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E-Malt.com Newsletter 20b
May 14 - May 17, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful"
Albert Schweitzer
Currency Rates
Base Currency: Euro, EUR
on 15-May-2009

1 EUR = 1.3589 USD
1 EUR = 0.8971 GBP
1 EUR = 1.5952 CAD
1 EUR = 1.8025 AUD
1 EUR = 129.829 JPY
1 EUR = 2.8674 BRL
1 EUR = 43.8304 RUB
1 EUR = 9.2865 CNY
Base Currency: US Dollar
on 15-May-2009

1 USD = 0.736 EUR
1 USD = 0.6601 GBP
1 USD = 1.1739 CAD
1 USD = 1.3264 AUD
1 USD = 95.5292 JPY
1 USD = 2.1101 BRL
1 USD = 32.2539 RUB
1 USD = 6.8337 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

May 15, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR102.0-106.0 EUR144.0-148.0 2.82%
6rw Barley EUR99.0-103.0 EUR132.0-136.0 3.88%
2rs Malt EUR314.5-318.5 EUR357.5-361.5 1.41%
6rw Malt EUR310.0-314.0 EUR342.0-346.0 1.93%
Feed Barley EUR99.0-103.0 4.12% 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

World: SABMiller reports results for the year ended March 31 ...Click here
CIS: Efes Breweries International says consolidated sales volume slightly decreased in Q1 2009 ...Click here
Denmark: Carlsberg to cut more costs that expected, but not so ‘brutally’ as AB InBev ...Click here
Mexico: Femsa to cut costs, put on hold investments and see a small dip in the current quarter - CEO ...Click here
Germany: Consumers turn to a relative newcomer Oettinger, analysts forecast another good month for beer sales ...Click here
Australia: Foster’s completes purchase of a stake in Fiji and Samoa brewing operations ...Click here
Poland: SABMiller acquires full ownership of its Polish brewing subsidiary ...Click here
South Africa: South African Breweries Ltd reports a 2% drop in lager sales in the twelve months to end March 2009 ...Click here
Canada: Western Canada may seed more barley than expected ...Click here




United Kingdom: SABMiller’s UK operation delivers best annual results in its history ...More Info
Canada: Molson Coors Brewing not to shift focus from its most successful Coors Light beer ...More Info
India: SABMiller files second lawsuit against Andhra Pradesh Beverage Corporation Ltd ...More Info
Russia: Russians lose taste for imported beer in Q1 ...More Info
United States & Canada: Molson Coors increases quarterly dividend by 20% unlike other companies ...More Info
Nigeria: Diageo’s Guinness Nigeria nearly doubles net profit in its third quarter ...More Info
Ukraine: Slavutich Carlsberg Group not to pay dividend on lack of profit ...More Info
Japan: Asahi’s new genre beer leads in sales both in April and in the first four months of this year ...More Info
Romania: Successful financial year results allow Ursus Breweries to compete for market leadership with Heineken ...More Info
Australia: Victoria Bitter loses chare despite Foster’s marketing efforts ...More Info
United States: Latest Nielsen’s report shows consumers will drink beer mostly at home when the economy recovers ...More Info
Ukraine: Excise duty on beer to be increased by 74% ...More Info
Australia: Coopers Brewery says an excellently tuned supply chain is a driving force behind its business ...More Info
Ukraine: Obolon brewery to get a UAH80 mln credit for seasonal needs ...More Info
Go to our news database with more than 14997 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

World: SABMiller reports results for the year ended March 31

SABMiller plc, the world’s second-largest brewer, reported on May, 14 its preliminary (unaudited) results for the twelve months to 31 March 2009.

SABMiller’s group revenue increased by 6% from the year ended March 2008 to $25.3 bln. Group revenue includes the attributable share of associates’ and joint ventures’ revenue of US$6,599 million (i.e. including MillerCoors’ revenue) (2008: US$2,418 million). Revenue excluding associates and joint ventures dropped 13% to $18.7 bln. Revenue excludes the attributable share of associates’ and joint ventures’ revenue. Accordingly 2009 is not comparable with 2008 as MillerCoors’ revenue is not included in 2009 although Miller Brewing Company revenue is included in 2008.

