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E-Malt.com Newsletter 15b
April 09 - April 12, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"There are only two times when I drink beer, when I'm alone and when I'm with someone else"
Anonymous
Currency Rates
Base Currency: Euro, EUR
on 10-April-2009

1 EUR = 1.3246 USD
1 EUR = 0.9021 GBP
1 EUR = 1.6332 CAD
1 EUR = 1.8591 AUD
1 EUR = 132.578 JPY
1 EUR = 2.9062 BRL
1 EUR = 44.6345 RUB
1 EUR = 9.0675 CNY
Base Currency: US Dollar
on 10-April-2009

1 USD = 0.755 EUR
1 USD = 0.681 GBP
1 USD = 1.233 CAD
1 USD = 1.4034 AUD
1 USD = 100.09 JPY
1 USD = 2.194 BRL
1 USD = 33.6968 RUB
1 USD = 6.8455 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

April 10, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR104.0-108.0 0.93% EUR131.0-135.0 0.75%
6rw Barley EUR100.0-104.0 EUR118.0-122.0
2rs Malt EUR318.5-322.5 0.62% EUR343.5-347.5 0.72%
6rw Malt EUR312.5-316.5 0.32% EUR326.5-330.5 0.30%
Feed Barley EUR91.0-95.0 1.06% 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

China: Tsingtao 2008 results - more details ...Click here
Romania: InBev Romania does not expect more than 10% sales growth for each of its brands in 2009 ...Click here
India: Sources name a master of distress buyouts as a strong contender for Cobra Beer ...Click here
World: Though not extremely low now, average beer sales are below initial optimistic forecasts - experts ...Click here
Japan: Kirin becomes leader in beer shipments for the first time in two years ...Click here
United States: America’s beer industry contributes almost $200 bln to the US economy - study ...Click here
Angola: Coca-Cola to construct a brewery and start production of N’gola beer as from June/July ...Click here
China: China’s malting capacity to increase in 2009 ...Click here
World: Basic turnaround of world barley markets not in sight yet ...Click here
EU: Barley production to make just 59 mln tonnes next year – European Commission ...Click here
United States: Maltsters use their barley reserves rather than buy in the market in these tight economic times ...Click here




Japan: Asahi’s beer sales grow 67.1% in March but decline by 6.7% in Q1 2009 ...More Info
United States: Beer industry observers worried by Corona Extra’s worsening performance ...More Info
Malaysia: Carlsberg Malaysia beers to become “a few per cent” more expensive ...More Info
Brazil: AmBev brewery shares fall as the Brazilian government is reportedly planning to increase taxes on alcoholic drinks ...More Info
India: A 10.92% stake in United Breweries purchased by a foreign fund house ...More Info
United Kingdom: Meet AB InBev’s new management team for the UK and Ireland ...More Info
United Kingdom: S&N to capitalize on growing premium beer sector by promoting Birra Moretti ...More Info
Singapore: Asia Pacific Breweries announces a Multicurrency Medium Term Note Programme ...More Info
South Africa: United National Breweries confident sales would pick up from July ...More Info
The Netherlands: Heineken brewery decides against increasing the bonuses of its top two executives ...More Info
United States: Red Stripe beer to be available in cans next month ...More Info
Go to our news database with more than 14744 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

China: Tsingtao 2008 results - more details

China’s Tsingtao brewery made public its second half and full 2008 results on April, 8.

The company’s second-half profit rose 17.8% on solid revenue growth, despite high raw material prices and intense competition. According to a company statement, July-December net profit rose to 318.4 million yuan ($46.58 million) from 270.25 million yuan a year earlier.

Full-year net profit was 699.6 million yuan against 538.9 million yuan in 2007.

The six-month result came almost in line with analysts' forecasts for 320.8 million yuan based on an average full-year forecast of 701.95 million yuan from 16 analysts polled by Reuters Estimates.

Full-year sales revenues rose 16.6 percent to 15.8 billion yuan.

In 2008, the company sold 5.38 million kiloliters of various brews, up 6.6 percent from 2007. The growth rate was 1.2 percentage points higher than the industry average.

