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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
Table of the week
Graph of the week
Agenda
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Average market prices Change trend
21 Nov - 22 Nov 2005
Crop 2005
2rs Barley €117.0-118.0
6rw Barley €104.0-106.0

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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Dear E-malt Reader!

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Last five newsletters
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Newsletter 47a, 2005
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Newsletter 46a, 2005
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Newsletter 45b, 2005
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Newsletter 45a, 2005
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Newsletter 44b, 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!

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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 !

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 47a
November 21 - November 23, 2005
Quote of the week

"Amateurs hope. Professionals work."
Garson Kanin

Currency Rates
Base Currency: Euro, EUR
on 22-November-2005

1 EUR = 1.1727 USD
1 EUR = 0.6827 GBP
1 EUR = 1.388 CAD
1 EUR = 1.5929 AUD
1 EUR = 139.49 JPY
1 EUR = 2.6052 BRL
1 EUR = 33.6835 RUB
1 EUR = 9.4816 CNY
 Base Currency: US Dollar
on 22-November-2005

1 USD = 0.853 EUR
1 USD = 0.5821 GBP
1 USD = 1.1836 CAD
1 USD = 1.3583 AUD
1 USD = 118.95 JPY
1 USD = 2.2215 BRL
1 USD = 28.723 RUB
1 USD = 8.0853 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
China: China Resources Enterprise announced good quarterly results for Q3 2005... Click here

UK: Carlsberg A/S sale of property activities and restructuring in the UK... Click here

Central America: SABMiller acquires remaining minority interest in its subsidiary - BevCo... Click here

World: Global beer market to expand steadily... Click here

Thailand: Thai Beverage spending Bt7 billion to increase beer production... Click here

Australia: For Lion Nathan the battle for Coopers it’s not over yet, the brewer raises its bid... Click here

Ireland: The over-capacity in EU malt markets had an influence on Greencore Group plc results... Click here

Ukraine: In October Ukrainian malt production increased by 22% year-on-year... Click here

UK: New spring barley is being launched to UK growers for 2006... Click here

EU: EU Commission policy regarding barley intervention stocks... Click here

New Zealand: Appointment of new CEO for New Zealand Hops Ltd... Click here

More News
Australia: Coopers’ management believes shareholders will vote against Lion Nathan’s bid ...More Info

Japan: Kirin to reach full-year operating profit targets, according to its executive ...More Info

EU: Barley varieties in 2005 in Germany and other EU countries ...More Info

EU: EU Grains Management Committee’s approvals of barley bids ...More Info

Taiwan: The largest national brewer, TTL, is to begin brewing for foreigners ...More Info

US & Japan: US Grains Council Mission Focuses on Barley Trade with Japan ...More Info

Australia: Dutch brewery executive Guus Klatte and multimillionaire Michael Erceg found dead ...More Info

World: The latest overview on barley tenders ...More Info

EU: Overview on malting barley prices for 2005 crop ...More Info

Canada: Big Rock Brewery Income Trust announces monthly distribution ...More Info

China: China Resources Enterprise announced board appointment ...More Info

UK: Kentish brewers are calling on their knowledge to make a draught version of Asahi Super Dry ...More Info

Russia : Vityaz Brewery will pay bond coupon income ...More Info

USA: American consumers think beer quality Is better than ever ...More Info

USA: Cargill AgHorizons, Kaiser’s crop service reach agreement on Hebron grain elevator ...More Info

Trinidad : Carib Brewery Limited sponsors by USD 10 million SOCA Warriors ...More Info



Brewery News
China: China Resources Enterprise announced good quarterly results for Q3 2005

China Resources Enterprise, Limited announced on November 20 its unaudited financial and operational review for the third quarter and the nine months ended 30 September, 2005. Consolidated turnover for the third quarter and the nine months ended 30 September, 2005 amounted to approximately HK$14.1 billion and HK$39.4 billion respectively, representing an increase of 14% and 12% over the same period of last year.

Profit attributable to Company’s shareholders for the third quarter of 2005 rose 98% to HK$605 million whereas that for the nine months ended 30 September, 2005 rose 78% to HK$1,868 million. Excluding the effect of revaluation of investment properties, underlying net profit for the third quarter and the first nine months of 2005 was 98% and 47% higher than that in the same period of 2004. All operations under management showed improvement in profitability during the nine-month period under review.

The pace of expansion for the Group’s retail division in the mainland remained robust and the market in Hong Kong has shown continued improvement in consumer sentiment. Earnings of the retail business for the third quarter and the first nine months of 2005 amounted to HK$2 million and HK$107 million, compared with a HK$4 million loss and ...More Info

UK: Carlsberg A/S sale of property activities and restructuring in the UK

Danish brewing giant, Carlsberg A/S, announced on November 22 that it sells property activities at the former Tuborg premises with an accounting gain of approx. DKK 250m. Net debt is reduced by approx. DKK 1bn.