The company said its profit before tax amounted to $2.95 bln ($3.26 bln in the year to March 2008).

Basic earnings per share dropped 7% to 125.2 US cents, and dividends per share constituted 58 US cents (unchanged).

Meyer Kahn, Chairman of SABMiller, said:

"The group delivered robust results in the face of multiple challenges including higher commodity costs, an appreciating US dollar and weakening consumer spend. Our performance in this difficult environment was driven by continued adherence to our strategic priorities and the power of our leading local brands which have been patiently built over many years. Our medium ...More Info


CIS: Efes Breweries International says consolidated sales volume slightly decreased in Q1 2009

Efes Breweries International N.V. (EBI) announced on May, 14 its consolidated unaudited financial results for the three months period ended 31 March 2009 in accordance with IFRS.

In 1Q 2009, EBI’s consolidated sales volume reached 2.5 mln hl, recording a decline of 4.2% over the previous year. On an organic basis*, sales volume declined by 2.8% year‐on‐year. Sales volume decline was due to the continued effect of the economic slowdown in the region combined with the strong base of 1Q 2008, when total and organic sales volume was up by 12.0% and 9.5%, respectively, Efes said.

The downward trend in the Russian beer market continued in the first quarter of 2009 as expected, due to the deteriorating consumer demand as a result of the global financial crisis. In this challenging environment, EBI once again managed to outperform the beer market by realizing 2.0 mln hl sales volume.

The decline in EBI’s sales volume in Russia stood at 5.3% vs. the estimated market decline of 7%. EBI’s market share in Russia was 9.3% in 1Q 2009, slightly over the 9.2% market share it has attained in 1Q 2008. (AC Nielsen).

In Kazakhstan, sales volume grew by 32.3% in 1Q 2009 vs 1Q 2008 and reached ...More Info


Denmark: Carlsberg to cut more costs that expected, but not so ‘brutally’ as AB InBev

Carlsberg A/S, the largest brewer in the Nordic countries and Russia, will surpass previous savings forecasts after last year’s joint takeover of Scottish & Newcastle Plc, Chief Executive Officer Jorgen Rasmussen was quoted as saying by Bloomberg on May, 14.

The maker of the Carlsberg, Kronenbourg and Baltika brands will exceed the 1.3 billion Danish kroner ($240 million) savings target planned for the first three years after the deal, the CEO said in an interview, after falling demand prompted the company to seek wider scope for cuts than originally planned in markets from Russia to France. He declined to give a specific figure.

Rasmussen said the Danish brewer is learning from the “brutal cost-cutting machine” of its largest rival, the Belgium-based Anheuser-Busch InBev NV, which completed the biggest beer merger last year, months after Carlsberg’s own 4.3 billion-pound ($6.5 billion) takeover of S&N assets. Following those deals, the global economy soured and concerns about debt drove Carlsberg’s shares down by two-thirds in 2008.

“We’re taking out a lot more costs than we initially factored in,” Rasmussen said. AB InBev “are brutal at it, and maybe before we were the nice guys. In tougher times, you have to put efficiency top of the ...More Info


Mexico: Femsa to cut costs, put on hold investments and see a small dip in the current quarter - CEO

Femsa, Latin America's largest brewer and bottler, plans to cut $250 million in costs this year to better handle the economic slowdown, which is expected to hurt its second-quarter sales, Reuters reported on May, 13.

Chief Executive Jose Antonio Fernandez said this week the Mexican company, maker of the popular Tecate, Sol and Dos Equis beers, will put on hold investments in 2009 and focus on slashing nonessential spending during the hard times.

Mexico's economy, which is expected to contract around 5 percent this year, has been slammed by plunging U.S. demand for its exports. Consumers have cut spending as exporters axed hundreds of thousands of jobs.

Femsa's beer sales volume slipped 3 percent in Mexico in the first quarter, compared with the January-March period last year.

