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E-Malt.com Newsletter 34b
August 20 - August 23, 2020
Quote of the Week
A fine beer may be judged with only one sip, but it's better to be thoroughly sure.
Czech proverb
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Currency Rates
Base Currency: US Dollar
on August 21, 2020 |
Base Currency: Canadian Dollar
on August 21, 2020 |
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1 USD = 0.8440 EUR
1 USD = 0.7609 GBP
1 USD = 1.3203 CAD
1 USD = 1.3934 AUD
1 USD = 105.9300 JPY
1 USD = 5.5747 BRL
1 USD = 73.6886 RUB
1 USD = 6.9177 CNY
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1 CAD = 0.7573 USD
1 CAD = 0.5762 GBP
1 CAD = 0.6392 EUR
1 CAD = 1.0552 AUD
1 CAD = 80.2200 JPY
1 CAD = 4.2216 BRL
1 CAD = 55.8025 RUB
1 CAD = 5.2386 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Excise tax cuts on alcohol set to expire unless Congress acts
...Click here
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Canada, NS: Labatt qualifies for $750000 annual tax break with 'local brewer' status from NSLC
...Click here
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USA, GA: Red Hare Brewing Company to open its second location in Marietta
...Click here
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USA, TX: Frontyard Brewing getting ready to open in Spicewood
...Click here
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USA, DE: Dewey Beer Co. building new microbrewery in Harbeson
...Click here
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USA, MN: Roundhouse Brewery officially relocates and opens in Nisswa
...Click here
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Ukraine: Beer and malt production decline in January-July this year
...Click here
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Vietnam: Sabeco could continue to be a drag on its owner Thai Beverage - analysts
...Click here
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Jamaica: Red Stripe Jamaica forced to write down EUR138 mln in assets
...Click here
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EU: Winter barley harvest is almost finished, spring progressing fast
...Click here
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France & China: Brisk Chinese demand for French wheat and barley continuing this season
...Click here
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Argentina: Excessive rains slowing down barley seeding
...Click here
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The Philippines: San Miguel Corp. to raise up to P20 bln from issuance of perpetual preferred shares in October
...Click here
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Malaysia: Analysts cut earnings forecast for Carlsberg Brewery Malaysia for FY20, FY21, and FY22
...Click here
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South Africa: The Beer Association of South Africa calls for responsible consumption of alcohol as sales resume in the country
...Click here
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Graph of the Week
Table of the Week
World Barley Trade
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
20 August
1741 - Alaska discovered by Danish explorer Vitus Bering
1896 - Dial telephone patented
1960 - USSR recovers 2 dogs, 1st living organisms to return from space
21 August
1897 - Oldsmobile begins operation as a General Motors Corp division
1975 - U.S. lightens trade embargo against Cuba
1991 - Communist coup is crushed in U.S.S.R. in 2 days
22 August
1864 - International Red Cross forms
1901 - Cadillac Co forms
1932 - The BBC first experiments with television broadcasting
1980 - Mount Everest climbed by Italian Reinhold Messner, alone
23 August
1891 - Thomas Edison patents motion picture camera
1904 - Automobile tire chain patented
1939 - Molotov-Ribbentrop pact: East Europe divided between Hitler and Stalin
Agenda
September 2020:
02 - 05: Expo Trade, Brewers Conference & Mar del Plata Beer Week 2020 (Mar del Plata Argentina)
05 - 05: Copa Cervezas de America 2020 (Award Ceremony) (Mar del Plata, Argentina)
11 - 13: The Great British Beer Festival 2020 (virtual) (Virtual)
11 - 13: Mondial de la Biere - Paris 2020 (Paris, France)
14 - 25: Craft Brewing Online 2020 (Online)
18 - 08 October: WBC Connect 2020 (Online)
24 - 26: Stockholm Beer & Whisky Festival 2020 (Stockholm, Sweden)
October 2020:
02 - 03: Stockholm Beer & Whisky Festival 2020 (Stockholm, Sweden)
08 - 11: Mondial de la Biere 2020 (Montreal, Canada)
13 - 16: China Brew & China Beverage (CBB) 2020 (Shanghai, China)
14 - 16: Expo Antad & Alimentaria Mexico 2020 (Expo Guadalajara, Mexico)
16 - 17: Great American Beer Festival 2020 (Online)
19 - 20: Planete Biere 2020 (Paris, France)
21 - 24: Beer 2020 (Sochi, Russia)
23 - 25: Cerveza Mexico Expo 2020 (Mexico City, Mexico)
