The year 2022 marked the strong recovery from the COVID-19 pandemic. The Supervisory Board (hereafter: SB) was also able to physically meet again and did so four times at various locations. Swinkels Family Brewers has accomplished much in 2022 and the organisation has grown stronger. Despite the substantial cost inflation, Swinkels Family Brewers was able to strengthen its results. Consequently, the SB looks back on 2022 with great satisfaction.

The Audit Committee convened twice, once to discuss the annual report and auditor’s report and once to discuss the budget and control plan. The Remuneration Committee convened on two occasions as well. After the General Meeting of Shareholders, we said goodbye to Mr A. Ruijs as a member of the SB while Mr M. Abbenhuis joined the SB. In connection with the proposed departure of SB chairman Mr J.W. Baud in 2023, the SB spent time in 2022 finding a suitable candidate to succeed Mr Baud.

Photo: Supervisory Board from left to right. Eric Lauwers, Caroline van Nieuwkerk, Jan Willem Baud, Maarten Abbenhuis and Annemiek van Melick.

Swinkels Family Brewers is in the
midst of implementing its multi-year strategy.

The Intelligent Brewery

The first phase of the Intelligent Brewery digital transformation programme was implemented by the end of October 2022. The SB has followed this closely and notes that going live was a success. Although the implementation put visible pressure on the organisation, the employees involved managed to bring this first phase to a successful conclusion. The SB will obviously keep a close eye in the next phase as well.

Multi-year strategy

Swinkels Family Brewers is in the midst of implementing its multi-year strategy. This is followed-up by the company in detail. The SB observes that all set milestones have been met. The company managed to parry all the difficulties in 2022, resulting in a good operating result. Consequently, we ended the year stronger than we started it, due in part to the focus on our multi-year strategy.

Financial targets

Swinkels Family Brewers met the financial targets set for 2022. Working capital continued to improve, enabling the company to free up financial space for investment projects, such as the zero-emission malting plant or the on-trade property portfolio.

CO2 reduction takes pride
of placein the agenda.

Circularity

The SB has frequently discussed the Swinkels Circularity Index. In addition to the overall focus on circular business operations, the SB observed that CO2 reduction took pride of place in the agenda. There are also high expectations for this within the company. The Holland Malt malting plant in Eemshaven, for example, will be the first malting plant in the world to switch entirely to green energy. This will remain a major area of focus in the coming years.

On-trade Belgium

The SB monitored the process surrounding the acquisition of 94 on-trade properties in Belgium in 2022. This transaction provides a strong foundation for our business in Belgium and makes an important contribution to the availability and sales of our Belgian beers in the on-trade market.

Brewery Cuba

Swinkels Family Brewers invested in building a new brewery in Cuba in 2022. The progress of this project in 2022 was on the SB’s agenda. The SB will continue to monitor this project closely in 2023.

In 2023, Swinkels Family Brewerswill continue down the same path.

Stability returns to Ethiopia

Despite hefty tensions, tempers calmed in Ethiopia in 2022. Swinkels Family Brewers made every effort to protect the employees on site and the brewery. The safety of our employees and associates is most important, so we are pleased that peace seems to have settled in again. The economy and the market seem to be recovering well, and the brewery has achieved great results. The SB hopes this will continue in 2023.

In 2023, Swinkels Family Brewers will continue down the same path. The company will continue to build on its strategic pillars, such as the next phase of the Intelligent Brewery programme and the circularity ambition. The implementation of the strategic plan will also require plenty of attention in the coming years. This will involve targeted investments in growth and sustainability, with the aim of further improving returns. We are confident that the company will also achieve a good result in 2023, and as SB we are of course closely monitoring its progress.

Lieshout, 3 April 2023

J.W. Baud, chair
M.C. Abbenhuis
E.C.R. Lauwers
A.T.J. van Melick
C.W.N. van Nieuwkerk