Asked about sales performance in the current quarter, Fernandez said: "We are going to have a small dip, but we're trying to compensate for that with other products."

April's Easter Week and a heat wave will help offset weak sales at some markets after a flu outbreak prompted the shutdown of restaurants and bars and scared away tourists at Mexico's main beach destinations.

According to Fernandez, Femsa maintains its goal to open 750 to 800 new Oxxo convenience stores ...More Info


Germany: Consumers turn to a relative newcomer Oettinger, analysts forecast another good month for beer sales

Last year European governments imposed smoking bans on restaurants, pubs and bars, which led to a large number of closures, especially in the UK. Beer consumption was affected less than feared, because home consumption, i.e. sales of supermarkets increased strongly, industry observers communicated earlier this month.

According to industry data, consumers favoured cheaper beers, brewers of less known and less advertised beers gained much better market shares.

In Germany it is reported that Oettinger, a relative newcomer, is the market leader with 6.6 mln hl in front of the largest traditional beer, Krombacher with 5.4 mln hl and InBev’s well known Beck’s beer with only 3.0 mln hl.

Germany’s monthly beer sales are estimated as follows: January – minus 18.3%, February – minus 4.4%, March – plus 3.5%.

Domestic malt call-offs in April point to another good month, analysts report.

There is one special feature in German beer statistics: alcohol-free and so-called malt beer, are not included in beer statistics. The two products represent 3.26 mln hl and require almost 50,000 tons of malt. German per capita beer consumption is still 111 litres/annum, including these special beers.


Australia: Foster’s completes purchase of a stake in Fiji and Samoa brewing operations

Foster's Group Limited announced on May, 15 it has completed the purchase Fijian Holdings Limited's 29.0% shareholding in Foster's Group Pacific Limited.

The company said earlier this month it agreed to purchase Fijian Holdings Limited's (FHL) 29.0% shareholding in Foster's Group Pacific Limited (FGPL) for F$13.26 per share.

The transaction values FHL's shareholding at F$40 million and increases Foster's ownership interest in FGPL to 89.6%.

FGPL owns and operates breweries and distilleries in Fiji and Samoa, producing and distributing various brands including Fiji Bitter, Fiji Gold and Vailima. Foster's purchased its initial stake in December 1957 and currently holds 60.6% of the shares in FGPL.


Poland: SABMiller acquires full ownership of its Polish brewing subsidiary

SABMiller plc announced on May, 14 that it has agreed to acquire the outstanding 28.1% minority interest in its Polish subsidiary, Kompania Piwowarska S.A., from Kulczyk Holding S.A. ('Kulczyk Holding') in exchange for 60 million new SABMiller shares.

Following completion of the transaction, SABMiller will own 100% of Kompania Piwowarska. Based upon SABMiller's closing share price of £12.20 on 13 May 2009, the implied value of the consideration is US$1,110 million (Based on an exchange rate of £1=US$1.517. Source: Bloomberg, 13 May 2009).

Following completion of the transaction, Kulczyk Holding will hold approximately 3.8% of the issued share capital of SABMiller. Kulczyk Holding has agreed to restrictions on the disposal of its shares for a three year period, with a limited number of shares eligible for disposal in each year. Any disposals will be subject to orderly market arrangements. The transaction is subject to admission to listing of the SABMiller shares.

SABMiller said it believes that owning 100% of its largest and most profitable business unit in Europe will be of significant strategic benefit in the medium term. In the current financial year, the transaction is expected to have no material impact on earnings per share on a pro forma ...More Info


South Africa: South African Breweries Ltd reports a 2% drop in lager sales in the twelve months to end March 2009

Following the release of SABMiller plc's preliminary results for the period to end March 2009, the South African Breweries Limited (SAB) has announced on May, 14 a solid performance with a volume trend in line with expectations.

