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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Brewery news
Barley news
Hops news
More news
Theoretical malt prices
Malting barley prices
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
27 Nov - 29 Nov 2006
Crop 2006
2rs Barley €212.0-214.0     
6rw Barley €195.0-197.0     
2rs Malt €401.0-403.0   0.50%
6rw Malt €379.5-381.5   0.53%
Crop 2007
2rs Barley €173.0-175.0     
6rw Barley €152.0-154.0     
2rs Malt €342.5-344.5   0.59%
6rw Malt €316.0-318.0   0.63%

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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Market price evolutions

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Beer Consumption in Russia (per capita 1991-2005)

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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 48a
November 27 - November 29, 2006
Quote of the week

"To succeed, we must first believe that we can."
Michael Korda


Currency Rates
Base Currency: Euro, EUR
on 28-November-2006

1 EUR = 1.3132 USD
1 EUR = 0.6777 GBP
1 EUR = 1.4886 CAD
1 EUR = 1.6859 AUD
1 EUR = 152.233 JPY
1 EUR = 2.8587 BRL
1 EUR = 34.6334 RUB
1 EUR = 10.3135 CNY
 Base Currency: US Dollar
on 28-November-2006

1 USD = 0.7616 EUR
1 USD = 0.516 GBP
1 USD = 1.1335 CAD
1 USD = 1.2837 AUD
1 USD = 115.928 JPY
1 USD = 2.1769 BRL
1 USD = 26.3725 RUB
1 USD = 7.8535 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
EU: Malting Barley Crop 2006 Situation: Statement of Euromalt, the Federation of European Maltsters... Click here

Asia: Carlsberg prepares investments worth US$878 million within the next 3 years in its Asian businesses... Click here

USA: Anheuser-Busch expects this year profit to endure from less profitable UK business... Click here

Netherlands: Efes Breweries International N.V. said unaudited sales volumes expanded 31% in January-September 2006... Click here

EU: Malt is insignificant in the price of beer but of prime necessity to produce beer... Click here

Russia: Sun Interbrew’s revenue increased 30.8% in January-September 2006 according to the Russian accounting standards... Click here

Czech Republic: SABMiller-owned Plzensky Prazdroj intends to invest CZK 1 billion per year... Click here

Australia: ABB Grain’s profit hit a record $66.7 million in FY 2006 ended September 30... Click here

Germany: The Barth-Haas Group released the alpha acid values of hops of the crop years 1997–2006 and updated average values... Click here

More News
China: SABMiller plans to curb investment in nearly 40 local brands ... More Info

EU: Czech Republic stood alone in blocking EU proposal to raise minimum excise duty on beer ... More Info

Slovak Republic: SABMiller will merge Saris and Topvar breweries into Pivovary Topvar ... More Info

India: SABMiller will invest US$125 million over next 2-3 years ... More Info

Canada: Russell Breweries Inc. reported first quarter 2007 revenue increased 24% vs. previous year ... More Info

Vietnam: Carlsberg expects to play a big role in state-owned Habeco Brewery privatisation ... More Info

Canada: CWB announces interim payments for the 2005-06 crop year ... More Info

Thailand: Carlsberg re-eyes the Thai beer market after unhappy withdrawal a few years ago ... More Info

Singapore: Asia Pacific Breweries Limited provides clarification regarding the appointment of the Regional Director for China ... More Info

Germany: Rapak and Ankerbrau Brewery developed Bag-in-Box packaging system for beer ... More Info

UK: Supermarkets are offering record beer discounts in the run up to Christmas ... More Info

Ukraine: Barley market stays active due to favourable international conjuncture ... More Info

Russia: Baltika Breweries has been awarded with the “Best Annual Report in Northwestern Administrative District” ... More Info

UK: Greene King plc brings the number of ordinary shares owned by Greene King Employee Share Trust to a total of 217,532 ... More Info

USA: Anheuser-Busch CEO, August A. Busch IV, will get $1.2 million in salary ... More Info

Colombia: Fitch Ratings upgraded and removed Bavaria S.A.'s 'BBB-' Issuer Default Ratings ... More Info

Ukraine: Government approved draft Decree on raising grains export quotes ... More Info

UK: Starcom retains InBev media account to at least 2007 ... More Info

Thailand: Brokers with OCBC expect an upturn in ThaiBev’s quotations ... More Info

USA: Warren Buffett’s holding company Berkshire Hathaway Inc. slimed stake in Anheuser-Busch from 5.6% to 4.7% ... More Info



Brewery News
Asia: Carlsberg prepares investments worth US$878 million within the next 3 years in its Asian businesses

Carlsberg, the Danish brewer whose beer is sold in 130 countries, may invest as much as DKR5 billion, or US$878 million, in Asia in the next three years, its chief executive, Nils Smedegaard Andersen, said, according to The International Herald Tribune report of November 26.