Carlsberg has been decided to restructure the operation in the UK, which will entail costs of approx. DKK 125m.The costs will be included under special items. Expectations for 2005 operating profit are unchanged following the two decisions, whereas expectations for Carlsberg's share of net profit increase to approx. DKK 1.1bn from approx. DKK 1bn.

Sale of rental activities

Carlsberg has sold its 70% stake in seven rental properties at the former Tuborg premises in Hellerup north of Copenhagen (Tuborg Nord B I/S). The sale is part of Carlsberg's strategy to focus on beverage activities and the plan to reduce interest-bearing debt. As a result of the sale, debt has been reduced by approx. DKK 1bn.

The sale entails an accounting gain of about DKK 250m, which will be included under special items in 2005 as it constitutes sale of an activity. After tax of DKK 60m the gain amounts to approx. DKK 190m. Prior to the sale, the divested properties were included in operating profit ...More Info

Central America: SABMiller acquires remaining minority interest in its subsidiary - BevCo

SABMiller plc, the world's second-biggest brewer, announced on November 21 that it has acquired for cash the remaining 41.8% minority interest in its Central American subsidiary, BevCo Limited (“BevCo”) from existing shareholders. The book value of the gross assets acquired was approximately US$464 million (net assets of approximately US$298m).

"The transaction we carried today helps us to integrate our central American businesses based in El Salvador and the Honduras with SABMiller South America," said company spokesman James Crampton.

BevCo is the leading brewer and soft drinks bottler in Honduras and El Salvador whose key owned and licensed brands include Pilsener, Bahia, Golden Light, Regia Extra, Miller Genuine Draft, Port Royal, Imperial, Salvavida and Coca Cola. In 2005 BevCo reported turnover of US$521m and EBITDA – net cash inflow from operating activities, before working capital movements – of US$129m.

SABMiller has operated in Central America since November 2001 when it formed a joint venture in the region.

SABMiller plc is one of the world’s largest brewers with brewing interests or distribution agreements in over 60 countries across five continents. The group’s brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as an exceptional range of market ...More Info

World: Global beer market to expand steadily

The global Beer market is expanding steadily despite a continued decline in the traditional strongholds of West Europe and North America. Since 1999, world consumption has risen by over 16% with Asia, East Europe and Latin America generating much of this growth.

According to “Global Beer Trends 2005” as of November 14 , a brand new report from leading beverage industry analysts Canadean, Asia is the fastest growing major market. Buoyed by China, consumption of Beer in the region is accelerating by more than 6% per annum.

Chinese drink one in five…

China is the world’s foremost national market and is almost a third larger in volume terms than its nearest rival, the USA. China also accounts for nearly a fifth of global Beer volumes, a figure that is expected to rise sharply during the next five years. However, Beer drinking in China is still very much an urban pursuit and per capita consumption remains relatively low. The leading international brewers have recognised this and are already primed to exploit the enormous future potential.

Discounts rising in the East and South…

East Europe is a hugely important market and has expanded by some 47% since 1999. East Europe is also ...More Info

Thailand: Thai Beverage spending Bt7 billion to increase beer production

Thai Beverage Plc, the brewer of Chang Beer, is investing Bt7.25 billion to double the production capacity of its 1,900-rai brewery in Kamphaeng Phet, The Bangkok Post communicated on November 22.

After completing the expansion in September next year, the Kamphaeng Phet plant will increase its production capacity of Chang Beer and Archa Beer from a current 440 million litres per annum to more than 900 million litres, according to Dr Pisanu Vichiensanth, Thai Beverage director and senior vice president. He said the brewery would also increase its employment roll from 500 to 750.

Owned by whisky tycoon Charoen Siriwattanapakdi, Thai Beverage set up its third brewery at a cost of Bt8.2 billion in Kamphaeng Phet in 2000 to support its existing plants in Bang Ban and Wang Noi, which had reached 100-per-cent utilisation.

The company aims to be listed on the stock market but as yet has not because of opposition from certain consumer groups. “We will reorganise our logistics by increasing domestic territories to be taken care by our Kamphaeng Phet factory after the expansion, while changing the role of our breweries at Wang Noi and Bangban in Ayutthaya to focus on exports,” said Pisanu.

The Wang Noi brewery was ...More Info

Australia: For Lion Nathan the battle for Coopers it’s not over yet, the brewer raises its bid

Lion Nathan Ltd, Australia's second-largest brewer, raised its bid for unlisted rival Coopers Brewery Ltd. by nearly a fifth on Monday, valuing the South Australian company at A$420 million ($307 million), Reuters reported on November 21.

