Malt prospects for the new crop year do not look any better. There are three reasons: One is the untimely construction of new maltings in Russia, the Ukraine and at least four countries of the EU. Reason No. 2 is the expectation of lower exports, to Russia, Japan and other markets. Canada will be a competitor again in Latin America. Maybe the worst part of the prospects is the lower beer output in the EU, worst of all in Germany, where the May produced a sales figure of minus 9,6 %, resulting in a total of minus 7,1 % for the calendar year. Heineken gave a somber outlook on beer sales in Europe and elsewhere in their financial report of the first quarter. Interbrew countered with a much more positive report, which might have been influenced by their good performance in Russia and Ukraine. Sales are also down in Japan, not only for beer, but also for the first time in May also for happoshu.

22 July, 2003