Product concentrations may be estimated from gas analysis or calorimetric measurements. These techniques of analysis are fast, simple, and provide a continuous output. To check the accuracy of these estimations, the anaerobic ethanol formation of an industrial strain of the yeast Saccharomyces cerevisiae was selected as a test system. Cultivations were carried out as batch cultures with different nitrogen sources (ammonium, glutamate and a mixture of amino acids) and 20 g/l of glucose as the carbon and energy source. The results showed that there was a good agreement between measured and calculated ethanol values. However, especially when using heat data the results are very sensitive to small changes in the stoichiometry of the catabolic reaction, i.e. ethanol is not the only product but there are also minor amounts of glycerol and acetate. The problems generated by these products when using heat data to calculate ethanol concentrations are discussed in detail.