Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today announced a 16
percent increase in its dividend for the first quarter of 2014 and
reported 0.2 percent lower underlying after-tax income for the fourth
quarter 2013, due to a higher underlying effective tax rate. Underlying
fourth quarter pretax income increased 6.5 percent, driven by improved
performance in the U.S. and Europe, along with less underlying interest
expense versus a year ago. U.S. GAAP net income from continuing
operations attributable to MCBC for the fourth quarter increased 118.3
percent due to lower U.S. GAAP income tax expense and higher non-core
gains, along with improved financial results in the U.S. and Europe.
(See Special and Other Non-Core Items below for details.) Worldwide beer
volume increased 0.1 percent. Net sales declined 0.2 percent in the
fourth quarter of 2013, driven by unfavorable foreign exchange.
Molson Coors president and chief executive officer Peter Swinburn said,
"In the 4th quarter, Molson Coors increased underlying pretax earnings
6.5 percent, expanded pretax margins and generated substantial
underlying EBITDA and free cash flow. Underlying after-tax income
declined less than one percent due to a higher tax rate in the quarter.
For full year 2013, we grew underlying after-tax earnings and EBITDA and
exceeded our targets for cost savings, cash generation and debt
reduction. The funded status of our pension plans improved by $448
million -- including our portion of MillerCoors -- and we paid down $114
million of cross-currency net liabilities. Regionally, our U.S. business
improved results, especially late in the year, Europe performed well in
a difficult environment, Canada struggled, and International made
significant progress toward its goal of profitability by 2016.
Particular challenges included Miller Lite in the U.S. and Coors Light
in Canada, along with commercial performance in Serbia. Nonetheless, our
focus on building our core brands, growing the above-premium segment of
our portfolio, and driving sales revenue from innovation delivered
significantly improved results this year. Our overall brand performance
was strong, and strategically we are gaining momentum in the areas that
will have the most impact on our financial results as markets begin to
improve."
Swinburn added, "Our U.S. GAAP after-tax income increased 118 percent in
the fourth quarter and 28 percent for the year, primarily due to a lower
U.S. GAAP effective tax rate and higher non-core gains, along with
improved financial results in the U.S. and Europe. Also, in recognition
of the substantial progress we have made in paying down debt, our board
has authorized an increase in our quarterly dividend from 32 cents per
share to 37 cents per share, beginning in the first quarter of 2014.
This 16 percent increase results in an annual dividend amount of $1.48
per share, which represents a payout ratio of 18.4 percent of 2013
underlying EBITDA. Equally important, our company is adopting for the
first time a dividend payout ratio target of 18 percent to 22 percent of
trailing underlying EBITDA, which we anticipate will keep our dividend
in a competitive range for global beer companies for the foreseeable
future."
Quarterly Dividend Increased 16%
Molson Coors Brewing Company (NYSE: TAP, TAP.A) today declared an
increased regular quarterly dividend of US$0.37 per share, payable March
17, 2014, to Class A and Class B shareholders of record on February 28,
2014. This dividend represents a 16 percent increase from the previous
quarterly rate of US$0.32 per share and raises the annual dividend rate
to $1.48 per share. In addition, Molson Coors Canada Inc. (TSX: TPX.B,
TPX.A), declared a quarterly dividend of the Canadian dollar equivalent
of US$0.37 per share using today’s noon spot exchange rate as reported
by the Bank of Canada, payable March 17, 2014, to Class A exchangeable
and Class B exchangeable shareholders of record on February 28, 2014.
Underlying EBITDA and Free Cash Flow
Underlying earnings before interest, taxes, depreciation and
amortization, or underlying EBITDA, reached $313.8 million in the fourth
quarter, a 2.4 percent increase from a year ago. Full year underlying
EBITDA increased 5.1 percent from a year ago to $1.47 billion this year.
Underlying free cash flow for the year totaled $892.0 million. This
represents an increase of $27.3 million over strong cash generation in
2012.
Cost Savings Highlights
In 2013, the company delivered more than $70 million of cost savings
excluding MillerCoors, which achieved an additional $102 million of cost
savings. Molson Coors benefits from 42% of MillerCoors cost savings,
equal to $43 million in 2013.
