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E-Malt.com Newsletter 09b
February 25 - February 28, 2010
Open!
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Quote of the week

"Do not follow where the path may lead. Go instead where there is no path and leave a trail."
Harold R. McAlindon
Currency Rates
Base Currency: Euro, EUR
on 26-February-2010

1 EUR = 1.3502 USD
1 EUR = 0.8836 GBP
1 EUR = 1.4317 CAD
1 EUR = 1.523 AUD
1 EUR = 120.493 JPY
1 EUR = 2.4765 BRL
1 EUR = 40.589 RUB
1 EUR = 9.231 CNY
Base Currency: US Dollar
on 26-February-2010

1 USD = 0.7408 EUR
1 USD = 0.6544 GBP
1 USD = 1.0604 CAD
1 USD = 1.128 AUD
1 USD = 89.2507 JPY
1 USD = 1.8342 BRL
1 USD = 30.0623 RUB
1 USD = 6.8369 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change Trend

February 26, 2010

Type Crop 2009 Crop 2010
2rs Barley EUR95.0-99.0 EUR119.0-123.0
6rw Barley EUR92.0-96.0 EUR107.0-111.0
2rs Malt EUR275.50-279.50 EUR302.0-306.0
6rw Malt EUR271.5-275.5 EUR287.0-291.0
Feed Barley EUR87.0-91.0 1.11% nq 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

Belgium: AB InBev finalizes refinancing of original 54 billion USD senior acquisition facilities ...Click here
Tanzania & Kenya: End of dispute between SABMiller and Diageo ...Click here
Denmark & Caribbean: Royal Unibrew finalises sale of stakes in Caribbean breweries ...Click here
Finland: Beer sales up 0.4% in 2009 ...Click here
Kenya & Tanzania: East African Breweries not abandoning plans of buying into Serengeti Breweries ...Click here
United States: Prices won’t increase until the huge pile of barley stocks is reduced – expert ...Click here
EU: Market activity up for malting barley crop 2010 ...Click here
United States: AMBA recommends malting barley varieties for 2010 planting ...Click here


More News


Russia: Small local brands finally starting to press leading brewers ...More Info
Czech Republic: Brewer Budějovický Budvar says total exports stable in 2009, shipments to Germany up by 9.3% ...More Info
Russia: New malthouse to be launched in the Altay region this autumn ...More Info
Romania: Beer consumption at home increases by 9% ...More Info
United Kingdom: Cumulative net barley offers into intervention reach 70,654 tonnes by February 25th ...More Info
Estonia: A. Le Coq brewery satisfied with 2009 results ...More Info
Taiwan: Taiwan beer more expensive at home ...More Info
Go to our news database with more than 16627 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: AB InBev finalizes refinancing of original 54 billion USD senior acquisition facilities

World’s No. 1 brewer Anheuser-Busch InBev announced on February, 26 that it has obtained 17.2 billion USD in long-term bank financing enabling it to fully refinance its original 54 billion USD senior acquisition facilities.

The new financing consists of a 13 billion USD facility agreement that provides for an 8 billion USD 5-year revolving credit facility and a 5 billion USD 3-year term facility. In addition, the Belgium-based brewer has obtained 4.2 billion USD in long term bilateral facilities.

Felipe Dutra, CFO of Anheuser-Busch InBev, said "We are pleased to have completed the refinancing of our original acquisition facility less than 16 months after the closing of the acquisition of Anheuser-Busch. The new credit facilities allow the Company to further extend its debt maturities while building additional liquidity, thus enhancing its credit profile as evidenced by the improved terms under the facilities, which do not include financial covenants. In addition, we are also honored to have the renewed support of our close relationship banks and will continue our journey towards the below 2.0x net debt to EBITDA leverage target which remains an ongoing top priority for our Company."

As a direct consequence of these transactions, finance costs in 1Q10 and 2Q10 will include ...More Info


Tanzania & Kenya: End of dispute between SABMiller and Diageo

SABMiller Plc, the world’s second-largest brewer, and Diageo-owned East African Breweries Ltd. have finally settled their African dispute, Bloomberg reported on February, 25.

