If you want to see this letter from our site, please follow this link. http://www.e-malt.com/Publications.asp?12802
E-Malt.com NewsLetter
Newsletter Summary

RombBullet Quote of the week
RombBullet Currency rates
Important Industry job opportunities
RombBullet Brewers equities
RombBullet Industry news
RombBullet Graph of the week
RombBullet Table of the week
RombBullet Prices evolution
RombBullet Barley prices
RombBullet Theoretical malt prices
RombBullet Scientific digest
RombBullet Business history
RombBullet Agenda
RombBullet News articles



Industry job opportunities
Job.gif JOB ANNOUNCEMENT: Ganzberg Brewery Cambodia (June 2016)



Jump  to http://www.firstkey.com

Last five graphs

Note: All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.



Last five tables

All e-malt.com tables are published in e-malt.com Statistics section. The Statistics section includes Barley statistics, Malt statistics and Beer statistics. The tables related to barley are published in Barley Statistics section, the tables related to malt in Malt Statistics section and the tables related to beer in Beer Statistics section.



Last five prices evolutions



Access to E-malt.com


Do you know
E-malt.com?

Dear E-malt Reader!

E-malt.com Newsletters Archive could be found directly on e-malt.com site. Browsing through our Newsletters Archive you may see all the issues you have missed. To this purpose you just have to login e-malt.com and click on Newsletters link in the menu. Reading our Newsletters you will be kept informed with the latest news and events regarding malting and beer world. You may also submit your own news, events or other information to the address info@e-malt.com!

You may find updated malt, barley and beer statistics on e-malt.com Statistics section. Just enter e-malt.com! Here you will find all tables issued with e-malt.com newsletters.

E-malt.com Agenda gives the possibility to keep you informed about the Events planned to be held in the whole world related to the brewing and malting industries. To this purpose you just have to login e-malt.com and click on Agenda link in the menu. Reading our Event Agenda you will find out about the future symposia, conferences and festivals related to malting and beer world. You may also submit your own events to the address info@e-malt.com

E-malt.com has Trading Online system. The system is to be used for malt/barley trading. One can register a malt/barley offer or a malt/barley request. The registering person could be as a seller/buyer or as an agent for seller/buyer. The User can see information about all active malt/barley offers & requests. If needed the system allows user to buy/sell malt/barley due to reasonable offers/requests. The way to do this is to confirm reasonable transaction. Trading Online rules are available through the Internet in the Trading Online as well as Tutorial (useful for persons who starts the system usage). To visit the E-malt Trading Online first go to the E-malt.com site, then click Trading Online link in the left menu of the e-malt.com home page. For more details please contact info@e-malt.com

Thank You!


E-malt.com Links!




Note

If you have any comments, questions, suggestions or remarks, you can send a mail to: info@e-malt.com. To submit your own news to our editorial team, email to: info@e-malt.com


If you have received this newsletter from a colleague, you can obtain your own subscription here! You are not registered yet? You may register here.


You may recommend our site to your friend by clicking here.


If you do not wish to receive our newsletter, please unsubscribe your e-mail address from our mailing list by sending us an e-mail info@e-malt.com. Please take into consideration your registration data.


 UNSUBSCRIBE YOUR E-MAIL 
from our mailing list.
  SEND A MAIL TO US  
   info@e-malt.com   

Please take into consideration your registration data.


E-Malt.com Newsletter 49a
December 05 - December 07, 2016


Quote of the Week

Talent is an accident of genes - and a responsibility.
Alan Rickman

             You are one of the 54,000 professionals of the brewing and malting industries from 195 countries receiving our free bi-weekly E-malt Newsletters published since 2001. You seem to be pleased by getting them as we have registered something like 3 mln readings.
             To keep the high level of this informative reservoir in both brewing and malting industries and in order to continue to improve it we have to request a small contribution for full access to E-malt.com information.
             The majority of our readers have responded positively thus giving us the possibility to keep developing this global informative reference.
             A one-year membership costs only 181,- Euros and gives you full access to both our Full Bi-weekly Newsletter and website www.e-malt.com.

             You can pay by credit/debit card or bank transfer (against invoice). Ordering is simple, use our online secure ordering system: click hereunder to begin - you can have access in just 5 minutes!

