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Newsletter Summary

Currency rates
Equities of largest breweries
Market prices change trend
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malting barley prices
Barley & Malt price evolution
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend

09 Nov - 10 Nov 2006
Crop 2006
2rs Barley €202.0-204.0   1.50%
6rw Barley €183.0-185.0   1.66%
2rs Malt €381.5-383.5   0.92%
6rw Malt €357.5-359.5   0.99%
Crop 2007
2rs Barley €169.0-171.0   1.19%
6rw Barley €147.0-149.0   1.37%
2rs Malt €329.5-331.5   0.76%
6rw Malt €301.5-303.5   0.67%

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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Last five newsletters
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Newsletter 45a, 2006

See this Newsletter!
Newsletter 44b, 2006

See this Newsletter!
Newsletter 44a, 2006

See this Newsletter!
Newsletter 43b, 2006

See this Newsletter!
Newsletter 43a, 2006



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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South America Barley Malt Imports (2005-2006e)

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Beer Consumption in Russia (per capita 1991-2005)

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Top 10 European Beer Brands (2005)

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Asia Malt Imports

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Africa Beer Production



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 45b
November 09 - November 12, 2006

Quote of the week

"[I recommend]... bread, meat, vegetables and beer."
Sophocles' philosophy of a moderate diet


Currency Rates
Base Currency: Euro, EUR
on 10-November-2006

1 EUR = 1.2781 USD
1 EUR = 0.671 GBP
1 EUR = 1.4451 CAD
1 EUR = 1.6656 AUD
1 EUR = 150.76 JPY
1 EUR = 2.7426 BRL
1 EUR = 34.0932 RUB
1 EUR = 10.0673 CNY
Base Currency: US Dollar
on 10-November-2006

1 USD = 0.7825 EUR
1 USD = 0.5251 GBP
1 USD = 1.1306 CAD
1 USD = 1.303 AUD
1 USD = 117.961 JPY
1 USD = 2.1458 BRL
1 USD = 26.6741 RUB
1 USD = 7.8766 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Belgium: InBev confirms beer sales improved by 4.6% in the third quarter 2006... Click here

UK & South Africa: SABMiller reported beverage volumes were up 9% on an organic basis for the six months ended 30 September 2006... Click here

Singapore: Asia Pacific Breweries reports 15% organic growth in Attributable Net Profit for FY2006... Click here

Latin America: AmBev wants to purchase remaining stake in Quilmes Industrial (Quinsa)... Click here

Portugal: Czech Budejovicky Budvar NP won over Anheuser Busch in trademark battle for the Portuguese beer market... Click here

Germany: Maltsters lack for good quality malting barley... Click here

EU: Experts believe brewers must prepare for malt prices somewhere between EXW €/t 300 to 400... Click here

World: Malt shortage and record beer sales put an enormous financial stress on the malting industry... Click here

EU: Experts envisaged three ways to attenuate the impact of poor barley crop on maltsters... Click here

USA: Cargill prefigures a more secure barley marketing option for North Dakota barley growers... Click here

More News
Brazil: InBev’s Brazilian unit AmBev reported a net profit of BRL486.1 million ($226.1 million) for the third quarter 2006 ... More Info

Russia: Efes Breweries International NV announced minority buy out in Moscow Efes Brewery completed ... More Info

UK: Rumours say Greene King would consider a £3 billion bid for Wolverhampton & Dudley Breweries ... More Info

USA: Granite City Food & Brewery Ltd. reported revenue increased 58.3% to $41.3 million for the nine months ended September 26 2006 ... More Info

Denmark: Carlsberg intends to put more emphasis on thirsty Asian and Eastern Europe beer markets ... More Info

UK & Denmark: BBH forecasted incremental synergies of US$20 million in 2007 ... More Info

Germany: Warsteiner brewery is expanding its supply chain management solutions in order to optimize its production process ... More Info

Canada: Big Rock Brewery Income Trust announced sales volume dropped by 4% to 153,915 hl for the nine months ended September 30, 2006 ... More Info

Russia: Beer distributor started to sell Russia-made Kirin Ichiban beer ... More Info

