Sustainable growth


We want the world to enjoy our beers. Providing consumers with the right beer at the right time and surprising them with different malts. That was, and still is, our ambition. And it often comes with challenges. In 2023, these were in resource scarcity and rising energy and raw material prices. Still, we present nice figures, thanks to proactive cost management.

In 2023, we actively managed working capital. This made investments possible, for example in our new brewery in Cuba and in our emission-free malting plant. This underlines how healthy Royal Swinkels Family Brewers is. And we are committed to passing on a financially strong organization to future generations.

Results 2023

Turnover 2023

(in millions of euros)


Turnover 2022

(in millions of euros)


  • Results per division
    Results per division
  • Swinkels Family Brewers
    The SFB-division includes sales from all breweries in the Netherlands and Belgium. Here, important sales channels are supermarkets, web shops and on-trade locations in Western Europe but also exports to customers and distributors in the rest of the world. Important suppliers are energy companies and all suppliers of raw and packaging materials.

    The beer division is experiencing challenging market conditions. Presumably bad weather in the spring and fall also led to a lower beer consumption. Still, compared to 2022, we see an increase in turnover in the beer division.

    Holland Malt
    The malting division consists of the Lieshout malting plant and the Eemshaven malting plant, which will be emission-free by March 15, 2024. This means that the malting plant runs entirely on green electricity and thus emits no greenhouse gases. This is of great value from the viewpoint of sustainability, but also given rising energy costs.

    Holland Malt’s turnover and profits grew in 2023. We owe this to an efficient production and by buying and selling at the right time, and at good prices. Holland Malt purchases high quality malting barley from farmers (cooperatives) and exports the malt produced to breweries and distilleries around the world.

    Together with local shareholders, we brew the beers Habesha, Kidame, Feta and malt beverage Negus in Ethiopia. Habesha purchases premium ingredients from local farmers and malting plants. Local distributors and traders are regular customers of Habesha.

    The Habesha division shows great figures. We are seeing an increase thanks to the expansion with draft beer and the popular non-alcoholic malt beverage Negus. We also managed to implement price increases to compensate for increased raw material prices in Ethiopia.

    Ethiopia has an economy with hyperinflation. This greatly affects the purchasing power of the population. Therefore, Habesha was forced to apply hyperinflation accounting to the figures. Because of accounting rules, we have revalued Habesha’s figures because the assets have become worth more due to strong inflation.

    In Cuba, we invested in the construction of a new brewery and launched the Parranda brand. Sales of this Cuban beer began in July 2023.

  • Developments in the organization
    Developments in the organization
  • In 2023, there were four major developments in our organization:

    • The advent of the Intelligent Brewery, a program focused on digital transformation. The goal is to collect uniform data, generate better information and optimize workflows. A digital platform supports the Intelligent Brewery. This platform was optimized in 2023 and is now entering its final phase.
    • The brewery in Cuba opened in the summer of 2023. We launched the Parranda brand and started sales.
    • The transformation to Holland Malt’s emission-free malting plant in Eemshaven. The transformation is completed in March 2024.
    • Ethiopia’s financial figures have been adjusted for hyperinflation. Inflation for 3 years totaled over 100%. As a result, we applied hyperinflation accounting for 2023.
  • Grants
  • In financial year 2023, Royal Swinkels Family Brewers received EUR 2.7 million in grants from the Dutch government. DEI (Demonstration Energy and Climate Innovation) is the largest grant. Malting company Holland Malt received this grant for the investments in the emission-free malting plant in Eemshaven. Thanks in part to these grants, we have been able to make a positive contribution to Dutch sustainability investments.

  • Liquidity
  • In 2023, we expanded several working capital projects. Examples include adding more suppliers to our supplier finance programs and introducing the receivables finance program to more customers. This focus on working capital resulted in considerably more investment capital in 2023. Thanks to these investments, our liquidity ratio improved to 0.95 (2022: 0.89).

