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2017 Annual Report 2 3 1 2017 ANNUAL REPORT 2 3 A proud history The roots of Surinaamse Brouwerij N.V. lie in the Dutch province of Zeeland, where brothers Piet and Arthur Dumoleyn made the decision in around 1950 to continue their beer-brewing activities in Suriname. Suriname, which was a Dutch colony has always played an important role consumers, optimum welfare for at the time, did not have its own in the company’s strategy, and still employees and socially responsible brewery. The brewery was officially does to this day. Hence, Surinaamse business practices and engagement. opened in October 1955 by His Brouwerij was one of the first Surinaamse Brouwerij brews, Royal Highness, Prince Bernhard breweries in South and North produces, sells and distributes (later the Queen’s Consort). At the America to achieve both the ISO and PARBO Bier, PARBO Radler, PARBO end of December 1955 the company the HACCP certificate. Light and PARBO Chiller for the produced the first PARBO BIER. Nowadays Surinaamse Brouwerij Suriname market. Surinaamse Shareholder of the first hour was strives to produce and sell beer Brouwerij also exports PARBO Bier, Amstel brewery, which was acquired that meets international standards. PARBO Chiller and PARBO Radler by HEINEKEN in 1968. The strategy is aimed at achieving to a select number of countries. profitable and sustainable growth in The company imports and Disclaimer The Surinamese beer was of order to strengthen the position of distributes the products Heineken®, This Annual Report is a translation of the original Dutch Annual Report. The Dutch Annual Report is adopted and excellent quality right from the the business. Surinaamse Brouwerij Desperados, Sol and Vitamalt in approved by the General Meeting of shareholders on June 20th, 2018. This translation is for information purposes start, as evidenced by the Prix is thereby seeking an optimum Suriname through its subsidiary. only and no rights can be derived from its content. In the case of any discrepancies between the English and the d’Excellence award during the World return for shareholders, consistent Dutch text, the latter will prevail. Beer Fair in Ghent, Belgium. Quality satisfaction amongst customers and SURINAAMSE BROUWERIJ N.V. 2017 ANNUAL REPORT 4 5 Contents Foreword from the Managing Director 6 Management Report 8 Financial results 8 Five year consolidated key figures 10 Developments in the Supply Chain department 12 Commercial insights 14 Our employees 16 Management team 18 Report from the Supervisory Board 20 Supervisory Board 22 Corporate social responsibility 24 Sustainability report 28 Financial Statements Consolidated balance sheet at 31 December 32 Consolidated income statement 33 Consolidated statement of changes in equity 34 Consolidated Cash flow statement 35 Notes to the consolidated financial statements 36 Notes to the consolidated balance sheet 42 Notes to the consolidated income statement 49 Company balance sheet as at 31 December 52 Company as at 53 Other information 56 Independent Auditor’s Report 58 Refernce Information 62 SURINAAMSE BROUWERIJ N.V. 2017 ANNUAL REPORT 6 7 Foreword from the Managing Director 2017 was a year of change for Surinaamse Brouwerij... A well-established tradition at suppliers, partners with whom We implemented significant Surinaamse Brouwerij is that every we do business) and from within organisational changes in 2017 in meeting involving three people our organisation we demand that order to make our company more or more starts with the topic of they too comply with our rules and effective, including splitting the Safety. Surinaamse Brouwerij has a are constantly alert to the issue of Logistcs and Warehouse activities strong focus and a good reputation safety. Unfortunately we suffered into two separate departments, with regard to safety, both within two accidents in 2017 that show yet introducing our Corporate HEINEKEN worldwide and in the again that accidents can happen Affairs & Facility Management region in which we operate. In despite our best efforts. Although department, and merging the Sales, 2017 we achieved a respectable regrettable, the two accidents Trade Marketing and Marketing number of 1,082 accident-free days, have at least refocused our entire departments into one department, which is a record and an amazing organisation. namely the Commerce department. achievement. Achieving a record is noteworthy, but it is not our 2017 was a reasonably good year These organisational changes goal. The goal is to work as safely overall, and Surinaamse Brouwerij have helped to strengthen as possible so that our employees was able to achieve a reasonable our Leadership Team (LT) with can return home safely to their operating result under the macro- additional responsibilities and families at the end of the working economic conditions. The growth empowerment. The LT now consists day. Surinaamse Brouwerij works in our sales by 24% combined with of 24 colleagues who all head a Secondly we will commit ourselves