Foreign Exchange
The Company’s fourth quarter underlying consolidated pretax income
includes a net neutral impact from foreign currency movements. Foreign
currency was approximately $2 million positive in Europe, $2 million
positive in Corporate, and $4 million negative in Canada.
Effective Income Tax Rates
The Company’s fourth quarter effective income tax rate was 9 percent on
a reported basis and 23 percent on an underlying basis. On an underlying
basis, our effective tax rate was approximately 5 percentage points
higher than prior year primarily due to an immaterial out-of-period
adjustment to uncertain tax positions related to prior years.
The Company’s full year 2013 effective tax rate was 13 percent on a
reported basis and 15 percent on an underlying basis. The Company
estimates that its underlying effective tax rate will be in the range of
16 percent to 20 percent for full year 2014, assuming no further changes
in tax laws, settlement of tax audits, or adjustments to our uncertain
tax positions.
Debt
Total debt at the end of the fourth quarter was $3.80 billion, and cash
and cash equivalents totaled $442.3 million, resulting in net debt of
$3.36 billion, which is $686.5 million lower than at the end of 2012.
Fourth Quarter Business Segment Results
The following are the Company’s fourth quarter 2013 results by business
segment:
United States Business (MillerCoors)(3)
Molson Coors underlying U.S. segment equity income increased 26.9
percent to $102.7 million in the quarter.
MillerCoors Operating and Financial Highlights
MillerCoors underlying net income for the quarter increased 30.2 percent
to $241.9 million, driven by marketing and administrative cost
reductions, domestic pricing and brand mix, partially offset by the
impact of lower volumes and commodity and brewery inflation.
MillerCoors domestic sales to retailers (STRs) declined 1.9 percent for
the quarter. Domestic sales to wholesalers (STWs) decreased 2.2 percent.
Total company net revenue per hectoliter increased 2.9 percent. Domestic
net revenue per hectoliter, which excludes contract brewing and
company-owned-distributor sales, grew 3.1 percent primarily due to
favorable net pricing and brand mix. Third-party contract brewing
volumes increased 1.1 percent.
Cost of goods sold (COGS) per hectoliter increased 4.1 percent, driven
by commodity and brewery inflation, lower volume and higher costs
associated with brand innovation. Marketing, general and administrative
(MG&A) expense decreased 12.0 percent, driven primarily by media
investment phasing and lower pension and employee-benefit-related
expenses.
Depreciation and amortization expenses for MillerCoors in the fourth
quarter were $80.5 million, and additions to tangible and intangible
assets totaled $165.9 million.
Canada Business
Canada underlying pretax income decreased 14.0 percent to $86.9 million
in the quarter and decreased 9.0 percent in local currency. Despite the
return of National Hockey League play, continued weak consumer demand
and promotional challenges drove the decline in Canada pretax income. A
decrease in the Canadian dollar versus the U.S. dollar resulted in an
approximate $4 million negative foreign exchange impact in the quarter.
STRs increased 2.6 percent in the fourth quarter due to the Company's
change to a Gregorian calendar, which added three days to the end of the
fourth quarter in 2013. These three days added approximately three
percentage points to fourth quarter STRs but did not have a significant
impact on pretax profit. On a comparable-calendar basis, the Canadian
beer market increased volume approximately one-half percent, and our
market share decreased about one-half percentage point versus a year
ago. Fourth quarter sales volume for Molson Coors Canada increased 2.4
percent. Net sales per hectoliter increased 1.6 percent in local
currency, driven by favorable pricing and export business results.
COGS per hectoliter increased 1.0 percent in local currency, driven by a
mix shift toward higher-cost brands and packages, partially offset by
cost savings. MG&A expense increased 21.1 percent in local currency,
driven by the cycling of last year's NHL lockout and related reductions
in marketing, sales and promotion expense in that year.
Europe Business(4)
Europe underlying pretax income increased 11.8 percent to $39.7 million
driven by volume growth, positive pricing, lower supply chain costs and
an approximate $2 million benefit from favorable foreign currency
movements.
