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4-2017

Global hop market

A local alternative to mass beer suggested by independent brewers has been successful and is now altering the global market. Beer is becoming more diversified, so transnational companies have to accept the new game rules and to switch focus to young and fast growing markets. All these processes increased the demand for aroma and bitter hop as well as their acreage expansion on two continents. However now there appeared a downward trend of alcohol consumption in the world, so even special sorts can soon turn to be sufficient. In this connection the dynamic American hop market is already facing some problems. EU hop producers have become more cautious, they are not racing to exceed the demand and look forward with more confidence, judging by the contract terms. 

Hop Market in Russia

Germany still dominates the Russian market, yet over the recent two years one has been able observe a continuous success of Czech hop suppliers. Their expansion and growing popularity of hops from the United States became the drivers of supplies growth in 2016 despite the preceding modest harvest crop in the EU, as well as the factor of relative stability in 2017. In this connection, in 2017, the ratio of the varieties continued to shift towards the aroma ones, and the supplies of Magnum hop and other alpha varieties were reduced. However, the import of bitter hop pellets is partially replaced by extracts, especially from the major beer manufacturers. Total volumes of alpha acid supplies, according to our estimation, decreased by approximately 5% and returned to the level of 2015. Barth Haas Group continues dominating the hop products market; HVG also increased its weight. At the same time, Morris Hanbury significantly reduced the supplies in 2017.

Russia. Baltika Breweries Holds Extraordinary General Shareholders’ Meeting

The Extraordinary General Shareholders’ Meeting was conducted on 1 September 2011 by absentee ballot. Baltika’s shareholders approved the conversion of preference shares to ordinary shares.

99.46% of A-type preference shareholders and 83.23% of ordinary shareholders voted for the shares conversion. Therefore, all preference shares will be converted into ordinary shares. The process of conversion can take around 6 months.

Shares will be converted at a ratio of 1:1, namely: one A-type preference share will be exchanged for one ordinary share.

By merging the two share classes, Baltika aims to optimize a structure of the share capital which is complicated and requires definite administrative costs. The merger of the two share classes into one is also anticipated to have a positive impact on the trading liquidity of Baltika shares.

Historically preference shares have been used by companies during privatization. As Baltika is in a strong financial position and is an adequately capitalized company, the Board of Directors believes that the preference share class is an unnecessary structure.

Baltika has traded ordinary and preference shares on stock exchanges and the off-exchange market. In Russia, the company’s shares are traded on two trading platforms: the RTS Exchange (since 2001) and the MICEX Stock Exchange (since 2003). Currently, the company’s shares are listed in the ‘Listed Securities Not Included in Quotation Lists’ section of the catalogue.

The company’s issued share capital consists of 151,714,594 ordinary shares and 12,326,570 A-type preference shares. The nominal value of each ordinary and preference share is RUB 1. The company’s issued share capital totals RUB 164,041,164.

6 Sep. 2011

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