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E-Malt.com Newsletter 13b
March 30 - April 02, 2023
Quote of the Week
A fine beer may be judged with only one sip, but it's better to be thoroughly sure.
Czech proverb
Currency Rates
Base Currency: US Dollar
on March 31, 2023 |
Base Currency: Canadian Dollar
on March 31, 2023 |
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1 USD = 0.9194 EUR
1 USD = 0.8095 GBP
1 USD = 1.3543 CAD
1 USD = 1.4928 AUD
1 USD = 132.6000 JPY
1 USD = 5.1181 BRL
1 USD = 77.1709 RUB
1 USD = 6.8774 CNY
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1 CAD = 0.7383 USD
1 CAD = 0.5977 GBP
1 CAD = 0.6788 EUR
1 CAD = 1.1021 AUD
1 CAD = 97.8989 JPY
1 CAD = 3.7787 BRL
1 CAD = 56.9755 RUB
1 CAD = 5.0776 CNY
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Currency Rates Chart
Equities of the Largest Breweries
Canada: Barley crop 2023 forecast to be slightly higher over crop 2022
...Click here
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Canada, AB: Big Rock Brewery considers restructuring, potential sale amid industry downturn
...Click here
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USA, VA: Stone Brewing Co. to produce all Sapporo beer’s US products at its Richmond facility
...Click here
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USA, AR: Southern Tail Brewing to open in Little Rock
...Click here
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USA, OR: Double Mountain Brewery to open its third overall and second location in Portland
...Click here
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USA, CA: Border X Brewing in trouble without major cash infusion
...Click here
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USA, IL: Carlyle Brewing Co. officially under new ownership
...Click here
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USA, PA: Schaylor Brewing Co. announces projected April 5 opening date for its newest brewpub
...Click here
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World: Heineken and Carlsberg expected to report growth in beer sales this year
...Click here
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Australia: Barley crop 2023 still forecast at 10.88 mln tonnes
...Click here
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Malaysia: Carlsberg to exercise prudence in business plan
...Click here
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World: Suntory’s new CEO to spend over $5 bln in M&A
...Click here
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Australia: Asahi to close Green Beacon brewery in north Brisbane
...Click here
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Argentina: Barley crop forecast unchanged at 4.4 mln tonnes so far
...Click here
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Kenya, Tanzania, & Uganda: Investors fail to sell 25.12 mln East African Breweries shares to Diageo
...Click here
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South Korea: Carlsberg cancels ‘unilaterally’ distribution contract in South Korea
...Click here
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Australia: Kirin to close its Tiny Mountain brewery, discontinue the brand
...Click here
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Kenya: East African Breweries’ directors could be set to pay multi-billion dollar fines
...Click here
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Graph of the Week
Table of the Week
South America Barley Production, Import, Consumption, and Ending Stocks
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
30 March
1858 - Pencil with attached eraser patented by Hyman L. Lipman
1867 - U.S. Secretary of State William H. Seward agrees to purchase the Alaskan territories from Russia for $7,200,000
31 March
1889 - 300m Eiffel Tower officially opens, commemorates French Revolution
1896 - Whitcomb Judson, Chicago, patents a hookless fastening, also know as the zipper
1917 - U.S. purchases Danish West Indies for $25M and renames them Virgin Islands
01 April
1778 - Oliver Pollock, a New Orleans businessman, creates "$" symbol
1826 - Samuel Mory patents internal combustion engine
1891 - The Wrigley Company is founded in Chicago, Illinois
1935 - India's central banking institution, The Reserve Bank of India is formed
1986 - World oil prices dip below $10 a barrel
1989 - Margaret Thatcher's new local government tax, the Community Charge (commonly known as the "poll tax"), is introduced in Scotland
2015 - Apple Inc. is formed by Steve Jobs, Steve Wozniak, and Ronald Wayne
02 April
1850 - City of Los Angeles incorporated