  • Cash flow
    Cash flow
  • The net cash flow of the company was positive (EUR 0.8 million). Incoming cash flows from operating activities (EUR 101.6 million) and financing activities (EUR 14.3 million) were used for investments (EUR 115.1 million). In the statement of cash flows, we see the following developments:

    • The incoming cash flow from operating activities was higher than the previous year due in part to a higher net result and a lower negative change in working capital.
    • The outgoing cash flow from investing activities was lower than in 2022 due to investments in on-trade locations in Belgium the previous year.
    • The incoming cash flow from financing activities was lower than the prior year due to higher repayments on both our ongoing revolving credit facility and credit institutions in Ethiopia.
  • Taxes
  • As a family business, we do our part for society. An obvious example is paying taxes. We strive for a transparent relationship with the tax authorities at home and abroad. We are also committed to paying the right amount of tax in the right place at the right time. You can read how we do this in our tax policy on our website.

    All of Royal Swinkels Family Brewers’ internal transfer prices are set “at arm’s length” and documented according to OECD (Organization for Economic Cooperation and Development) Transfer Pricing principles. We also endorse the OECD’s Base Erosion and Profit Shifting (BEPS) program.

    The applicable weighted average tax rate is 25.8% (2022: 27.6%). We calculate this rate on the basis of results before taxes in the various tax jurisdictions. The tax charge in the profit and loss statement for 2023 amounts to EUR 23,887K, or 35% of the result before taxes (2022: 30.1%).

    In 2023, we paid EUR 14.7 million in corporation tax, EUR 154.4 million in excise duties and EUR 137.1 million in other taxes.

    Other taxes amount to EUR 91.3 million from VAT, EUR 43.5 million from payroll taxes and social security charges and EUR 2.3 million from other taxes.

Results by region

Western Europe

(in millions of euros)


Rest of Europe

(in millions of euros)


Middle East and Africa

(in millions of euros)


Canada and USA

(in millions of euros)


Rest of America

(in millions of euros)


Asia Pacific

(in millions of euros)


Project stories

Several projects and investments contribute to the growth achieved in 2023. Read more about some of these projects here.

  • Project story

    Confidently moving forward: The Intelligent Brewery
    is up to speed

  • The Intelligent Brewery? “Everyone at our company gets to experience it,” says Rick van de Mortel; one of the leaders of the program. “It is part of the largest IT development in the history of Royal Swinkels Family Brewers, as it changes virtually all of the company’s systems and processes. From brewery De Koningshoeven to the sales organization in Turin.” So, a big operation. Together with Rick, we look back at 2023 as well as cautiously looking ahead.

    A new balance
    In Lieshout, we had already switched over as early as October 2022. So at that location, we now have over one year experience with the new system. Rick: “Despite the major changes, our production processes continued as usual and we were able to supply our customers on time. I think we did that very successfully. At the same time, such a change makes everyone put in a lot of blood, sweat and tears. First you lose your balance, and then you have to find it again. We took time this year to let our people master the new processes. Something that continues to require attention. Fortunately, it also immediately produces great results. A new dashboard with real-time information for the Maintenance Department is a good example of how we are improving existing processes. In this way we are working together to bring more intelligence to our entire operation.”

    Preparations for 2024
    In 2023, we laid a good foundation for rolling out the process across the rest of the company. In early 2024, the transition to the Intelligent Brewery took place at brewery De Koningshoeven, Uiltje Brewing Company and brewery De Molen. A rollout in France and Italy will immediately follow. Rick: “We learned a lot this year and did a good job of mapping out what needs to be done in 2024. We are up to speed. And I’m confident that we’ll stay that way.”

  • Project story

    Introduction Parranda in Cuba

  • After over a year of building and pioneering, 2023 became a year to remember for our brand-new brewery Cervecería Cubana in Mariel, Cuba. Here, we introduced our Cuban beer brand Parranda this summer. A Parranda is a party, for and by Cubans. We celebrated this ourselves with small parties – parranditas – in the on-trade and retail sector and, of course, with a grand opening of the brewery itself.  

    Our brewery has been operational since this summer. We are still optimizing production and focusing particularly on positioning the Parranda brand and improving distribution. Parranda is a light and refreshing lager with an alcohol content of 4.8%, perfect for the Cuban climate. Parranda is available in two volumes: PET bottles of 500 ml and 1500 ml, ideal for sharing with friends and family. At home and, of course, at parties. Parranda is also the first beer brand in Cuba with an ambitious recycling goal, introducing a deposit system.

