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E-Malt.com Newsletter 34b
August 20 - August 24, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"It's easier to go down a hill than up it but the view is much better at the top."
Arnold Bennet
Currency Rates
Base Currency: Euro, EUR
on 21-August-2008

1 EUR = 1.4748 USD
1 EUR = 0.7918 GBP
1 EUR = 1.5665 CAD
1 EUR = 1.6927 AUD
1 EUR = 162.101 JPY
1 EUR = 2.401 BRL
1 EUR = 36.0388 RUB
1 EUR = 10.1243 CNY
Base Currency: US Dollar
on 21-August-2008

1 USD = 0.6781 EUR
1 USD = 0.5369 GBP
1 USD = 1.0621 CAD
1 USD = 1.1478 AUD
1 USD = 109.908 JPY
1 USD = 1.628 BRL
1 USD = 24.4357 RUB
1 USD = 6.8647 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

August 22, 2008

Type Crop 2007 Crop 2008 Crop 2009
2rs Barley nq   EUR190.0-192.0 EUR191.0-193.0 0.52%
6rw Barley nq   EUR175.0-177.0 EUR171.0-173.0 1.15%
2rs Malt EUR536.5-538.5 EUR432.5-434.5 EUR424.5-426.5 0.23%
6rw Malt EUR503.5-505.5 EUR413.0-415.0 EUR398.5-400.5 0.62%
Feed Barley nq   EUR159.0-161.0 1.27% nq   

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 barley. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

The Netherlands: Heineken increases cost synergies for S&N acquisition by 30% ...Click here
China: Tsingtao Brewery reports a 41.9% profit growth in H1 2008 ...Click here
Bulgaria: Bulgarian brewers increase exports by 80% in H1 2008 ...Click here
India: SABMiller’s 2007-2008 net profit declines by 14% in India, competition with United Breweries grows ...Click here
The Netherlands & Switzerland: The merger of Heineken and Eichhof presents no threat for local brewers, Swiss competition watchdog decides ...Click here
USA: MillerCoors distributor for Milwaukee County purchased by Beer Capitol ...Click here
South Korea: 2 mln kilolitres consumed in 2007 bring in more than USD 1 billion in taxes ...Click here
World: A harvest of 145.9 mln tons of barley is expected in 2008 ...Click here
North America: Barley crops forecast for Canada exceeded by at least 1 mln tons, US malting demand of 3 mln tons stable ...Click here
Argentina: Farmers ready to harvest 2 mln tons of barley in 2008 ...Click here




USA & the Netherlands: “Green” Bavaria brands to be imported in US by World Brews exclusively ...More Info
China: Yanjing Brewery expects a close approval of a funding plan and is not inviting a foreign investor yet ...More Info
Australia: The Little World Beverages Group posts a 30.1% increase in revenue for financial year ended June, 30, 2008 ...More Info
Tunisia: Private companies are now allowed to import wheat and barley in Tunisia ...More Info
Turkey: Turkish beer output rises by 17 %, though alcohol consumption falls by 12% ...More Info
Japan: Japan’s Ministry of Agriculture buys 36,080 tonnes of barley falling short of original intention ...More Info
Latvia: Beer sales decline by 2% on the Latvian market in H1 2008 ...More Info
Ireland: The future of malting barley production in Ireland is in danger - National Grain Committee Chairman comments on crisis ...More Info
Romania: Euro 2008 increased June beer sales by 10%, Romanian Brewers Association informs ...More Info
United States: Global Beer Network obtains investment partnership with the March Group ...More Info
CIS: Slavutich beer headed to Russia, Belarus, and Moldova ...More Info
UK: SABMiller appoints a new managing director of Miller Brands ...More Info
Canada: An opposition MPP blames high beer prices in Ontario on a “Soviet style” retail network ...More Info
Rwanda: Beer shortage demands from East African Breweries to open more plants in Rwanda ...More Info
Go to our news database with more than 13363 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

The Netherlands: Heineken increases cost synergies for S&N acquisition by 30%

Heineken N.V. has substantially completed its review of the acquired Scottish & Newcastle (S&N) businesses, the brewer’s official Web site stated on August 22.