been constructive. We have mutually way Surinaamse Brouwerij will with external parties (contractors, our ability to limit the rise in costs department. The LT, of which the commercially to growing sales. agreed to spread salary increase in continue to change and improve has resulted in an increase in the Management Team (MT) is a part, This does not simply involve selling alignment with the results achieved in close collaboration between all Operating Profit result by 3.8%, and providesthe the actual leadership of more product, but also increasing in view of the macro-economic the departments with engaged and a reduction in the financial costs the brewery. the quality of the sales by focusing situation. Our trade union recognises motivated employees. resulted in a 37% increase in the Net on the premium segment of the that it is sometimes necessary to Profit. The LT has conducted a number market. Thirdly we will perform take austerity measures. However, E.H. Weggemans of creative thought and discussion efficiently from start to finish. we have also agreed that if the As part of the masterplan to sessions over the past year in order That means a cost-conscious opportunity arises we will also allow prepare our brewery for the future to redefine our three year strategy. operation, efficient production, the employees to share in the good we launched a major Supply The aim was to do this together so better budget management and results that are achieved. We are Chain project in 2017, namely the that we are all committed to the tighter supervision within the also enabling our retired employees Managing Director construction of a new brewhouse. changes that are needed in order to Supply Chain from everything that to share in this; respect for elders Paramaribo, 14 May 2018 This project will significantly expand be able to successfully implement we put in through to what comes is one of the defining aspects of our production capacity. We also the new strategy. All change can out. Fourthly we want to focus Surinamese culture. started the expansion of our storage offer something positive, and in this specifically on a better Suriname and warehousing capacity on the case it resulted in a new mission with our sustainability agenda 2018 brewery site. We also continued to and vision and 2020 strategy ‘Brewing a Better World’ by doing Looking forward to 2018 the innovate in 2017 and launched new entitled ‘Good to Great’ (GtG). business in our beautiful country in organization of Surinaamse products including Radler Cherry a socially responsible way. Brouwerij will continue to develop, and Ginger, the Mexican beer brand GtG consists of four pillars. and we will also continue to launch Sol and a new can pack type for the Firstly we will invest in our staff We think it is worth emphasising new products. We hope to be able Heineken brand. by developing them and keeping that the discussions with the trade to sample the first brew from the them engaged with the business. union over the past year have again new brewhouse in October. In this SURINAAMSE BROUWERIJ N.V. 2017 ANNUAL REPORT 8 9 Management Report Financial results The increase in costs for our Personnel costs rose by 24%. This as a result of a reduction in financial R services was driven by an average is partly explained by an average costs. This was caused by lower increase in salaries by 37%, the exchange rate differences (-75%) Volume growth Revenue growth Growth of operating result Growth of net result increase in marketing costs by 78%, the costs of energy and water by costs of expats rose by 12% and partly offset by higher interest 2% 24% 3.% 37% 45%, maintenance costs by 103% medical expenses rose by 40%. costs (+104%). The lower exchange 3,% and other general costs by 23%. rate differences resulted from the 37% 113,5 109,4 The increase in the depreciation application of the group accounting The marketing costs mainly rose as costs by 55% was mainly caused policies whereby unrealised 201 2017 201 2017 a result of the costs of developing by the reduction of the lifespan exchange rate differences on group our new TV commercial (which was of the 1 litre returnable bottle loans are included in the item launched in 2018), supporting our from 7 to 3 years. In line with our ‘Shareholders’ Equity’ on the balance innovation programme and the use investment programme, we spent sheet. of a new accounting rule whereby SRD 55 million on - amongst other all POS materials are recorded as things - safe operation in the The higher interest costs In macro-economic terms, the crisis one price increase with effect from costs on arrival in the warehouse production environment, expanding materialized partly from group in 2017 has not yet come to an 1 October 2017. whilst previously, these materials our warehouses, replacing part of loans for a total of EUR 12 million end, but its ferocity has diminished were only entered as costs when the machinery and vehicle fleet, at the end of 2017, and partly somewhat.
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