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E-Malt.com Newsletter 46a
November 12 - November 14, 2007
Open!
Click here to get full size Newsletter


Quote of the week
"Whenever there is a hard job to be done I assign it to a lazy man, he is sure to find an easy way of doing it"
Walter Chrysler
Currency Rates

Base Currency: Euro, EUR
on 14-November-2007

1 EUR = 1.4581 USD
1 EUR = 0.7061 GBP
1 EUR = 1.4043 CAD
1 EUR = 1.6415 AUD
1 EUR = 160.48 JPY
1 EUR = 2.5991 BRL
1 EUR = 35.7909 RUB
1 EUR = 10.8512 CNY
Base Currency: US Dollar
on 14-November-2007

1 USD = 0.6859 EUR
1 USD = 0.4843 GBP
1 USD = 0.9631 CAD
1 USD = 1.1257 AUD
1 USD = 110.068 JPY
1 USD = 1.7826 BRL
1 USD = 24.5469 RUB
1 USD = 7.4423 CNY
Currency Rates, EUR/USD Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend
November 14, 2007
Crop 2007 Crop 2008
2rs Barley €309.0-311.0 0.64% 2rs Barley €266.0-268.0 2.91%
6rw Barley €276.0-278.0 0.72% 6rw Barley €236.0-238.0 0.84%
2rs Malt €551.0-553.0 0.82% 2rs Malt €492.0-494.0 1.10%
6rw Malt €509.5-511.5 0.89% 6rw Malt €454.0-456.0 0.33%

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. Average Malt Prices are theoretical and based FOB Antwerp being estimated on French malting . The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

Singapore: Asia Pacific Breweries reports strong organic profit growth for 2007 financial year ...Click here
China: Tsingtao Brewery eyes 1.5 billion Yuan bond sale to boost output ...Click here
France: Scottish & Newcastle plans £140 million sale of loss-making distribution business of French brewing unit Brasseries Kronenbourg ...Click here
UK: Beer prices to rise 0.7£ in 2008 due to the increase in costs of raw materials ...Click here
Japan: Beer, quasi-beer shipments up 0.8% in October 2007 y/y ...Click here
Romania: Top 3 beer producers exceed 1billion Euro in value ...Click here
World: Above 2 million tonnes of new malting facilities will lead to an overcapacity in the malting industry within next 2-3 years ...Click here
Russia: The export tax for barley came into force ...Click here
Europe: Brewers and malsters expected to start negotiations on barley and malt of 2008 crop ...Click here
Australia: ABB Grain is facing stiff competition for AU$700 million domestic barley market from international marketers ...Click here




Australia: Foster's brewery production hampered by brewery strike ...More Info
USA: Redhook Brewery buys Widmer Brothers Brewing to create one of the largest U.S. craft brewers ...More Info
Canada: Big Rock Brewery Income Trust 3rd quarter profit tumbles on decreasing sales ...More Info
UK: SABMiller launches $50 million Peroni Nastro Azzurro brand campaign ...More Info
USA: Pyramid Breweries reports weak 3rd quarter 2007 financial results ...More Info
Russia: SABMiller renames its subsidiary Kaluga Brewing Company in SABMiller RUS ...More Info
USA & Australia: Miller Chill beer goes to Australia ...More Info
Denmark: Carlsberg CEO vows patience on S&N takeover ...More Info
Go to our news database with more than 11707 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Singapore: Asia Pacific Breweries reports strong organic profit growth for 2007 financial year

Asia Pacific Breweries Ltd (APB) announced another year of strong growth in revenue and organic profit for FY2007, in a press release, November 13.

Attributable net profit before exceptional items (APBE) posted an organic growth of S$22.8 million or 20% to reach S$138.3 million. Taking into account non-recurring items, translation differences, gestation losses and reinvestment credit, APBE improved by S$0.9 million or 1% to S$132.6 million.

Organically, Group profit before interest and tax (PBIT) rose 17% or S$39.7 million to S$269.5 million. Including non-recurring items, translation differences, gestation losses and reinvestment credit, PBIT stood at S$255.2 million, representing an increase of S$5.5 million or 2% over last year.

Gestation losses refer to the first three years' performance of greenfield operations. The non-recurring items refer to a one-time royalty adjustment in Vietnam which improved FY2006's PBIT by S$20.7 million and APBE by S$16.5 million. For FY2007, a reinvestment credit was included and this added S$4.0 million to PBIT and APBE. This reinvestment credit was granted to APB for reinvesting dividends back into Vietnam for further business expansion.