26 - 28: 107 Brewing and Engineering Conference 2020 (Leipzig, Germany)
29 - 30: Sea Brew 2020 (Taipei, Taiwan)
30 - 01 November: Brussels Beer Challenge 2020 (Brussels, Belgium)
November 2020:
04 - 07: VIETFOOD & BEVERAGE - VIETNAM 2020 (Ho Chi Minh City, Vietnam)
10 - 12: Brau Beviale 2020 (Nuremberg, Germany)
11 - 11: European Beer Star 2020 - Award Ceremony & Winners' Night (Munich, Germany)
18 - 22: Mondial de la Biere Rio 2020 (Rio de Janeiro, Brazil)
20 - 21: Beervana 2020 (Wellington, New Zealand)
25 - 27: Drink Japan 2020 (Tokyo, Japan)
December 2020:
09 - 11: Drink Technology India 2020 (Mumbai, India)
February 2021:
05 - 07: Finest Spirits 2021 (Munich, Germany)
09 - 13: Great British Beer Festival Winter 2021 (The New Bingley Hall, Birmingham, UK)
11 - 15: HoReCa 2021 (Athens, Greece)
21 - 24: Beer & Food Attraction 2021 (Rimini, Italy)
March 2021:
02 - 04: Beviale Mexico 2021 (Centro Citibanamex, Mexico City)
23 - 25: Beviale Moscow 2021 (Moscow, Russia)
29 - 01 April: Craft Brewers Conference & BrewExpo America 2021 (San Diego, California, USA)
April 2021:
08 - 10: Zurich Bier Festival 2021 (Zurich, Switzerland)
17 - 18: Zythos Beer Festival 2021 (Leuven, Belgium)
30 - 01 May: Tallinn Craft Beer Weekend 2021 (Tallinn, Estonia)
May 2021:
12 - 14: Craft Beer China 2021 (Shanghai, China)
17 - 23: Budapest Beer Week 2021 (Budapest, Hungary)
27 - 29: Copenhagen Beer Festival 2021 (Copenhagen, Denmark)
27 - 30: Wiener Bierfest 2021 (Vienna, Austria)
June 2021:
13 - 15: Bangkok Brewing Conference 2021 (Bangkok, Thailand)
15 - 17: Brasil Brau 2021 (Sao Paulo, Brazil)
July 2021:
13 - 15: Fdt Africa 2021 (Midrand, South Africa)
News Articles
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USA: Excise tax cuts on alcohol set to expire unless Congress acts
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As if times aren’t tough enough, beer may get more expensive. This is because the temporary federal excise tax cuts on alcoholic beverages are set to expire at the end of the year, unless Congress acts, Forbes reported on August 20.
The loss of these excise tax credits will hit the beer industry hard, as shutdowns and curtailed re-openings due to the pandemic are exacting a heavier toll on brewers and beer importers compared to others in the alcohol industry.
Alcohol producers and importers pay federal excise taxes to the Alcohol Tobacco Tax and Trade Bureau (TTB) on beverage alcohol that is imported or “removed” from federal tax bond for consumption or sale in the U.S. This is on top of other taxes that any business pays, like income, state, and local taxes.
The Craft Beverage Modernization and Tax Reform Act (CBMTRA) portion of the 2017 Tax Cuts and Jobs Act temporarily lowered the alcohol excise tax rates paid by producers and importers on beer, wine and spirits.
The lower excise tax rates enabled new and small alcohol industry members, including brewers, to use their money to grow their businesses rather than for paying higher taxes.
Excise tax credits allowed
...More info on site
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Canada, NS: Labatt qualifies for $750000 annual tax break with 'local brewer' status from NSLC
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In April, the Nova Scotia alcohol regulator quietly passed the new Local Beer Production Policy, which means a 40 percent reduction on the markup for local producers selling beer to the NSLC (The Nova Scotia Liquor Corporation), The Coast Halifax reported on August 20.
In theory, the policy gives more profits to "local" brewers and less to the NSLC-slash-government, by giving the brewer a higher percentage of the markup (retail price) that the liquor corporation would put on the product's shelf price.
The policy applies to the first 15,000 hectoliters of a product sold, capped at a benefit of C$750,000. But according to the Craft Brewers Association of Nova Scotia (CBANS), only one company will benefit from the new policy: “The Oland brewery on Agricola Street there in Halifax, because they make beer in Nova Scotia, they are going to be considered a local producer,” says CBANS president Kirk Cox.
But unlike other local breweries—think Garrison, Propeller, Good Robot and more—Oland’s is owned by multinational company Anheuser-Busch InBev, which also owns Labatt, Budweiser and Coors.
“To give you a market context, Labatt has about 60 percent of the overall beer market in Nova Scotia, that one company. Our 55 craft breweries in Nova Scotia
...More info on site
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USA, GA: Red Hare Brewing Company to open its second location in Marietta
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Red Hare Brewing Company, LLC will be expanding its footprint into the former Hemingway's Bar and Grill building on Marietta Square over the coming months, Patch.com reported on August 20.