Europe sales volume increased 1.5 percent due to improved performance in
the U.K., Romania, Hungary and the Czech Republic. This was partially
offset by continued overall weak demand in the region, particularly in
Serbia and Bulgaria. Europe net sales per hectoliter decreased 1.9
percent in local currency, with negative channel and package mix
partially offset by positive pricing.
COGS per hectoliter decreased 3.9 percent in local currency as a result
of lower supply chain costs and a mix shift to lower-cost channels and
packages.
MG&A expenses increased 4.3 percent in local currency, driven by higher
incentive compensation this year, along with year-over-year differences
in the timing of marketing and sales.
International Business (5)
The International segment posted an underlying pretax loss of $5.6
million in the fourth quarter, versus income of $0.3 million a year ago,
due to the negative impact of transferring the Carling travel and export
business to the Europe segment ("Carling transfer") and of cycling
one-time cost reductions last year.
Total International sales volume, including royalty volume, decreased
3.6 percent primarily due to the industry weakness in our Ukraine
license market and the negative impact of the Carling transfer. This
decline was partially offset by strong growth in Mexico and Latin
America. Net sales per hectoliter decreased 4.7 percent, driven by the
negative impact of movements in the Japanese Yen and unfavorable
geographic mix.
COGS per hectoliter increased 16.6 percent, primarily due to cycling
non-recurring cost reductions from last year, the addition of contract
brewing volume in India and the Carling transfer. International MG&A
expense increased 6.3 percent, driven by marketing investment in the
Coors and Blue Moon launches in Australia and the timing of marketing
investment in Japan.
Corporate
Underlying Corporate pretax expenses totaled $59.8 million for the
fourth quarter. This $4.0 million decrease was driven by lower
underlying interest expense due to debt repayment.
Special and Other Non-Core Items
The following special and other non-core items have been excluded from
underlying pretax earnings.
During the quarter, Molson Coors special items resulted in a $34.2
million pretax charge, primarily driven by a $13.2 million loss
resulting from the termination of our Tradeteam distribution agreements
and subsequent sale of our 49.9% interest in Tradeteam to DHL, as well
as a $17.9 million impairment charge related to the definite-lived
intangible brand assets in Canada associated with the Miller licensing
agreement. Additionally, we recognized a $13.6 million charge for
employee-related restructuring expenses and special termination benefits
for some of our defined-benefit pension plans. These charges were
partially offset by a gain of $5.9 million recognized upon finalizing
the sale of our interest in our MC Si'hai joint venture in China, as
well as a $4.6 million net gain recognized for insurance payments
received related to the floods in Europe that occurred in the second
quarter of 2013.
During the quarter, MillerCoors reported $4.8 million in special charges
related to restructuring and asset write-offs in connection with a
Business Transformation project. Our portion of these charges is $2.0
million at our 42 percent economic ownership share.
Other non-core items resulted in a $17.6 million pretax gain, which was
primarily due to a $22.3 million gain on sale of non-core assets,
partially offset by $2.4 million of integration-related costs and $2.3
million of unrealized losses on our commodity hedges and other foreign
currency balances.
2013 Fourth Quarter and Year-End Earnings
Conference Call
Molson Coors Brewing Company will conduct an earnings conference call
with financial analysts and investors at 11:00 a.m. Eastern Time today
to discuss the Company’s 2013 fourth quarter and full year results. The
Company will provide a live webcast of the earnings call.
The Company will also host an online, real-time webcast of an Investor
Relations Follow-up Session with financial analysts and institutional
investors at 2:00 p.m. Eastern Time. Both webcasts will be accessible
via the Company’s website, www.molsoncoors.com.
Online replays of the webcasts will be available until 11:59 p.m.
Eastern Time on May 6, 2014. The Company will post this release and
related financial statements on its website today.