More importantly, Tsingtao succeeded in expanding its market share to 13.24 percent in 2008 from 12.86 percent in 2007 at the expense of its competitors when overall demand was shrinking.

China's total beer sales declined last year, as the financial crisis, snowstorm and earthquake hurt demand. The output volume nationwide was 41.03 million kiloliters, up by 5.4 percent year-on-year, the lowest growth rate in the past three years.

Tsingtao, China’s #2 ...More Info


Romania: InBev Romania does not expect more than 10% sales growth for each of its brands in 2009

InBev Romania cannot expect sales growth of more than 10% this year, for each of its brands, given that the growth estimates of the beer market do not exceed 3%, general manager Eduardo Luz was quoted as saying by Ziarul Financiar on April, 9.

"The market will not see a double digit growth and I do not think it is realistic to expect such growth from any brand this year," stated Eduardo Luz, general manager of InBev Romania, the third leading player in the industry.

Mr. Luz believes the habits of beer consumers will change as a result of the economic crisis, with many set to buy fewer beer brands, and likely to go out to drink less often, preferring to have a drink at home instead.

"We are seeing many consumers that are moving from alcoholic beverages to beer now. At the same time, beer drinkers who used to buy several brands until recently will allocate money for only one brand," he said.

Luz says that the best-selling brand in the company’s portfolio is Bergenbier, a brand that generates half of the company’s sales, followed by Noroc and Beck’s.

Besides these brands, InBev also sells Lowenbrau, Stella Artois, Leffe and the Hoegaarden white beer ...More Info


India: Sources name a master of distress buyouts as a strong contender for Cobra Beer

Wilbur Ross, the master of distress buyouts, has emerged as a strong contender to acquire the troubled Cobra Beer, The India Times cited two people close to the situation on April, 9.

The billionaire investor, who has recently been active in India, is looking to either buy the Cobra Beer brand or take a controlling interest in the beermaker’s Indian unit. This comes even as North American brewer Molson Coors is showing up for Cobra Beer’s European operations, mainly centered around the UK market.

Wilbur Ross & Co is believed to be exploring a partnership with alcoholic beverage industry veteran Ravi Jain for acquiring the Cobra Beer stake.

ET had reported in its edition dated January 20 that Mr Jain, who is emerging from a three-year no-compete arrangement with the UB chairman Vijay Mallya, may be interested in Cobra Beer.

Standard Chartered private equity is also holding talks, but it is not clear whether it is bidding for the entire business or only the India part of Cobra Beer.

The privately held Cobra Beer could be valued at $150-200 million. But the figures will depend on how the deal is structured - whether the company will be sold as one going concern or split ...More Info


World: Though not extremely low now, average beer sales are below initial optimistic forecasts - experts

The global economic crisis has reduced consumer spending to variable degrees, analysts commented earlier this month.

Russia and Ukraine report lower food and beer sales. In the EU food consumption has hardly been affected, but lower attendance of bars and restaurants has hit the premium segment of the beer and liquor business. In the brewery sector medium size enterprises report serious difficulties, while sales of cheaper beers for home consumption are thriving.

North America enjoys a steady beer market, Central and South American production and sales are still growing, albeit at low rates, much less than forecast a year ago. The same is true for Africa and Southeast Asia.

China reports a stunning growth figure of 12.9 % in January/February of this year. Both the general decline of the beer market and the change towards no-malt beers continue in Japan.

On average beer sales may not have dropped much yet, but they are far below earlier optimistic projections and have led to a burdensome “supply chain management” situation for many brewers including all large international groups, experts said.


Japan: Kirin becomes leader in beer shipments for the first time in two years

Kirin Brewery Co replaced Asahi Breweries Ltd as the leader of Japan’s market for beer and beer-like alcoholic drinks in Q1 2009 for the first time in two years, Japan Today cited industry reports on April, 10.

Kirin boosted shipments of beer and beer-like alcoholic beverages in the quarter by 1.3% from a year earlier to 34.42 million cases, accounting for 37% of the top five Japanese brewers’ total shipments.

Japan’s total beer shipments declined 3.6% to 91.3 million cases over the first three months of this year, it is reported.