The money will be used mainly to improve breweries and raise stakes in joint ventures, Andersen said November 25 in an interview in Copenhagen, before a company trip to China, Vietnam and Hong Kong. He also said the beer maker might expand into new markets, either provinces in China where it is not active or new countries.

"We are looking at India, and if we find the right model, we will go in," Andersen said. "Our key focus is western China and Vietnam. We are looking to invest three billion to five billion kroner in the next three years in Asia, after spending one billion kroner in China over past years."

Carlsberg is among the West European brewers that have been lured to China by the growth of the country's beer market, the world's biggest by volume. The company, based in Valby, Denmark, has acquired or purchased stakes in about 20 local breweries to compete with rivals like ... More Info

USA: Anheuser-Busch expects this year profit to endure from less profitable UK business

Anheuser-Busch Cos. Inc. said November 28 it expects its international beer operations to post lower profit this year as more revenue in Britain comes from less profitable products, Reuters announced November 28.

International beer pretax income was up 8 percent through the first nine months of 2006 for the brewer of Budweiser and Bud Light, with lower profit in Britain offset by increases in China, Canada and Mexico.

In comments prepared for an investor conference, the largest U.S. beer brewer also said it expects growth in revenue per barrel to be slightly higher in 2007, with price increases planned for early in the year.

The company also said lower energy prices should help costs increase less in 2007 than in 2006.

Anheuser-Busch, whose Bud Light is the top-selling brand in the United States, controls about half the domestic beer market. But its dominance is being challenged by imported light beers such as Heineken Premium Light and Corona Light.

The company said November 28 it plans to increase marketing spending in 2007 to help boost sales volume.

Last month the St. Louis, Missouri-based company posted better-than-expected quarterly profit, helped by price increases instituted in some markets over the summer. The company, which last year cut prices amid ... More Info

Netherlands: Efes Breweries International N.V. said unaudited sales volumes expanded 31% in January-September 2006

Efes Breweries International N.V. (“EBI” or “the Company”) announced November 27 its unaudited consolidated financial results as of and for the 9 months ended 30 September 2006 prepared in accordance with IFRS.

“We maintained our dynamic and profitable growth in the first nine months of 2006” commented Ahmet Boyacioglu, CEO and Chairman of the Board of Management. “EBI’s favorable financial performance also indicates the successful integration of the Krasny Vostok Brewing Group into EBI system in Russia which is expected to be completed by the year-end.”

Financial Summary
EBI’s consolidated sales volume in the first nine months of 2006 was up 31% y-o-y, reaching 9.1 million hectoliters. EBI acquired the Krasny Vostok Brewing Group (“KV Group”) in Russia in February 2006 and disposed its 50% shareholding in the Romanian Joint Venture Interbrew Efes Brewery (“Efes Romania”) in August 2006. Excluding the sales volume of the KV Group brands in 2006, EBI’s organic volume growth in the first nine months of 2006 was 9%.

EBI improved its top line growth to 32% in YTD 3Q2006 with revenues reaching US$ 496.1 million. Excluding the impact of the KV Group brands, the revenue growth was 15%. The increase is mainly due to local currency price increases, through ... More Info

EU: Malt is insignificant in the price of beer but of prime necessity to produce beer

According to analysts, the price development of malting barley since the harvest presents an enormous financial stress to the malting and brewing industries, probably never experienced before.

However, even malt is of prime necessity to produce beer, malt price surge should have an insignificant influence on the final price of beer as malt price represents less than 1% of the price of a 25cl glass of beer (see details in the table of this week).

Russia: Sun Interbrew’s revenue increased 30.8% in January-September 2006 according to the Russian accounting standards

Sun Interbrew increased revenue to Russian accounting standards (RAS) 30.8% year-on-year to RUR23.7 billion in January-September 2006, Raiffeisenbank, which is serving as the organizer of a RUR4 billion bond issue for the company, said in a report, Thomson Dialog NewsEdge learned November 21 from Interfax News Agency.

EBITDA totalled RUR6.1 billion in the first nine months of 2006 compared to RUR3.8 billion in the same period of 2005. EBITDA margin totalled 25.7% in the nine months compared to 23.7% in the first half of 2006. The company increased beer production 16.2% in the third quarter compared to the third quarter of 2005.