Footnotes:
(1) The Company calculates non-GAAP underlying after-tax
income, underlying EBITDA and underlying free cash flow by excluding
special and other non-core items from the nearest U.S. GAAP performance
measure, which is net income from continuing operations attributable to
MCBC for both underlying after-tax income and underlying EBITDA and net
cash provided by operating activities for underlying free cash flow. For
further details regarding these adjustments, please see the section
“Special and Other Non-Core Items,” along with tables for
reconciliations to the nearest U.S. GAAP measures.
(2) Unless otherwise indicated, all $ amounts are in U.S.
Dollars and all quarterly and annual comparative results are for the
Company’s fiscal fourth quarter and full year ended December 31, 2013,
compared to the fiscal fourth quarter and full year ended December 29,
2012. On November 14, 2013, our Board of Directors approved a resolution
to change MCBC's fiscal year from a 52/53 week fiscal year to a calendar
year. As such, our current fiscal year was extended from December 28,
2013, to December 31, 2013, with subsequent fiscal years beginning on
January 1 and ending on December 31 of each year. Beginning January 1,
2014, quarterly results will be for the three month periods ending March
31, June 30, September 30, and December 31. This change aligns our
fiscal year and interim reporting periods with our Central Europe
business and MillerCoors, which are already following a monthly fiscal
reporting calendar. Unless otherwise indicated, fiscal year 2013 refers
to the period from December 30, 2012, through December 31, 2013, and
fiscal year 2012 refers to the 52 weeks ended December 29, 2012. The
impact of the three additional days in fiscal year 2013 is immaterial to
the consolidated financial statements. Additionally, all per-hectoliter
calculations exclude contract brewing and non-owned factored beverage
volume in the denominator but include the financial impact of these
sales in the numerator, unless otherwise indicated.
(3) MillerCoors, a U.S. joint venture of Molson Coors Brewing
Company and SABMiller plc, was launched on July 1, 2008. Molson Coors
has a 42 percent economic interest in MillerCoors, which is accounted
for using the equity method. Molson Coors’ interest in MillerCoors
results, along with certain adjustments under U.S. GAAP, is reflected in
“Equity Income in MillerCoors.” This release includes reconciliation
from MillerCoors Net Income to Molson Coors Brewing Company Equity
Income in MillerCoors and Non-GAAP U.S. Segment Underlying Pretax Income
(see Table 8).
(4) Amounts for the fourth quarter of 2012 include the actual
results of operations for the U.K. combined with the actual results of
operations for Central Europe. These businesses were combined into the
company's Europe segment beginning in 2013.
(5) Beginning December 30, 2012, with the combination of our
U.K. and Central Europe businesses, our Carling travel and export
business is reported in our Europe segment. For periods prior to this
date, this business was included within the International business.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world’s largest brewers. The
Company’s operating segments include Canada, the United States, Europe,
and Molson Coors International (MCI). The Company has a diverse
portfolio of owned and partner brands, including signature brands Coors
Light, Molson Canadian, Staropramen and Carling. Molson Coors is listed
as the beverage industry sector leader on the 2013/2014 Dow Jones
Sustainability World Index (W1SGITRD), the most recognized global
benchmark of sustainability among global corporations. For more
information on Molson Coors Brewing Company, visit the company’s web
site, www.molsoncoors.com.
About Molson Coors Canada Inc.
Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Brewing
Company. MCCI Class A and Class B exchangeable shares offer
substantially the same economic and voting rights as the respective
classes of common shares of MCBC, as described in MCBC’s annual proxy
and 10-K filings with the U.S. Securities and Exchange Commission. The
trustee holder of the special Class A voting stock and the special
Class B voting stock has the right to cast a number of votes equal to
the number of then outstanding Class A exchangeable shares and Class B
exchangeable shares, respectively.
Forward-Looking Statements
This press release includes estimates or projections that constitute
“forward-looking statements” within the meaning of the U.S. federal
securities laws. Generally, the words “believe,” "expect,”
"intend,” "anticipate,” “project,” “will,” and similar expressions
identify forward-looking statements, which generally are not historic in
nature. Although the Company believes that the assumptions upon
which its forward-looking statements are based are reasonable, it can
give no assurance that these assumptions will prove to be correct.
