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Newsletter Summary

Currency rates
Equities of the Largest Breweries  new!
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malt Price Evolution
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

Friday, 11 March 2005
Crop 2004
2rs Barley €106.5     
6rw Barley €101.0     
2rs Malt €239.0     
6rw Malt €232.5     
Crop 2005
2rs Barley €115.5     
6rw Barley €105.0     
2rs Malt €247.5     
6rw Malt €234.5     

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 market prices are estimated on FOB Antwerp basis.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.


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Market price evolutions

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Australia Malting Barley Export Prices 2000-2005

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Malt Market Price Evolution. Crop 2005

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French Malting Barley Price Evolution. Crop 2005

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Malt Market Price Evolution. Crop 2004

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French Malting Barley Price Evolution. Crop 2004

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Malt Market Price Evolution. Crop 2003

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French Malting Barley Price Evolution. Crop 2003


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Currency Rates
Base Currency: Euro, EUR
on 11-March-2005

1 EUR = 1.3435 USD
1 EUR = 0.6984 GBP
1 EUR = 1.6181 CAD
1 EUR = 1.6970 AUD
1 EUR = 139.77 JPY
1 EUR = 3.5670 BRL
1 EUR = 36.8925 RUB
1 EUR = 11.1329 CNY
Base Currency: US Dollar
on 11-March-2005

1 USD = 0.7445 EUR
1 USD = 0.5201 GBP
1 USD = 1.2044 CAD
1 USD = 1.2631 AUD
1 USD = 104.07 JPY
1 USD = 2.6550 BRL
1 USD = 27.46 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
  • Mexico: Mexico’s leading beer maker Modelo plans capital expenditures of up to $350 million and sales volumes increases this year ... Click here

  • Japan: Combined domestic shipments of beer and similar products by Japan's five major brewers fell 5.3 % in February 2005 compared to February 2004 for the second straight monthly drop ... Click here

  • Czech Republic: Czech brewery Budejovicky Budvar (BB), controlled by the state, announced on March 3 a gross profit of CZK 312 million in 2004, a decrease by 11 % from the previous year ... Click here

  • Colombia: South America's second-largest beer maker, Grupo Empresarial Bavaria, dampened feverish takeover speculation on Friday, March 11, saying it had received no offer to buy shares in the company ... Click here

  • Canada: Sleeman Breweries Ltd., Canada's No. 3 beer producer, announced on March 10 it sold a lot more beer in the last three months of 2004 but profits stayed flat at C$3.9 million due to price cuts in the Ontario market ... Click here

  • Australia Malt: In Australia one malthouse construction and one expansion will add 150,000 tonnes of capacity ... Click here

  • Russia: Total malt production capacity of Russia will reach about 1.5 million tonnes by next year ... Click here

  • USA, North Dakota: A new Institute of Barley and Malt Sciences is being developed at North Dakota State University, to try to help researchers and barley growers expand their market ... Click here

  • China: In January 2005 China imported 120,000 tonnes of malting barley, half each from Australia and Canada ... Click here

  • Scandinavian Malting Barley Market: Like last year at this time the slightest reduction in feed barley prices are followed by immediate drop in malting barley prices ... Click here


More News
  • USA, Boston: The Boston Beer Company, Inc. announced on March 9 it achieved full year earnings per diluted share of US$0.86 in 2004, a 22.3% increase over the prior year ...more info


  • Namibia, Windhoek: Namibian Breweries, one of the largest private sector employers in Namibia, has posted a fall in its headline earnings per share for the six months to end-December 2004 ...more info


  • South Africa, Johannesburg: The value of the 430 million SABMiller shares held by Altria, formerly Philip Morris, has doubled since they were received as part payment for the Miller Brewing ...more info


  • Latin America: Latin American beer markets tend to be dominated by one or two companies, which means greater returns per barrel than in China, where Anheuser-Busch has also established ...more info


  • Czech Republic: Czech beer maker, The Bernard family brewery, increased its beer production in 2004 by 4% year-on-year up to 127,000 hectolitres. Sales climbed by 17% versus 2003 ...more info


  • Poland: Carlsberg Polska, a subsidiary of Danish beer giant Carlsberg A/S, increased its revenues in 2004 by 5.2% up to PLN 1.14 billion in 2004, compared to PLN 1.09 ...more info


  • USA: Beer-related businesses are serving up about US$369 million to West Virginia’s economy, according to a study released by the National Beer Wholesalers Association and the Beer Institute ...more info


  • Russia: Russia imported about 21,400 metric tonnes of barley in January 2005, mainly from Denmark (5,900 MT), Switzerland (5,700 MT) and Lithuania (5,200 MT) ...more info