CLICK HEREUNDER TO SUBSCRIBE
One-year individual subscription: 181, - Euros
Two-year individual subscription: 320, - Euros
Save money when your colleagues join:

One-year group subscription for 2-5 members: 373, - Euros
One-year group subscription for 6-10 members: 555, - Euros
One-year group subscription for 11-20 members: 737, - Euros
One-year group subscription for 21-50 members: 983, - Euros
One-year group subscription for 51-100 members: 1229, - Euros

For a personal service contact our Membership staff :
Email : info@e-malt.com
Direct line : +32 (0)87 681381; Fax : +32 (0)87 352234
If calling, please note our office hours are 9am - 5pm (Belgium time)






Currency Rates


Base Currency: US Dollar
on December 07, 2016
Base Currency: Canadian Dollar
on December 07, 2016
      1 USD = 0.9304 EUR
1 USD = 0.7855 GBP
1 USD = 1.3275 CAD
1 USD = 1.3412 AUD
1 USD = 113.8800 JPY
1 USD = 3.4220 BRL
1 USD = 63.8741 RUB
1 USD = 7.0627 CNY
      1 CAD = 0.7532 USD
1 CAD = 0.5916 GBP
1 CAD = 0.7008 EUR
1 CAD = 1.0102 AUD
1 CAD = 85.7700 JPY
1 CAD = 2.5774 BRL
1 CAD = 48.0510 RUB
1 CAD = 5.3194 CNY

Currency Rates Chart


Equities of the Largest Breweries

Equities of the Largest Breweries

North America News
Brewery news USA: US brewery count now exceeds 5,000 ...Click here
Brewery news USA, TX: Deep Ellum Brewing sells majority stake to Storied Craft Breweries ...Click here
Barley news USA: Malting barley industry seeking better varieties with consistent quality ...Click here
Brewery news USA, NY: Fleur De Lis Brew Works preparing for launch this spring ...Click here
Brewery news Canada, ON: Lock Street Brewing officially opens its doors in St. Catharines ...Click here
Brewery news USA, NC: Whistle Hop Brewing to be inaugurated on December 9 ...Click here
Brewery news Canada, NL: Western Newfoundland Brewing aims to launch in mid-December ...Click here
Brewery news Canada, BC: Big brewers seek government help in competing with craft brewers ...Click here
Brewery news Canada, ON: Norse Brewery opens in Carling ...Click here
World News
Brewery news Vietnam: First phase of Sabeco divestment may be pushed back to 2017 ...Click here
Brewery news Vietnam: Sabeco shares jump the maximum allowed 20% on its first day of trading at Ho Chi Minh Stock Exchange ...Click here
Barley news Australia: Barley production to rise by 24% to record high 10.6 mln tonnes ...Click here
Brewery news EU: U.S. buyout fund Bain Capital out of race SABMiller's Central and Eastern European beer brands - sources ...Click here
Hops news New Zealand: Fuelled by demand from US craft brewers New Zealand’s hop industry expands for the first time in 20 years ...Click here
Brewery news Australia: Carlton & United Breweries settles long-running dispute with workers ...Click here
Barley news Romania: Romania’s barley export in September only totals 75 thousand tonnes ...Click here
Barley news Bulgaria: Winter barley area down 21.4% this year ...Click here
Graph of the Week


Table of the Week

World Hop Area


Table of the week.

Prices Evolution

Prices evolution

Barley Prices



Theoretical Malt Prices



Scientific Digest


BE A DETECTIVE - FIND THE ONION IN YOUR BEER!

ABSTRACT
A Japanese research team put a lot of effort in finding the relevant compound for the onion flavour in beer. 2-mercapto-3-methyl-1-butanol (2M3MB) has an onion, sweaty type aroma, at a threshold of only 13ppb. Its origin is most likely hops. Firstly this team has shown that low or no wort aeration reduces the formation of this off-flavour, secondly they found that 2,3-epoxy-3 methyl-butanal (EMB) is the responsible precursor. Next to aeration, the yeast plays an important role on the final level of this compound in beer and will be investigated further. We hope for a happy ending!

