  170  220  425  360  280  425 
Varieties in 2005  Scarlett (50%)  Prestige (35%) 
Barke (25%)  Barke (15%) 
Saana (20%)  Pasadena (15%) 
Others (5%)  Astoria (30%) 
  Others (5%) 

Source: Viking Malt

Graph of the week

Agenda
September 2005:
International Brewery and Soft Drinks Industry Exhibition
4th WORLD BEER & DRINKS FORUM
Great Canadian Beer Festival
4th World Beer & Drinks Forum 2005
Brew Cruise to New England/Canada
Drinktec 2005
St. Feuillien Dinner at Monk's.
The Berghoff OKtoberfest
Birmingham Beer Festival
40th Annual Mt. Angel Oktoberfest
Fremont Oktoberfest
Munich Oktoberfest 2005
10th Annual Madison County Hop Fest
3rd Annual Big Lake Brewfest
Great Lakes Brew Festv Ludwig's Oktoberfest 2005
New South Wales Brewing Championships 2005
Great American Beer Festival
Keighley Beer
Stockholm Beer & Whisky Festival
Harpoon Octoberfest

October 2005:
7th Annual Charlotte Oktoberfest
Custom Brewcrafters Autumn Festival Of Ales
MBAA Brewing & Malting Science Course, Univ
BJ's Beer Appreciation Night Woodland Hills - Oktoberfest - Bavaria's Best
International Beer Summit / Kokusai Beer Matsuri
5th 2005 Technical Symposium, "The US Brewing Industry Considered"
10th Annual World Beer Festival
5th Annual Autumn Brew Review
Anuga 2005, is a biennial show and is known as the world’s
Maryland Brewer's Oktoberfest
Great Decatur Beer Tasting Festival 2005
Nottingham Beer Festival
Falmouth Beer Festival Cornwall CAMRA
28th Norwich Beer Festival
New England Beer Fest

November 2005:
US Grains Council International Malt Barley & Malting Buyers Conference San Francisco
GlobalGrain 2005
5th International Forum " Drinks Industry 2005"



More events are available on site e-malt.com
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