Important factors that could cause actual results to differ materially
from the Company’s historical experience, and present projections and
expectations are disclosed in the Company’s filings with the Securities
and Exchange Commission (“SEC”). These factors include, among
others, impact of competitive pricing and product pressures; health of
the beer industry and our brands in our markets; economic conditions in
our markets; pension plan costs; availability or increase in the cost of
packaging materials; our ability to maintain manufacturer/distribution
agreements; our ability to implement our strategic initiatives,
including executing and realizing cost savings; our ability to
successfully integrate our Central Europe business; changes in legal and
regulatory requirements, including the regulation of distribution
systems; increase in the cost of commodities used in the business; our
ability to maintain brand image, reputation and product quality; our
ability to maintain good labor relations; changes in our supply chain
system; additional impairment charges; the impact of climate change and
the availability and quality of water; risks relating to operations
outside North America; success of our joint ventures; lack of
full-control over the operations of MillerCoors; and other risks
discussed in our filings with the SEC, including our Annual Report on
Form 10-K for the year-ended December 31, 2013, which are available from
the SEC. All forward-looking statements in this press release are
expressly qualified by such cautionary statements and by reference to
the underlying assumptions. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are
made. We do not undertake to update forward-looking statements,
whether as a result of new information, future events or otherwise.
Reconciliations to Nearest U.S. GAAP Measure
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 1: 2013 Fourth Quarter Underlying After-Tax
Income
|
|
($ In millions, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
U.S. GAAP: Income from
continuing operations attributable to MCBC, net of tax
|
|
$
|
131.2
|
|
|
$
|
60.1
|
|
|
Per diluted share
|
|
$
|
0.71
|
|
|
$
|
0.33
|
|
|
Add/(less):
|
|
|
|
|
|
Pretax special items, net
|
|
34.2
|
|
|
22.8
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
2.0
|
|
|
6.5
|
|
|
Acquisition, integration and financing related costs(2)
|
|
2.4
|
|
|
4.6
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
2.3
|
|
|
(3.6
|
)
|
|
Other non-core items(4)
|
|
(22.3
|
)
|
|
(4.9
|
)
|
|
Tax effects of Serbia statutory tax rate increase(5)
|
|
—
|
|
|
38.3
|
|
|
Tax effects related to special and other non-core items
|
|
(24.0
|
)
|
|
2.3
|
|
|
Non-GAAP: Underlying
after-tax income
|
|
$
|
125.8
|
|
|
$
|
126.1
|
|
|
Per diluted share
|
|
$
|
0.68
|
|
|
$
|
0.69
|
|
|
|
(1)
|
|
Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
|
|
|
|
|
|
|
|
(2)
|
|
In Q4 2013, $2.4 million costs included in Marketing, General and
Administrative Expenses. In Q4 2012, $4.6 million costs included in
Marketing, General and Administrative Expenses.
|
|
|
|
|
|
|
|
(3)
|
|
In Q4 2013, $1.0 million loss included in Other Income (Expense),
net, and $1.3 million loss in Cost of Goods Sold. In Q4 2012, $18.0
million loss included in Other Income (Expense), net, $0.3 million
gain in Cost of Goods Sold, and $21.3 million gain included in
Interest Expense, net.
|
|
|
|
|
|
|
|
(4)
|
|
Included in Other Income (Expense), net.
|
|
|
|
|
|
|
|
(5)
|
|
Included in Income Tax Benefit (Expense).
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 2: 2013 Fourth Quarter Underlying Pretax
Income (Loss)
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Business
|
|
Total
|
|
|
|
Canada
|
|
U.S.