Shigekuni, N.: Identification of a precursor of 2M3MB in Beer
Read more

Source: Barth Innovations

These Days in Business History


05 December
1492 - Christopher Columbus discovers Hispaniola (El Espanola/Haiti)
1791 - Wolfgang Amadeus Mozart, composer, dies in Vienna Austria at 35
1792 - George Washington re-elected U.S. pres
1879 - 1st automatic telephone switching system patented
1880 - Blue Jeans are invented
1880 - Walter Elias Disney was born, Chicago IL, animator (father of Mickey Mouse)
1978 - European Union establishes EMS, European Monetary System
1985 - Dow Jones Industrial Average rises above the 1,500 level for 1st time
1989 - France TGV train reaches world record speed of 482.4 kph

06 December
1492 - Haiti discovered by Columbus, at Mole Saint Nicolas
1768 - 1st edition of "Encyclopedia Brittanica" published (Scotland)
1877 - Washington Post publishes 1st edition
1922 - 1st electric power line commercial carrier in U.S., Utica, New York

07 December
1877 - Thomas A Edison demonstrates the gramophone
1926 - Gas refrigerator patented
1941 - Japanese attack Pearl Harbor (a date that will live in infamy)
1945 - Microwave oven patented


Agenda

World Beer Cup 2016


December 2016:
15-17: drink technology India 2016 (Mumbai, India)


February 2017:
01-03: Finest Spirits 2017 (Munich, Germany)
04-05: Bruges Beer Festival 2017 (Bruges, Belgium)
10-12: Brau Kunst Live 2017 (Munich, Germany)
10-13: HoReCa 2017 (Athens, Greece)
17-19: Mondial de la Biere 2017 (Mulhouse, France)
18-21: Beer Attraction 2017 (Rimini, Italy)
22-25: CAMRA's National Winter Ales Festival 2017 (Norwich, UK)
23-25: Alltech Craft Brews & Food Fair 2017 (Dublin, Ireland)
28-02 March: Beviale Moscow 2017 (Moscow, Russia)


March 2017:
08-10: Expo Antad & Alimentaria Mexico 2017 (Mexico City, Mexico)
16-18: BeerX 2017 (Sheffield, UK)
24-26: Barcelona Beer Festival 2017 (Barcelona, Spain)


April 2017:
07-08: Helsinki Beer Festival 2017 (Helsinki , Finland)
10-13: Craft Brewers Conference & BrewExpo America 2017 (Washington, D.C., USA)
12-14: Siberian Beer 2017 (Novosibirsk, Russia)
22-23: Zythos Beer Festival 2017 (Leuven, Belgium)


May 2017:
14-18: EBC 2017 (Ljubljana, Slovenia)
16-19: Beer 2017 (Sochi, Russia)
25-27: South Beer Cup 2017 (Buenos Aires, Argentina)


June 2017:
06-07: Brewing Equipment and Technology 2017 (Birmingham, UK)
14-18: Mondial de la Biere 2017 (Montreal, Canada)


More events are available on site www.e-malt.com



News Articles


Brewery news USA: US brewery count now exceeds 5,000
Reflecting on the significant impact of small and independent craft breweries in 2016, the Brewers Association — the not-for-profit trade association dedicated to small and independent American brewers — looked back on the defining beer moments of 2016. “In the face of numerous opportunities and challenges in 2016, small and independent craft brewers continue to thrive,” said Bart Watson, chief economist, Brewers Association. “This community should be very proud of what it has accomplished and how far it has come.”

Of note in 2016: ● Brewery Count: Five thousand strong and growing, there are now 5,005 breweries in the U.S. compared to 10,000 wineries. Almost all (99%) are small and independent craft brewers. ● Continued Growth for the Segment: By mid-year, small and independent breweries grew by eight percent, reflecting dynamism and a bright spot for the domestic beer market. ● Never Go Out of Styles: IPAs continue to hop up, now accounting for roughly one-quarter of craft volume. More sessionable styles, including golden ales, pilseners and pale lagers, are up 33 percent, totaling nearly five percent of craft. ● Freedom of Choice: As the world’s two largest brewers merged into a multinational conglomerate two and a half times the size of ...More info on site


Brewery news USA, TX: Deep Ellum Brewing sells majority stake to Storied Craft Breweries
Texas’ Deep Ellum Brewing has sold a majority stake to Storied Craft Breweries, an upstart growth capital group founded by the creators of Effen Vodka and led by beer industry veterans Steve Berg and Adam Lambert, Brewbound.com reported on December 2.

