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E-Malt.com Newsletter 23a
June 01 - June 03, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"Many battles have been fought and won by soldiers nourished on beer."
Frederick the Great
Currency Rates
Base Currency: Euro, EUR
on 03-June-2009

1 EUR = 1.4207 USD
1 EUR = 0.863 GBP
1 EUR = 1.5462 CAD
1 EUR = 1.747 AUD
1 EUR = 136.517 JPY
1 EUR = 2.8307 BRL
1 EUR = 44.0029 RUB
1 EUR = 9.715 CNY
Base Currency: US Dollar
on 03-June-2009

1 USD = 0.704 EUR
1 USD = 0.6074 GBP
1 USD = 1.0884 CAD
1 USD = 1.2296 AUD
1 USD = 96.0952 JPY
1 USD = 1.9925 BRL
1 USD = 30.9733 RUB
1 USD = 6.8383 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

June 03, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR114.0-118.0 EUR150.0-154.0
6rw Barley EUR109.0-113.0 EUR137.0-141.0
2rs Malt EUR330.0-334.0 0.15% EUR365.0-369.0
6rw Malt EUR322.5-326.5 EUR348.0-352.0
Feed Barley EUR105.0-109.0 1.90% 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

United Kingdom: Molson Coors & Cobra Beer form a joint venture ...Click here
United States: Beer market growth will not slow too sharply in 2009–2012 - MillerCoors ...Click here
Denmark: Carlsberg to reduce exposure to Russia by expanding in Asian markets ...Click here
South Korea: Affinity Equity Partners may become the second-largest shareholder of Oriental Brewery - report ...Click here
Singapore: Asia Pacific Breweries says no Indian merger with United Breweries in the near future ...Click here
Russia: Beer sales forecast to make just 100.5 mln hl this year ...Click here
India: Cobra Beer India to seek funds from private individuals and private equity investors ...Click here
Canada: Brick Brewing sues its founder for committing wrongs and causing significant damages ...Click here
Denmark & Poland: Royal Unibrew completes sale of Polish brewery ...Click here
Australia: Australian Competition and Consumer Commission not to intervene in ABB Grain’s takeover by Viterra Inc. ...Click here




United Kingdom: UK third in beer tax levels chart - BBPA ...More Info
South Korea: KKR & Co. agrees on loan terms to pay for Oriental Brewery - sources ...More Info
United States: MillerCoors beers taking the offensive on AB InBev’s Bud and Bud Light ...More Info
Mexico: Brewer Grupo Modelo cancels all foreign exchange coverage to protect itself from peso/dollar fluctuations ...More Info
Ukraine: SABMiller allocates US$27.1 mln to its Sarmat brewery ...More Info
South Africa: South African Breweries advances supply chain management ...More Info
India: United Breweries slams beer prices set by retailers in Karnataka ...More Info
Canada: Molson Coors appoints new CEO of its Canadian business ...More Info
Vietnam: New brewery under construction in southern Vietnam ...More Info
India: SABMiller trying to excite passion for its Indus Pride beer ...More Info
Ukraine: Carlsberg’s Lviv brewery increases production at a stepped-up tempo ...More Info
United States: The new owner of Oriental Brewery reports loss for 2008 ...More Info
Ukraine: Excise tax on beer to grow by 93.5% as from July ...More Info
Australia: Well-to-do beer lovers to be served a pricey brew next week ...More Info
United Kingdom: Molson Coors to focus Cobra beer distribution on curry houses, not pubs ...More Info
Russia: Heineken Russia presents unfiltered Edelweiss beer in aluminium cans ...More Info
United States: MillerCoors recalls a batch of subpar beer ...More Info
Hong Kong: Local beers scarce but still available ...More Info
Zimbabwe: Delta Beverage praised for beer price policy ...More Info
Malawi: Super premium segment welcomes Carlsberg Chill ...More Info
Go to our news database with more than 15121 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

United Kingdom: Molson Coors & Cobra Beer form a joint venture

Molson Coors (UK) and Cobra Beer announced on May, 29 the formation of Cobra Beer Partnership Ltd., a joint venture company that will own, produce and market the Cobra beer brand.

Cobra Beer Partnership Ltd will own the world rights to Cobra - with the exception of the Indian Sub-Continent area* – and will be managed by Molson Coors (UK), which holds a 50.1% share of the joint venture, securing the future of the Cobra brand and ensuring continuity of supply for customers and security of employment for some Cobra employees.