1875 - Walter P. Chrysler is born in Wamego, Kansas. He goes on to found the Chrysler Corp. as successor corporation to the failing Maxwell Motor Car Co. in 1925 and to buy Dodge Brothers, Inc., in 1928
1911 - The Australian Bureau of Statistics conducts the country's first national census
1961 - The first patent for an integrated circuit is awarded to Fairchild Semiconductor's Robert Noyce, who later co-founds Intel Corp. with Gordon Moore
Agenda
April 2023:
02 - 06: 15th International Trends in Brewing 'Beer & Society' 2023 (Leuven, Belgium)
06 - 08: KIBEX 2023 (Seoul, South Korea)
22 - 23: Zythos Beer Festival 2023 (Kortrijk, Belgium)
May 2023:
07 - 10: Craft Brewers Conference & BrewExpo America 2023 (Nashville, TN, USA)
10 - 10: World Beer Cup 2023 (Nashville, TN, USA)
12 - 14: Cerveza Mexico Expo 2023 (Guadalajara, Mexico)
12 - 13: Copenhagen Beer Festival 2023 (Copenhagen, Denmark)
18 - 21: Mondial de la Biere 2023 (Montreal, Canada)
21 - 23: The Brewers of Europe Forum 2023 (Prague, the Czech Republic)
22 - 28: Budapest Beer Week 2023 (Budapest, Hungary)
24 - 25: 34d International VLB Craft Brewing Conference (Online)
25 - 27: InnBrew 2023 (Barcelona, Spain)
26 - 28: Barcelona Beer Festival 2023 (Barcelona, Spain)
30 - 01 June: Craft Beer China 2023 (Shanghai, China)
30 - 01 June: Beviale Mexico 2023 (Mexico City, Mexico)
June 2023:
01 - 04: Wiener Bierfest 2023 (Vienna, Austria)
05 - 06: Tallinn Craft Beer Weekend 2023 (Tallinn, Estonia)
10 - 11: Bruges Beer Festival 2023 (Bruges, Belgium)
12 - 13: IGC Grains Conference 2023 (London, UK)
13 - 14: VLB Africa Brewing Conference 2023 (Douala, Cameroon)
August 2023:
10 - 12: VIETFOOD & BEVERAGE - VIETNAM 2023 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
18 - 19: Beervana 2023 (Wellington, New Zealand)
September 2023:
16 - 03 October: Oktoberfest 2023 (Munich, Germany)
18 - 20: 13th Iberoamerican VLB Symposium Brewing & Filling Technology (IBS) (Bogota, Colombia)
October 2023:
04 - 06: Drink Technology India 2023 (Pragati Maidan, New Delhi, India)
08 - 10: EBC Symposium 2023 (Salzburg, Austria)
10 - 12: International Beer Strategies Conference 2023 (Berlin, Germany)
19 - 20: Brew Asia 2023 (Ho Chi Minh City, Vietnam)
20 - 21: Salon du Brasseur 2023 (Parc Expo Nancy, France)
21 - 23: Whisky Live Paris 2023 (Paris, France)
November 2023:
28 - 30: Brau Beviale 2022 (Nuremberg, Germany)
December 2023:
06 - 08: Drink Japan 2023 (Makuhari Messe, Japan)
February 2024:
23 - 25: Finest Spirits 2024 (Munich, Germany)
News Articles
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Canada: Barley crop 2023 forecast to be slightly higher over crop 2022
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RMI Analytics’ barley crop 2023 estimates for the USA and Canada are slightly higher over crop 2022. For Canada, the analysts’ forecast is slightly
...More info on site
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Canada, AB: Big Rock Brewery considers restructuring, potential sale amid industry downturn
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Big Rock Brewery has launched a strategic review to look at cost reductions, restructuring, refinancing and potential sale of all or part of the corporation’s assets, the Calgary Herald reported on March 30.
The 38-year-old Calgary-based brewery’s 2022 financial statement shows a loss of C$7.1 million, including C$3.8 million in the final three months of the year.
“Any time you’ve got industry consolidation going on, changes in the industry, a down year for beer . . . it’s the responsibility of the board in particular to look at all options,” said Stephen Giblin, who was installed as interim president, CEO and chair of the board of Big Rock on Oct. 27, 2022.
“I think it’s time for us to look at a strategic plan and develop a good plan for the business going forward.”
Acumen Capital Finance Partners Ltd. will serve as strategic adviser to the special committee of the board of governors and could result in new partners being brought in or other strategic initiatives. Not timeline has been placed on the completion of the review.
It was a tough 12 months for the brewery, which saw sales volumes drop three per cent over 2021, exacerbated by inflationary pressures and rising costs.
On March 28,
...More info on site
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USA, VA: Stone Brewing Co. to produce all Sapporo beer’s US products at its Richmond facility
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Stone Brewing Co. anticipates it will be making Sapporo beer at its Richmond brewery before the end of the year. It expects to produce all of the Japanese brand’s U.S. products plus the iconic 22-ounce chalice-shaped steel can, the Richmond Times-Dispatch reported on March 28.