Under the deal, Storied Craft Breweries will acquire a 56 percent stake in Deep Ellum, one of the fastest growing craft breweries in Texas, at least in part by buying out more than 20 minority partners from earlier investment rounds. The brewery will also receive $8 million in growth capital.

In an interview with Brewbound, brewery founder John Reardon said the deal would enable Deep Ellum to “clean up” its capital structure, something he sees as necessary for growth. Reardon, who will stay on as the CEO, will simultaneously increase his stake in the business, he said.

“Back when we were just trying to get our doors open, we’d take a check from just about anyone,” Reardon said. “Now, I want to align myself with strategic partners who understand the long-term play of craft beer and can help me realize my goal of becoming a dominant brewery – not just in Texas, but also in the region.”

Reardon, who will now own 40 ...More info on site


Barley news USA: Malting barley industry seeking better varieties with consistent quality
The malting barley industry wants to bolster acres by offering farmers better varieties with consistent quality, Capital Press reported on December 2.

“We’re always trying to improve the selection rate, the percentage of the barley that will make malting quality in a given year,” said Scott Heisel, vice president of the American Malting Barley Association.

Barley acres have declined over the last two decades, down to roughly 3.5 million acres total each year. Roughly 75 percent of that is malting barley, Heisel said.

That number is the minimum number required to supply end users, Heisel said.

“I’m not sure we need to increase it a lot from where we are, especially if we’re successful in increasing that selection rate,” he said.

The majority of malting barley is grown under contract. Heisel recommends a grower have a contract in place, particularly in areas outside the major malting barley-growing regions.

“Growers are going to be more likely to sign that contract if they have varieties that are more likely to make malting quality,” he said. ”We’re trying to reduce that risk of not making malting quality.”

The malting barley association is broadening its member base to include distillers and food companies alongside traditional brewing and malting members.

Companies have begun ...More info on site


Brewery news USA, NY: Fleur De Lis Brew Works preparing for launch this spring
When Jen Partee moved to Florida in 2009, she left upstate New York a devoted Finger Lakes wine drinker.

But Florida’s climate — and the absence of Finger Lakes wines she had grown to love — steered her drinking tastes to craft beer, Finger Lakes Times reported on December 4.

That appreciation has blossomed into a business plan, and Partee; her husband Craig Partee; and brother- and sister-in-law Jon Paul and Beth Partee are working toward opening their farm craft brewery Fleur De Lis Brew Works this spring.

The brewery will be just south of Seneca Falls, at 3630 Route 414, on the property where Jen and Craig Partee live. Craig Partee, a 1989 Mynderse Academy graduate and contractor who specializes in custom built residential homes (he owns and operates Fleur de Lis Construction and does work locally and in Florida), is overhauling a 1,800-square-foot garage area into separate brewing and tasting areas. He has also created a hop yard where Strisselspalt hops will be planted and is making property upgrades so brewery visitors can enjoy the gardens and lawns when they visit.

His brother, Jon Paul, has been a home brewer for about nine years and will serve in that role at the ...More info on site


Brewery news Canada, ON: Lock Street Brewing officially opens its doors in St. Catharines
The St. Catharines Standard reports that after months of construction issues and other delays, Lock Street Brewing has officially opened its doors at 15 Lock Street in the Port Dalhousie area of St. Catharines.

The brewery soft launched earlier this year with contract brewed beers that were available at local events and pubs, and several of those beers were on tap when the Lock Street taproom opened on November 25, along with a new Red Ale brewed on site by brewmaster Sarah Casorso.

Brewery co-founder Wolfgang Guembel tells the paper that more house-brewed beers will be available in coming days and weeks, and that one of the brewery’s core brands, Industrial Pale Ale, will soon be in cans at LCBO locations.

In addition to beer to drink on site or take home in growlers, Lock Street is offering a food menu developed by the chef of RIX Bistro, a fellow tenant in the historic Lion Tavern building.


Brewery news USA, NC: Whistle Hop Brewing to be inaugurated on December 9
Whistle Hop Brewing opens Friday, December 9 in a red caboose in Fairview. And though the brewery is small — just 20 seats, not including a 40-seat patio, and a one-barrel brewing system — head brewer Thomas Miceli wants to focus on big flavor. And, within a year, the brewery hopes to expand to a 10-barrel system, Asheville Citizen-Times reported on December 6.