Group revenue for the year increased by 17% to S$1.8 billion.

The earnings per share (before exceptional items) amounted to 51.3 cents compared with 51.2 cents in the previous ...More Info


China: Tsingtao Brewery eyes 1.5 billion Yuan bond sale to boost output

Tsingtao Brewery Co, China's second-biggest beer maker, plans to raise as much as 1.5 billion Yuan (202 million U.S. dollars) selling bonds on the Chinese mainland to expand production in the world's biggest beer market, Shanghai Daily reported November 12.

The company will sell 6-year bonds with call warrants for shares, it said in a Hong Kong Stock Exchange statement. Shareholders will vote on the plan on Dec. 27, it added.

Tsingtao Brewery will add one million tons of new production capacity next year to increase sales, Chairman Li Guirong said on Aug. 12. The company's sales trail China Resources Snow Breweries Co, which is 49 percent owned by SABMiller Plc.


France: Scottish & Newcastle plans £140 million sale of loss-making distribution business of French brewing unit Brasseries Kronenbourg

Scottish & Newcastle (S&N), the brewer that is under siege from Carlsberg and Heineken, is close to agreeing a sale of its loss-making French distribution business for up to €200 million (£140 million), The Times published November 13.

The company, which has rebuffed the advances of its European rivals, is understood to be in final talks to sell its troubled Elidis business to C10, an independent rival that in May signed a distribution deal with InBev, the owner of Stella Artois.

Analysts believe that S&N is hoping to anounce a deal with C10 in tandem with a scheduled trading update next Tuesday.

John Dunsmore, the new S&N chief executive, will use the trading update to outline his strategic vision for the group as he seeks to fend off the indicative 720p-a-share offer from Carlsberg and Heineken.

Although the group has been discussing a sale of Elidis since spring, well before the joint approach from its rivals, S&N will be keen to show that it is making progress in sorting out Brasseries Kronenbourg, its embattled French division.

At its interim results in August, Tony Froggatt, Mr Dunsmore’s predecessor, admitted that Elidis’s problems had continued in the first half, adding: “We are working to stabilise the business. ...More Info


UK: Beer prices to rise 0.7£ in 2008 due to the increase in costs of raw materials

Beer drinkers are facing an increase in the cost of their favourite tipples by the start of next year, Scotsman reported November 12.

Brewers will be forced to put up the price of cans by an average of 70p on a pack of four and £2 on larger multi-packs because of the increase in costs of raw materials.

Scottish & Newcastle, Coors Brewers, SABMiller and Anheuser-Busch have each been affected by steep increases in the price of malt, barley, glass and aluminium.

Paul Heggarty, of Coors Brewers, explained: "We are facing very severe price pressures for barley as well as other raw materials. The increase in prices will ultimately be passed on to the consumer."

Barley prices have risen in Europe partly because of poor harvests caused by heavy rains, reducing yield and quality, while crops in Australia were hit hard by droughts.

Fuel, aluminum and glass prices have soared in the last several years.

Barley and wheat prices have also skyrocketed as more farmers plant corn to meet increasing demands for biofuels such as ethanol.

Graham Bell, of the Edinburgh Chamber of Commerce, said that it had long been concerned with the issue of food prices.

Mr Bell said: "A sudden thirst for biofuels has imposed an ...More Info


Japan: Beer, quasi-beer shipments up 0.8% in October 2007 y/y

Shipments of beer and quasi-beer beverages in Japan in October grew 0.8 pct from a year before to 39,329,000 cases as robust shipments of the so-called third-segment beverages offset sluggish demand for "happoshu," Jiji Press reported November 12.

Each case contains the equivalent of 20 633-milliliter bottles.

Shipments of third-segment beverages, which have little or no malt content, increased 5.2 pct to 9,180,000 cases, setting a record for the month of October, thanks to a string of new product launches.

Beer shipments rose 0.1 pct to 20,370,000 cases as demand from restaurant grew.

Meanwhile, shipments of "happoshu" low-malt quasi-beer beverages fell 1.8 pct to 9,780,000 cases, marking the sixth consecutive drop.

Among major brewers, Asahi Breweries Ltd., Kirin Brewery Co. and Suntory Ltd. posted rises, while Sapporo Breweries Ltd. logged a slight fall.