The expected pre-tax synergies from the acquired S&N businesses were increased to GBP 145 million from GBP120 million previously (EUR 184 million and EUR 142 million respectively at GBP/EUR 1.27), to be achieved in four years. At the end of August 2008, EUR 60 million of annualised cost synergies have already been realised.

The company has prepared the unaudited provisional condensed opening balance sheet from 1 May 2008. In addition Heineken has compiled unaudited, pro-forma condensed income (beia) information for the whole of calendar year 2007 for the acquired S&N businesses. The adjustments have no effect on cash flows.

The brewer has refinanced in part its bank credit facilities related to the S&N acquisition through the raising of EUR 742 million of new long-term debt.

Total expected pre-tax synergies over four years increase 30% to GBP 145 million before tax up from GBP 120 million, as a result of an increase in cost synergies to GBP 110 million (EUR 140 million). Based on its review Heineken is also confident that it will realise the expected revenue synergies of GBP 35 ...More Info


China: Tsingtao Brewery reports a 41.9% profit growth in H1 2008

Tsingtao Brewery Co Ltd, China’s best-known beer brand, achieved a 41.9 per cent rise in first-half net profit despite soaring raw materials prices, Reuters reported on August 20.

The company said it earned 381.13 mln yuan due to higher selling prices and a restatement to account for higher taxes.

In its interim report filed with the Shanghai Stock Exchange, Tsingtao said it sold 2.686 mln kiloliters of beer in the first six months, up only 5 pct from a year earlier, roughly in line with the industry total for China, which rose 5.6 pct year-on-year to 19.648 mln kiloliters.

The national total slowed from the growth rate of 16.2 pct from the previous year.

However, the company moderated the impact of slower growth by adjustments to prices and the product mix. No details were given.

Sales volume of its top four brands - Tsingtao, Shanshui, Laoshan and Hans - stood at 2.48 mln kiloliters, up 30 pct year-on-year and accounting for 92.4 pct of sales volume, while sales small bottled and canned high-quality beer rose 30.2 pct and 19.3 pct respectively.

In the first half, Tsingtao Brewery booked operating revenue of 7.904 bln yuan, up 15.67 pct year-on-year.

Revenue per kiloliter of ...More Info


Bulgaria: Bulgarian brewers increase exports by 80% in H1 2008

Bulgarian breweries of the Bulgarian Brewers Union exported 78,358 hl of beer over the period of August 1, 2007 – July 31, 2008, the Investor published on August 15.

The export in H1 2008 (ended in June) was 69,173 hl of beer, it was reported.

At the end of H1 2008, the Union announced a 80% export increase for the first time in its history. The higher rate of beer export in July shows that the exported volumes are still growing. Bulgarian beer is mainly sold to the neighbouring nations, though the brewer’s destinations also include countries with big Bulgarian diasporas, such as Spain, Portugal, and the USA.

Over August 1, 2007 – July 31, 2008, Bulgarian breweries sold 5.399 mln hl of beer against 5.370 mln hl of August 1, 2006 – June 30, 2007. The data of the period August 1, 2006 – July 31, 2007 were not disclosed, though the Union announced a 2% increase in consumption on the domestic market.

Zagorka brewery achieved the highest sales in the period August 1, 2007 – July 31, 2008 – 1.716 mln hl. The figure includes the export of 2,399 hl of beer. Kamenitsa sold 1.571 mln hl, with an export of 17,882 ...More Info


India: SABMiller’s 2007-2008 net profit declines by 14% in India, competition with United Breweries grows

The brewing giant SABMiller reports a decline in profits from its Indian operations during 2007-08 but is setting up a one million hectolitre capacity brownfield brewery in Haryana this year, Money Control posted on August 22.

SABMiller admitted the possibility of its incurring a loss of around Rs 41 crore during the current fiscal as the cost of malt and fuel have gone up nearly 100 per cent and because of higher depreciation and interest costs. However, it said in a report that a return to profits posting about Rs 20 crore is expected during 2009-10.

According to the report, SABMiller has restructured its organisation in India to make it more responsive to the current market conditions.