Miceli said he'll turn out beers that are a little "out there, but with a good flavor to them," with a focus on local ingredients, when applicable.

“That’s what got me started in home-brewing," said Miceli, an engineer at Linamar who's going into business with his father Frank, his mother Lu-Lu, and his brother, who goes by Spanky. "I was not finding beers that I liked that much — beer that sounded good but when I tasted it, I couldn’t pick up the notes I expected to.”

Opening-day brews are likely to include Whistle Hop's own Banana Wheat or SOB Porter, the latter flavored with chocolate and pasilla chiles, also known as chile negro. Both ingredients are common in Mexican mole. Opening brews might also include Miceli's Orange Blossom-Ginger Trippel, made with orange blossom honey.

Miceli favors using honey over ...More info on site


Brewery news Canada, NL: Western Newfoundland Brewing aims to launch in mid-December
CBC News reports that the first brewery in western Newfoundland will soon have its beers available to local drinkers.

The aptly named Western Newfoundland Brewing has been founded by Jennifer Galliott, Norm MacDonald, and his son Jim MacDonald.

Located in the small town of Pasadena, just east of Corner Brook, the nanobrewery is aiming to launch in mid-December with two flagship brands: Killdevil Pale Ale, named after Killdevil Mountain in nearby Gros Morne National Park; and Wild Cove Cream Ale.

Both beers will initially be available on tap at local pubs and restaurants, with a brewery taproom and store selling growlers and cans planned for the future.


Brewery news Canada, BC: Big brewers seek government help in competing with craft brewers
Lobbyists for Canada’s big, foreign-owned breweries met with the former BC Liberal liquor minister last spring, appealing for his help to stem the erosion of market share to craft brewers, Business in Vancouver reported on December 2.

“The multinational beer companies have been losing market share over the last several years to microbreweries and regional breweries,” said a briefing note for Deputy Premier Rich Coleman before his May 18 meeting with Canada’s National Brewers (CNB). “This loss of share has amplified a number of concerns they have had with B.C.’s beer markup structure and their competitors’ ability to lower the shelf price of products.”

For decades they held well more than 90% market share in B.C., but that has eroded to 80% today.

“Notwithstanding the decline, they still account for the vast majority of sales,” the briefing note said. “The province collects the largest amount of markup from the sale of these brewers’ products compared to the smaller breweries, by a very wide margin.”

Coleman met with CNB president Jeff Newton and vice-president Jeremy Chorney, whose members include Molson Coors, Labatt and Sleeman. Though all three have B.C. breweries, Molson Coors is headquartered in Denver, Labatt’s parent Anheuser Busch InBev is based in Belgium, ...More info on site


Brewery news Canada, ON: Norse Brewery opens in Carling
My Parry Sound Now reports that a new brewery has opened in Carling, a small town just north of Parry Sound, Ontario.

Norse Brewery has been founded by Olga, Alexey and Elena Rogozhkina, and opened to the public for the first time on November 30th at 11 Ritchie Drive.

The brewery’s flagship brand is Norse Ale Unfiltered, which is available to sample and purchase in 500 ml bottles at from brewery. Business hours are 10:00 AM to 6:00 PM Tuesday to Sunday.


Brewery newsVietnam: First phase of Sabeco divestment may be pushed back to 2017
The first phase of divestment from Saigon Beer, Alcohol and Beverage Corporation (Sabeco) may be pushed back to next year, VietNamNet Bridge reported on ...More info on site


Brewery news Vietnam: Sabeco shares jump the maximum allowed 20% on its first day of trading at Ho Chi Minh Stock Exchange
Shares of state-controlled Sabeco, Vietnam's biggest brewer, jumped the maximum allowed 20 percent upon listing on December 6 as investors craved exposure to the dominant player in one of Asia's most sought-after beer markets, Reuters reported.

The market value of Saigon Beer, Alcohol, Beverage Corporation (Sabeco) rose to $3.72 billion, the fifth biggest listed firm in the Southeast Asian nation, as its shares hit 132,000 dong ($5.8) compared to their opening price of 110,000 dong, data from the Ho Chi Minh Stock Exchange showed.

Sabeco, with a share of nearly 41 percent of the domestic beer market, is one of the last profitable assets owned by the Vietnamese government, which has said it would sell its entire 89 percent in the company by 2017.