Europe: SABMiller Europe is performing strong results as it provided nearly 20% of the group’s EBITDA for the six months ended September 30, 2006 ... More Info

Russia: Analysts say Russians drink 50% more strong alcoholic beverages than wine and beer ... More Info

Angola: EKA Brewer intends to invests US$30 million in modernization and capacities increase ... More Info

USA: Anheuser – Busch co-owned Widmer Brothers Brewery starts $22 million extension ... More Info

Canada: Lakeport Brewing Income Fund reported 3Q 2006 gross sales were up 27.6% reaching CA$50.1 million ... More Info

USA: Anheuser Busch introduces new technology which drives the beer to 22° F without freezing it ... More Info

Ghana: Heineken subsidiary Guinness Ghana Breweries Limited reported profit after tax stood at GHC1.048 trillion for FY2006 ... More Info

Nigeria: Nigerian Breweries Plc adjusted the equity price for interim dividend ... More Info



Brewery News
Belgium: InBev confirms beer sales improved by 4.6% in the third quarter 2006

InBev, the world’s leading brewer by volume, announced November 08 its results for the third quarter of 2006 (3Q06):

Organic volume growth driven by developing markets: organic beer sales volume grew +4.6% in 3Q06 versus the third quarter of 2005 (3Q05), primarily as a function of strong beer growth in Central & Eastern Europe (+14.8%) and Latin America (+4.8%), providing further evidence of the company’s attractive growth profile. Beer volume growth in North America (-2.4%) and Western Europe (-2.5%) remained under pressure, confirming the need to continue reducing costs to be able to invest in future growth

Continued revenue growth: revenue increased organically by +7.1% year-on-year (yoy), as a combination of higher volumes and effective revenue management initiatives; the latter drove an organic +1.6% increase in revenue per Hl yoy

Solid cost management: once more consolidated cost of sales (CoS) and operating expenses were kept under tight control. The company continued to benefit from the implementation of our plant optimization and Zero Based Budgeting (ZBB) programs, which when combined with the company’s procurement efforts, are designed to keep the overall cost base growing below average inflation, in line with InBev’s long-term goals. During the quarter organic CoS per Hl improved by +2.7% and ...
More Info


UK & South Africa: SABMiller reported beverage volumes were up 9% on an organic basis for the six months ended 30 September 2006

SABMiller plc announced November 09 its interim (unaudited) results for the six months ended 30 September 2006.

Group lager volumes up 29% to 117 million hectolitres (hl), organic growth of 9%
South American volumes exceeding expectations
Continued strong volume and earnings growth in Europe
Performance in North America reflects challenging trading conditions
Excellent volume growth in China and India
South Africa earnings driven by premium segment growth
Interim dividend increase of 8%, supported by strong cash flows

Statement from Graham Mackay, chief executive:

“This good start to the year is a further demonstration of the advantage we enjoy in our access to growth markets and our ability to offer our customers and consumers comprehensive and varied portfolios of unique beer brands. The combination of strong volume growth together with good earnings contributions from around the group supports our confidence for the future.”

Business review

The group has delivered satisfactory growth for the half year on top of the strong performance in the comparable period last year. The company’s portfolio of developing and developed market businesses, using the strength of SABMiller’s local, regional and international brands, drove organic growth in overall lager volumes of 9% and in EBITA of 13% on a constant currency basis. The group EBITA margin ...
More Info


Singapore: Asia Pacific Breweries reports 15% organic growth in Attributable Net Profit for FY2006

Main board listed Asia Pacific Breweries Limited (APB) reported November 10 record high revenue, profit before interest and taxation (PBIT) and attributable net profit before exceptional items for the full year ended 30 September 2006.

Group profit before interest and tax (PBIT) grew 16% or S$35.4 million to S$254.7 million. Excluding the one-off adjustment on royalties of S$20.7 million, translation losses, gestation losses from new businesses and business development related costs, PBIT grew organically by S$29 million or 13% as compared to the previous year.