  • United Kingdom: Britain's competition watchdog has blocked a deal by two top British brewers to buy the draught beer dispensing assets of a rival on Friday, March 11 ...more info


  • USA: The top two executives at Anheuser-Busch Cos. saw annual compensation and stock options cut in 2004 after the company posted record profit and sales in a tough year for ...more info


  • Lebanon, Beirut: Dutch brewing force, Heineken N/V is delaying its plans to build a brewery in Lebanon as a direct reaction to the current wave of political uncertainty looming over ...more info


  • Russia, St. Petersburg: The largest Russian beer-maker based in St. Petersburg, Baltika brewery, started beer shipments to Norway on Friday, March 11 ...more info


  • Mexico: Fomento Económico Mexicano, S.A. de C.V. (FEMSA), the leader in Latin Beverages, announced on March 10 that its stockholders approved the payment of a dividend in the amount of ...more info


  • Ukraine: ZAO Obolon, the third biggest beer maker of Ukraine, announced on March 10 it brewed about 81.4 million litres of beer during January-February 2005, increasing its beer output by ...more info


  • Canada: Sleeman Breweries Ltd. announced on March 10 the appointment of Murray P. Mateyk as Chief Financial Officer and released its financial results for the fourth quarter and the 2004 ...more info


  • USA: Dutch beer giant, Heineken N.V., announced on March 11 the introduction to the US market of a new light Heineken beer. This new beer, Heineken Premium Light Lager ...more info



Brewery News
Mexico: Mexico’s leading beer maker Modelo plans capital expenditures of up to $350 million and sales volumes increases this year, Credit Suisse First Boston analyst Tufic Salem said in a report released on March 11. Modelo, the manufacture of the popular Corona beer, provided guidance during an analyst meeting in Mexico City this week, Reuters cited Salem. "Volume increases of 3 % and 5 % are expected in domestic and export sales, respectively," he said and noted they were below his estimates but in line with inflation. Inflation in Mexico was 5.19 percent in 2004 and is seen falling to around 4 percent this year. Rival Femsa, maker of the Sol and Tecate beers, said last month it also planned to increase prices for its brews. During the meeting, Modelo also said that its Eastern U.S export deal with Gambrinus is expected to conclude by year end. "However, no comment was made on whether they would maintain distribution with Gambrinus (under a new deal) or seek a different distributor," Salem added. Modelo, half-owned by Anheuser-Busch Cos. Inc., one of the world's largest brewers, is at loggerheads with its East Cost importer Gambrinus. The importer started an arbitration case last year to contest a 2006 termination clause in its contract with Modelo. A change in importer could cost Modelo a hefty termination fee, but could also ramp up cash flow, analysts have said.

Japan: Combined domestic shipments of beer and similar products by Japan's five major brewers fell 5.3 % in February 2005 compared to February 2004 for the second straight monthly drop...more info

Czech Republic: Czech brewery Budejovicky Budvar (BB), controlled by the state, announced on March 3 a gross profit of CZK 312 million in 2004, a decrease by 11 % from the previous year...more info

Colombia: South America's second-largest beer maker, Grupo Empresarial Bavaria, dampened feverish takeover speculation on Friday, March 11, saying it had received no offer to buy shares in the company, according to Reuters’ statement. The denial came three days after a Reuters report that quoted a source from Bavaria's controlling Santo Domingo group as saying Dutch brewer Heineken NV had offered $9 billion for Bavaria. Colombia's financial markets regulator, the Securities Superintendency, on Thursday, March 10, had ordered the company to comment on the accuracy of the Reuters report. "Neither senior management nor the board of directors has received any offer of any deal which would affect Bavaria SA or its shareholding composition," Bavaria said in a letter to the Securities Superintendency. Bavaria shares decreased by 8 % in early trade on the Colombian Stock Exchange on the denial, traders said, hitting 45,520 pesos. Tuesday's report had caused Bavaria shares to jump 9 % in one day. The shares have gained 66 % so far this year on persistent reports from analysts and industry sources that the world's top four brewers -- InBev, Anheuser-Busch Cos. Inc., SABMiller Plc and Heineken -- are all looking at buying Bavaria. The company said the public should beware of news media reports that it said had generated a "wave of speculation." "Bavaria SA calls on the public to consider the implications that such rumors could have on the stock market," it said in a news release. Bavaria, South America's largest remaining independent brewer, said in January that it had met representatives of world beer companies but had not received any offer that would affect its share composition. Earlier this month, analysts and industry sources said London-based SABMiller was leading the field in an auction process for Bavaria that was likely to take months. Heineken refused to comment on Tuesday's report, but a Bavaria spokeswoman said executives from the Dutch brewer were visiting Bavaria's installations in Colombia. Bavaria, which has an enterprise value of about $7 billion, dominates markets in Colombia, Ecuador, Peru and Panama, and would largely complete Latin America's brewing jigsaw for the largest world brewing companies. Latin America's young population and thirst for beer makes it one of the most attractive investment options, along with China, for big brewers facing sluggish demand in their traditional European and U.S. markets.