The JV will be chaired by Lord Karan Bilimoria, Cobra founder, with a board made up primarily of Molson Coors executives. Adrian Davey, formerly MD Molson Coors Off-trade, is appointed Managing Director of Cobra Beer Partnership Ltd.

Launched in 1989 by Lord Karan Bilimoria and positioned as an ‘exotic, less gassy beer’, Cobra has grown into a 200,000 barrel brand, distributed in more than 40 countries, and stocked by the majority of ethnic restaurants in the UK.

The rapid growth in popularity of Cobra, currently one of the UK’s fastest growing ‘world beer’ brands (+45% MAT to March 2009), drove an aggressive expansion plan over the past two years, but the business model ...More Info


United States: Beer market growth will not slow too sharply in 2009–2012 - MillerCoors

MillerCoors, the second-largest brewer in the United States, sees beer sales growth slowing less rapidly in the downturn than wine and spirits, Reuters communicated on June, 2.

The brewer of Miller Lite and Coors Light expects the U.S. annual beer market growth to slow to 0.6 percent in 2009-2012 from 0.9 percent in 2004-2008, compared with a steeper fall in spirits growth to 1.1 percent from 2.7 percent.

MillerCoors President and Chief Commercial Officer Tom Long said the group's premium light beers Miller Lite, Coors Light and Miller Genuine Draft 64 had grown market share by 1 percent point over the last nine months, and its Blue Moon beer was now the leading craft beer in the U.S. market.

In addition, the group's two economy brands Miller High Life and Keystone Light were both gaining share as some consumers traded down to cheaper brands.

The grouping, which combines the U.S. operations of SABMiller Plc and Molson Coors Brewing Co with nearly 30 percent of U.S. beer sales, reiterated it expects to make $500 million of synergy savings by the third year of its joint operations.

Long added that any extra cost savings found above the $500 million level would be invested back into the business ...More Info


Denmark: Carlsberg to reduce exposure to Russia by expanding in Asian markets

Danish brewing giant Carlsberg will try to reduce its substantial exposure to the volatile Russian beer market by further expanding in Asian markets, the Financial Times reported on June, 3.

"We do see Asia as being a place to expand and invest in," Jorgen Buhl Rasmussen, chief executive, said. He said that a stronger business in Asia - which today accounts for only 10 per cent of Carlsberg's sales volumes and 17 per cent of operating profits - would "balance" the company's exposure to Russia, which contributes about half of group profits.

The focus on Asia comes amid expectations of a slow economic recovery in Europe, with Mr Rasmussen forecasting that both 2009 and 2010 would remain "tough and very challenging".

He dismissed suggestions that Carlsberg's financial targets for 2009, including making a net profit of at least DKr3.5 bln ($672 mln), up from DKr2.6 bln last year, were not too bullish.

"The targets are challenging . . . but they're still feasible."

Carlsberg's shares have risen nearly 30 per cent since May 6, when it announced unexpectedly strong first-quarter earnings as it gained market share in Russia.

Still, the company's exposure to Russia, a country considered both politically and financially volatile, concerns investors, and Carlsberg ...More Info


South Korea: Affinity Equity Partners may become the second-largest shareholder of Oriental Brewery - report

Affinity Equity Partners Ltd., the Hong Kong-based buyout firm that manages about $4 billion, plans to buy a stake in KKR & Co.’s Oriental Brewery, two people with knowledge of the matter were quoted as saying by Bloomberg on June, 3.

Affinity may pay as much as $400 million to become the second-biggest shareholder of the Korean brewer, one of the people said, declining to be identified because talks are confidential. KKR, the private-equity firm run by Henry Kravis and George Roberts, agreed to buy Oriental Brewery for $1.8 billion from Anheuser-Busch InBev NV last month.

Buying a stake in South Korea’s second-biggest beer maker would mark Affinity’s fourth investment in an Asian consumer company and may be its biggest acquisition since being spun off from UBS AG’s regional private equity arm in 2004. Three of those investments are in South Korea, where consumer confidence rose to the highest in almost two years in May.

“Oriental Brewery would be a good investment over time once the economy really picks up, given its strong sales network,” said Cho Joon Hyuk, a Seoul-based fund manager at NH- CA Asset Management Co., which manages the equivalent of $1.2 billion in equities. “Investors will be ...More Info


Singapore: Asia Pacific Breweries says no Indian merger with United Breweries in the near future

Singapore-based Asia Pacific Breweries denied the possibility of an impending merger between its Indian operations and United Breweries, the Brewers’ Guardian reported on June, 1.