Attributable net profit before exceptional items achieved growth of 15% or S$17.2 million to S$131.6 million. Without taking into account the one-off adjustment on royalties of S$16.5 million, translation losses, gestation losses from new businesses and business development related costs, group attributable profit before exceptional items also grew 15% organically or S$16.9 million.

During the year, its operations in Vietnam reached an agreement on royalty rates payable for the past years. This has resulted in a one-time cancellation of royalties previously charged to the operations for prior years for an amount of S$31.6 million.

A sum of S$10.9 million of this benefit which relates to inter-company royalties has been eliminated on consolidation at Corporate Office level. The remaining S$20.7 ...
More Info


Latin America: AmBev wants to purchase remaining stake in Quilmes Industrial (Quinsa)

Companhia de Bebidas das Americas - AmBev - announced November 08 that its board of directors has approved a plan to make a voluntary offer to purchase any and all Class A shares and Class B shares (including Class B shares held as American Depositary Shares ("ADSs")) of its subsidiary Quilmes Industrial (Quinsa), Societe Anonyme ("Quinsa") that are not owned by AmBev or its subsidiaries. AmBev indirectly owns approximately 97% of the voting interest and approximately 91% of the economic interest in Quinsa.

The commencement of the offer is subject to the prior approval of the offer to purchase by the Commission de Surveillance du Secteur Financier (the "CSSF") in Luxembourg. The offer will commence as soon as practicable after the CSSF's approval. The offer will also comply with applicable U.S. Securities Law, including the disclosure requirements of Rule 13e-3.

Subject to the CSSF's review, the offer will be made by Beverage Associates Holding Ltd. ("BAH"), a Bahamian corporation and a wholly-owned subsidiary of AmBev, and the purchase price will be US$3.35 per Class A share, US$33.53 per Class B share (US$67.07 per ADS), net to the seller in cash (less any amounts witheld under applicable tax laws), without interest, which corresponds ...
More Info


Portugal: Czech Budejovicky Budvar NP won over Anheuser Busch in trademark battle for the Portuguese beer market

Czech brewery Budejovicky Budvar NP said November 09 that the Portuguese Patent Office has ruled Budejovicky Budvar is entitled to use the Budweiser Budvar trademark in the country after a seven-year registration process, despite objections from its rival, U.S. beer giant Anheuser-Busch Cos Inc, the International Herald Tribune learned November 09 from Associated Press.

The decision is a victory for the Czech brewer in a complex trademark battle with its rival, U.S. beer giant Anheuser-Busch Cos Inc., which is taking place worldwide.

"It's a good signal for our activities on the (Portuguese) market," said Budvar spokesman Petr Samec, adding Budvar was informed about the ruling by its lawyers November 08. "After seven years, we have achieved another final victory that ensures a trademark certainty for us and enables us to invest in the development of our business activities on the Portuguese market without any risks," he added.

The Czech company first applied in 1999 to get registered the trademark in Portugal in 1999, he said.

Samec said the office's ruling was final. It was in line with a previous decision by the Supreme Court, which acknowledged the historical rights of Budejovicky Budvar to the "Budweiser Budvar" trademark based on the place of origin of ...
More Info

Malt News
Germany: Maltsters lack for good quality malting barley

An official from the German Maltsters Association said the penury of good quality malting barley reflected itself badly upon the maltsters’ activity. Malt producers were in talks with brewers trying to convince them to accept malt of feed barley origin which is surely of a less quality.

The malting barley is presently quoted €/t180-200 for a delivery in October/December. Export operators must increase their imports of spring barley and malt from France and Denmark.


EU: Experts believe brewers must prepare for malt prices somewhere between EXW €/t 300 to 400

Analysts said October 31st that there is a great apprehension that the acreage of malting barley will shrink further in the EU, mostly in Germany, but also in France and Scandinavia.

The autumn planting weather was excellent, reports say that wheat and rapeseed acres have been expanded everywhere. Competition from bio-energy plants is the greatest threat to spring barley. The only hope is that farmers will be attracted by this year's price levels of malting barley. In Germany farmers representatives have stated that farmers must be paid €130,- to 150,- ex farm, and such level must be guaranteed for a longer period than one year. New crop markets in France reflect the German price pattern exactly. The result will be malt prices somewhere between €300,- to 400,- per ton ex works, for which brewers must prepare.