In an economic environment marked by consumer spending hampered by high interest rates and high fuel prices, SAB's revenue grew by 11% on a constant currency basis. EBITA declined by 8% on a constant currency basis to US$764 mln due to increased commodity and energy costs and higher inflation, which in turn increased production costs per hectolitre in ZAR by 23%. EBITA was also adversely impacted by the reversal of foreign currency gains booked in the prior financial year on procurement. The EBITA margin declined to 19.3%, although this was an improvement on the half-year margin. Lager volumes were down 2% (25.95 mln hl), largely affected by the absence of Easter trading in the reporting period, a decline in both premium and flavoured alcoholic beverage volumes and regional regulatory impacts. The mainstream category, which accounts for the vast majority of total lager sales, remained in growth supported by strong performances by both Hansa Pilsener and Castle Lager.

Two premium lager brands, Grolsch ...More Info


Barley News

Canada: Western Canada may seed more barley than expected

The area seeded to barley by producers in Western Canada may actually be higher than anticipated despite cash bids for the commodity remaining depressed, Resource News International reported on May, 13.

"While it's hard to conceive that barley area will increase given the poor cash bids for the commodity and the likelihood those values will remain depressed heading into the 2009-10 crop year, current weather conditions could still cause seeded area to be even larger," said Mike Jubinville, an analyst with ProFarmer Canada in Winnipeg.

Barley, he noted, is a short-season crop and given that producers have not been very successful in seeding due to wet conditions in eastern Saskatchewan and most of Manitoba, the crop may still get some serious consideration.

Statistics Canada in its April 24 planting survey estimated seeded area to barley in Canada this spring at 9.476 million acres, up from the 2008 level of 9.357 million.

Most industry participants are of the belief that barley area needs to be lower, especially with prices reflecting the large supply situation, said Chris Beckman, an analyst with the market analysis division of Agriculture and Agri-Food Canada in Winnipeg.

"Producers normally use prices as a guideline for determining what to plant in the spring, ...More Info

Scientific Digest

A Semi-Quantitative Method for the Detection of Trace Amounts of Native Collagen in Beer

Kathleen Hofman, Kim Bulling, Susan Marshall1 and Terry Chadderton

Abstract:
J. Inst. Brew. 114(3), 257–261, 2008 Concerns about the potential allergenicity of collagen proteins remaining after beverage fining have necessitated development of methods to detect collagen in beer at very low concentrations. We have developed a semi-quantitative SDS-PAGE/densitometer method suitable for use in brewer’s laboratories, for detection of residual native collagen at levels as low as 0.03 ppm (depending on the beer). The method is based on the fibril-forming properties of collagen molecules at elevated ionic strength. It will not detect denatured collagens so cannot be used on pasteurised beers. For a quantitative reference that compensates for significant differences in beer composition, and the different fining agents, a known amount of the acid-soluble fraction of the fining agent is added to the test beer to set limits of detection for the test. Densitometer results from the SDS-PAGE gels can vary with sample volume, depending on background interference but this can be reduced by careful selection of gel loading volumes. Fining out of the added collagen occurs in some beers, so less collagen is detected in the reference samples than expected. However, as long as densitometer readings for the sample are below those of the spiked reference, then collagen levels can be declared with confidence as being less than those of the reference. Key words: Beer, collagen, fining... Load full article, 5 pages, 6520 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3589 May 15, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  106.00  144.50  148.00  201.50 
2RS  Prestige  105.00  143.00  147.00  200.00 
2RS  Cellar  104.00  141.50  146.00  198.50 
2RS  Sebastien  103.00  140.00  145.00  197.50 
2RS  Tipple  103.00  140.00  145.00  197.50 
2RS  Henley  103.00  140.00  145.00  197.50 
6RW  Esterel   101.00  137.50  134.00  182.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3589 May 15,2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 101.00 137.24