The companies agreed that Tanzania Breweries Ltd. “will cease to brew and distribute EABL’s brands in Tanzania”, whereas East African Breweries will continue to brew and distribute SABMiller brands in Kenya.

SABMiller and Diageo also agreed to withdraw all claims and counter claims in arbitration in London and “not to pursue any further actions in respect of the matters”, the companies said in separate press releases.

A dispute between Diageo and SABMiller arose in July after East African Breweries gave notice to end a brewing and distribution contract with its Tanzania Breweries, its local unit and acquire control of Serengeti Breweries Ltd., the second biggest beer-maker in the east African nation.

Diageo has a 50.03 percent stake in East African Breweries Ltd., while SABMiller holds 52.83 percent of Tanzania Breweries. East African Breweries also owns 20 percent of the SABMiller unit.


Denmark & Caribbean: Royal Unibrew finalises sale of stakes in Caribbean breweries

Danish brewer Royal Unibrew announced on February, 24 has finalised the sale of its shares in the breweries on Antigua, Dominica and St. Vincent to Cerveceria Nacional Dominicana (CND).

As previously announced, this transaction reduces Royal Unibrew’s interest‐bearing debt by just below DKK200 million, and the net selling price of the shares is at the level of their carrying amount.

The sale will reduce Royal Unibrew’s revenue by approximately DKK150 million and its EBITDA by about DKK30 million on a yearly basis. In 2010, the reduction of revenue is expected to amount to approximately DKK130 million, while EBITDA is estimated to be reduced by DKK25 million.

Royal Unibrew announced the 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 in August 2009.


Finland: Beer sales up 0.4% in 2009

Sales of Finnish beer totalled 419 million litres in 2009, up by 0.4% versus 2008, the Finnish Federation of the Brewing and Soft Drinks Industry reported on February, 25.

Most beer was sold through grocery stores. On-trade sales fell and accounted for about 16 per cent of total sales.

2.4 per cent of all beer sales were made through Alko, the state-owned retail sales network.

Finland’s beer tax is the highest in the European Union and almost five times that of Estonia’s.

“Alcohol taxation has been increased three times in just over a year. At the same time, the total consumption of alcohol fell by a meagre two per cent in 2009. The most significant consequence of the tax increases can be seen in the dramatic rise in travellers’ private imports of alcoholic beverages – a total of over 20 per cent for all beverage categories combined. Travellers’ imports already substantially exceed on-trade sales for the whole of Finland. If the situation escalates, imports could impact on employment; but above all, the State is losing an estimated EUR 200-250 million in tax revenue per year. The majority of imported alcoholic beverages are purchased either on ships or in Estonia,” says Tero Kallio, Managing ...More Info


Kenya & Tanzania: East African Breweries not abandoning plans of buying into Serengeti Breweries

East African Breweries aims to acquire a stake in Tanzanian brewer Serengeti Breweries this year after settling a dispute with rival SABMiller over the east African nation's beer market, Reuters reported on February, 26.

"The acquisition of this interest is subject to certain conditions, including regulatory and EABL shareholder consent, and is expected to complete during 2010," EABL's government affairs director, Brenda Mbathi, said.

The Kenyan brewer, majority-owned by Britain's Diageo, sparked a row with SABMiller last year when it sought to buy a stake in Serengeti and end a manufacturing and distribution agreement with Tanzania Breweries Limited, a SABMiller subsidiary in which EABL holds a stake.

The move to buy the stake in Serengeti Breweries was blocked after SABMiller was granted an injunction in the London High Court, but EABL said this week it had now reached a settlement of the dispute.

SABMiller owns 52.8 percent of Tanzania Breweries, while EABL holds 20 percent and the rest is held by Tanzanian pension funds and the public through the Dar es Salaam Stock Exchange. Serengeti Breweries Limited is owned by a group of private investors.

"In the last five years SBL has grown its own brands by 10 percent, an indication of the growth opportunities ...More Info


Barley News

United States: Prices won’t increase until the huge pile of barley stocks is reduced – expert

The barley markets continue to move sidewise, waiting for positive news. But unless we have a major weather scare in a large area this growing season, the wait for that market raising news could be a long one, Larry Raap, grain merchandiser for Sun Prairie Grain in Minot, was quoted as saying by Farm & Ranch Guide on February, 25.