World: Malt shortage and record beer sales put an enormous financial stress on the malting industry

Experts pointed out October 31st that 2006/07 MY is a year of extremes: barley crop failures in the EU and Australia, an apparent capacity shortage of the world's malting industry, record beer sales in most (beer-drinking) countries. North American and Australian maltsters are virtually sold out. South American malt is almost sold out and anyway insufficient for the Continent's needs.

In Europe - EU, Russia and Ukraine - surprisingly many maltsters have sold out their capacities, others are blocked by insufficient barley supplies. In some cases maltsters offer their capacities at a fixed margin, but leave the risk of the barley cost to their buyers. The possibility of a malt shortage is in the air.

The price development of malting barley since the harvest presents an enormous financial stress to the malting industry, probably never experienced before. As maltsters and brewers have covered their needs only for the shortest possible period and crop 2007 barley prices are already very firm, there is very hard to forecast a relief for barley and malt markets for next year.

Barley News
EU: Experts envisaged three ways to attenuate the impact of poor barley crop on maltsters

Referring to the EU difficult barley crops and markets, experts stressed out October 31st that there are three possibilities to ration barley supplies to malting companies:

a) higher prices,
b) usage of lower quality barley and
c) a lower malt production.

The market trend to-date indicates that many maltsters and/or brewers have insisted on high quality barley deliveries and have therefore driven up market prices.

The lower quality sector shows a number of limitations: malting barley with handicaps of protein, screenings, germination and pregermination has become very expensive as well, and is not readily available anyway.

First test results of malted feed barley show a poor malt quality, as had to be expected. Therefore the risk of a lesser malt production and a malt short next spring remains a strong possibility.


USA: Cargill prefigures a more secure barley marketing option for North Dakota barley growers

Representatives from Cargill Malt in North Dakota are meeting barley farmers across the state to discuss the benefits of grower contracts, Food navigator released November 08.

The first two grower meetings, held in Jamestown on November 08, are designed to provide farmers with the opportunity to obtain information on contract prices and varieties. The company said that farmers looking to maximize the value of their crop for malting-quality barley for the 2007 season should attend.

“Cargill has moved forward with construction to significantly expand its processing capacity at the malting plant in Spiritwood, located in the heart of the nation's top barley-producing state,” said John Zietz, barley supply chain manager, Cargill Malt.
"This project will enhance Cargill's competitive position in the North American malting industry and provides a more secure barley marketing option for North Dakota producers."

For this reason, Cargill Malt plans to increase both the number of grower participants and the amount of acreage in its 2007 program. Grower contracts may be limited and future contract price offerings are subject to change.

“Cargill has the only malting facility in the state; we're right there locally on the ground in North Dakota, which offers a competitive advantage to North Dakota barley ...
More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2781 November 10, 2006 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  205.00  262.50  172.00  220.00 
2RS  Prestige  204.00  261.00  171.00  218.50 
2RS  Cellar  203.00  259.50  170.00  217.50 
2RS  Sebastien  202.00  258.50  169.00  216.00 
2RS  Astoria  202.00  258.50  169.00  216.00 
2RS  Cork   201.00  257.00  168.00  215.00 
6RW  Esterel   184.00  235.50  148.00  189.50 

Prices for Danish malting barley are available on site www.e-malt.com/MarketPrices

Theoretical malt prices.
  EURO = USD 1.2781 November 10, 2006 
Crop year  2006 
Parity  FOB Antwerp 
Position  Nov 2006-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  385.50  492.50  399.50  510.50  399.50  511.00  414.00  529.50 
2RS  Prestige  384.00  491.00  398.50  509.50  398.50  509.50  413.00  527.50 
2RS  Cellar  383.00  489.50  397.50  507.50  397.50  507.50  411.50  526.00 
2RS  Sebastien  381.50  487.50  396.00  506.00  396.00  506.00  410.50  524.50 
2RS  Astoria  381.50  487.50  396.00  506.00  396.00  506.00  410.50  524.50 
2RS  Cork   380.50  486.50  394.50  504.50  395.00  504.50  409.50  523.00 
2RS   Average price  382.50  489.00  397.00  507.50  397.00  507.50  411.50  526.00 
6RW  Esterel   358.50  459.50  374.00  477.50  374.00  478.00  388.50  496.50 
Asia Malt 70/30  375.50  480.50  390.00  498.50  390.00  498.50  404.50  517.00 
**  Asia Malt 50/50  371.00  474.50  385.50  492.50  385.50  492.50  400.00  511.00 