This new venture will add a second location of the Red Hare brand throughout its hometown of Marietta, the company announced in a news release this month. Having been in business for nearly 10 years at its first location on Delk Industrial Blvd, Red Hare says it is excited to take advantage of this opportunity.
"Red Hare feels that the goal of this next location will be to continue to ingrain itself in the Marietta community," the company said in a statement. "The Red Hare team has always been appreciative of the support that the people of Marietta have shown, and the company looks forward to further connecting with those customers in a new atmosphere. Red Hare has always desired to have a location on the square and is thrilled that this dream is becoming a reality."
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USA, TX: Frontyard Brewing getting ready to open in Spicewood
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The Spicewood area will see the addition of a new brewery, Frontyard Brewing, in October, though the opening is dependent upon conditions surrounding the coronavirus pandemic, the Community Impact Newsletter reported on August 20.
The craft brewery, located at 4514 Bob Wire Road, Spicewood, will sit on nearly nine acres of land and will feature fire pits, pickleball courts and a seating area designed with artificial turf. Frontyard Brewing will also feature outdoor and indoor games as well as an on-site farm-to-table food truck, according to co-owner Chad Worner.
Upon opening, Worner said, he hopes the brewery can act as a daily destination for friends and families that want to spend time with one another and unplug.
Though the company is anticipating opening in the fall, customers may be able to enjoy beer to go prior to the official opening date.
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USA, DE: Dewey Beer Co. building new microbrewery in Harbeson
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Dewey Beer Co. is not wasting any time constructing a new microbrewery at a Harbeson business park; work is already underway, CapeGazette.com reported on August 20.
At its Aug. 11 meeting, Sussex County Council unanimously approved a conditional use filed by the company for a 9,900-square-foot facility in the 5-acre Kings Landing Business Park at 18499 Harbeson Road, just north of the Route 9 intersection.
Under the proposed plan, nearly 90 percent of the building would be used for beer production, with a small area for tasting, retail sales and indoor seating. Sixteen tables are included in the site plan in an outdoor patio area. The plan calls for 115 seats – 64 seats on the patio and 51 seats in the tasting/retail area.
The company, which recently celebrated the fifth anniversary of its Dewey Beach restaurant/brewery, is locally owned.
Fred Townsend, the applicants' attorney, said the company's business plan was to start with the Dewey Beach restaurant and move production to an off-site location.
“We are overwhelmed by the demand for our beer,” said co-founder and general manager Brandon Smith. “We can't handle the demand and can't distribute beer. Restaurants ask for our beer all the time. Dewey Beach will remain our heart and
...More info on site
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USA, MN: Roundhouse Brewery officially relocates and opens in Nisswa
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Roundhouse Brewery has officially relocated and reopened in Nisswa after leaving the Northern Pacific Center in Brainerd where the business started in 2016, the Brainerd Dispatch reported on August 21.
“Since then we've experienced growth because we've got a fantastic product and wonderful staff,” said co-owner Mark Lelwica. “We're able to create a very warm setting for people to enjoy.”
Lelwica and co-owner Dan Meyer first considered the move when their lease was coming up for renewal. Considering the need for expansion, they looked at their options and found that not only was a larger space available in Nisswa, but since it was home to Gull Dam Brewing Company, it was already equipped with brewing equipment.
“The building at Gull Dam was available as an option.” Lelwica said. “We made that decision because we'd be able to move into the location with minimal build up and minimal change of structure as it was. The equipment was still in place in the Gull Dam building and that came along with the purchase as well.”
The new, larger location also has space to expand into more entertainment, which he believes is important.
“We are in the beer industry,” Lelwica said. “But it's also evolved more into an
...More info on site
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Ukraine: Beer and malt production decline in January-July this year
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Ukraine’s beer production in January-July this year reached 11.1 mln hl or 1.4% less than over the fist seven months of last year, Profibeer
...More info on site
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Vietnam: Sabeco could continue to be a drag on its owner Thai Beverage - analysts
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Saigon Beer-Alcohol-Beverage Corp (Sabeco), which is a subsidiary of Thai Beverage (ThaiBev), could continue to be a drag on the latter, according to Phillip
...More info on site
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Jamaica: Red Stripe Jamaica forced to write down EUR138 mln in assets
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Desnoes & Geddes Limited, which trades as Red Stripe Jamaica, wrote down €138 million, or $25 billion, in assets – one of the largest
...More info on site
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EU: Winter barley harvest is almost finished, spring progressing fast
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The barley harvest is finished in the Mediterranean regions. The EU winter barley harvest is almost finished except for the very north; spring barley
...More info on site
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France & China: Brisk Chinese demand for French wheat and barley continuing this season
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Brisk Chinese demand for French wheat and barley is continuing this season as a grain import drive by China and its trade clash with Australia provide a welcome export boost for France after a disappointing harvest, traders and analysts said.
