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E-Malt.com Newsletter 33b
August 13 - August 16, 2009
Open!
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Quote of the week

" I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts, and beer."
Abraham Lincoln
E-Malt.com recommends:


Currency Rates
Base Currency: Euro, EUR
on 14-August-2009

1 EUR = 1.4254 USD
1 EUR = 0.8612 GBP
1 EUR = 1.5504 CAD
1 EUR = 1.6996 AUD
1 EUR = 136.667 JPY
1 EUR = 2.6208 BRL
1 EUR = 45.5546 RUB
1 EUR = 9.7557 CNY
Base Currency: US Dollar
on 14-August-2009

1 USD = 0.7016 EUR
1 USD = 0.6042 GBP
1 USD = 1.0877 CAD
1 USD = 1.1923 AUD
1 USD = 95.8803 JPY
1 USD = 1.8386 BRL
1 USD = 31.9592 RUB
1 USD = 6.8442 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

August 14, 2009

Type Crop 2008 Crop 2009
2rs Barley nq   EUR104.0-108.0 0.93%
6rw Barley nq   EUR103.0-107.0 0.94%
2rs Malt EUR322.0-326.0 0.61% EUR304.50-308.50 0.97%
6rw Malt EUR316.5-320.5 0.62% EUR302.5-306.5 0.98%
Feed Barley nq    EUR94.0-98.0

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: AB InBev posts higher revenue, lower volumes for Q2 and H1 2009 ...Click here
Brazil: AmBev reports strong results for Q2 2009 ...Click here
Australia & New Zealand: Coca-Cola Amatil/SABMiller joint venture delivers strong growth in premium beer brands in the first half of 2009 ...Click here
Denmark & the Caribbean: Danish Royal Unibrew agrees to sell its Caribbean breweries ...Click here
Russia: Efes Breweries to purchase a minority stake in Krasny Vostok Brewing Group ...Click here
Finland & Belarus: Finnish Olvi to raise stake in Belarusian brewer to 75% ...Click here
World: South America reduces malt deficit, European maltsters keep production stable so far ...Click here
Russia: Court dismisses Baltika’s case against Russian Malt ...Click here
EU: Malting barley prices keep on decreasing ...Click here
France: Total barley production to reach record 12.8 mln tons – FranceAgriMer ...Click here
Ukraine: Ukraine aiming to boost barley exports this year ...Click here


More News


Spain: Barley production estimates vary, analysts forecast 100-200 thousand tons of barley import this year ...More Info
Philippines: San Miguel Brewery changes trustee for its P38.8 billion bonds ...More Info
United Kingdom: Scottish farmers frustrated by Diageo’s import of foreign malt ...More Info
United States: Craft brewers snatch up US hops as brewing giants scale back on contract acreage ...More Info
United Kingdom: Carlsberg tries to lure women with a new drink ...More Info
Australia: Foster’s to launch a low-carb beer for the under 30s ...More Info
United States: Heineken USA CEO to leave the business ...More Info
Laos: Lao Brewery not affected by the economic crisis ...More Info
United Kingdom: Carlsberg UK extends payment period ...More Info
United States & EU: Barley breeding cooperation may expand ...More Info
Go to our news database with more than 15600 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

World: AB InBev posts higher revenue, lower volumes for Q2 and H1 2009

Anheuser-Busch InBev, the world’s largest brewer based in Leuven, Belgium, reported its second quarter and half year 2009 results on August, 13.

The company’s consolidated revenue grew 1.4% for 2Q09, reaching USD9.501 bln. The increase in revenue per hectolitre of 4.3% reflects effective revenue management programs. Consolidated revenue in HY09 grew 2.9% to USD17.698 bln, and 5.0% per hectolitre.

Cost of Sales (CoS) for 2Q09 decreased 5.6% overall, or 2.4% per hl, led by procurement best practices and brewery productivity enhancements (VPO). In addition, in 2Q09 the company began to benefit from lower spot prices for non-hedgeable input costs, and favourable transactional currency impacts. CoS per hl benefited from favourable geographic mix as Latin America North, with a lower CoS per hl than the group average, grew faster than Zones with higher CoS. In HY09, CoS decreased 3.1%, and CoS per hl slightly declined by 0.2%.

Aggregate operating expenses fell 3.9% in 2Q09 and 5.2% in HY09:

• Distribution expenses for 2Q09 decreased 14.6% in 2Q09 and 13.5% in HY09, due to synergy generation in North America, lower tariffs in Central and Eastern Europe, and lower fuel and transportation costs in most Zones except Latin America South; • Sales and marketing expenses fell 6.4% in ...More Info


Brazil: AmBev reports strong results for Q2 2009

Cia. de Bebidas das Americas (or AmBev), Latin America’s biggest brewer and part of the Belgian AB InBev, announced on August, 13 its second-quarter results.