Sun Interbrew, which represents the interests of InBev in Russia and Ukraine, was set up in the spring of 1999 by Belgium's Interbrew (InBev following a merger with AmBev) and the international finance and investment group SUN Trade to work on the Russian and Ukrainian markets. SUN Interbrew owns eight breweries in Russia and three in Ukraine. Analysts say Sun Interbrew is the second largest brewing company in Russia and the largest in Ukraine.

Czech Republic: SABMiller-owned Plzensky Prazdroj intends to invest CZK 1 billion per year

The largest Czech brewery Plzensky Prazdroj, owned by SABMiller, plans to invest almost CZK 1 billion a year to expand its facility in Plzen, western Bohemia, CTK learned November 24 from the plant's manager Jaroslav Gubis.

Prazdroj is getting ready for markedly higher demand for its premium lager Pilsner Urquell, SABMiller's prime brand.

"This beer has immense potential," Gubis said. At present, the company has the capacity to produce almost two million hectolitres of Pilsner Urquell a year.

The Czech market, to which Prazdroj sold 1.2 million hectolitres of Pilsner Urquell last year, still has a moderate potential for growth.

"But everything depends on exports," said Gubis. Prazdroj expects to raise exports above all to Britain, Germany and the US.

The managers expect to raise weekly output of all brands to 158,000 hectolitres from the current 120,000 hectolitres.

"We must launch this expansion now to have the beer on the market in the 2008-2009 season, and we must also secure a gradual increase in capacities within the five-year plan," said Gubis.

In 2005, the company sold 8 million hectolitres of beer in the Czech Republic and raised exports by 29 percent to 2.2 million hectolitres.

In the financial year from April 2005 to March 2006, Prazdroj made net ... More Info

Barley News
EU: Malting Barley Crop 2006 Situation: Statement of Euromalt, The Federation of European Maltsters

Euromalt, representing the E.U. Malting Industry, has decided to issue a memorandum on the challenges that are confronting our industry as a direct consequence of the disastrous 2006 European grain harvest. The decision to issue this memorandum was taken during an extraordinary Euromalt Malting Barley Committee that was held on the 8th of November in Brussels. Much has already been written and much will be written about the consequences of what happened during the month of August this year. In this brief memorandum we will try to explain what happened to our raw material, malting barley, and what will be the consequences for our industry.

- What happened.

In most of Western and Central Europe the months of June and July were particularly warm and extremely dry. We were all expecting problems with lower yields and perhaps high protein levels. The winter malting barley harvest in France and the U.K. was, luckily, completed in good conditions and the overall quality was good. The spring barley harvest started in Spain, S. England, France and parts of S.W. Germany in July. By the end of that month it was as good as finished in these regions. The spring malting barley harvest was disappointing ... More Info

Australia: ABB Grain’s profit hit a record $66.7 million in FY 2006 ended September 30

Leading Australian agribusiness ABB Grain Ltd announced November 27 a 60% lift in its annual net profit after tax (NPAT) to $66.7 million for the year ended 30 September 2006 (figures in AU$ unless stated).

Full year NPAT of $66.7 million – at high end of forecast; fully franked dividend of 16 cents per share, taking full-year dividend to 30 cps; total operating revenue in excess of $1.1billion (excluding pools).

ABB Grain managing director, Michael Iwaniw, said the record result, which was at the high end of the profit forecast of $65-67 million, reflected the company’s success in national growth and diversification.

“Increased marketing activity, higher grain receivals and an improved second-half performance by our nationwide malting arm, Joe White’s, contributed significantly to the full year result, backed by steady growth from our ProGrain and fertiliser businesses,” he said.

“Strong performance from our supply chain division during the year saw receivals into our sites last harvest reach 6.6 million tonnes, a 57% rise on the 4.2 million tonnes in 2004/05. We’ve continued to build on efficiencies in our grain handling activities, and developing new income streams, such as mineral sands via Port Adelaide, to increase use of our sites.

“Another highlight for us was ... More Info

Hops News
Germany: The Barth-Haas Group released the alpha acid values of hops of the crop years 1997–2006 and updated average values

The 2006 hop crop has been harvested, The Barth-Haas Group released November 15. The Working Group Hop Analysis (AHA) has published in its Brauwelt 41/2006 report the average alpha acid values for early-maturing varieties determined in freshly harvested hops up until October 1st.