For wheat, around a dozen panamax vessels are thought to have been booked for shipment to China during the first half of the 2020/21 season that started in July, representing about 700,000 tonnes, traders said, with some estimating sales at least one million.
So far, about 200,000 tonnes of French wheat have been shipped or are about to load, port data shows.
"Chinese demand remains dynamic at the start of the new season," Nathan Cordier of consultancy Agritel said.
"Thankfully China is there because we're not exporting much wheat elsewhere."
While reduced French supply and less competitive prices are seen costing it substantial sales in Algeria, its main overseas market, Chinese importers have been undeterred so far.
Traders see China's appetite for French wheat as linked to a push to fill more of its wheat import quota following a World Trade Organisation ruling, as well as a desire to diversify sourcing following trade disputes with grain suppliers such as the United States.
However, a cap on Chinese
...More info on site
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Argentina: Excessive rains slowing down barley seeding
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Excessive rains slow down barley seeding, particularly in the southern Buenos Aires province, the heartland of Argentinean malting barley, H. M. Gauger GmbH said
...More info on site
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The Philippines: San Miguel Corp. to raise up to P20 bln from issuance of perpetual preferred shares in October
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Diversified conglomerate San Miguel Corp. disclosed a plan to raise up to P20 billion from the issuance of perpetual preferred shares in October, the Manila Standard reported on August 19.
San Miguel said in a disclosure to the stock exchange it filed an application with the Securities and Exchange Commission for the registration of 533.33 million Series 2 preferred shares to be issued over a period of three years.
It said it would issue 133.33 million preferred shares for the initial tranche, with an oversubscription of another 133.33 million preferred shares at an offering price of P75 per share.
The company plans to use net proceeds from the offering to invest in core subsidiaries San Miguel Food & Beverage Inc., Petron Corp., SMC Global Power Holdings Corp., San Miguel Holdings Corp. and San Miguel Properties Inc.. and for general corporate purposes.
The conglomerate tentatively set the offering period on Sept. 29 to Oct. 9, 2020 and the issue and listing date on Oct. 20, 2020.
San Miguel tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint issue managers and underwriters for the
...More info on site
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Malaysia: Analysts cut earnings forecast for Carlsberg Brewery Malaysia for FY20, FY21, and FY22
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Analysts have cut their earnings forecasts for Carlsberg Brewery Malaysia Bhd for the financial year ending Dec 31, 2020 (FY20), FY21, and FY22 on slower sales volume, The Edge Markets reported on August 17.
In a research note, Hong Leong Investment Bank Research analyst Gan Huan Wen trimmed its earnings forecast for the brewery for the three years by 17.3%, 14% and 7.8%.
Carlsberg reported core profit after tax and minority interests (PATAMI) of RM11.9 million in the second quarter ended June 30, 2020 (2Q20), which brought PATAMI in the first half of 2020 (1H20) to RM84.9 million.
“This is below expectations, making up 33% and 36.1% of our and consensus forecasts, respectively. The shortfall in earnings was due to weaker-than-expected sales volumes as a result of MCO [Movement Control Order] restrictions. Core PATAMI was arrived at after adding back RM1.3 million in foreign exchange losses,” said Gan.
Gan noted that while the research house expects sales to rebound in the third quarter ending Sept 30, 2020 as restrictions ease in Malaysia and Singapore, sales volume will continue to be sluggish.
“We note that many bars and clubs are still prohibited from opening, while others continue to operate with shorter operating hours,” said the analyst.
Gan
...More info on site
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South Africa: The Beer Association of South Africa calls for responsible consumption of alcohol as sales resume in the country
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The Beer Association of South Africa (Basa) has called for the responsible consumption of alcohol and for traders to adhere to health protocols as alcohol sales resume, the Randfontein Herald reported on August 19.
As the country moves into level 2 of the lockdown, which allows the resumption of sale of alcohol, responsible consumption and health protocol compliance has remained the government’s strong call and Basa echoes this.
Basa CEO Patricia Pillay said alcohol traders needed to keep check with regulations to protect the health of their customers and the economic pick-up of the industry.
“With thousands of outlets struggling to get back on their feet following the last two alcohol bans, increased restrictions or another ban could be a final blow for these businesses and the livelihoods they support,” Pillay said.
“It is essential that all role-players recognise the importance of responsible and moderate alcohol consumption. In this way, we can safeguard the 414 886 livelihoods the beer industry supports while also prioritising lives during the Covid-19 pandemic,” she said.
According to government regulations, alcohol-trading establishments can only operate with a maximum of 50 people at a time.
A 1,5 m distance among the customers, the sanitisation of surfaces and the washing of hands and
...More info on site
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