Canada: Sleeman Breweries Ltd., Canada's No. 3 beer producer, announced on March 10 it sold a lot more beer in the last three months of 2004 but profits stayed flat at C$3.9 million due to price cuts in the Ontario market. Sleeman said its fourth quarter diluted earnings per share were C$0.23 compared to C$0.24 in the prior year’s fourth quarter. Net revenue for the fourth quarter of 2004 increased 14% to C$55.6 million compared with C$48.7 million for the same period last year. This increase was the result of core volume growth of 1% and a favourable change in product mix. Premium brand volume increased by 18% with Unibroue volume contributing half of this growth in the quarter. "We sold the most beer in our history in the face of severe price discounting in the Ontario market in the last three months of the year," said company CEO John Sleeman in a statement. Sleeman’s net income for 12 months 2004 rose 18% to C$14.4 million, or C$0.87 per share on a diluted basis, compared with C$12.3 million, or C$0.76 per share on a diluted basis in 2003. EBITDA was C$35.9 million compared with C$33.4 million in 2003, representing an 8% increase. Net revenue of C$213.4 million for the year was up 15% over net revenue of C$185.0 million in fiscal 2003. The increase resulted from 5% core volume growth, a 35% increase in Sapporo hectolitre sales and a mix shift to higher priced premium product sales in the period. “We are pleased with our progress in achieving our strategic and financial goals this year. Our premium brands continue to generate increased sales and margins and we delivered strong growth in revenue, net income and core volume,” said John Sleeman, Chairman & CEO. “The Unibroue integration was completed in the quarter as planned. The integration has provided a positive impact on our operations and our relationships with our customers. We are confident that the integration of that business into our premium portfolio will generate increased revenue and positive returns.” Mr. Sleeman continued, “Operating conditions tested our mettle in the last half of 2004, but we proved our ability to meet new challenges, growing core volume by 1% and delivering record revenue in the fourth quarter. We sold the most beer in our history in the face of severe price discounting in the Ontario market in the last three months of the year.” Sleeman’s management expects that the Canadian beer market will remain very competitive in 2005. Sleeman will continue to succeed by introducing innovative new products and executing distinctive sales and marketing programs. In addition, Sleeman will continue to lower its cost of production and distribution operations in 2005 as the Company realizes the benefits from recent capital expenditures and the successful integration of the Sleeman and Unibroue operations. By focusing on its costs, the Company is prepared for continued value price discounting by competitors for an extended period of time in 2005 in Ontario...more info

Malt News

Australia Malt: In Australia one malthouse construction and one expansion will add 150,000 tonnes of capacity...more info

Russia: Total malt production capacity of Russia will reach about 1.5 million tonnes by next year, according to analysts. Earlier this year Russia announced two more projects of malthouse constructions. The Russian embargo on malt (and grain) from Denmark, Estonia, Germany, Netherlands continues. There is also the Russian threat to expand the embargo to the whole EU, unless a compromise – a common EU Phytosanitary Certificate – is reached by April 1.

Barley News

USA, North Dakota: A new Institute of Barley and Malt Sciences is being developed at North Dakota State University, to try to help researchers and barley growers expand their market, Associated Press posted on March 10. "Compared to other institutions around the U.S., we have a very complete program in barley," said Paul Schwarz, an NDSU professor of plant sciences. "We're able to address problems in a multidisciplinary manner." North Dakota leads the nation in barley production, harvesting 80 million bushels per year. Roughly 80 percent of the state's barley is specific malting varieties, Schwarz said. The majority of that is brewed into beer and malt beverages, while the rest goes into such foods as bread, bagels and cereals, he said. Jim Broten, chairman of the North Dakota Barley Council, said the new institute should benefit malting and brewing companies, including Cargill Malt, which operates a large malting plant near Spiritwood, and Busch Agricultural Resources, which has four elevators in the state and operates a malting plant in neighboring Moorhead, Minn. "Anything to help create a better market for malt, to help them create a better barley for their business - that's why we're getting good industry support," he said. Broten, a barley farmer near Dazey, said he hopes the institute will serve as a world-class research center to boost barley yields and curb disease, and also as a teaching center to expand the worldwide barley market. While Europe is well known for training maltsters in the art of dark beers, consumers in the United States, Latin America and Southeast Asia tend to prefer a lighter beer, which requires different malting and brewing properties, Broten said. "Nobody's teaching that technology," he said. "If we can bring these people in, we can help development a larger market for our barley and our malt by teaching them." The institute also will focus on feed barley to support the livestock industry, he said. The institute has about $550,000 in grants from the Barley Council, NDSU and other sources. It will be part of NDSU's College of Agriculture, Food Systems and Natural Resources. A board of directors made up of representatives from the Barley Council, the American Barley Malting Association, North Dakota and Montana agricultural experiment stations and the barley malting industry will review the institute's work.