“On the malting side, everybody is still full of barley and it's hard to get a malting bid for open market barley,” he said. “And in the last few weeks the feed barley prices have followed corn down. There for a while feed barley had gotten up to around $2.50 a bushel, but it's now around $2.10 to $2.20 a bushel due to the weakness in the corn market. Feed barley prices usually follow corn prices fairly close.

“I'm sounding like a pessimist right now, but today I just don't see anything that's going to get things revved up too much,” he continued. “Even if we have a weather scare this summer it's going to have to affect a large area before it gives any support to prices. I really don't see things getting much better at all this year.”

Raap also noted ...More Info


EU: Market activity up for malting barley crop 2010

This week has seen quite a number of deals on malting barley in the EU, La Depeche reported on February, 26.

The activity included mostly barley crop 2010, market sources said. Prices remain stable, as the markets are closely watching the progress in planting.

In Germany, the barley-planted area is expected to decline by 5% in 2010/11, sources said.


United States: AMBA recommends malting barley varieties for 2010 planting

The American Malting Barley Association, Inc. (AMBA) announced last month its recommended malting barley varieties for planting in 2010.

Six-row malting barley varieties recommended for planting this year are: Drummond, Lacey, Legacy, Rasmusson, Robust, Stellar-ND, Tradition.

Recommended two-row malting barley varieties list includes AC Metcalfe, CDC Copeland, Charles (winter), Conlon, Harrington, Hockett, Merit, Merit 57, Moravian 37, Moravian 69, and Scarlett.

Hockett, Merit 57, Moravian 37, and Moravian 69 have been added to the list for the first time. The two-row variety Craft recommended last year has been dropped in 2010.

Growers are encouraged to contact their local elevator, grain handler or processor to gauge market demand for any variety grown in their region prior to seeding, AMBA recommended.

Scientific Digest

Examination of the Relationships Between Original, Real and Apparent Extracts, and Alcohol in Pilot Plant and Commercially Produced Beers

Anthony J. Cutaia, Anna-Jean Reid and R. Alex Speers

J. Inst. Brew. 115(4), 292–295, 2009 ABSTRACT
J. Inst. Brew. 115(4), 318–327, 2009 The historical development of equations used to relate alcohol and real extract to apparent extract and original gravity, as well as ratios between the corrected Real (RDF) and Apparent Degrees of Fermentation (ADF), were examined in light of modern polynomial and non-linear regression techniques. Comparisons were performed using an extensive data set of 532 brews obtained from commercial and pilot fermentations with statistical error analysis of these empirical relationships. New predictions of apparent extract were calculated as a function of alcohol and real extract analogous to the Improved Tabarie’s formula. In addition, attempts at improving Balling’s original equation model estimating original gravity from alcohol and real extract are detailed and discussed. The statistical analyses of relationships between Aw/w (alcohol by weight) and functions of OE (Original Extract), AE (Apparent Extract) and RE (Real Extract) as well as ratios between the corrected Real and Apparent Degrees of Fermentation (RDF/ADF) are reported. It is expected that this paper will be useful for brewers to more accurately estimate Aw/w and real extract values. Key words: ADF, alcohol, apparent extract, brewing calculations, original extract, RDF, real extract.
Load full article, 10 pages, 298kb , PDF file

Barley Prices
EURO = USD 1.3502 February 26, 2010  
 Crop year   2009   2010 
 Parity   FOB Creil   FOB Creil 
 Position   July 2009   July 2010 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  99.00  134.00  123.00  166.50 
2RS  Prestige  98.00  132.50  122.00  165.00 
2RS  Cellar  97.00  131.00  121.00  163.50 
2RS  Sebastien  96.00  130.00  120.00  162.50 
2RS  Tipple  96.00  130.00  120.00  162.50 
2RS  Henley  96.00  130.00  120.00  162.50 
6RW  Esterel   94.00  127.00  109.00  147.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3502 February 26, 2010
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 89.00 120.17