Stone is closing in on a doubling of its brewing capacity to serve the new product line while also leasing a new warehouse space in Henrico County and beginning the process to double its Richmond workforce.
The Japanese beer giant acquired Stone in August 2022 for a reported $165 million.
Once fully operational, the Richmond Stone brewery will make about 40% of the company’s total domestic output, with the remaining 60% being made out of Stone’s California operations — southern California is the beer’s highest demand center in the U.S.
Part of the estimated $33 million of capital upgrades in Richmond is a new canning line to hold Japanese beers. The brewery is also expanding its basic infrastructure, including the boiler, water systems, cold box storage and silos for grain storage.
The first post-acquisition expansion effort was the leasing of a warehouse at 943 S. Airport Drive, where the company will have a majority of the space — 149,030 square
...More info on site
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USA, AR: Southern Tail Brewing to open in Little Rock
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In late February, AMP reported that a Little Rock brewery located at 900 E. 9th Street in the East Village neighborhood applied for a several million dollar planning permit, according to documentation from the Pulaski County Assessor’s Office. The planning permit was filed in November for $4.5 million. More information reveals that the brewery in the works is Southern Tail Brewing, designed with dog enthusiasts in mind, according to the brewery’s new Facebook page.
Southern Tail Brewing is a new Little Rock project intended to take up 11,000 square feet at 900 E. Ninth Street, according to public records. The President of Southern Dog Holdings LLC is Brent Cryder, according to a business license from the Arkansas Secretary of State’s office. The property, which was formerly a Mr. Suds Detailing carwash, is owned by Southern Dog Holdings LLC out of Little Rock. The company also owns properties at 910 E. 9th Street and 924 E. 9th Street.
Brent and Tracy Cryder are experienced brewers and fermenters who have even competed for brewer of the year with Central Arkansas Fermenters in years past. Tracy Cryder shared details about the upcoming project with AMP.
“We love Arkansas, and we love dogs – and
...More info on site
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USA, OR: Double Mountain Brewery to open its third overall and second location in Portland
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The Hood River-based brewery and cidery Double Mountain will expand into North Portland this summer, the Oregonian’s Andre Meunier reports. It will move into the N Killingsworth Street space formerly occupied by Lucky Labrador Brewing, which closed in late 2021.
The new location will be Double Mountain’s third overall and second in Portland.
Double Mountain first arrived in Portland in 2016, serving its craft beers and pizza at a SE Woodstock Boulevard taproom. Owner and co-founder Matt Swihart estimates the bar will pour 15 to 18 Double Mountain taps, with three-quarters of the taps dedicated to beer and the rest to cider.
The new pub will open with a similar food menu to its existing locations — serving pizza, sandwiches, and salads — but aims to branch out into new menu items. Since the space can accommodate additional ovens, Swihart is considering baking bread in-house.
Double Mountain will open at 1700 N Killingsworth Street in Summer 2023.
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USA, CA: Border X Brewing in trouble without major cash infusion
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Border X Brewing could be in trouble without a major cash infusion, reports L.A. Taco.
The Latino-owned craft beer operation, “is in danger of closing its Southeast Los Angeles location in Bell without outside investment,” writes reporter Beth Demmon. The plan, owner David Favela says, is for a financial partner to take up to a 40 percent ownership stake in the company in order to keep the brewery afloat, after years of pandemic slowdowns and flagging sales. “COVID… tripped us up and we haven’t had the capital to recover from the disaster,” Favela tells L.A. Taco. The Border X location in Bell opened in March 2019.
The possible closure of Border X in Bell is just the latest in a series of tumultuous moments for the greater Los Angeles craft beer scene, which has had to face many difficult questions after a series of big-name closures earlier this year, including Strand Brewing in the South Bay. There are no clear answers for how to come out of debt and increase sales, operators say, though some have taken to diversifying their company’s offerings into restaurants and distilleries as a way to spread around risk and increase opportunities.
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USA, IL: Carlyle Brewing Co. officially under new ownership
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After 20 years of running a popular brewery in downtown Rockford, Don Carlyle is a retired man, the Rockford Register Star reported on March 31.