Kirin Holdings, Asahi Group Holdings, Thai Beverage Pcl, Heineken and Anheuser Busch Inbev SA are among around 20 investors that have expressed interest in buying stakes of Sabeco and smaller rival Habeco, a government official said in October.

Vietnam has been seeking to accelerate the initial public offerings (IPOs) of state-owned companies and list shares to boost investment and increase transparency.

The stock market debut of Sabeco, known for its Bia Saigon and 333 brews, had been moved forward from an ...More info on site


Barley newsAustralia: Barley production to rise by 24% to record high 10.6 mln tonnes
In 2016-17, Australia’s barley production is forecast to rise by 24 per cent to a record high of 10.6 million tonnes, ABARES said in ...More info on site


Brewery newsEU: U.S. buyout fund Bain Capital out of race SABMiller's Central and Eastern European beer brands - sources
The field of bidders for SABMiller's Central and Eastern European beer brands being sold by Anheuser-Busch InBev has narrowed after U.S. buyout fund Bain ...More info on site


Hops newsNew Zealand: Fuelled by demand from US craft brewers New Zealand’s hop industry expands for the first time in 20 years
Nelson, New Zealand's hop industry is expanding for the first time in more than 20 years, Stuff.co.nz reported on December 5.

Fuelled by demand from ...More info on site


Brewery news Australia: Carlton & United Breweries settles long-running dispute with workers
The long-running beer dispute at Carlton & United Breweries has ended as the brewer reached a deal with unions to reinstate sacked maintenance staff on their full pay and conditions, The Australian Financial Review reported on December 7.

In an agreement finalised on December 7 with the Electrical Trades Union and the Australian Manufacturing Workers Union, the brewer invited all the picketing workers at its Abbotsford plant in Victoria to return to their jobs on December 12, with an agreement on no-forced redundancies until 2020.

A confidential deed is also understood to have include compensation for the workers, who were without work since June.

The unions have also agreed to "moderated wage outcomes" and flexibility on rosters, overtime requests and rostered days off.

CUB terminated the 55 maintenance workers' contract in June in favour of labour hire company Programmed which sought to re-hire the workers under significantly lower pay and conditions.

The sacked workers held a continuous picket line outside the factory, spurred strikes by the CUB workforce, and saw Programmed withdraw from its contract.

Leaked company documents in November revealed the brewer was struggling to meet peak summer demand due to maintenance issues. Unions estimated it was losing A$2 million a week in production losses.

Anheuser-Busch ...More info on site


Barley news Romania: Romania’s barley export in September only totals 75 thousand tonnes
In September 2016, Romania exported 75 thousand tonnes of barley, which was 3.5 times lower than record amount for this month, shipped in September 2015 (265 thousand) and 57% lower than 5-year average for this month, reports UkrAgroConsult. Key buyers of September 2016 were Libya, Tunisia and Vietnam.

Thus, according to UkrAgroConsult, since the beginning of 2016/17 (July-September) Romanian barley exports decreased to 625 thousand tonnes (-39% y/y) compared to 1.022 mln tonnes exported over the same period last season.

Over July-September 2016/17 lower purchasing activity is seen from Saudi Arabia, Japan, Algeria and UAE, while higher demand is observed from Spain.


Barley news Bulgaria: Winter barley area down 21.4% this year
Bulgaria’s fall planting has come to its final stage. The country experienced contradictory weather conditions in the course of this work, reports UkrAgroConsult. On the one hand, abundant October precipitation replenished soil moisture and produced a beneficial effect on growth of already sown winter crops. On the other hand, this precipitation stopped planting in most of the country’s regions.

For winter barley, this period was rather adverse than favorable. As farmers and machinery were focused rather on harvesting late spring crops and sowing winter wheat and rape, large-scale planting of winter barley started with some delay, towards the close of its optimum planting period. Generally speaking, the period of favorable weather conditions for barley planting was somewhat missed and the work was interrupted at its height by persistent rains.

So, by the end of November, farmers planted a 21.4% smaller area to winter barley than a year ago.

Maryna Sych, grain market analyst of UkrAgroConsult, notes that reduction of barley plantings in Bulgaria is already a trend, not a pure chance. So, this year farmers preferred winter rape rather than barley.



Copyright © E-Malt s.a. 2016