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E-Malt.com Newsletter 21a
May 18 - May 20, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"I recommend... bread, meat, vegetables and beer"
Sophocles' philosophy of a moderate diet
Currency Rates
Base Currency: Euro, EUR
on 20-May-2009

1 EUR = 1.3593 USD
1 EUR = 0.8816 GBP
1 EUR = 1.5766 CAD
1 EUR = 1.7642 AUD
1 EUR = 130.889 JPY
1 EUR = 2.8058 BRL
1 EUR = 43.4129 RUB
1 EUR = 9.2912 CNY
Base Currency: US Dollar
on 20-May-2009

1 USD = 0.7357 EUR
1 USD = 0.6486 GBP
1 USD = 1.1599 CAD
1 USD = 1.2976 AUD
1 USD = 96.2877 JPY
1 USD = 2.0641 BRL
1 USD = 31.9367 RUB
1 USD = 6.8351 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

May 20, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR108.0-112.0 5.77% EUR146.0-150.0 1.37%
6rw Barley EUR105.0-109.0 5.94% EUR134.0-138.0 1.49%
2rs Malt EUR322.0-326.0 2.37% EUR360.0-364.0 0.70%
6rw Malt EUR317.5-321.5 2.40% EUR344.5-348.5 0.73%
Feed Barley EUR103.0-107.0 3.96% 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

Australia: Lion Nathan makes positive revision to FY09 outlook as the first half yields good results ...Click here
Thailand: Thai Bev says first quarter beer sales revenue fell 33.2% drowned by raw materials and packaging costs ...Click here
Singapore & India: Asia Pacific Breweries to acquire the remaining stake in its Indian joint venture ...Click here
Poland: SABMiller’s Kompania Piwowarska increases sales by 3.9% in FY09 amid decline in Poland’s brewing industry ...Click here
Mexico: Beer exports fall to the level of 2003 in the first quarter of this year ...Click here
South Korea: Beer consumption and shipments increase in 2008 ...Click here
Canada: Labatt sues Brick Brewing for similarity in beer packaging ...Click here
Canada & Australia: Viterra and ABB Grain sign a takeover implementation agreement ...Click here
India: Barley trade slows down as maltsters reduce procurements ...Click here
Australia: ABB Grain reports results of the six months to March, 31 ...Click here




World: Morgan Stanley prefers SABMiller’s shares because of its leadership in some of the most attractive beer markets ...More Info
Denmark: Carlsberg places EUR and GBP notes maturing in 2014 and 2016 respectively ...More Info
Romania: Brewing giants now to fight for market share - expert ...More Info
Japan: April’s beer shipments increase due to a surge in third-category beer sales ...More Info
United Kingdom: UK’s suppliers’ association condemns Carlsberg for stalling payments for up to 95 days ...More Info
India: Cobra Beer overhauls operations in order to combat the ongoing recession ...More Info
United States: MillerCoors chief marketing officer to revive Miller Lite with some of the tricks that boosted Coors Light sales ...More Info
Argentina: Barley acreage almost doubles on lower export taxes ...More Info
Nigeria: Nigeria’s two main brewers not fearing SABMiller’s competition ...More Info
United Kingdom: Heineken UK to stay for a while without a managing director ...More Info
United Kingdom: Nomura says SABMiller’s growth may re-emerge in the second half of 2009 ...More Info
Russia & Azerbaijan: Baltika’s upgraded Azeri brewery to be inaugurated on May, 20 ...More Info
Zimbabwe: Delta Beverages hopes to sell higher lager volumes this year despite competition with imported beer ...More Info
Latvia: Carlsberg Group wishes to consolidate on Latvia’s market – vice-president ...More Info
United States: A poll shows beer remains America’s preferred beverage supported by strong demand from men ...More Info
Finland: Finland’s small craft brewers get a chance to expand sales through Hartwall’s restaurant channel ...More Info
United Kingdom: Molson Coors launches Carling beer in bottles indicating the calorie content ...More Info
United States: Wisconsin’s brewers say they can’t afford to absorb a quintupled tax on beer ...More Info
Sierra Leone: Sierra Leone Brewery claims it is not selling expired Heineken ...More Info
Go to our news database with more than 15026 articles.
Today with the possibility to be translated in 7 different languages!
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Brewery News

Australia: Lion Nathan makes positive revision to FY09 outlook as the first half yields good results

Lion Nathan, Australia’s second-largest brewer, announced on May, 20 its full statutory interim results for the six months ended 31 March 2009.