Carlyle's last day as owner of Carlyle Brewing Co. was Wednesday, March 29. Carlyle announced in February the owners of Woodfire Pizza, Joe and Anne D’Astice, would take over running the brewery.
Details on what changes, if any, customers will see at Carlyle Brewing Co. have not been announced.
Woodfire had previously said it will "continue the tradition of Carlyle Brewing."
The business was closed on March 30 for a "transition day."
Carlyle Brewing Co. is located at 215 E. State St. Woodfire Pizza is at 408 E. State St.
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USA, PA: Schaylor Brewing Co. announces projected April 5 opening date for its newest brewpub
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Berks County microbrewery Schaylor Brewing Co. has announced a projected April 5 opening date for its new brewpub in the Lebanon Farmers Market.
Schaylor Brewing is taking over the space on the third floor of the market most recently occupied by Red-Headed League, which closed in early March.
Co-owner Lucan Schmidt previously told LebTown that Schaylor will operate the brewpub using a satellite/brewery storage license, which was still in “pending” status with the Pennsylvania Liquor Control Board as of publication time.
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World: Heineken and Carlsberg expected to report growth in beer sales this year
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Beer producers Heineken and Carlsberg are expected to report growth in beer sales for 2023 when both release a first-quarter update next month, analysts
...More info on site
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Australia: Barley crop 2023 still forecast at 10.88 mln tonnes
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The forecast for Australia’s barley crop remains at 10.88 mln tonnes, a decline from the massive crop 2022 at 14.22 mln, 2023 RMI Analysts
...More info on site
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Malaysia: Carlsberg to exercise prudence in business plan
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Malaysia’s breweries expect the business environment to remain challenging in 2023 on the back of global supply chain disruptions and recessionary pressures from leading
...More info on site
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World: Suntory’s new CEO to spend over $5 bln in M&A
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Suntory Beverage and Food Ltd’s new CEO, Makiko Ono, is set to lead the group on a new major M&A strategy worth more than $5 billion in value. Ono’s appointment as CEO is a historic move as she is Japan’s first female CEO of a listed company with a market cap of over 1 trillion yen ($7.58 billion), the Bangkok Post reported on March 29.
On the job since March 24, she faces the tough task of creating shareholder value for a company that has had a stagnant share price for the most of the last 10 years.
The chart below from Fintel’s financial metrics and ratios page for Suntory shows the flat cash flow generation from operating activities over the last five years.
Ono's professional experience primarily involves spearheading overseas acquisitions, and she happens to be one of the rare female employees working in foreign territories for the company. She intends to apply her proficiency in this area to steer growth by adopting a comparable approach, capitalizing on alterations in consumer habits induced by the COVID-19 pandemic.
Regarding the new strategy, Suntory aims to pursue M&A opportunities worth as much as 700 billion yen over the next few years, with a focus
...More info on site
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Australia: Asahi to close Green Beacon brewery in north Brisbane
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Asahi Beverages has announced it’s closing Green Beacon’s production brewery in north Brisbane in approximately 10 weeks, the Beer and Brewer reported on March 29.
As part of its decision, Asahi said Green Beacon’s Teneriffe brewpub will get added brewing capacity while the lion’s share of production will be transferred to other Asahi-owned Australian breweries, including Pirate Life in Port Adelaide and 4 Pines in Brookvale – where Wayfarer kegs are already produced. Asahi said these other sites have the capability to manage Green Beacon’s continued growth. The closure of the Geebung production brewery will result in the loss of three full-time and two casual positions. The remaining Geebung employees will transfer to the Teneriffe brewpub.
Asahi purchased the Brisbane brewery in 2019, which is currently celebrating its 10th anniversary. It was recently announced that Green Beacon’s former head brewer Johann van der Walt had moved to Boxer Brewing after almost a decade at the brewery.
Asahi said in a statement the decision to close the production brewery “follows several years of strong growth for Green Beacon and is part of a plan to ensure it continues its strong trajectory by increasing brewing capacity across multiple sites”.
Green Beacon general manager Richard Shrosbery said:
...More info on site
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Argentina: Barley crop forecast unchanged at 4.4 mln tonnes so far
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There is no adjustment in RMI Analytics’ crop 2023 estimate for Argentina at 4.4 mln tonnes, which continues to be a 0.6 mln tonne
...More info on site
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Kenya, Tanzania, & Uganda: Investors fail to sell 25.12 mln East African Breweries shares to Diageo
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Investors failed to sell 25.12 million East African Breweries Plc (EABL) shares to the parent company Diageo Plc, denying them a chance to book a Sh552.6 million gain on the back of oversubscription in the tender offer, the Business Daily reported on March 27.