SABMiller and its competitor United Breweries collectively have over 90 per cent of the share of the beer market in India. For 2007-08, SABMiller’s net profit declined 14 per cent to Rs 34.4 crore while net turnover grew 25 per cent to Rs 1087 crore. United Breweries managed to nearly maintain its net profit to around Rs 55 crore while total income grew nearly 39 per cent to Rs 1591 crore during the same period, according to the Bombay Stock Exchange Web site.

The report said SABMiller’s ...More Info


The Netherlands & Switzerland: The merger of Heineken and Eichhof presents no threat for local brewers, Swiss competition watchdog decides

The Dutch beer giant Heineken may purchase Lucerne's Eichhof brewery without conditions, Swissinfo cited the Federal Competition Commission of Switzerland on August 21.

The competition authority said there was "no sufficient evidence of a permanent dominance" by what will be the country's two main beer producers – Heineken-Eichhof and Switzerland's largest, Carlsberg/Feldschlösschen.

It is reported that previously, the competition body had expressed concern that the two firms would unfairly dominate the market, but after a review said local and regional competitors would remain viable.

"The beer market is open enough and competitors can enter the market without high barriers," it said.

The merger, first proposed in April, will give Heineken a 23 per cent market share.

In a statement, Eichhof said it was satisfied with the commission's ruling and that the sale process would continue according to plan.


USA: MillerCoors distributor for Milwaukee County purchased by Beer Capitol

Beer Capitol Distributing Inc., a wholly owned division of The Madrigrano Cos., agreed to acquire beer wholesaler Miller Brands-Milwaukee LLC of Wauwatosa, which distributes MillerCoors brands in Milwaukee County, the Business Journal posted on August 19.

The cost of the deal was not disclosed. The sale, which is to close by Oct. 31, will create one of the largest beer wholesale distributors in Wisconsin, with 250 employees and 2,000 sales accounts, said Aldo Madrigrano, Beer Capitol chairman.

“The joining of these two great companies represents a strategic move that better aligns both organizations with the newly formed MillerCoors joint venture, building upon each companies’ recognized strengths in delivering exemplary customer service and developing long-standing relationships within local operating communities,” said Aldo Madrigrano, who will serve as chairman following the sale.

Mike Merriman, president of Beer Capitol Distributing, will continue in that role and Dave Neville, currently the vice president of sales for Miller Brands, will lead the distributor’s sales operations.

Sources said, no other operational changes as a result of the sale are planned at this time.

Currently, nearly the entire portfolio carried by Miller Brands are brands produced by the former Miller Brewing Co. of Milwaukee, including domestic brands such as Miller Lite, Miller ...More Info


South Korea: 2 mln kilolitres consumed in 2007 bring in more than USD 1 billion in taxes

The consumption of beer by South Koreans has increased more than 45 times over the past 40 years, KBS posted on August 20.

The National Tax Service (NTS) says Korean people drank nearly 2 million kiloliters of beer last year, up from 44 thousand kiloliters in 1966.

As a consequence, taxes from beer sales surged. The NTS collected more than 1 billion U.S. dollars in taxes on beer in 2007. The amount accounted for 44 percent of all taxes collected on alcoholic drinks.

During the same period, overall alcohol sales increased four-and-a-half times. The consumption of the distilled liquor soju jumped more than nine times while that of the rice wine makgeoli declined by two-thirds.

This means that beer, once a high-end beverage, has become everybody's drink. Beer continues to be the biggest source of liquor tax, the NTS said.

Local beers date back to the Japanese colonial era, when two breweries were built in 1933 to produce beer as war supplies. Both belonged to major Japanese brewers.

The then Chosun Brewery has become Hite Brewery now and Showa Kirin is now Dongyang, manufacturer of the current OB brand. Still, both remain the nation's two biggest breweries.

It was in the 1990s that beer ...More Info


Barley News

World: A harvest of 145.9 mln tons of barley is expected in 2008

The IGC estimate as of early August stated that the world will harvest 145.9 mln tons of barley in 2008, compared to 134.9 mln tons last year, experts say.

World trade is forecasted to amount to 17.3 mln tons, up from 14.9 mln in 2007/08, consumption will rise from 139.8 to 144.8 mln tons, ending stocks are estimated at 21.4 mln tons, 1.1 mln tons better than in 2007/08.

