b'COOPERS ANNUAL REPORT 2023Managing Director & Chairmans ReportDIY and brewing products sales were challenged,These important long-term investments are being with difficult market conditions contributing to amanaged within current banking covenants and as 20% fall in domestic homebrew sales and a 54%the brewery continues to report a solid financial drop in exports. position.Rising cost of living pressures are yet toProfit-before-tax for the 2023 financial year was significantly influence the purchasing decisions of$28.5 million, compared with $27.3 million the customers as would traditionally be expected inprevious year. Fully franked dividends of $12 per this category. share were paid in the financial year, down from $14 paid last year. Volumes of external malted barley and wheat sales rose more than 21%, with export sales to Asia upThrough the generosity of staff and shareholders, by 26%. as well as other fundraising activities, the Coopers Foundation contributed $645,000 to 19 charities, Coopers beer portfolio received the first majortaking the total donated to more than $7 million update to core packaging in 20 years, which sawsince it was formed in 2006.the iconic roundel refreshed with a clear, more contemporary design.During the year we welcomed the latest sixth-generation family member to the company, with Meanwhile, the brewerys internationalIain Cooper joining the brewing team. We also pay partnerships continue to grow, with Miller Genuinetribute to Jim Hazel who retired from the Board after Draft, Miller Chill and Coors beers rolling off thededicated service for the past 11 years. line at Regency Park for the first time, under a manufacturing agreement with Molson Coors. On behalf of the Coopers Board and management, we extend our thanks to all our employees for their In another first for the company, a two-yearcontinued commitment and performance over sponsorship deal was signed with the NSWthe past year, as well as to our valued customers, Waratahs, making Coopers the official beer of thissuppliers and shareholders for their ongoing support leading sports club and NSW Suburban Rugby. of the brewery.Coopers sponsored the Institute of Brewing and Distilling Asia Pacific convention held in Adelaide, which brought together hundreds of delegates from all over the world. The brewery also attracted national and international interest in the major capital works project underway at Regency Park.The brand home development, incorporating aDr Tim Cooper AM world-class visitor centre, microbrewery and whiskyManaging Directordistillery, is taking shape ahead of an expected opening next year. Construction of this $60 million project began as an adjacent $12 million warehouse expansion was being completed, thus boosting onsite storage capacity.Glenn Cooper AM Chairman7'