In a bid to reassure shareholders and end speculation that UB is set to swallow its Indian interests as part of a UB-Heineken peace deal, APB has publically dismissed the rumours about its fate on the sub-continent.

“APB wishes to clarify that the company has been in discussions with Heineken since Heineken's acquisition of Scottish and Newcastle [S&N], which has a stake in UB,” the firm said in a statement.

“There is neither an agreement nor any assurance that a definitive or binding agreement regarding APB's businesses in India will be entered into.”

A question mark has hung over the Tiger Beer brand-owner’s future in India after Heineken landed S&N’s 37.5% stake in United Breweries in its joint buyout of S&N with Carlsberg last April.

Following the deal, UB objected to Heineken gaining rights originally conferred to S&N. The presence of APB – a Singapore-based joint venture between Heineken and Fraser and Neave – presented another conflict for UB.

While UB has made public its discomfort at having a major shareholder with a large interest in a competitor, ...More Info


Russia: Beer sales forecast to make just 100.5 mln hl this year

According to a study conducted by BusinessStat, Russia’s beer market reached its maximum volume in 2007, and 2009 will see the market shrink further following the trend that emerged last year, Alcnet.ru communicated on June, 2.

The rapid grow of beer sales in 2006 – 2007 was due to irregular supplies of strong alcoholic beverages caused by the introduction of Russia's Unified State Automated System of Alcohol Record (EGAIS). The volume of Russia’s beer market reached record 120 mln hl in 2007, but dropped in 2008 to 114 mln hl as supplies of vodka to the sales outlets became stable, the study claims.

In 2009, the nation’s beer market will continue to shrink, experts forecast. Part of the consumers are expected to switch from beer to strong liquors as the higher alcohol content of the latter allows to economise. According to BusinessStat projection, this year beer sales will amount to just 100.5 mln hl.

In the long term, Russia’s beer market is forecast to resume growth but the highest demand will be for low-alcohol and low-carbon beer.


India: Cobra Beer India to seek funds from private individuals and private equity investors

Cobra Beer founder Karan Billimoria is planning to raise funds separately for investing in India to ramp up its business in the country, even as the firm entered into joint venture with UK-based brewing major, Molson Coors, the Economic Times posted on May, 31.

The 50.1: 49.9 joint venture (Cobra Beer Partnership Ltd) deal struck between the two firms on May, 29 had kept the Indian operations of Cobra beer out of the purview.

"Currently, I am working on raising money for the Indian business...the amount raised would be spent on completing the acquisitions of brewery in Bihar and promoting Cobra beer in the country," Cobra Beer founder and Chairman Karan Billimoria said.

He said Cobra’s Indian unit will raise funds from private individuals and private equity investors for taking forward the operations. “We will decide on the quantum of capital required for India in the next few weeks and start a fresh process almost from the scratch. We have the perpetual licensing rights for Cobra brand in India, which we can assign to anyone (if needed),” he added.

Asked about the company's plans in India, he said," Our immediate plan is to increase the brewing capacity in India to five million cases ...More Info


Canada: Brick Brewing sues its founder for committing wrongs and causing significant damages

Brick Brewing Co. Ltd., Ontario's largest Canadian-owned and Canadian-based publicly held brewery, announced on June, 2 it has recently discovered that its founder, Mr. James R. Brickman, committed wrongs against the company for several years and caused the company significant damages.

As a result, the brewer’s Board of Directors instructed its legal counsel to commence legal proceedings in the Ontario Superior Court of Justice against Mr. Brickman to recover these damages. The company served papers on Mr. Brickman, beginning this lawsuit, on June, 2.

Mr. Brickman departed his role as Executive Chairman of Brick Brewing in December 2008 and resigned from the company's Board of Directors in February 2009.

The statement of claim in this lawsuit outlines Brick Brewing's allegations against Mr. Brickman and claims damages in excess of C$1 million.

"It is most unfortunate that this has come to light," noted George Croft, President & CEO. "The Board of Directors is very disappointed, but must act according to its duties and obligations, and pursue this matter on behalf of all Brick Brewing shareholders."

