E-Malt.com weekly newsletter
Week November 25 - November 30, 2002

1. Industry news.   2. Theoretical malt prices.   3. Malting barley prices.  

1. Industry news

The Danish brewing group, Bryggerigruppen, has registered good results for the first nine months of 2002. It reported a net profit of DKR114.2m ($15.3m/EUR15.4m), up 37% from DKR83.3m ($11.1m/EUR11.2m) for the corresponding period last year. Pre-tax profits for the nine months to September increased to DKR175.7m ($23.5m/EUR23.7m) from DKR127.5m ($17m/EUR17.2m) while operating profit rose by 9% to DKR194.5m ($26m/EUR26.2m). Bryggerigruppen's net turnover for the nine-month period rose by 4% to DKR2.159 billion ($288.3m/EUR290.8m). However, the company has lowered its pre-tax profit forecast for 2002 from between DKR230m and DKR260m to between DKR220m and DKR230m.

Yesterday, November 26th, Interbrew announced that it had reached an agreement with the City of Hanover, about its current offer to the shareholders of Brauergilde Hanover AG. According to the agreement the City of Hanover is supporting Interbrew’s offer. “As of today, well in excess of 50% of the shares have been tendered, excluding the City of Hanover's stake of 10%,” Interbrew reported. "Subject to clearance of the competition authorities, this clears the way for a successful completion of the Gilde acquisition, which will be an important milestone in Interbrew´s development strategy in Germany" said Hugo Powell, CEO of Interbrew. "Both the City of Hanover and Interbrew are convinced that today's agreement guarantees the continuity of the longstanding tradition of Brauergilde and Gilde Brauerei." said Herbert Schmalstieg, Mayor of Hanover.

The world’s second largest beer brewer, SABMiller, announced on November the 22nd that China Resources Breweries Limited (CRB), its joint venture with China Resources Enterprise Ltd, will raise its ownership in three breweries from 90% to 100% and thus will have the full control of the Snow beer brand. These three breweries are: China Resources' Snowflake Brewery, Shenyang Snowflake Beer Company and Shenyang Shengyang Beer Company. CRB will buy these outstanding shares from Shenyang Pi Jiu Chang for HK$131.6 million (US$16.9 million) cash and an additional consideration of about HK$7.8 million. Andre Parker, SABMiller's managing director for Africa and Asia, said he was seeking strategic acquisitions to build business in China and India, saying the Asian economies were more attractive than its traditional African base.

The European Commission has confirmed that Interbrew, the Belgian-based brewing group, will be probably allowed to retain its exclusive distribution contracts with pubs and restaurants in Belgium. After a two-year investigation, the EC is prepared to clear the agreements on the condition that Interbrew allows the pubs and restaurants also to sell competitor bottled brands. Tilman Luederk, the EU Commission spokesman, said: "We're saying in principle that the contracts are okay, but we will give competitors a chance to comment." Interbrew has exclusive agreements with around 12,000 of the total 52,000 restaurants and pubs in the country.

Britain's Home Grown Cereals Authority is planning to increase the GBP 0:40 levy it takes on every sold tonne of barley and wheat, as well as the GBP 0:65 levy on every tonne of oilseed rape and linseed, for research and development, The Journal reports. However, the National Farmers Union in the North-East and Yorkshire is angrily objecting to the proposal, claiming that the industry cannot afford it.

More news are available on site www.e-malt.com

2. Theoretical malt prices.

  EURO = USD 0.9936 November 27, 2002 
Crop year  2002 
Parity  FOB Antwerp 
Position  Oct 2002-Sept 2003 
Conditioning  Bulk   In bags  Bulk containers  In bags in containers 
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Prestige  nq  nq  nq  nq  nq  nq  nq  nq 
2RS  Scarlett  316.50  314.50  331.50  329.50  328.50  326.50  338.00  335.50 
2RS  Aspen  315.00  313.00  330.50  328.50  327.50  325.50  336.50  334.50 
2RS  Optic  312.50  310.50  328.00  326.00  325.00  323.00  334.00  332.00 
2RS  Nevada  nq  nq  nq  nq  nq  nq  nq  nq 
2RS  Astoria  nq  nq  nq  nq  nq  nq  nq  nq 
2RS  Cork   nq  nq  nq  nq  nq  nq  nq  nq 
2RS   Average price  314.50  312.50  330.00  328.00  327.00  325.00  336.50  334.00 
2RS  FAQ  nq  nq  nq  nq  nq  nq  nq  nq 
6RW  Esterel   283.00  281.00  298.00  296.50  295.00  293.50  304.50  302.50 

Theoretical malt prices for crop 2003 are available on site www.e-malt.com

3. Malting barley prices. French barley prices. Nominal prices.

EURO = USD 0.9936 November 27, 2002 
 Crop year   2002   2003 
 Parity   FOB Creil   FOB Creil 
 Position   July 2002   July 2003 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  155.00  154.50  nq  nq 
2RS  Prestige  nq  nq  149.00  148.50 
2RS  Aspen  154.00  153.50  148.00  147.50 
2RS  Optic  152.00  151.50  146.00  145.50 
2RS  Nevada  nq  nq  144.00  143.50 
2RS  Astoria  nq  nq  144.00  143.50 
2RS  Cork   nq  nq  144.00  143.50 
6RW  Esterel   131.00  130.50  126.00  125.50 
  Esterel rendu Rouen  142.00  141.50     

nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com

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