Theoretical Malt Prices

  EURO = USD 1.3502 February 26, 2010 
Crop year  2009 
Parity  FOB Antwerp 
Position  Feb 2010 - Sept 2010 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  279.50  377.50  311.00  419.50  303.50  409.50  317.50  428.50 
2RS  Prestige  278.50  376.00  309.50  418.00  302.00  407.50  316.50  427.00 
2RS  Cellar  277.50  374.50  308.50  416.50  300.50  406.00  315.00  425.50 
2RS  Sebastien  276.00  372.50  307.50  414.50  299.50  404.50  313.50  423.50 
2RS  Tipple  276.00  372.50  307.50  414.50  299.50  404.50  313.50  423.50 
2RS  Henley  276.00  372.50  307.50  414.50  299.50  404.50  313.50  423.50 
2RS   Average price  277.50  374.50  308.50  416.50  300.50  406.00  315.00  425.50 
6RW  Esterel   273.50  369.50  304.50  411.50  297.00  401.00  311.50  420.50 
Asia Malt 70/30  276.00  373.00  307.50  415.00  299.50  404.50  314.00  423.50 
**  Asia Malt 50/50  275.50  372.00  306.50  414.00  299.00  403.50  313.00  422.50 


EURO = USD 1.3502 February 26, 2010 
Crop year  2010 
Parity  FOB Antwerp 
Position  Oct 2010 - Sept 2011 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  306.50  413.50  337.50  455.50  330.00  445.50  344.00  464.50 
2RS  Prestige  305.00  412.00  336.50  454.00  328.50  443.50  343.00  463.00 
2RS  Cellar  304.00  410.50  335.00  452.50  327.50  442.00  341.50  461.50 
2RS  Sebastien  302.50  408.50  334.00  450.50  326.00  440.50  340.50  459.50 
2RS  Tipple  302.50  408.50  334.00  450.50  326.00  440.50  340.50  459.50 
2RS  Henley  302.50  408.50  334.00  450.50  326.00  440.50  340.50  459.50 
2RS   Average price  304.00  410.50  335.00  452.50  327.50  442.00  341.50  461.50 
6RW  Esterel   289.00  390.50  320.50  432.50  312.50  422.00  327.00  441.50 
Asia Malt 70/30  299.50  404.50  330.50  446.50  323.00  436.00  337.50  455.50 
**  Asia Malt 50/50  296.50  400.50  327.50  442.50  320.00  432.00  334.50  451.50 

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

China Malt Exports 2008 - 2009
Destination 2008
in tonnes
2009
in tonnes
Brazil 53,405 0
Vietnam 50,600 50,959
South Korea 46,177 40,715
Taiwan 41,244 47,283
Philippines 33,942 37,712
Thailand 22,123 24,636
Russia 12,320 327
Malaysia 11,708 12,601
Sri Lanka 6,607 4,673
Mongolia 6,174 5,643
Myanmar 6,161 3,886
Singapore 6,038 13,382
Cambodia 5,890 4,400
India 3,710 3,415
Ethiopia 1472 0
Indonesia 1,389 3,026
Japan 1,251 935
Tadjikistan 1,225 180
North Korea 715 827
Uzbekistan 659 6
Kyrgyzstan 540 60
Djibuti 528 0
Turkmenistan 240 240
Kazakhstan 103 11
Kenya 0 10,116
Hongkong 0 2,049
Madagascar 0 105
Others 16 49
Total 314,237 267,236
Source: D. Huvet Consulting Ltd
Graph of the Week


Source: Union of Russian Brewers

These Days in Business History
February 25
1791 1st Bank of U.S. chartered
1837 1st U.S. electric printing press patented by Thomas Davenport
1862 Paper currency introduced in U.S. by President Abraham Lincoln

February 26
1848 2nd French Republic proclaimed
1907 Royal Oil and Shell merge to form British Petroleum (BP)
1995 Barings Bank, one of the oldest and most distinguished investment banks in the world, declares bankruptcy

February 27
1557 1st Russian Embassy opens in London, Russia and U.S. sign trade agreement
1990 Exxon Corp and Exxon Shipping are indicted on 5 criminal counts
1998 Apple discontinues developing Newton computer

February 28
1956 Forrester issued a patent for computer core memory
1982 American Telephone and Telegraph Co. looses record $7 BILLION for fiscal year ending on this day
1986 European Economic Community sign "Special Act" for Europe free trade
Agenda