Jim Brickman, 56, said he is "very disappointed" by allegations levelled against him in a new lawsuit filed by the company, saying the claims sully his years of hard work building ...More Info


Denmark & Poland: Royal Unibrew completes sale of Polish brewery

Danish brewer Royal Unibrew reported on June, 2 that the sale of its brewery in Koszalin, Poland, to the Polish brewery group Van Pur has finally been completed following approval by the Polish Office of Competition and Consumer Protection.

Royal Unibrew first said it entered into sale agreement with Van Pur on March, 27 this year. The agreement stipulated the sale its Polish brewery facilities in Koszalin and the transfer of the employees to the buyer.

A further agreement has been entered into with Van Pur concerning the sale of Royal Unibrew’s Polish brands, which are mainly sold in the region of Koszalin, and certain assets connected to sales in the area, the Danish brewer said.

In total, the two transactions will yield proceeds of approx. DKK 35 million to Royal Unibrew.

The transactions will not change the previously communicated expectations to the Group’s results for 2009.

The sale of the brewery and activities in the Koszalin region is part of the announced strategic initiatives for Poland. The remaining restructuring initiatives will continue as planned, Royal Unibrew said.


Barley News

Australia: Australian Competition and Consumer Commission not to intervene in ABB Grain’s takeover by Viterra Inc.

ABB Grain Limited announced on June, 3 that it has received notice from the Australian Competition and Consumer Commission (ACCC) that the ACCC does not propose to intervene, pursuant to section 50 of the Trade Practices Act, in the proposed scheme of arrangement with Viterra Inc., announced to the Australian Securities Exchange on 19 May 2009.

The transaction remains subject to regulatory, shareholder and court approvals, as well as other conditions, ABB Grain said.

Scientific Digest

Optimised Acidification Power Test of Yeast Vitality and its Use in Brewing Practice

P. Gabriel, M. Dienstbier, D. Matoulkova, K. Kosar and K. Sigler

Abstract:
J. Inst. Brew. 114(3), 270–276, 2008 The optimised acidification power test (APT) of brewer’s yeast quality includes storing the yeast slurry at 2°C under beer (AP remains constant for up to 6 days), a 15 min sample equilibration to room temperature, decantation, and washing by triple centrifugation in deionised water. The final yeast pellet keeps its AP for up to 6 h at room temperature under water and thus the APT does not need to be performed immediately after yeast collection. The correct AP value (maximum acidification produced by given yeast) is determined at 25 ± 0.1°C in a 15 mL sample containing >5% glucose and >1.5 g yeast wet weight. The cell concentration is conveniently measured as absorbance (A660). Cell flocculation and/or sedimentation that can distort APT results can be prevented by stirring the sample at >200 rpm. The AP of yeast of different generations used to pitch brewery fermentations in cylindroconical tanks had a very low correlation with the wort half-attenuation time (T1/2) due to large scatter, while each yeast generation separately showed a clear T 1/2 - AP relationship. The lowest AP of yeast cropped from cylindroconical tanks was displayed by the first cropped fraction. Post-cropping cooling had no effect on AP. Variations in pitching yeast vitality and their effect on the outcome of a brewery fermentation can be masked by variations in pitching rate, wort composition, ambient conditions in the cylindroconical tanks and other factors. Key words: Acidification power, brewery practice, optimised AP test, wort attenuation, yeast cropping, yeast quality. Load full article, 7 pages, 339 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4207 June 03, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  118.00  168.00  154.00  219.00 
2RS  Prestige  117.00  166.50  153.00  217.50 
2RS  Cellar  116.00  165.00  152.00  216.00 
2RS  Sebastien  115.00  163.50  151.00  214.50 
2RS  Tipple  115.00  163.50  151.00  214.50 
2RS  Henley  115.00  163.50  151.00  214.50 
6RW  Esterel   111.00  158.00  139.00  197.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4207 June 03,2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 107.00 152.01


Theoretical Malt Prices

EURO = USD 1.4207 June 03,2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  June 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  334.50  475.00  365.50  519.50  358.00  508.50  372.00  528.50 
2RS  Prestige  333.00  473.50  364.50  517.50  356.50  506.50  371.00  527.00 
2RS  Cellar  332.00  471.50  363.00  516.00  355.50  505.00  369.50  525.00 
2RS  Sebastien  330.50  469.50  362.00  514.00  354.50  503.00  368.50  523.50 
2RS  Tipple  330.50  469.50  362.00  514.00  354.50  503.00  368.50  523.50 
2RS  Henley  330.50  469.50  362.00  514.00  354.50  503.00  368.50  523.50 
2RS   Average price  332.00  471.50  363.00  516.00  355.50  505.00  369.50  525.00 
6RW  Esterel   324.50  462.50  357.00  507.00  349.50  496.00  363.50  516.50 
Asia Malt 70/30  330.00  469.00  361.50  513.00  353.50  502.50  368.00  522.50 
**  Asia Malt 50/50  329.00  467.00  360.00  511.50  352.50  500.50  366.50  520.50 