Alpha acid values of hops of the 2006 crop year and updated 1997-2006 crop years average values: (growing area: variety 2006 / 5 year average / 10 year average):

Hallertau Hallertauer: 2.4 / 3.8 / 4.3
Hallertau Hersbrucker: 2.2 / 2.8 / 3.2
Hallertau Hallertauer Saphir: 3.2
Hallertau Perle: 6.2 / 6.6 / 7.1
Hallertau Spalter Select: 4.3 / 4.7 / 5.2
Hallertau Hallertauer Tradition: 4.8 / 5.7 / 6.1
Hallertau Northern Brewer: 6.4 / 8.4 / 9.1
Hallertau Magnum: 12.8 / 13.5 / 14.0
Hallertau Nugget: 10.2 / 10.6 / 11.3
Hallertau Taurus: 15.1 / 15.3 / 15.4
Hallertau Merkur: 10.3
Tettnang Tettnanger: 2.2 / 3.7 / 4.1
Tettnang Hallertauer: 2.6 / 4.1 / 4.4
Spalt Spalter: 2.8 / 3.8 / 4.1
Elbe-Saale Magnum: 12.4 / 13.0 / 13.3
Slovenia Aurora: 6.3 / 8.1 / 8.4
Czech Saaz: 2.1 / 3.0 / 3.4

Fewer data was available for the Aurora variety (Slovenia) than for the other varieties. Insufficient data was available for the Lublin (Poland) and Northern Brewer (Elbe-Saale) varieties for indication of representative ... More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3132 November 28, 2006 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  215.00  282.50  176.00  231.50 
2RS  Prestige  214.00  281.50  175.00  230.00 
2RS  Cellar  213.00  280.00  174.00  228.50 
2RS  Sebastien  212.00  278.50  173.00  227.50 
2RS  Astoria  212.00  278.50  173.00  227.50 
2RS  Cork   211.00  277.50  172.00  226.00 
6RW  Esterel   196.00  257.50  153.00  201.00 

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

Theoretical malt prices.
  EURO = USD 1.3132 November 28, 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  404.50  531.50  419.00  550.00  419.00  550.50  433.50  569.00 
2RS  Prestige  403.50  529.50  417.50  548.50  418.00  548.50  432.50  567.50 
2RS  Cellar  402.50  528.00  416.50  547.00  416.50  547.00  431.00  566.00 
2RS  Sebastien  401.00  526.50  415.50  545.50  415.50  545.50  429.50  564.50 
2RS  Astoria  401.00  526.50  415.50  545.50  415.50  545.50  429.50  564.50 
2RS  Cork   399.50  525.00  414.00  543.50  414.00  543.50  428.50  562.50 
2RS   Average price  402.00  528.00  416.50  546.50  416.50  546.50  431.00  565.50 
6RW  Esterel   380.50  500.50  395.50  519.50  395.50  519.50  410.00  538.50 
*  Asia Malt 70/30  396.00  519.50  410.00  538.50  410.00  538.50  424.50  557.50 
**  Asia Malt 50/50  391.50  514.50  406.00  533.00  406.00  533.00  420.50  552.00 

* - 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

Table of the week

Malt is insignificant in the price of beer but of prime necessity to produce beer

Dates Jun 2006 Oct 2006 Nov 2006 Future ?
Barley Price (average) 120.00 € 180.00 € 220.00 € 300.00 €
Barley into Malt at 1,25 Coef. 150.00 € 225.00 € 275.00 € 375.00 €
Production Finance and Dep. costs + Margin 75.00 € 100.00 € 120.00 € 150.00 €
Price per tonne of malt 225.00 € 325.00 € 395.00 € 525.00 €
Price per kg of Malt 0.225 € 0.325 € 0.395 € 0.525 €
Kgs of Malt per Hl of Beer 15 15 15 15
Price of Malt per Hl of Beer 3.38 € 4.88 € 5.93 € 7.88 €
Malt Price in 25 cl Glass of Beer 0.008 € 0.012 € 0.015 € 0.020 €
Average Price of a 25 cl Glass of Beer 2.50 € 2.50 € 2.50 € 2.50 €
Malt Price % in a Glass of Beer 0.34% 0.49% 0.59% 0.79%
Newsletter SummaryTop
Graph of the week


These Days in Business History
November 27
1962 1st test flight of the Boeing 727 takes place

November 28, 2006
1895 The Chicago Times-Herald sponsors the first automobile race in U.S. history. The winner’s average speed clocks in at roughly 7 mph
1946 1st Polaroid camera sold

November 29, 2006
1775 Sir James Jay invents invisible ink
1877 Thomas Edison demonstrates hand-cranked phonograph
1993 CNN/fn, the financial network by Turner Enterprises, launched
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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