China: In January 2005 China imported 120,000 tonnes of malting barley, half each from Australia and Canada...more info

Scandinavian Malting Barley Market: Like last year at this time the slightest reduction in feed barley prices are followed by immediate drop in malting barley prices...more info

Theoretical malt prices.


* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Theoretical malt prices for crop 2005 are available on site www.e-malt.com/MarketPrices

Malt Price Evolution

Malt Market Price Evolution, Crop 2005

Source: E-malt.com

Malting barley prices. French barley prices.
Nominal prices.

nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Table of the week
EU Malt Export Licence Fixations:

(in tonnes)   2000-2001  2001-2002   2002-2003   2003-2004  July 01, 2004 - February 22, 2005  
 France   523,190  701,134  661,772  774,761  477,800 
 Germany   305,980  468,314  408,063  422,047  179,576 
 Belgium   277,584  296,368  287,850  317,292  251,544 
 U.K.    254,793  350,621  294,995  443,501  181,843 
 Finland   65,550  91,890  100,758  114,165  30,166 
 Denmark    52,326  96,812  94,791  90,452  38,953 
 Sweden   50,847  101,000  76,916  78,369  63,840 
 Netherlands   54,835  51,310  66,219  80,703  28,908 
 Ireland   26,003  35,145  31,140  38,900  56,924 
 Austria   4,850  8,840  8,620  60,211  6,130 
 Spain   3,000  2,400  5,640  10,000 
 Greece   1,800  1,744  1,306  979  130 
 Portugal   340  221  85  695  510 
 Italy  
 Total EU 15  1,621,098  2,205,799  2,038,157  2,432,075  1,316,324 
 New EU members  May-June, 04   
 Czech Republic         34,340  53,892 
 Poland         7,604  22,965 
 Hungary         2,830  44,915 
 Slovakia         1,000  41,230 
 Total EU 25   1,621,098  2,205,799  2,038,157  2,477,849  1,479,326 

  Total Wheat malt, tonnes  
Total 2000-2001    4,686 
Total 2001-2002    12,805 
Total 2002-2003    30,908 
Total 2003-2004    15,768 
July 01/2004 – February 22/2005    4,236 
   
  Total Roasted malt, tonnes  
Total 2000-2001    23,967 
Total 2001-2002    23,480 
Total 2002-2003    23,603 
Total 2003-2004    24,438 
July 01/2004 – February 22/2005    18,895 

Graph of the week

Agenda


March 2005:
Night of Great thirst, Belgium;
Zythos Beer Festival, Belgium;
Institute and Guild of Brewing Africa Section 10th Convention, South Africa;
China Drinktec China International Exhibition on Beverage, Brewery and Wine Technology;
FOODEX JAPAN 2005 / INTERNATIONAL FOOD & BEVERAGE EXH;
International Food and Drink (IFE), UK;
BLACK SEA GRAIN: A NEW ENVIRONMENT IN UKRAINE AND REGIONAL PROSPECTS FOR GROWTH;
Deltabierfestival, The Netherlands;
Spring Beer Festival "Hops on Equinox", Seattle;
Brew and Beverage Industry - Beer Auction International Trade Fair, Russia;
Siebel Institute Brewing Profitability Workshop;

April 2005:
Helsinki Beer Festival;
Concise Course in Brewing Technology;
World Barley, Malt & Beer Conference 2005;
JOINT LEGISLATIVE CONFERENCE. Washington, D.C., USA;
BEER. Exhibition Pavilion Minsk.;
Craft Brewers Conference & BrewExpo America;
Classic City Brewfest, Athens, GA;
WINES, BEERS AND DRINKS Exhibition for the Beverage Industry. Krasnoyarsk, Russia;
Excursion to West-Flanders;

May 2005:
HOFEX 2005. 11th Asian International Exhibition of Food & Drink. Hong Kong;
30th Congress of the European Brewery Convention;
Beer International Brewing Technology Exhibition. Sochi, Russia.;
California Festival of Beers;

More events are available on site e-malt.com

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