    Parranda is drunk and especially shared with each other. This aligns nicely with our brand mission; “unidos por la cerveza,” or “united by beer.”

  • Project story

    First step in Japan with Bavaria 0.0%

  • When thinking of Japan, sake comes to mind. There are, however, many Japanese between the ages of 20 and 40 who also like beer, says Export Manager Mark Knoben. Bavaria 0.0% Original can now be bought there. And it doesn’t stop there.

    Since early 2023, we have our own office in the Japanese port city of Kobe with, by now, a local team of five colleagues. And they are really needed, shares Mark. “The non-alcoholic beer market in Japan is growing rapidly. The Japanese are critical though, they want to know what they are buying. That’s why we indicate on can and box what ingredients were used and what makes us special; our malting and brewing method, for example, and the use of mineral water.”

    Two family businesses
    As the Japanese culture is so different, we are working toward a complete portfolio, step by step, starting with Bavaria 0.0% Original. Its registration took three years and required consultation all the way to Japan’s Ministry of Public Health. Mark: “With regards to distribution, we collaborate with local sake brewer Sawanotsuru. Like us, an ambitious family business (from 1717). A collaboration that offers opportunities, because of the market knowledge and the existing distribution network.”

    Enthusiastic tasters
    Mark: “Buyers or people tasting blind respond enthusiastically to Bavaria 0.0% Original. It is available in many supermarkets, stores and at other retail outlets. And next year? We want to continue to grow substantially.”

  • Project story

    A new look for Palm, Rodenbach and Bavaria Export

  • We, at Royal Swinkels Family Brewers, took the time to take a hard look at our portfolio in 2023. We again looked at what we stand for and how we want to present ourselves to the world. Among other things, it resulted in a fresh new look and feel for three of our brands!

    For Palm, for example; a beer that is still popular after almost 100 years. Its appearance though, no longer matched the increasingly broader target group. Therefore, this year we introduced three new variants in addition to the familiar Palm: Palm WeissAss, Palm 8 Horsepower Blonde and PalmTree TropicAle. The new flavors appear in a fresh contemporary look with recognizable visual elements.

    We also needed a new brand identity at Rodenbach. We chose for a more specific positioning that embraces the beer’s special flavor: The sour brew for the happy few. Central are the traditional brewing method and aging in oak casks that give the beer extra character. A positioning that is fully in line with our international growth ambitions.

    To conclude, with the new positioning and brand campaign Family Brewed, Bavaria Export is now focusing on its roots as a family brewer. This emphasizes the artisanal nature of our brand and the story of our family history. A great balance between the brand’s history and its modern freshness.

Key introductions

Based on the wish to offer a suitable beer for every occasion and at every location, we will continue to further expand our beer portfolio. In 2023, we introduced these new products to the market and implemented the following product innovations.

De Molen

Barley Wine edition 2023 Barrel Aged. Temporarily introduced in the Netherlands.


De Molen
Pina & Colada

Milkshake IPA special. Temporarily introduced in the Netherlands.


De Molen
Bar & Bok

Bock. Introduced in the Netherlands.


De Molen
Koel & Krachtig

First De Molen beer introduced in cans in the Netherlands.



Mexican style beer. Introduced in the Netherlands and Belgium.



Weizen. Introduced in the Netherlands and Belgium.


Palm Horse
Power Blond

Powerful blond. Introduced in the Netherlands and Belgium.



White beer. Introduced in cans in the Netherlands.



Light blond. Introduced in the Netherlands.


Smokey the Pear

Pale ale. Introduced in the Netherlands.


Craftbeer Cookout

IPA. Introduced in the Netherlands.


Vintage 2021

Sour ale. Introduced in the Netherlands and Belgium.


Evolved Grand Cru

Sour ale. Introduced in the Netherlands and Belgium.



Powerful blond. Introduced in the Netherlands.


8.6 Original

Powerful blond. Introduced in two countries.

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