The company recorded a net profit after tax (NPAT) of A$176 mln, an increase of 6.9% on the prior calendar period.

Australia

Underpinning the result was the excellent performance of Lion Nathan Australia, which grew operating EBIT by an impressive 12.7% to A$280.3 mln (reported EBIT grew 14.8%). Net sales revenue rose 11.3% in the period and total volumes increased by 4.6%.

The benefits of upweighted brand investment were seen in the strength of the core brands with Tooheys Extra Dry, XXXX Gold and Tooheys New all performing ahead of their respective market segments, Lion Nathan said. Premiumisation and wellbeing trends are still thriving in the market. Hahn Super Dry grew volumes by just under 50% in the half, outstripping the already high growth rate for the low-carb category. Craft beer sales increased through the James Squire trademark with volumes up 14% for the half.

The company said the Boag’s trademark continues to perform very well and is set to contribute strongly to an accelerated second half performance.

New Zealand

Lion Nathan’s New Zealand business performed well to achieve a 3.1% improvement in EBIT ...More Info


Thailand: Thai Bev says first quarter beer sales revenue fell 33.2% drowned by raw materials and packaging costs

Thai Beverage Plc (Thai Bev), Thailand's leading brewer, said the sales revenue of its beer division decreased by 33.2% to Bt 7.9 bln in the first quarter of this year.

The company’s beer volume dropped 33.65 to 159 mln litres over the reporting period. Cost of goods sold increased to 83.2% of the brewer’s sales revenue.

Thai Bev’s EBITDA plummeted by a shocking 75.6% to Bt 392 mln as compared to Bt1.6 bln in Q1 2008 due to low sales and increased raw material and packaging costs. EBITDA margin grew 4.9% as compared to a 13.5% increase registered in the same period last year.

The brewer’s net profit fell by 121.1% to Bt161 mln from Bt762 mln a year ago. Beer profit margin also contracted 2 per cent, from positive 6.4 per cent in the same period last year.

Thai Bev said its brewing division contributed 5.3% less to the group’s total net profit in the first quarter of 2009 as compared to the first quarter of 2008. Sales of beer account for 28.7% of the group’s total sales, it is reported.

According to the brewer’s official statement, sales of its flagship Chang beer continue to grow in the UK and move according to plan ...More Info


Singapore & India: Asia Pacific Breweries to acquire the remaining stake in its Indian joint venture

Singapore-based Asia Pacific Breweries (APB) announced on May, 18 that it has entered into an agreement to acquire the remaining 33% stake in Asia Pacific Breweries - Pearl Private Limited (APB Pearl) from Jaipuria Beverages & Food Industries Private Limited and its nominees.

APB said the sale shares have a par value of INR 10 each and the aggregate consideration is INR 134,650,000 (approximately S$4.0 million) paid in cash.

APB Pearl is a joint venture partnership set up by APB and Jaipuria Beverages & Food Industries in Andhra Pradesh state to supply India’s biggest beer market with the Tiger and Anchor brands. Pursuant to the acquisition, APB Pearl will be a wholly owned subsidiary of Asia Pacific Breweries.

The consideration for the sale shares was arrived at on a willing-buyer willing-seller basis, APB said. The sale shares have a negative net asset value of approximately S$1.3 million based on the unaudited accounts of APB Pearl as at 31 March 2009.

APB Pearl will also redeem all the 7,510,000 redeemable preference shares having a par value of INR 10 each held by Jaipuria for an amount of INR 75,100,000 (approximately S$2.2 million) in cash.

Asia Pacific Breweries said the purchase of the sale shares will ...More Info


Poland: SABMiller’s Kompania Piwowarska increases sales by 3.9% in FY09 amid decline in Poland’s brewing industry

In the financial year 2009 ended on March 31, 2009, the domestic sales of SABMiller’s Kompania Piwowarska surpassed the level of 15 mln hectolitres and thus registered an increase by 3.9% in comparison to the sales results gained in the previous year, the parent company reported on May, 14.

Within that period, the sales of the whole brewing industry reached 34.9 mln hl (a decrease of 1.5%). The market share of Kompania Piwowarska increased by 2.2 percentage points, reaching 42.9% (from the level of 40.7% in the previous year).