United States: America’s beer industry contributes almost $200 bln to the US economy - study

A new economic impact study shows America's beer industry directly and indirectly contributes more than $198 billion annually to the U.S. economy, PR Newswire communicated on April, 8.

The study, commissioned by the Beer Institute and the National Beer Wholesalers Association (NBWA), also shows that the industry provides nearly 1.9 million jobs - generating nearly $62 billion in wages and benefits. The industry also paid $41 billion in business, personal and consumption taxes in 2008.

"America's brewing industry continues to play a pivotal role in supporting this nation's economic viability," said Tom Long, president and chief commercial officer of MillerCoors and chairman of the Beer Institute. "Brewers in all 50 states have been a driving force in their communities for years by creating jobs and tax revenue for public services and promoting alcohol awareness responsibility initiatives for retailers, schools, and families."

According to the study, the beer industry directly employs more than one million people, paying $28 billion in wages. Beer sales help support roughly 888,000 retail jobs, including those at supermarkets, convenience stores, restaurants, bars, stadiums, and other outlets and generate more than $25 billion in economic activity in agriculture and manufacturing sectors.

"These numbers demonstrate that our industry is essential to several ...More Info


Angola: Coca-Cola to construct a brewery and start production of N’gola beer as from June/July

The multi-national Coca-Cola Bottling/Luanda has invested USD 70 million in the construction of a brewery dubbed "N'gola-Norte", in Funda, Luanda, allAfrica.com cited on April, 8 the chief executive officer of the institution, Samuel Jerónimo.

According to Mr. Jerónimo, of the amount that is part of the company's investments for 2009, USD60 million went for the construction of the infrastructure, five million - for bottles (initial phase), one million - for freezers to activate the market in the northern zone and three million went for other equipment.

He said the freezers which are silent vendors, have a specific value as they contribute to the trademark development, therefore as from June/July Coca-Cola Bottling will start producing N'gola beer from Luanda.

With the emergence of this new factory, the source said, Coca-Cola will have created 700 new jobs this year, 430 of which for N'gola/Norte plant and the others will work in the sectors of transport, logistics and finance.


Malt News

China: China’s malting capacity to increase in 2009

China exported 314,000 tonnes of malt in 2008, industry observers reported earlier this month.

According to Cofco of Beijing, the Chinese malting capacity will increase from 4.6 to 5.26 mln tonnes in 2009. Production, however, is much lower, as many inland factories are not equipped with cooling systems for malting in summer, and others just work as per their order books.

Analysts estimate China’s domestic needs in 2009 to be 3.5 mln tons. Cofco and Supertime, the nation’s two largest malting companies, are expected to be very active in export markets. They have in their favour a steadily improving domestic barley supply, and a very low cost of malthouse construction, finance, labour and logistics, experts point out.

One thing must not be overlooked: in the past two years Chinese supplies were needed, irrespective of any price advantage, to fill the demand in some Asian countries, it is stated.


Barley News

World: Basic turnaround of world barley markets not in sight yet

According to industry sources, the exports of the large barley origins since the beginning of the campaign are as follows:

EU’s barley exports are estimated at 3.137 mln tonnes (3.920 mln tonnes over the same period last crop year);

Russia is estimated to have exported 1.797 mln tonnes (against 1.040 mln in the last season);

Ukraine’s barley exports to date are about 5.564 mln tonnes (versus 1.037 mln tonnes last year);

Canada has exported just 940 thousand tonnes of barley since the beginning of the campaign (1.886 mln tonnes last year).

Markets at the end of the month were somewhat firmer than a month earlier following better equities, promises of the G-20 conference, disappointing U.S. acreage estimates and poor spring conditions in North America, experts report. However, they maintain that a basic turnaround of world markets is not in sight yet.


EU: Barley production to make just 59 mln tonnes next year – European Commission

In the coming years, EU’s grain prices will grow again though will be much lower than the level registered in spring 2008, the European Commission stated in its report Prospects for Agricultural Markets and Income in the European Union 2008 – 2015, published in March.