Romania: Top 3 beer producers exceed 1billion Euro in value

The producers of the Bergenbier, Timisorena and Golden Brau brands boast a cumulated value of over 1.1 billion euros, according to the Yearbook "Top 100 Most Valuable Companies in Romania," compiled by Ziarul Financiar in partnership with investment firm Capital Partners, Ziarul Financiar published November 14.

The most valuable company in the beer industry was the local branch of the Dutch producer Heineken, which was evaluated by Capital Partners at 455 million euros, up 40% against the previous year. The fact that the top three players on the beer market are present among the top 100 most valuable companies in the Romanian industry proves once more how competitive this market is, given that no other companies in the dairy, bakery, charcuterie and spirits industry managed to exceed the 200 billion-euro mark. In 2006 Heineken Romania, Ursus Breweries and InBev Romania posted an over 500 million-euro cumulated turnover, and profit worth over 80 million euros.


Malt News

World: Above 2 million tonnes of new malting facilities will lead to an overcapacity in the malting industry within next 2-3 years

The malt market is to turn from today’s deficit situation into an overcapacity in the next 2-3 years, according to the conclusions made by market analysts.

Soufflet alone, the world’s largest malt producer, is planning to increase its production capacity by 230,000 tonnes with new openings in France and Romania by 2008-2009. Malteurop, another big player of the malt market, has made new construction program for 300,000 tonnes: 100,000 tonnes in Spain operational for 2008, 100,000 tonnes in Poland for 2009 and 100,000 tonnes in Ukraine for 2010.

Irish-owned Greencore Malt is increasing capacity at its Buckie plant in North-east Scotland from 40,000t to 60,000t in time for the 2008 harvest. This follows news two weeks before of a £12m investment by Simpsons of Berwick, U.K., to increase production at its Berwick-on-Tweed maltings by 40,000t. Scotland has lost 120,000t of malting capacity in recent years as a result of plant closures and distillers are concerned about future supplies of malt.

Heine of Peine, Germany, constructs a malthouse in the port of Hamburg, 75,000 tons; They will shut an old unit of 30,000 tons at Peine. Avangard, Moscow/Bremen, confirmed the completion of the half-finished malting tower at Koblenz, Germany, capacity 80,000 tons. Boortmalt will ...More Info


Barley News

Russia: The export tax for barley came into force

Since November 12, 2007, the export taxes for barley exported from Russia to the countries non-participants of the agreements about Customs union came into force, Agrimarket reported November 12.

The corresponding resolution was signed on October 10, 2007, No 660 "About the export taxes for wheat, meslin and barley from Russia to the countries non-participants of the agreements about Customs union" and was published on October 12, 2007.

According to this resolution the export tax for barley (code FEA CN of Russia 1003 00) was indicated 30%, but no less than 70 EUR/t.

The export tax will be valid till April 30, 2008 inclusive.

Russia’s barley crop amounted to 17.0 or 17.2 Mill. tons as per USDA and IGC, but only 16.4 Mill. tons as per private Russian estimates, according to analysts, November 2.

The export tax should exclude Russia from the world barley market until spring of next year. Barley exports in July/October had been 632.000 tons, imports in July/September 55.000.tons.


Europe: Brewers and malsters expected to start negotiations on barley and malt of 2008 crop

New crop (2008) prices are EUR 40,- to 50,- per ton lower than those of crop 2007, according to analysts, November 2.

Two-row spring barley: Danish and Swedish, October, FOB seaport EUR 270,- U.K., same position, 274,-, German , ex harvest, delivered maltings, EUR 300,-, French, July, FOB Creil (nominal) 285,-. French winter barley, same position, Esterel 245,-, Cervoise 235,-.

These prices are EUR 100,- per ton higher than a year ago, but they seem to be realistic today. We expect brewers and maltsters to start negotiations on barley and malt of crop 2008 soon.


Australia: ABB Grain is facing stiff competition for AU$700 million domestic barley market from international marketers

Former monopoly barley exporter ABB Grain is facing stiff competition for the AU$700 million Australian market from a host of international marketers, The Advertiser reported November 13.

The competition has come as low world barley stocks have pushed prices to records this season with feed barley prices reaching AU$400 a tonne before slipping to about AU$300/t, still higher than ever before.