The USDA report from earlier in the month included a barley trade figure of 18.4 mln tons.

Barley import demand in the Middle East and North Africa is officially estimated at 12 to 13 mln tons, trade estimates are even higher.

A bad drought had affected crops in all Middle Eastern countries, specifically Iran and Syria, but also Eastern Turkey. July sales to the region must have been close to 1 mln tons.

July barley shipments were 542,000 tons from the Ukraine, 72,000 tons from Russia, licence bookings = prompt shipments from the EU totalled 552,000 tons, it was reported.


North America: Barley crops forecast for Canada exceeded by at least 1 mln tons, US malting demand of 3 mln tons stable

Earlier, the IGC had reduced crop estimates to 10 mln tons for Canada and to 4.8 mln tons for the U.S. However, Canadian sources report a vast improvement due to recent rains: at least 1 mln tons more are expected.

Analysts say markets are very complicated, to put it mildly. Industries concluded very expensive pre-contracts, Anheuser Busch will increase usage of U.S. barley to the detriment of imports from Canada, and Midwestern feed barley markets are too high for export business from Pacific ports.

The stable figures are local malting demand of 1 mln tons in Canada almost 3 mln tons in the USA. Both malt and barley exports are also likely to Mexico.

The size of the malting barley pool of the CWB will depend on the export figures to the U.S. and China, experts communicated.


Argentina: Farmers ready to harvest 2 mln tons of barley in 2008

After the end of the strike and good rainfalls Argentine farmers were able to plant an estimated 650.000 HA of malting barley. Thus, crop estimate as of the beginning of August was approximatively 2.0 mln tons versus domestic needs of 900.00 tons.

Experts admitted the possibility of a surplus of malting barley not only in the Mercosur, but possibly even for the whole of South America.

Scientific Digest

Relationship Between Grain Hardness and Malting Quality of Barley (Hordeum vulgare L.)

V. Psota, K. Vejražka, O. Famera and M. Hrcka

Abstract

J. Inst. Brew. 113(1), 80–86, 2007 In a three-year period, protein content, polysaccharides and values of the selected malting parameters were determined in 12 varieties of barley. Hardness was assessed using the particle size index (PSI) and a Do-Corder apparatus (BRA). Significant differences in the levels of hardness between the varieties were detected. Hardness was affected by variety from 37% (PSI) and 71% (BRA). Significant correlations were determined between the PSI and extract content (0.64***), Kolbach index (0.66***), friability (0.57***), beta-glucans in wort (–0.51***) and colour of malt (0.57***). Significant correlations were found between BRA and content of non-starch polysaccharides in caryopses (0.64***), extract (–0.62***), Kolbach index (–0.70***), friability (–0.70***), beta-glucans in wort (0.79***) and wort colour (–0.56***). Correlation was determined between hardness and malting quality index (PSI 0.51***, BRA –0.71***). Key words: Barley, beta-glucans, Brabender, hardness, PSI, quality. Load full article, 7 pages, 129 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4802 August 22, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  193.00  286.00  194.00  287.50 
2RS  Prestige  192.00  284.50  193.00  286.00 
2RS  Cellar  191.00  283.00  192.00  284.50 
2RS  Sebastien  190.00  281.50  191.00  283.00 
2RS  Tipple  190.00  281.50  191.00  283.00 
2RS  Henley  190.00  281.50  191.00  283.00 
6RW  Esterel   176.00  260.50  172.00  254.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4802 August 22, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 160.00 237.00

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

Theoretical Malt Prices

EURO = USD 1.4802 August 22, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  Aug 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  540.00  799.00  571.00  845.00  563.50  833.50  577.50  855.00 
2RS  Prestige  538.50  797.00  569.50  843.50  562.00  832.00  576.50  853.00 
2RS  Cellar  537.50  795.50  568.50  841.50  561.00  830.00  575.00  851.00 
2RS  Sebastien  536.00  793.50  567.50  839.50  559.50  828.50  574.00  849.50 
2RS  Tipple  536.00  793.50  567.50  839.50  559.50  828.50  574.00  849.50 
2RS  Henley  536.00  793.50  567.50  839.50  559.50  828.50  574.00  849.50 
2RS   Average price  537.50  795.50  568.50  841.50  561.00  830.00  575.00  851.00 
6RW  Esterel   504.50  748.00  536.50  794.00  529.00  782.50  543.00  804.00 
Asia Malt 70/30  527.50  781.00  559.00  827.50  551.50  816.00  565.50  837.00 
**  Asia Malt 50/50  521.50  771.50  552.50  818.00  545.00  806.50  559.00  827.50 