EU barley production is projected to show a slower growth compared to the other cereals, reaching just above 60 mln tonnes by 2015. Domestic consumption, three quarters of which is destined for animal feed, is projected to grow at a faster pace. As a consequence exports and stocks are projected to decline slightly over the medium term.

According to the European Commission, the Union’s barley production is to shrink to 59 mln tonnes next year. The intervention stocks for barley, which are expected to reach 1 mln tonnes in 2009, will be set at zero as from 2010.


United States: Maltsters use their barley reserves rather than buy in the market in these tight economic times

Many of the US maltsters have an adequate supply of barley on hand and are using those reserves rather than buying in the market right now, Randy Brag of Valley Grain Services in Casselton was quoted as saying by Farm & Ranch Guide on April, 9.

In these tight economic times they are deciding to not have their money tied up in barley reserves, he maintains.

As far as new crop contracts, most of them had their expectations filled so there isn't any pressure to move prices higher to lock in an adequate future supply of malting barley.

The one positive news item was the projected plantings issued by USDA on March 31 that indicated barley acreage in the U.S. would decline by 7 percent from last year. North Dakota growers are forecast to plant 6 percent few acres. But, given the present weather conditions, Brag expects those figures to shift somewhat before farmers make their final planting decisions.

“With the expected late planting dates in the state, we could see fewer acres planted to barley in the eastern part of North Dakota and more acres seeded in the western part,” he said. “

Spot cash prices being offered by elevators for malting barley are ...More Info

Scientific Digest

Alternative Paradigms for the Production of Beer

Stephen T. Russell, R. Paul Singh and Charles W. Bamforth

Abstract:
J. Inst. Brew. 114(4), 349–356, 2008 Without consideration of feasibility from perspectives of quality, acceptability to producer or consumer or legal and taxation implications, we have explored the relative cost and environmental implications of new paradigms for the production of beer. An approach based on the flavouring of a purchased bland alcohol source is the most advantageous from this perspective, followed by one based on the in-house fermentation of a sugar syrup. When compared to the conventional process, these processes provide a range of 2.8 to 73.1% savings for the parameters analysed, which were energy and water usage, carbon dioxide production and effluent production. The largest savings are observed for the water usage parameter, while the smallest difference is seen for specific energy consumption. Key words: Brewing, carbon dioxide, comparison, cost, effluent, energy, new paradigms, water. Load full article, 8 pages, 1121 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3246 April 10, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  108.00  143.50  135.00  179.00 
2RS  Prestige  107.00  142.00  134.00  177.50 
2RS  Cellar  106.00  140.50  133.00  176.50 
2RS  Sebastien  105.00  139.50  132.00  175.00 
2RS  Tipple  105.00  139.50  132.00  175.00 
2RS  Henley  105.00  139.50  132.00  175.00 
6RW  Esterel   102.00  135.50  120.00  159.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3246 April 10, 2009, 2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 93.00 123.19


Theoretical Malt Prices

EURO = USD 1.3246 April 10, 2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  Apr 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  323.00  427.50  354.00  469.00  346.50  459.00  360.50  477.50 
2RS  Prestige  321.50  426.00  353.00  467.50  345.50  457.50  359.50  476.00 
2RS  Cellar  320.50  424.50  351.50  465.50  344.00  455.50  358.50  474.50 
2RS  Sebastien  319.50  423.00  350.50  464.00  342.50  454.00  357.00  473.00 
2RS  Tipple  319.50  423.00  350.50  464.00  342.50  454.00  357.00  473.00 
2RS  Henley  319.50  423.00  350.50  464.00  342.50  454.00  357.00  473.00 
2RS   Average price  320.50  424.50  351.50  465.50  344.00  455.50  358.50  474.50 
6RW  Esterel   314.50  418.00  346.50  459.50  339.00  449.00  353.50  468.00 
Asia Malt 70/30  319.00  422.50  350.50  464.00  342.50  453.50  356.50  472.50 
**  Asia Malt 50/50  318.00  421.00  349.50  462.50  341.50  452.50  355.50  471.00 