Tyskie remained the bestselling brand among all Polish beers and registered an increase in market share to 17.3%. Also the sales of the Żubr brand grew to the level of 13%. Żubr is now the second leading brand in the Polish beer market in terms of sales. The Lech brand also increased its sales and market share.

The brewer’s revenues increased by 9.1% to 4.7 bln zloty, and its net profit grew by 2.4% to 757 mln zloty.

The revenues per 1 hectolitre grew by 6%, among others, due to three price increases introduced in the past year to counterbalance the cost pressure. The introduction of a significantly higher excise tax (13.6%), effective ...More Info


Mexico: Beer exports fall to the level of 2003 in the first quarter of this year

The first quarter of 2009 saw the volume of Mexico’s beer export fall to the lowest level in 6 years, El Semanario reported on May, 19.

Combined exports of Grupo Modelo and FEMSA decreased by 5% to about 3.866 mln hl as compared to the first quarter of 2008, sources inform.

The drop resulted from strong competition in the US beer market and global financial crisis. Besides, American consumers are switching from premium to mainstream beer.

Modelo and FEMSA have not foreseen such a drastic change in export volumes for the short term. Credit Suisse forecasts Modelo’s total export volume will drop 0.5% this year.


South Korea: Beer consumption and shipments increase in 2008

Shipments of South Korea’s alcoholic beverages, including beer, increased almost 23 percent last year, The Korea Herald reported on May, 19.

Data from the National Tax Service showed that Korea exported a total of 228 million litres of beer and other alcoholic drinks to 65 countries in 2008, a 22.9 percent increase from the previous year.

Japan was the No. 1 destination, knocking back 131 million litres, more than half of the total, followed by Hong Kong and Mongolia with 45 million litres and 14 million litres, respectively.

Korean beer enjoyed rising demand overseas, with a 23 percent increase in the shipments from the previous year.

More than 60 percent of beer shipments were to Hong Kong.

"Korean beer products are gaining popularity not only in Hong Kong but also in Mongolia and Iraq," an official of the agency said.

Local consumption on beer and soju has also surged in 2008.

Beer was the most popular liquor by volume with 2.05 billion litres consumed (+ 3.8%), followed by soju with 1 billion litres.

This means the average adult drank 110 500 ml bottles of beer last year, the tax agency said.

Officials pointed out that the consumption of beer increased due to ...More Info


Canada: Labatt sues Brick Brewing for similarity in beer packaging

Brick Brewing Co. Limited, Ontario's largest Canadian-owned and Canadian-based publicly held brewery, announced on May, 19 that it has received a Statement of Claim commenced by Labatt Brewing Company Limited in Canada's Federal Court claiming, among other things, infringement of Labatt's Brava beer trademarks, depreciation of the goodwill associated with the Brava marks and that beer consumers are confused between Brick's Red Baron beer and Labatt's Brava beer.

According to Brick Brewing, Labatt is seeking an interim, interlocutory and permanent injunction against Brick as well as damages or an accounting of profits from Brick's sales of Red Baron since adopting its new packaging. When Labatt bought Lakeport in 2007 they acquired the Brava brand.

Brick Brewing recently received funding from the Government of Ontario to market their brands and used a considerable amount to re-launch the Red Baron brand in bold new packaging with 4.8% alcohol by volume. Brick also invested in billboard and print advertising along with a new radio campaign. Labatt is claiming that the colour scheme and bottles are too similar to Brava and this could result in irreparable harm to the Brava brand. Red Baron currently represents less than 0.5% of all sales through The Beer Store (TBS).

George ...More Info


Barley News

Canada & Australia: Viterra and ABB Grain sign a takeover implementation agreement

ABB Grain Ltd. (ABB) and Viterra Inc. (Viterra) announced on May, 19 they have signed an Implementation Agreement under which Viterra proposes to acquire all the issued and outstanding shares in ABB for a mixture of cash and scrip via a scheme of arrangement, which will be subject to shareholder and court approval.

The transaction, valued at approximately A$1.6 billion (C$1.4 billion (1)), is comprised of a combination of cash and shares, including a special dividend to be paid by ABB, it is reported.

• The value range is A$9.11 - A$9.41(1) per share (which includes a special cash dividend of A$0.41 per share to be paid by ABB); and

• The value range increases up to A$9.29 – A$9.59 (¹) per share for certain classes of shareholders who benefit from franking on the special cash dividend2.