While farmers have mixed views on whether they are benefiting from deregulation, southern Eyre Peninsula growers are receiving prices equal to those offered at Port Adelaide for the first time.

But deregulation has led to precarious market positions with numerous farmers unable to fulfil contracts while others are watching prices go well beyond their contract prices.

Rural Directions marketing services manager Chris Heinjus said that a significant amount of barley marketing had been done by other companies this year.

"Grain prices in the past two weeks show that growers can gain up to AU$30 a tonne more on any day by shopping around," Mr Heinjus said yesterday.

Yesterday's cash prices show the highest cash price of AU$295 a tonne delivered to Port Adelaide was being offered by Elders and Glencore International (Brooks Grain).

It was followed by Centre State at AU$284/t, Cargill Australia Ltd AU$275/t and ...More Info

Scientific Digest

Predicting Preharvest Sprouting Susceptibility in Barley: A Model Based on Temperature during Grain Filling

M. VERONICA RODRIGUEZ, MARTIN MARGINEDA, JUAN F. GONZALEZ-MARTIN, PEDRO INSAUSTI, AND ROBERTO L. BENECH-ARNOLD

Abstract
Preharvest sprouting (PHS) susceptibility in cereals is a consequence of low grain dormancy before harvest. Dormancy loss rate depends on genotype and may also be affected by environmental conditions during seed formation. To establish a quantitative relationship between temperature and PHS susceptibility, a malting barley (Hordeum vulgare L.) cultivar, ‘Quilmes Palomar’, was sown on different dates over a 3-yr period to obtain a range of thermal conditions during grain filling (soil type: Aeric Argiudoll). The period from pollination to physiological maturity (PM) was adjusted to a thermal time (TT) scale, which was then divided into 50C-day intervals. Mean temperature within each interval was calculated for the different sowing dates. Grain dormancy was monitored using a germination index (GI). We sought a linear relationship between temperature during grain filling and GI at some moment after PM. The strongest correla tion (P < 0.0001) was obtained between mean temperature values within the TT interval ranging from 300 to 350 C-day (Tm300-350 ) and GI values 12 d after PM (GI12DAPM ). This indicates that temperature during this sensitivity window explains variability in dormancy level interamong years and locations for this cultivar, and may therefore explain differences in PHS susceptibility. A regression model was generated for predicting GI values 12 d after PM, and tested on commercial plots. The linear relationship between temperature and GI after PM was confirmed, though the effect of one or more undescribed, environmental factors differing among tested locations was revealed.
... Load full article, 9 pages, 157 Kb, PDF file



Advertisement: TAU Competence

Malting barley prices.
French barley prices. Nominal prices
EURO = USD 1.4581November 14, 2007 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  312.00  455.00  269.00  392.50 
2RS  Prestige  311.00  453.50  268.00  391.00 
2RS  Cellar  310.00  452.50  267.00  389.50 
2RS  Sebastien  309.00  450.50  266.00  388.00 
2RS  Astoria  309.00  450.50  266.00  388.00 
2RS  Cork   309.00  450.50  266.00  388.00 
6RW  Esterel   277.00  404.00  237.00  345.50 

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

Theoretical malt prices

EURO = USD 1.4581 November 14, 2007
Crop year  2007 
Parity  FOB Antwerp 
Position  Nov 2007-Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  554.50  808.50  578.50  843.00  570.00  831.00  584.50  852.00 
2RS  Prestige  553.50  806.50  577.00  841.00  569.00  829.50  583.00  850.00 
2RS  Cellar  552.00  805.00  575.50  839.50  567.50  827.50  581.50  848.50 
2RS  Sebastien  551.00  803.00  574.50  837.50  566.50  825.50  580.50  846.50 
2RS  Astoria  551.00  803.00  574.50  837.50  566.50  825.50  580.50  846.50 
2RS  Cork   551.00  803.00  574.50  837.50  566.50  825.50  580.50  846.50 
2RS   Average price  552.00  805.00  575.50  839.50  567.50  827.50  581.50  848.50 
6RW  Esterel   510.50  745.50  535.00  780.50  527.00  768.50  541.50  789.00 
Asia Malt 70/30  540.00  787.00  563.50  821.50  555.50  810.00  569.50  830.50 
**  Asia Malt 50/50  531.50  775.50  555.50  810.00  547.50  798.00  561.50  818.50 