EURO = USD 1.4207 June 03, 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  369.50  525.00  400.50  569.00  393.00  558.50  407.50  578.50 
2RS  Prestige  368.50  523.00  399.50  567.50  391.50  556.50  406.00  576.50 
2RS  Cellar  367.00  521.50  398.50  565.50  390.50  554.50  404.50  575.00 
2RS  Sebastien  366.00  519.50  397.00  564.00  389.50  553.00  403.50  573.50 
2RS  Tipple  366.00  519.50  397.00  564.00  389.50  553.00  403.50  573.50 
2RS  Henley  366.00  519.50  397.00  564.00  389.50  553.00  403.50  573.50 
2RS   Average price  367.00  521.50  398.50  565.50  390.50  554.50  404.50  575.00 
6RW  Esterel   350.00  498.50  382.50  543.00  374.50  532.00  388.50  552.50 
Asia Malt 70/30  362.50  514.50  393.50  559.00  385.50  548.00  400.00  568.00 
**  Asia Malt 50/50  359.00  510.00  390.50  554.50  382.50  543.50  396.50  563.50 

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

Prices Evolution

Prices evolution

Table of the Week

Australia Malt Exports 2004 - 2008
in tonnes

Destination 2004 2005 2006 2007 2008
Cambodia 5,117 5,445 6,513 6,417 9,255
China 210 3,090 109 11 16
Hong Kong 2,598 2,866 1,994 1,142 -
India 2,523 - 1,533 6,825 324
Indonesia 23,205 24,053 22,906 14,814 24,533
Japan 98,267 91,803 99,669 73,831 91,077
Kuwait - - 3,108 - -
Laos - - - 98 1,990
Malaysia 11,917 5,975 8,630 22,305 5,954
Myanmar 300 172 - - -
Nepal 3,801 1,815 2,786 3,942 3,311
Oman - - - 16,998 -
Philippines 70,167 34,134 75,746 61,279 73,969
Singapore 19,768 22,637 21,404 23,539 19,356
Sri Lanka - - 32 4,050 1,949
South Korea 98,418 84,544 96,273 76,634 75,795
Taiwan 133 141 100 51 51
Thailand 48,052 90,870 106,391 143,364 132,334
United Arab Emirates - 18 39 37 2
Vietnam 112,424 103,815 113,800 119,041 94,825
TOTAL ASIA 496,900 471,378 561,033 574,378 534,741
Cook Islands - 17 - - -
Fidji 2,108 2,439 2,336 2,479 2,035
New Caledonia 402 481 70 399 643
New Zealand 536 486 469 454 643
Papua New Guinea 6,565 7,309 7,141 8,221 9,034
Solomon Islands 391 575 51 77 -
Vanuatu 151 187 170 187 204
Western Samoa 940 1,010 1,144 974 907
TOTAL OCEANIA 11,093 12,504 11,381 12,791 13,466
Malawi 229 466 - - -
Mauritius 4,400 3,216 3,942 4,095 3,875
Mozambique 408 - - - -
South Africa - - - 671 737
TOTAL AFRICA 5,037 3,682 3,942 4,766 4,612
France - - 124 - -
Russia 830 2,109 852 85 185
Switzerland - 106 - - -
TOTAL EUROPE 830 2215 976 85 185
others 0 6 0 0 -
TOTAL WORLD 513,860 489,785 577,332 592,020 553,004
Source: Australian Bureau of Statistics
Graph of the Week



These Days in Business History
June 1
1812 The State of New York charters a new institution called City Bank of New York, called today Citigroup.
1880 1st pay telephone installed
1939 Stockbrokers are officially designated as "registered representatives."

June 2
1891 Work on trans-Siberian railway begins
1907 Taxis 1st began running in New York City
1977 Trans Alaska oil pipeline completed

June 3
1748 Amsterdam establishes municipal postal service 1903 Henry Ford launches the Ford Motor Co. in a refurbished wagon factory in Detroit
1932 Benjamin Graham publishes the first of a three-part series of articles in Forbes Magazine
Agenda