The ABB Directors unanimously recommend that ABB shareholders vote in favour of the proposed scheme of arrangement, in the absence of a superior proposal and subject to an independent expert concluding that the proposal is in the best interests of ABB shareholders. The transaction has also been unanimously approved by the Board of Directors of Viterra.

Summary of the Proposed Terms

ABB shareholders will be ...More Info


India: Barley trade slows down as maltsters reduce procurements

The malt industry and distilleries have slowed down barley procurement from India’s largest markets, as the raw material is expected to be adequately available round the year, since multinational trading firms, including Cargill and Glencore, have chosen not to procure this season, the Business Standard reported on May, 19.

According to trading sources, companies like United Breweries, The Malt, Barmalt and Imperial Malt have reduced their buying as barley prices have crashed by Rs 100 a quintal in the last fortnight to Rs 800 a quintal.

Suresh Vashistha of Shrimadhopur-based trading firm Shiv Enterprises said, “Better crop-size coupled with improved yield, has flooded the market with barley. Exports are almost negligible as global market price is lower than the domestic market. Consequently, international trading firms have found no viability in barley procurement this year.”

India’s overall barley production is estimated close to 2 million tonnes, 20 per cent higher than last year. Rajasthan, Punjab, Haryana, Uttar Pradesh and Madhya Pradesh are the main barley producing states.

After arrivals begin, malt making factories normally procure over 60 per cent of their requirement during April-June. “However, this year, since malt industries are assured of continuous supply throughout the year, that too at lower prices, they have ...More Info


Australia: ABB Grain reports results of the six months to March, 31

Premier Australian maltster and barley trader, ABB Grain Ltd, reported on May, 20 an underlying net profit after tax (NPAT) of A$30.6 million for the half-year ended 31 March 2009, which is A$3.0 mln or 9% down on the previous half-year.

The half year result was adversely affected by the write-down of stock values and losses incurred in the fertiliser business of A$9.8 mln after tax, due to a significant fall in global fertiliser prices. Before the fertiliser losses, a strong underlying NPAT of A$40.5 mln was recorded, the agribusiness said.

ABB announced a fully franked interim dividend of 10.0 cents per share, to be paid on 30 June 2009, with a record date of 16 June 2009.

Managing Director, Michael Iwaniw, said that although the result was not as strong as he would have liked it was solid considering the challenging environment.

The full-year underlying profit expectation has been revised to A$53 mln to A$63 mln to reflect first half fertiliser and other losses. This is before expected net one-off items of approximately A$6.0 mln after tax, principally representing due diligence costs associated with the AWB and Viterra proposals. A full-year result in the above range reflects an improvement ...More Info

Scientific Digest

Analytical-Sensory Determination of Potential Flavour Deficiencies of Light Beers

Sofie Malfliet, Koen Goiris, Guido Aerts and Luc De Cooman

Abstract:
J. Inst. Brew. 115(1), 49–63, 2009 Although currently light beers have a high market share in the US, this beer style is still not accepted on the European continent because light beers are considered watery, mainly on account of lack of mouthfeel. In this paper, the flavour quality, including flavour stability, of five commercial light beers was evaluated in comparison with their corresponding pilsner beers derived from the same breweries. Through detailed physicochemical and sensory evaluation, followed by multivariate data analysis, the fresh beers could be differentiated according to their origin (US or European) and beer style (light or pilsner). Potential flavour deficiencies of fresh light beers were determined as too much sweetness, lack of bitterness, and especially reduced fullness. As a result, the fresh light beers were less preferred than their corresponding pilsner. Upon ageing, the light beers were generally less flavour stable than their pilsner counterparts. This is mainly ascribed to increased sensory perception of cardboard and ribes staling flavours in most aged light beers. Nevertheless, based on detailed analytical/sensory investigation, it was clearly demonstrated that one of the light beers involved in this study showed enhanced flavour stability with respect to all other beers, including the pilsner beers. Key words: flavour deficiencies, flavour stability, light beer, multivariate statistical analysis. Load full article, 15 pages, 2026 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3593 May 20, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  112.00  152.50  150.00  204.00 
2RS  Prestige  111.00  151.00  149.00  202.50 
2RS  Cellar  110.00  149.50  148.00  201.50 
2RS  Sebastien  109.00  148.50  147.00  200.00 
2RS  Tipple  109.00  148.50  147.00  200.00 
2RS  Henley  109.00  148.50  147.00  200.00 
6RW  Esterel   107.00  145.50  136.00  185.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3593 May 20,2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 105.00 142.72