EURO = USD 1.4581 November 14, 2007 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008-Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  495.50  722.50  519.00  757.00  511.00  745.00  525.00  765.50 
2RS  Prestige  494.50  720.50  518.00  755.00  509.50  743.50  524.00  764.00 
2RS  Cellar  493.00  718.50  516.50  753.50  508.50  741.50  522.50  762.00 
2RS  Sebastien  491.50  717.00  515.50  751.50  507.50  739.50  521.50  760.50 
2RS  Astoria  491.50  717.00  515.50  751.50  507.50  739.50  521.50  760.50 
2RS  Cork   491.50  717.00  515.50  751.50  507.50  739.50  521.50  760.50 
2RS   Average price  493.00  718.50  516.50  753.50  508.50  741.50  522.50  762.00 
6RW  Esterel   455.00  665.00  479.50  699.50  471.50  687.50  486.00  708.50 
Asia Malt 70/30  482.00  702.50  505.50  737.00  497.50  725.50  511.50  746.00 
**  Asia Malt 50/50  474.50  692.00  498.50  726.50  490.00  714.50  504.50  735.00 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

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

Table of the week

The world’s top 40 brewing groups as of 31 december 2006

Rank Brewery Country Production volume
2006 in mill. hl
Percentage of world
beer production
1 InBev Belgium222.0 13.1 %
2 SABMiller United Kingdom216.012.7 %
3 Anheuser-Busch USA 183.2 10.8 %
4 Heineken Netherlands 131.9 7.8 %
5 Molson-Coors USA/Canada 49.5 2.9 %
6 Modelo Mexico 49.4 2.9 %
7 Carlsberg (without BBH) Denmark 49.2 2.9 %
8 Tsingtao China 45.7 2.7 %
9 Baltik Beverage Holding (BBH)* Russia 45.5 2.7 %
10 Femsa Mexico 37.7 2.2 %
11 Yan Jing China 35.3 2.1 %
12 Scottish & Newcastle (without BBH) United Kingdom 29.7 1.7 %
13 Asahi Japan 23.8 1.4 %
14 Kirin Japan 23.7 1.4 %
15 Diageo (Guinness) Ireland 19.5 1.1 %
16 Efes Turkey 18.8 1.1 %
17 Schincariol Brazil 18.0 1.1 %
18 Chong Qing China 17.3 1.0 %
19 Polar Venezuela 16.9 1.0 %
20 Gold Star China 16.6 1.0 %
21 San Miguel Philippines 16.1 0.9 %
22 BGI/Castel France 15.2 0.9 %
23 Radeberger Germany 14.0 0.8 %
24 Mahou - San Miguel Spain 11.6 0.7 %
25 Hite South Korea 10.3 0.6 %
26 Beer Thai (Chang) Thailand 9.8 0.6 %
27 Obolon Ukraine 9.3 0.5 %
28 Singha Thailand 9.2 0.5 %
29 Foster‘s Australia 9.1 0.5 %
30 Petropolis Brazil 9.0 0.5 %
31 Lion Nathan Australia/New Zealand 8.5 0.5 %
32 Sapporo Japan 8.1 0.5 %
33 Bitburger Germany 8.0 0.5 %
34 Oettinger Germany 7.4 0.4 %
35 Damm Spain 7.2 0.4 %
35 CCU Cerv. Unidas Chile 7.2 0.4 %
37 Suntory Japan 6.8 0.4 %
38 Dezhou KeDaiEr China 6.5 0.4 %
39 Shenzen Jinwei China 6.5 0.4 %
40 San de Li China 6.4 0.4 %
TOTAL 1,435.9 84.5 %
WORLD BEER PRODUCTION 1,699.0 100.0 %
Source: Barth-Haas Group
Graph Of The Week


These Days in Business History
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.
1765 Robert Fulton is born. He invents the world's first practical steamboat in 1807, and for the first time humans can safely travel substantial distances without relying on animals or wind.

November 13
1851 Telegraph connection between London-Paris linked
1893 Edward A Doisy Sr is born, U.S. bio-chemist, Vitamin K1, Nobel 1943
1910 1st modern elastic brassiere patented by Mary Phelps Jacob

November 14
1957 OPEC (Organization of Petroleum Exporting Countries), forms
1985 Brewers release 39-year-old pitcher Rollie Fingers
1994 1st trains for public run in English Channel Tunnel
Agenda