Theoretical Malt Prices

EURO = USD 1.3589 May 15, 2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  May 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  319.00  433.50  350.50  476.00  342.50  465.50  357.00  484.50 
2RS  Prestige  318.00  432.00  349.00  474.50  341.50  463.50  355.50  483.00 
2RS  Cellar  316.50  430.00  347.50  472.50  340.00  462.00  354.50  481.50 
2RS  Sebastien  315.50  428.50  346.50  471.00  339.00  460.50  353.00  479.50 
2RS  Tipple  315.50  428.50  346.50  471.00  339.00  460.50  353.00  479.50 
2RS  Henley  315.50  428.50  346.50  471.00  339.00  460.50  353.00  479.50 
2RS   Average price  316.50  430.00  347.50  472.50  340.00  462.00  354.50  481.50 
6RW  Esterel   312.00  425.00  344.00  467.50  336.50  457.00  350.50  476.50 
Asia Malt 70/30  315.50  428.50  346.50  471.00  339.00  460.50  353.50  480.00 
**  Asia Malt 50/50  314.50  427.50  346.00  470.00  338.50  459.50  352.50  479.00 


EURO = USD 1.3589 May 15, 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  362.00  492.00  393.50  534.50  385.50  524.00  400.00  543.50 
2RS  Prestige  361.00  490.50  392.00  532.50  384.50  522.50  398.50  541.50 
2RS  Cellar  359.50  488.50  391.00  531.00  383.00  520.50  397.50  540.00 
2RS  Sebastien  358.50  487.00  389.50  529.50  382.00  519.00  396.00  538.50 
2RS  Tipple  358.50  487.00  389.50  529.50  382.00  519.00  396.00  538.50 
2RS  Henley  358.50  487.00  389.50  529.50  382.00  519.00  396.00  538.50 
2RS   Average price  359.50  488.50  391.00  531.00  383.00  520.50  397.50  540.00 
6RW  Esterel   344.00  468.50  376.00  511.00  368.50  500.50  382.50  520.00 
Asia Malt 70/30  355.50  482.50  386.50  525.00  378.50  514.50  393.00  534.00 
**  Asia Malt 50/50  352.50  478.50  383.50  521.00  375.50  510.50  390.00  530.00 

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

Prices Evolution

Prices evolution

Table of the Week

EU Malt Export Licence Fixations

(in tonnes) 2006-2007 2007-2008 July 01, 2008 -
February 28, 2009
France 460,829 357,498 200,768
Germany 239,633 352,420 165,294
Belgium 531,606 578,586 569,374
Bulgaria 1,270 2,860 551
U.K. 114,156 106,867 82,045
Finland 70,783 60,217 24,627
Denmark 72,374 99,380 40,446,729
Sweden 90,550 96,700 55,576
Netherlands 78,754 90,756 70,345
Ireland 2,250 - -
Italy 181 3,148 2,007
Austria 22,743 9,085 3,141
Spain - - 12,634
Romania - 500 -
Portugal 992 476 654
Czech Republic 41,769 25,203 8,827
Poland - 2,025 768
Hungary 5,474 2,638 3,235
Slovakia 23,157 16,645 9,299
Latvia 2,127 1,485 220
Lithuania 172 1,855 513
Total EU 2,180,986 1,756,691 1,250,324

Total Roasted malt, tonnes
July 01, 2008 - February 28, 2009 24,050
Total 2006 - 2007 30,084
Total 2007 - 2008 28,177
Note: Eurostat statistics of actual export shipments (there are no licence fixations any more)
Graph of the Week



These Days in Business History
May 14
1872 Metropolitan Gas Company lamps lit for 1st time
1881 World's 1st elec tram goes into service in Lichterfelder (near Berlin)

May 15
1878 The Tokyo Stock Exchange Co., Ltd., is established, primarily to trade bonds.
1905 Las Vegas, Nevada founded
1941 The world’s first successful jet aircraft, a Gloster E28/39 powered by a W1 engine designed by Frank Whittle, takes off and lands at Farnborough, England.

May 16
1911 Supreme Court dissolves Standard Oil with the Sherman Antitrust Act
1930 Two Texas engineers found a company called Geophysical Service Inc. to use seismographic technology to improve the business of exploring for oil.
1949 The Tokyo Stock Exchange, originally founded in 1878, reopens for business after the devastation of World War II.

May 17
1892 George Sampson patents clothes dryer
1921 Belgian-Luxembourg sign customs union
1968 European Space Research Org launches 1st satellite
Agenda