Diageo had sought to buy 118.39 million EABL shares but received offers to purchase 143.52 million shares, forcing it to turn away some of the investors motivated by the premium offered.
The British multinational offered to buy the share at Sh192 apiece, representing a premium of 39 percent on EABL’s share price of Sh138 on the last day of trading before Diageo disclosed its offer on October 14, 2022.
The 25.12 million shares that Diageo has not bought despite receiving the applications would have cost it Sh4.82 billion as opposed to the current value of Sh4.27 billion, going by the March 23 closing price of Sh170 a piece.
The difference between the offer price and the current share price means the investors who had bid to sell their 25.12 million shares have missed out on a chance to make a Sh552.6 million gain at a time many of the Nairobi bourse stocks are battered.
Investors were also motivated by Diageo’s offer
...More info on site
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South Korea: Carlsberg cancels ‘unilaterally’ distribution contract in South Korea
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GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said on March 28 that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month, The Korea Herald reported.
The company said it will stop selling Carlsberg beer products from March 31, labeling the unilateral notice “tyrannous.”
According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but since last year, the Danish multinational brewer shifted to short-term contracts in an apparent attempt to set up its own sales unit here.
In October last year, Carlsberg established its own sales office and declined to renew the existing contract with GoldenBlue.
GoldenBlue said it has continued distributing Carlsberg beer in hopes to renew the contract, adding that over the months it suffered from losses in operating distribution channels.
The company said it plans to file a complaint with Korea’s Fair Trade Commission, hinting at waging a separate lawsuit to claim compensation for losses.
“GoldenBlue wants to prevent any unfair trade relations between global and domestic companies from reoccurring in Korea. With their full capacities, GoldenBlue will seek ways to fundamentally block these deceptive business activities of global companies together
...More info on site
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Australia: Kirin to close its Tiny Mountain brewery, discontinue the brand
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Kirin subsidiary Lion has made the decision to close its Tiny Mountain hospitality venue and microbrewery, and discontinue the Tiny Mountain beer brand, the company announced on March 29.
Located in the North-eastern Australian state of Queensland, the Tiny Mountain brewery and hospitality site will close its doors and cease trading this weekend (2 April). A spokesperson for Lion told Just Drinks that it had no plans to sell the brand or to continue production at another site.
The Tiny Mountain brewery closure will impact its 3 permanent staff and 15 casual team members.
Lion’s Queensland sales director Pat Donohue said: “From the outset, Tiny Mountain was created to be a great local brand that would be enjoyed here in the region and beyond North Queensland.
“While the venue has been embraced by locals, despite the dedication and passion of our amazing local team, unfortunately sales of Tiny Mountain have not grown as strongly as initially hoped beyond the venue.”
The brewery opened in 2020, but Lion did not own the location of the brewery on Palmer St in Townsville, instead leasing the site for Tiny Mountain’s operation. With that lease set to expire, Lion said it had made the “difficult decision” to exit the
...More info on site
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Kenya: East African Breweries’ directors could be set to pay multi-billion dollar fines
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The directors of the Diageo-owned East African Breweries Limited (EABL) could be set to pay multi-billion dollar fines for disregarding a Supreme Court order related to beer supply, The Drinks Business reported on March 21.
According to East African press sources, EABL’s former supplier Bia Tosha Distributors has insisted the directors to be fined an equivalent of 20% of EABL’s sales, equal to KSH39 billion (US$300 million), for refusing to relinquish beer distributorship routes across parts of Nairobi, Machakos and Kajiado.
Last month, the Supreme Court ordered EABL to reinstate Bia Tosha on the contested routes following a suit that has been in litigation since 2016.
Bia Tosha has revealed to the Supreme Court that EABL has “sponsored” the present distributors to sue at the High Court in an effort to try to derail the implementation of the apex court’s order.
In documents filed in court, Bia Tosha, managing director Anne-Marie Burugu said: “The respondents have acted with reckless abandon and with total contempt for the authority of this court, have continued to infringe upon the applicant’s distribution areas.”
Diageo has been contacted for comment on the situation, but has so far stayed quiet on the issue.
Last summer, Diageo made another big move in its
...More info on site
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