EURO = USD 1.4802 August 22,2008 
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  436.00  645.50  467.50  691.50  459.50  680.00  474.00  701.50 
2RS  Prestige  435.00  643.50  466.00  689.50  458.50  678.50  472.50  699.50 
2RS  Cellar  433.50  641.50  465.00  688.00  457.00  676.50  471.50  697.50 
2RS  Sebastien  432.50  640.00  463.50  686.00  456.00  674.50  470.00  695.50 
2RS  Tipple  432.50  640.00  463.50  686.00  456.00  674.50  470.00  695.50 
2RS  Henley  432.50  640.00  463.50  686.00  456.00  674.50  470.00  695.50 
2RS   Average price  433.50  641.50  465.00  688.00  457.00  676.50  471.50  697.50 
6RW  Esterel   414.00  614.50  446.50  660.50  438.50  649.50  453.00  670.50 
Asia Malt 70/30  428.00  633.50  459.50  679.50  451.50  668.50  466.00  689.50 
**  Asia Malt 50/50  424.50  628.00  455.50  674.50  448.00  663.00  462.00  684.00 


EURO = USD 1.4802 August 22, 2008
Crop year 2009
Parity FOB Antwerp
Position Oct 2009 - Sep 2010
Conditioning Bulk In bags Bulk containers Bags, containers
Malting barley variety EURO USD EURO USD EURO USD EURO USD
2RS  Scarlett  427.50  633.00  459.00  679.00  451.50  667.50  465.50  689.00 
2RS  Prestige  426.50  631.00  457.50  677.50  450.00  666.00  464.50  687.00 
2RS  Cellar  425.50  629.50  456.50  675.50  448.50  664.00  463.00  685.50 
2RS  Sebastien  424.00  627.50  455.50  673.50  447.50  662.50  461.50  683.50 
2RS  Tipple  424.00  627.50  455.50  673.50  447.50  662.50  461.50  683.50 
2RS  Henley  424.00  627.50  455.50  673.50  447.50  662.50  461.50  683.50 
2RS   Average price  425.50  629.50  456.50  675.50  448.50  664.00  463.00  685.50 
6RW  Esterel   399.50  593.00  432.00  639.00  424.00  627.50  438.50  648.50 
Asia Malt 70/30  418.00  618.50  449.00  664.50  441.50  653.50  455.50  674.50 
**  Asia Malt 50/50  413.00  611.00  444.00  657.50  436.50  646.00  450.50  667.00 

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

Belgium Brewing Industry 1900-2007

Year Production
'000 hl
Imports
'000 hl
Exports
'000 hl
Consumption
'000 hl
Per Capita
Consumption
litres
1900  14617  149  14761  221 
1910  16019  272  16282  219 
1920  10408  201  47  10562  143 
1930  16099  228  10  16317  202 
1939  12488  65  12546  149 
1950  10140  97  10232  118 
1960  10110  378  205  10283  112 
1970  13015  739  973  12781  132 
1980  14291  969  2315  12945  131 
1990  14141  648  2752  12037  121 
1995  14528  593  4608  10513  104 
1999  14575  703  5072  10206  100 
2000  14734  804  5474  10064  99 
2001  14966  877  5857  9986  98 
2002  15696  744  6539  9901  96 
2003  15650  1023  6738  9935  96 
2004  17268  9931  8699  9562  93 
2005  17274  1015  8814  9475  93 
2006  18311  1171  10112  9370  89 
2007  18565  1169  10597  9137  86 
Graph of the Week



These Days in Business History
August 20
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August 21
1897 Oldsmobile begins operation as a General Motors Corp division
1975 U.S. lightens trade embargo against Cuba
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August 22
1864 International Red Cross forms
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Agenda