Theoretical Malt Prices

EURO = USD 1.3593 May 20,2009 
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  326.50  443.50  357.50  486.00  350.00  475.50  364.00  495.00 
2RS  Prestige  325.50  442.00  356.50  484.50  348.50  474.00  363.00  493.50 
2RS  Cellar  324.00  440.50  355.00  482.50  347.50  472.50  361.50  491.50 
2RS  Sebastien  322.50  438.50  354.00  481.00  346.50  470.50  360.50  490.00 
2RS  Tipple  322.50  438.50  354.00  481.00  346.50  470.50  360.50  490.00 
2RS  Henley  322.50  438.50  354.00  481.00  346.50  470.50  360.50  490.00 
2RS   Average price  324.00  440.50  355.00  482.50  347.50  472.50  361.50  491.50 
6RW  Esterel   319.50  435.50  351.50  477.50  344.00  467.50  358.00  486.50 
Asia Malt 70/30  323.00  439.00  354.00  481.50  346.50  470.50  360.50  490.00 
**  Asia Malt 50/50  322.00  438.00  353.50  480.50  345.50  469.50  360.00  489.00 


EURO = USD 1.3593 May 20, 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  364.50  495.50  395.50  538.00  388.00  527.50  402.50  546.50 
2RS  Prestige  363.50  494.00  394.50  536.50  387.00  525.50  401.00  545.00 
2RS  Cellar  362.00  492.00  393.50  534.50  385.50  524.00  400.00  543.50 
2RS  Sebastien  361.00  490.50  392.00  533.00  384.50  522.50  398.50  541.50 
2RS  Tipple  361.00  490.50  392.00  533.00  384.50  522.50  398.50  541.50 
2RS  Henley  361.00  490.50  392.00  533.00  384.50  522.50  398.50  541.50 
2RS   Average price  362.00  492.00  393.50  534.50  385.50  524.00  400.00  543.50 
6RW  Esterel   346.50  472.00  378.50  514.50  371.00  504.00  385.00  523.50 
Asia Malt 70/30  357.50  486.00  389.00  528.50  381.50  518.00  395.50  537.50 
**  Asia Malt 50/50  354.50  482.00  386.00  524.50  378.50  514.00  392.50  533.50 

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

German Barley Production 1998/99 – 2008/09

  Winter Barley Spring Barley Total Barley
  Area
'000 ha
Yield
t/ha
Prod-n
'000 tons
Area
'000 ha
Yield
t/ha
Prod-n
'000 tons
Area
'000 ha
Yield
t/ha
Prod-n
'000 tons
1998/99 678 5 3309 1502 6 9203 2180 6 12512
1999/00 836 5 4281 1377 7 9062 2213 6 13343
2000/01 1446 6 9228 621 5 2871 2067 6 12099
2001/02 1472 7 10437 639 5 3052 2111 6 13489
2002/03 1360 6 8261 609 4 2662 1969 6 10923
2003/04 1323 5 6979 751 5 3617 2075 5 10596
2004/05 1365 7 9636 614 6 3357 1979 7 12993
2005/06 1345 7 8819 602 5 2795 1947 6 11614
2006/07 1483 6 9451 542 5 2515 2025 6 11966
2007/08 1424 6 8280 493 4 2105 1917 5 10385
2008/09f 1423 7 9406 545 5 2608 1968 6 12014
Source: Statistisches Bundesamt, BMELV
Graph of the Week



These Days in Business History
May 18
1801 Well over a century after stock trading began in Britain, the cornerstone of the stock exchange building is finally laid in the City of London.
1822 Frederic Passy is born, French economist/pacifist, Nobel 1901
1954 European Convention on Human Rights goes into effect

May 19
1892 Charles Brady King invents pneumatic hammer
1913 William Reddington Hewlett is born, American Businessman
1939 1st regular transatlantic airmail (New York to Marsseille France)

May 20
1806 John Stuart Mill is born, UK, philosopher/political economist/Utilitarian
1875 International Bureau of Weights and Measures forms by treaty
1892 Charles Brady King invents pneumatic hammer
Agenda