The company said it closed the first half of 2009 with another strong quarter, delivering year to date EBITDA of R$4,966 million, an organic growth of 15.1%, exceeding the company’s expectations given the continuing challenges to industry volumes across the countries it operates other than Brazil, where disposable income and overall macro-economic environment remain positive.

The combination of AmBev’s operations in Latin America North (LAN), Latin America South (LAS) and Labatt business units, eliminating intercompany transactions, comprise its consolidated financial statements.

AmBev consolidated delivered normalized EBITDA of R$2,383.1 million in the second quarter of this year with margin expansion of 230 bps. Top line growth continued to exceed volume growth and the brewer’s COGS/hl (Cost of Goods Sold) further improved from first quarter trends. However, investment phasing and higher accruals for variable compensations due to a very tough comparison in Brazil adversely impacted the operational leverage in the period, the company said.

The year to date EBITDA totalled R$4,966.0 million representing a growth of 15.1% and a margin expansion of 240bps to 45.1%.

Operating cash flow generation was ...More Info


Australia & New Zealand: Coca-Cola Amatil/SABMiller joint venture delivers strong growth in premium beer brands in the first half of 2009

Coca-Cola Amatil Ltd. (CCA), Australia’s biggest soft-drink maker, reported on August, 13 the first half operating results of its Pacific Beverages joint venture with SABMiller Plc.

Pacific Beverages delivered strong volume growth of more than 50% in its premium beer brands as a result of increased availability through CCA’s large customer network and the successful launch in March of Peroni Leggera, Australia’s first premium international low-carb beer.

Pacific Beverages’ premium beer brands now account for over 8% of the Australian premium beer market by both volume and value (Nielsen data) and Peroni Nastro Azzurro and Miller Chill are now firmly positioned in the Top 15 premium beers in Australia.

The strong growth in Pacific Beverages’ premium international beer brands was led by Peroni Nastro Azzurro with over 40% growth and Miller Genuine Draft which grew by more than 20%. Peroni Leggera continues to perform very well with strong repeat orders in both the on-premise and off-premise channels, CCA said.

Bluetongue, Pacific Beverages’ major Australian premium beer brand, delivered very strong growth of over 60%, largely as a result of increased availability.

Construction of the new $120 million Bluetongue Brewery on the Central Coast of NSW remains on track for completion during the first half ...More Info


Denmark & the Caribbean: Danish Royal Unibrew agrees to sell its Caribbean breweries

Danish brewer Royal Unibrew announced on August, 12 that it has entered into a conditional agreement with the Cerveceria Nacional Dominicana (CND) brewery in the Dominican Republic to sell its shares of the breweries in Dominica, St. Vincent and Antigua to CND.

Furthermore, an agreement has been made with CND for licence production of Royal Unibrew’s Vitamalt brand, which will result in Vitamalt gaining ground in the region.

The selling price of the shares is equal to their carrying amount, Royal Unibrew said.

The sale comprises Royal Unibrew’s shares of St. Vincent Breweries Ltd. (76.5%), Antigua Brewery Ltd. (93%), Antigua PET Plant Ltd. (75%) and Dominica Brewery & Beverages Ltd. (58%).

The total consideration for the shares amounts to USD31 million (DKK160 million). Moreover, the purchasers will take over the debts of the companies. On an aggregated basis, the transaction will reduce Royal Unibrew’s interest‐bearing debt by just below DKK 200 million. On a full‐year basis, the Group’s earnings (before minority shareholders’ share) will be reduced by DKK30 million (EBITDA) and DKK10 million (EBIT), respectively.

The agreements with CND, which is the market leader in the Dominican Republic, comprise partly sale of Royal Unibrew’s shares of the breweries in Antigua (including a soft drinks facility), Dominica ...More Info


Russia: Efes Breweries to purchase a minority stake in Krasny Vostok Brewing Group

Efes Breweries International N.V. (“EBI”) announced on August, 12 that the Board of Directors of its Russian operating subsidiary Moscow Efes Brewery (“MEB”) has resolved to purchase the 6.699% minority stake in Krasny Vostok Brewing Group (“KV Group”), which is held by Tradex Partner Limited Co. (“Tradex).

The total consideration is expected to be between US$30-30.5 million and will be finalized by the completion of the share transfer. The purchase will be funded by MEB’s own cash resources.

Tradex maintained a 6.699% share in KV Group by the time of EBI’s acquisition of KV Group in February 2006 and held a put option for its stake, which is exercisable until February 2010.

Following the completion of the purchase, MEB’s stake in KV Group will increase from 92.851% to 99.55%.