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Theoretical malt prices for crop 2007 are available on site www.e-malt.com/MarketPrices

Barley And Malt Price Evolution


Source: E-Malt.com, October 2006

Table of the week

EU Malt Export Licence Fixations

(in tonnes) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 July 01, 2006 -
October 24, 2006  
 France   701,134  661,772  774,761  674,140  648,338  189,401 
 Germany   468,314  408,063  422,047  295,876  236,735  60,918 
 Belgium   296,368  287,850  317,292  418,344  551,396  180,785 
 U.K. 350,621  294,995  443,501  201,892  190,862  43,274 
 Finland   91,890  100,758  114,165  64,986  79,357  22,311 
 Denmark    96,812  94,791  90,452  74,743  68,809  18,538 
 Sweden   101,000  76,916  78,369  88,840  96,100  28,650 
 Netherlands   51,310  66,219  80,703  49,128  92,383  13,408 
 Ireland   35,145  31,140  38,900  56,924  7,001 
 Austria   8,840  8,620  60,211  16,954  38,932  12,393 
 Spain   2,400  5,640  10,000 
 Greece   1,744  1,306  979  130 
 Portugal   221  85  695  850  1,088  51 
 Italy  
 Czech Republic       34,340  82,062  77,036  14,031 
 Poland       7,604  32,084  167 
 Hungary       2,830  85,792  16,865  1,348 
 Slovakia       1,000  76,916  75,863  14,197 
 Lithuania      54 
 Total EU   2,205,799  2,038,157  2,477,849  2,219,661  2,180,986  599,305 

  Total Wheat malt, tonnes  
Total 2001 - 2002    12,805 
Total 2002 - 2003    30,908 
Total 2003 - 2004    15,768 
Total 2004 - 2005    8,162 
Total 2005 - 2006   4,693 
July 01, 2006 - October 24, 2006   1,567 
   
  Total Roasted malt, tonnes  
Total 2001 - 2002    23,480 
Total 2002 - 2003    23,603 
Total 2003 - 2004    24,438 
Total 2004 - 2005    27,212 
Total 2005 - 2006   23,257 
July 01, 2005 - October 24, 2006   9,278 
Newsletter SummaryTop
Graph of the week


These Days in Business History
November 09
1983 Amsterdam brewer Freddie Heineken was kidnapped

November 10
1951 1st long distance telephone call without operator assistance

November 11
1993 Bill Gates buys Leonardo da Vinci's "Codex" for $30,800,000

November 12
1494: Corporate balance sheets and income statements can trace their heritage to this day, as the first edition of Luca Pacioli's Summa de Arithmetica, Geometria, Proportioni et Proportionalita is printed in Venice.
Agenda
November 2006:
Balkan Food & Drinks 2006, Bulgaria.
World Food Kazakhstan - 2006
Food & Drinks 2006, Georgia.
EBC SYMPOSIUM ON DRINKABILITY, UK.
InterDrink - 2006, Moscow
PeterFOOD - 2006, Saint-Petersburg
Americas Food & Beverage Show
IHGC meetings Germany
Interfood & Drink, Bulgaria
BRAU Beviale European Trade Fair for the Beverage Industry
Interfood Georgia - 2006
Foodapest - 2006, Budapest
International Forum 'Drinks Industry'
InterFood Tajikistan - 2006


December 2006:
12th OBER Kerstbierfestival , Belgium

January 2007:
2007 Barley Improvement Conference, USA.



More events are available on site e-malt.com
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