Coopers advised shareholders to wait for the board's review of the increased offer to A$310 a share from its previous A$260. "I think (Lion Nathan Chief Executive) Rob Murray's expectation that the Coopers board must now recommend the offer is disingenuous in the extreme," said Coopers Managing Director Tim Cooper."Lion Nathan has also not said that its offer is final."

Industry analysts said the raised price would put pressure on Coopers to accept the bid, but it was still not clear that it would gain acceptance from the board.

"You can hold out for so long, but they would be finding it increasingly difficult to not recommend it," F.W. Holst & Co. analyst David Spry said. Lion Nathan said Coopers shareholders would be able to keep a final dividend of A$3 a share, taking its new offer to A$313 a share.

The raised bid falls within the A$284 to A$320 a share valuation range included in an independent experts' report commissioned by Coopers. But Coopers said ...More Info

Malt News
Ireland: The over-capacity in EU malt markets had an influence on Greencore Group plc results

Greencore Group plc, the No.1 malt company in Ireland and UK, announced on November 22 that a significant over-capacity in EU malt markets and the uncertainty surrounding EU sugar regime led to a reduction in divisional operating profits of 11.2% to EUR 41.4m.

However, the division continues to achieve excellent operational performance and generates significant cash for Greencore. The Group's associate businesses performed solidly this year, with the share of profits (net of interest) up 5.2% to EUR 4.1m.

Greencore said in a statement that international malt prices are approaching a low point in the cycle, driven, in large part, by over-capacity in the industry. The pricing impact, along with significant increases in input costs and, in particular, energy increases of more than 30%, had a negative impact on the profitability of the Group’s malt business. Greencore Malt has responded by closing three of its smaller less efficient maltings – Ipswich, Carnoustie and Banagher. Other maltsters are now starting to follow but the required rebalancing of industry capacity will not happen overnight. Greencore Malt’s initiatives in the UK and Ireland, allied to strong operational performance, leave the Group well-positioned to benefit from an upturn in the malt cycle.

Greencore Group plc, announced ...More Info

Ukraine: In October Ukrainian malt production increased by 22% year-on-year

During October 2005 in Ukraine a notable increase in the volumes of malt production was registered. According to the statistical data, in the past month Ukrainian maltsters produced 33,3 thousand tonnes of this product, that is by 8,8 thousand tonnes more (36% increase) as compared to September 2005.

In comparison with October 2004, the production volume increased by 5,9 thousand tonnes (+ 22%), according to APK-Inform reports and Ukrainian Goskomstate.

For the first four months of market year 2005/2006 Ukraine malt production increased by 28.8% year-on-year from 88.8 thousand tonnes in July-October 2004 to 114.4 thousand tonnes in July-October 2005.

The leading Ukrainian malt manufactures are: Kharkov based company Malteurop with a malt output of 8,100 tonnes in October 2005; OAO Slavutsky Malting plant, which produced about 7,100 metric tonnes of malt in October 2005; Chernigov based unit of Malteurop Ukraine with 3,800 tonnes; Berdichevsky Malting plant with 4,700 tonnes and ZAO Obolon Brewery with 4,200 tonnes.

Barley News
UK: New spring barley is being launched to UK growers for 2006

A major spring barley variety that not only brings new levels of yield but could also widen growers’ end market opportunities thanks to strong performance in domestic and European malting tests is being launched to UK growers for 2006, Stack Yard communicated on November 21.

NFC Tipple has already been awarded provisional approval 1 for brewing by the Institute of Brewing (IOB) in the UK, and is the highest yielding spring malting barley on the HGCA Recommended List 2005/06.

With a treated yield of 109% it offers a full 10 percentage point yield advantage over the UK’s mainstay spring malting barley variety, says breeder Syngenta Seeds, and a three percentage point lead over its nearest rival with full IOB brewing approval.

But more than that, it is also progressing well in malting tests across Europe. If successful, that could make it a pan European spring malting variety, says Simon Phillips, head of product development for New Farm Crops, the cereal breeding division of Syngenta Seeds, helping end users achieve the consistency looked for with increasingly pan European brands of beer.

“Spring malting barley continues to offer real advantages for UK growers as we plan for 2006,” explains Mr Phillips. “With its low fuel and ...More Info

EU: EU Commission policy regarding barley intervention stocks

The EU Commission’s barley policy is to sell out intervention stocks at competitive, but still reasonable prices, analysts estimate.