Krasny Vostok Brewing Group is based in Kazan, Russia. Its production capacity is about 10 mln hl. The Group owns two beer plants in Kazan and Novosibirsk as well as three malting houses in Kazan with annual production capacity of 93 thousand tonnes of malt.


Finland & Belarus: Finnish Olvi to raise stake in Belarusian brewer to 75%

Olvi Group (Finland) intends to acquire 75% of shares of the Belarusian Lidskoe Pivo Brewery, Peep Akkel, financial manager for the Baltic States and Belarus, was quoted as saying by BelaPAN on August, 12.

According to Mr. Akkel, the Finnish group now holds 51% of the brewery shares. “The acquisition process is moving on more successfully than we have hoped. We plan to publish the final results in September,” he said.

Mr. Akkel believes that the policy of developing local brands followed by Olvi in all its markets has been delivering strong results so far. Last month, Lidskoye Pivo increased beer output by 14% as compared to July 2008.


Malt News

World: South America reduces malt deficit, European maltsters keep production stable so far

European maltsters have reacted to the news of new malting capacities coming on stream in South America by reducing their production last year, industry observers reported at the end of last month.

South America’s deficit of malt supplies is constantly being reduced, and the European maltsters want to avoid a price war and sales at counter margins, and so far they succeeded, albeit at much reduced profits.

Official statistics do not show yet a lower malt production in France – barley use July/May 1.342 mln tons vs. 1.328 mln tons last year – nor in the U.K. – barley use July/May 23 1.540 mln tons vs. 1.501 mln tons last year, probably due to new facilities added during the year.

It is more obvious in Germany, where production in July/April dropped from 1.580 mln tons of malt in 2007/08 to 1.554 mln tons this year.

All Mercosur malt factories are running at full capacity again, after an interruption caused by slow malt call-offs in recent months.


Russia: Court dismisses Baltika’s case against Russian Malt

St. Petersburg's arbitrary court has dismissed a case by Baltika Breweries to Russia’s largest maltster Russkiy Solod (Russian Malt), RBC reported on August, 14.

Baltika Breweries demanded the invalidation of a RUB4 bln contract. The plaintiff claimed that the contract had been made on unfavourable for it conditions. The maltster, in Baltika’s opinion, took advantage of the brewer’s lack of possibility to find another malt supplier and imposed crushing terms on it. The brewer was forced to enter into a contract for 218 thousand tons of malt despite the fact that its real malt need was only 6 thousand tons. Besides, despite the fact that the average price per ton of malt in 2008 was RUB13.7 – 16.7 thousand, the contract price was set at RUB18 thousand per ton, Baltika said.

However, a sitting of the court did not sustain Baltika’s case on August, 4. The court said no evidence was afforded of force majeure or other factors as a result of which Russian Malt might have remained the only malt supplier on the market. The claimants’ commercial errors and resulting difficulties cannot be recognized as trying circumstances, the court said.

The court’s website displays Baltika’s petition of appeal against this decision ...More Info


Barley News

EU: Malting barley prices keep on decreasing

Malting barley prices have decreased again this week on non-existing buyers’ interest, big European barley crop, resales, and first-hand offers pressing down the market, La Depeche informed on August, 14.

All bearish elements united, the deals are very rare. Market players report nevertheless a good demand for deliveries in 2010.


France: Total barley production to reach record 12.8 mln tons – FranceAgriMer

State food agency FranceAgriMer has revised upwards its estimate of the nation’s barley production for this year, Euro Investor communicated on August, 11.

France’s total barley production is expected to reach this year record 12.8 mln tons versus 12.2 mln tons forecast last month. Winter barley harvest is finished; production reported at 9.1 mln tons. Malting barley quality is characterised as “very good”.

Spring barley harvest is still going on in the north, production is expected to amount to 3.7 mln tons.


Ukraine: Ukraine aiming to boost barley exports this year

Ukraine plans to boost exports of barley, wheat and other crops to Asia, Africa and Europe, drawing from a grain harvest that may reach 45 million metric tons this year, Economy Minister Bohdan Danylyshyn was quoted as saying by Bloomberg on August, 13.

“We want to secure a decent rank for Ukraine amongst the world’s biggest grain exporters,” Danylyshyn said. “We have a significant export potential and can be an active player on the world’s markets, including oilseeds.”

Ukraine, the world’s biggest barley exporter, restricted grain shipments in 2007 and last year, attempting to curb inflation. Ukraine reaped a record 53 million tons of grain last year, according to the Agriculture Ministry’s Web site.