EURO = USD 1.3246 April 10, 2009
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  348.00  461.00  379.50  502.50  371.50  492.50  386.00  511.00 
2RS  Prestige  347.00  459.50  378.00  500.50  370.50  490.50  384.50  509.50 
2RS  Cellar  345.50  458.00  377.00  499.00  369.00  489.00  383.50  507.50 
2RS  Sebastien  344.50  456.00  375.50  497.50  368.00  487.50  382.00  506.00 
2RS  Tipple  344.50  456.00  375.50  497.50  368.00  487.50  382.00  506.00 
2RS  Henley  344.50  456.00  375.50  497.50  368.00  487.50  382.00  506.00 
2RS   Average price  345.50  458.00  377.00  499.00  369.00  489.00  383.50  507.50 
6RW  Esterel   328.50  436.50  361.00  478.00  353.00  467.50  367.50  486.50 
Asia Malt 70/30  341.00  451.50  372.00  492.50  364.50  482.50  378.50  501.50 
**  Asia Malt 50/50  337.50  447.50  369.00  488.50  361.00  478.50  375.50  497.50 

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

World Barley Supply & Demand

  Area harvested mln ha Yield mt/ha Production mln mt Exports mln/mt Feed dom. consumption mln mt Domestic consumption mln mt Ending stocks mln mt
1986/87 79.6 2.2 178.1 18.3 132.1 173.8 33.8
1987/88 78.7 2.2 175.4 18.3 129.6 173.5 33.6
1988/89 76.4 2.2 164.4 19.0 121.9 166.3 31.7
1989/90 73.7 2.3 166.1 18.5 126.0 170.4 27.5
1990/91 72.9 2.5 179.5 19.6 130.8 175.5 31.5
1991/92 76.5 2.2 169.8 19.4 120.3 166.5 34.8
1992/93 73.1 2.3 166.2 16.4 119.0 165.6 34.9
1993/94 73.8 2.3 168.9 18.8 123.8 169.1 34.8
1994/95 72.8 2.2 160.7 15.3 120.9 165.6 29.9
1995/96 68.6 2.1 141.2 13.4 107.8 150.7 20.4
1996/97 65.6 2.3 153.1 17.9 106.3 149.5 23.9
1997/98 64.5 2.4 153.9 12.8 104.1 145.9 31.9
1998/99 60.8 2.2 136.0 17.8 99.5 139.4 28.6
1999/00 54.5 2.3 127.4 17.8 94.0 132.5 23.5
2000/01 53.9 2.5 133.1 16.2 94.7 134.4 22.2
2001/02 56.3 2.5 143.3 17.2 95.5 136.7 28.9
2002/03 56.2 2.4 135.0 16.3 94.9 137.1 26.7
2003/04 59.8 2.4 142.5 14.8 102.5 146.7 22.5
2004/05 58.0 2.6 152.7 17.0 99.7 142.4 32.8
2005/06 56.2 2.4 136.8 17.6 96.3 141.0 28.5
2006/07 57.4 2.4 137.4 14.5 99.3 144.9 21.0
2007/08 58.1 2.3 134.4 18.6 91.2 135.4 20.1
2008/09f 55.8 2.8 154.5 18.4 99.5 145.1 29.5
Source: USDA, March 2009
Graph of the Week


Czech Hop Growers Association

These Days in Business History
April 9
1799 Income Tax introduced in UK
2007 Apple Computer unveils the revolutionary iPhone

April 10
1790 U.S. Patent system forms
1930 Synthetic rubber 1st produced
1956 Philips broadcasts 1st Dutch color TV programs

April 11
1929 Loetafoon celluloid film system demonstrated in Amsterdam
1992 Euro-Disney opens near Paris
1994 Software programmer Marc Andreesen, then 22 years old, and venture capitalist Jim Clark, the co-founder of Silicon Graphics Inc., found Mosaic Communications Corp.

April 12
1903 Jan Tinbergen is born, Dutch economist and U.N. advisor, Nobel 1969
1905 French Dufaux brothers test helicopter
1996 One of the first companies ever to go public with an exclamation point in its name, Yahoo! Inc., launches its IPO on NASDAQ, selling 2.6 million shares at an initial price of $13 a share.
Agenda