No export restitutions for non-intervention barley were granted. The Commission must hope that world market levels come closer to minimum EU prices, and there is a chance they do for Western Mediterranean destinations.

On the other hand there is a distinct risk of intervention applications in East Germany, Finland and all new member states in Central/Eastern Europe

Hops News
New Zealand: Appointment of new CEO for New Zealand Hops Ltd

The Directors of New Zealand Hops Ltd announced on November 18 the appointment of Mr Douglas Donelan as Chief Executive Officer, with specific focus on sales and marketing, for the New Zealand Hop Group. Doug, who is currently Head Brewer for Lion Nathan’s Sydney based Malt Shovel brewery, has wide ranging general management experience gained from current and previous roles in both operations and technical functions. As CEO Doug will be responsible for running all aspects of New Zealand Hops Ltd, together with existing staff, and for continuing promotion and sales of New Zealand hops and hop products on a worldwide scale.

Doug ‘s passion for hops is well known and is no stranger to New Zealand brewing, having held the position of Chief Judge at the New Zealand International Beer Awards for a number of years.

Doug succeeds Tom Inglis as the marketer for New Zealand hops and hop products. Tom is enjoying his retirement after more than 20 years working tirelessly promoting New Zealand’s unique hops, and we are confident that Doug will be just as successful in his achievements.

Doug will make the move from Australia to New Zealand towards the end of this year, and will take on ...More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.1727 November 22, 2005 
 Crop year   2005 
 Parity   FOB Creil 
 Position   July 2005 
Type   Variety  EURO  USD 
2RS  Scarlett  119.50  140.50 
2RS  Prestige  118.50  139.00 
2RS  Cellar  118.00  138.50 
2RS  Aspen  nq  nq 
2RS  Optic  nq  nq 
2RS  Sebastien  117.00  137.50 
2RS  Astoria  117.00  137.50 
2RS  Cork   116.50  137.00 
6RW  Esterel   105.00  123.50 
Table of the week

USA Barley Supply and Distribution

 MY June/May, TY Oct/Sept

 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06*f
 Area harvested,
thousand ha 		 1,851  2,104  1,729  1,669  1,913  1,627  1,326 
 Yield, t/ha 3.2  3.3  3.1  3.0  3.2  3.7  3.5 
 Production
thousand metric t		 5,922  6,919  5,407  4,940  6,059  6,091  4,620 
 Imports / Mkt Year,
thousand metric t		 602  636  521  402  449  264  327 
 Imports / Trade Year
thousand metric t		 644  663  538  282  497  175  350 
 Exports / Mkt Year
thousand metric t 		 613  1,258  575  659  409  506  544 
 Exports / Trade Year
thousand metric t		 853  1,068  517  552  384  750  300 
 Feed Cons.
thousand metric t		 2,827  2,951  2,272  1,819  1,577  2,515  1,742 
 Total Cons.
thousand metric t 		 6,571  6,407  5,661  5,179  4,990  5,672  4,791 
 Ending Stocks
thousand metric t		 2,424  2,314  2,006  1,510  2,619  2,796  2,408 

Source: USDA, *f - forecast

Graph of the week


Agenda
November 2005:
Weekend of Belgian BeersFestival
THE DUTCH BEERFESTIVAL
Brew BLAST. Annual Beer, Lager, Ale, and Stout Tasting
Georgia Craft Brew Challenge
Maine Beer Festival
US Grains Council International Malt Barley & Malting Buyers Conference San Francisco,
GlobalGrain 2005 For more information on GlobalGrain 2005
Regina Festiv-Ale. A premium beer festival featuring the best beer from Canada
Brewtopia. The event has two tasting sessions, local brews, live entertainment, food
Festival of Barrel-Aged Beer
Great International Beer Festival
Phinney Neighborhood Association Beer Taste
Orlando Beer Festival
Great Brews of America Beerfest
5th International Forum " Drinks Industry 2005"

December 2005:
Holiday Ale Festival.
Beer Tasting & Education.
Great Welsh Beer & Cider Festival features 150 Beers and 40 Ciders.
Americas Food & Beverage Show.
BrewTech International Exhibition of Beverage and Brewery Processing and Packaging
10th Annual Holiday Ale Festival .
9th Annual San Diego Strong Ale Festival.
2005 Winter Beer Festival
Winter Beer Festival...
Charity Beer Walk features.
Beer & Cheese Tasting Series American & British Ales.
December Holidaze Beer Tasting.
Kerstbierfestival (11th Christmas Beer Festival). O.B.E.R.

January 2006:
Big Beers Belgians & Barleywines Festival
Great Alaska Beer & Barley Wine Festival.
The Great Alaska Beer
St. Paul Winterfest.


More events are available on site e-malt.com
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