Scientific Digest

Measurement of Barley Grain Rheology for the Quality Selection of Breeding Material

B.G. Osborne, G.P. Fox, A.M. Kelly and R.J. Henry

Abstract:
J. Inst. Brew. 113(2), 135–141, 2007 The Single-Kernel Characterization System (SKCS) 4100 was used to test whole grain barley from a replicated breeding trial across two environments and two seasons. Hardness was calculated from a crush response profile of the resistance to shell and endosperm crushing as a function of time. This rheological data recovered was averaged over 300 grains for each sample then partitioned into genetic, environmental and error components in order to calculate the genetic components and heritability. The results demonstrated a high level of genetic variance for all rheological parameters at all sites and years. In addition, the heritability was also moderate to high (68% to 90%) for the SKCS hardness and the rheological parameters that had been previously shown to provide information about endosperm modification during malting. Since the rheological information is recovered for individual grains within a sample, the SKCS 4100 may provide a new tool for screening breeding material for uniformity of quality. Key words: Barley, grain rheology, malting quality, plant breeding, SKCS Load full article, 7 pages, 715 kb , PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4254 August 14, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq nq 108.00  154.00 
2RS  Prestige  nq nq 107.00  152.50 
2RS  Cellar  nq nq 106.00  151.50 
2RS  Sebastien  nq nq 105.00  150.00 
2RS  Tipple  nq nq 105.00  150.00 
2RS  Henley  nq nq 105.00  150.00 
6RW  Esterel   nq nq 105.00  150.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4254 August 14,2009
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 96.00 136.84


Theoretical Malt Prices

EURO = USD 1.4254 August 14,2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  Aug 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  465.50  358.00  510.00  350.00  499.00  364.50  519.50 
2RS  Prestige  325.50  463.50  356.50  508.00  349.00  497.50  363.00  517.50 
2RS  Cellar  324.00  462.00  355.50  506.50  347.50  495.50  362.00  515.50 
2RS  Sebastien  323.00  460.50  354.00  504.50  346.50  493.50  360.50  514.00 
2RS  Tipple  323.00  460.50  354.00  504.50  346.50  493.50  360.50  514.00 
2RS  Henley  323.00  460.50  354.00  504.50  346.50  493.50  360.50  514.00 
2RS   Average price  324.00  462.00  355.50  506.50  347.50  495.50  362.00  515.50 
6RW  Esterel   318.50  455.00  350.50  499.50  342.50  488.50  357.00  508.50 
Asia Malt 70/30  322.50  460.00  354.00  504.50  346.00  493.50  360.50  513.50 
**  Asia Malt 50/50  321.50  458.50  353.00  503.00  345.50  492.00  359.50  512.50 


EURO = USD 1.4254 August 14, 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  309.00  440.50  340.00  484.50  332.50  473.50  346.50  494.00 
2RS  Prestige  307.50  438.50  339.00  483.00  331.50  472.00  345.50  492.50 
2RS  Cellar  306.50  436.50  337.50  481.50  330.00  470.50  344.00  490.50 
2RS  Sebastien  305.50  435.00  336.50  479.50  328.50  468.50  343.00  488.50 
2RS  Tipple  305.50  435.00  336.50  479.50  328.50  468.50  343.00  488.50 
2RS  Henley  305.50  435.00  336.50  479.50  328.50  468.50  343.00  488.50 
2RS   Average price  306.50  436.50  337.50  481.50  330.00  470.50  344.00  490.50 
6RW  Esterel   304.50  435.00  336.50  479.50  328.50  468.50  343.00  488.50 
Asia Malt 70/30  306.00  436.50  337.50  480.50  329.50  469.50  344.00  490.00 
**  Asia Malt 50/50  306.00  436.00  337.00  480.50  329.50  469.50  343.50  489.50 

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

Japan Brewers Market Share, January-June 2009

Company %
Kirin Brewery Co Ltd 37.5
Asahi Breweries Ltd 36.9
Suntory Holdings 12.7
Sapporo Breweries Ltd 12.1
Orion Breweries 0.8
Graph of the Week



These Days in Business History
August 13
1623 Cardinal Richelieu appointed Chief Minister of France by Louis XIII
1907 1st taxicab in New York
1961 Construction on Berlin Wall begins in East Germany (Dark day)

August 14
1893 France issues 1st driving licenses, included required test
1938 BBC's 1st feature film on TV (Student of Prague)
1967 Belgian embassy in Kinshasa, Congo, plundered

August 15
1769 Napoleon Bonaparte was born, resident of Elba (emperor 1804-13, 1814-15)
1911 Procter & Gamble unveils its Crisco shortening
1914 Panama Canal opens (under cost)

August 16
1870 Fred Goldsmith demonstrates curve ball isn't an optical illusion
1955 Fiat Motors orders 1st private atomic reactor
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Agenda