|
|
Europe
|
|
MCI
|
|
Corporate
|
|
Consolidated
|
|
U.S. GAAP: 2013 4th Q
Income (loss) from continuing operations before income taxes
|
|
$
|
60.9
|
|
|
$
|
100.7
|
|
|
$
|
25.9
|
|
|
$
|
—
|
|
|
$
|
(42.2
|
)
|
|
$
|
145.3
|
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax special items, net
|
|
26.0
|
|
|
—
|
|
|
12.8
|
|
|
(5.6
|
)
|
|
1.0
|
|
|
34.2
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
Acquisition and integration related costs(2)
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
1.4
|
|
|
2.4
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
2.3
|
|
|
Other non-core items(4)
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
(22.3
|
)
|
|
(22.3
|
)
|
|
Non-GAAP: 2013 4th Q
underlying pretax income (loss)
|
|
$
|
86.9
|
|
|
$
|
102.7
|
|
|
$
|
39.7
|
|
|
$
|
(5.6
|
)
|
|
$
|
(59.8
|
)
|
|
$
|
163.9
|
|
|
Percent change 2013 4th Q vs. 2012 4th Q underlying pretax income
(loss)
|
|
(14.0)%
|
|
26.9%
|
|
11.8%
|
|
N/M
|
|
6.3%
|
|
6.5%
|
|
U.S. GAAP: 2012 4th Q
Income (loss) from continuing operations before income taxes
|
|
$
|
92.2
|
|
|
$
|
74.4
|
|
|
$
|
23.3
|
|
|
$
|
(1.8
|
)
|
|
$
|
(59.6
|
)
|
|
$
|
128.5
|
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax special items, net
|
|
8.8
|
|
|
—
|
|
|
11.0
|
|
|
2.1
|
|
|
0.9
|
|
|
22.8
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
|
Acquisition, integration and financing related costs(2)
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
3.4
|
|
|
4.6
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.6
|
)
|
|
(3.6
|
)
|
|
Other non-core items(4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
|
(4.9
|
)
|
|
Non-GAAP: 2012 4th Q
underlying pretax income (loss)
|
|
$
|
101.0
|
|
|
$
|
80.9
|
|
|
$
|
35.5
|
|
|
$
|
0.3
|
|
|
$
|
(63.8
|
)
|
|
$
|
153.9
|
|
|
N/M = not meaningful
|
|
|
|
|
|
(1)
|
|
Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
|
|
|
|
|
|
|
|
(2)
|
|
In Q4 2013, $2.4 million costs included in Marketing, General and
Administrative Expenses. In Q4 2012, $4.6 million costs included in
Marketing, General and Administrative Expenses.
|
|
|
|
|
|
|
|
(3)
|
|
In Q4 2013, $1.0 million loss included in Other Income (Expense),
net, and $1.3 million loss in Cost of Goods Sold. In Q4 2012, $18.0
million loss included in Other Income (Expense), net, $0.3 million
gain in Cost of Goods Sold, and $21.3 million gain included in
Interest Expense, net.
|
|
|
|
|
|
|
|
(4)
|
|
Included in Other Income (Expense), net.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 3: 2013 Full Year Underlying After-Tax
Income
|
|
($ In millions, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
U.S. GAAP: Income from
continuing operations attributable to MCBC, net of tax
|
|
$
|
565.3
|
|
|
$
|
441.5
|
|
|
Per diluted share
|
|
$
|
3.07
|
|
|
$
|
2.43
|
|
|
Add/(less):
|
|
|
|
|
|
Pretax special items, net
|
|
200.0
|
|
|
81.4
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
8.3
|
|
|
13.4
|
|
|
Acquisition, integration and financing related costs(2)
|
|
10.7
|
|
|
170.5
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
15.4
|
|
|
12.8
|
|
|
Other non-core items(4)
|
|
(23.5
|
)
|
|
(5.0
|
)
|
|
Tax effect of Serbia statutory tax rate increase(5)
|
|
—
|
|
|
38.3
|
|
|
Noncontrolling interest effect on special items
|
|
—
|
|
|
(5.1
|
)
|
|
Tax effects related to special and other non-core items
|
|
(49.1
|
)
|
|
(37.3
|
)
|
|
Non-GAAP: Underlying
after-tax income
|
|
$
|
727.1
|
|
|
$
|
710.5
|
|
|
Per diluted share
|
|
$
|
3.95
|
|
|
$
|
3.91
|
|
|
|
(1)
|
|
Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
|
|
|
|
|
|
|
|
(2)
|
|
In 2013, $10.7 million costs included in Marketing, General and
Administrative Expenses. In 2012, $40.2 million costs included in
Marketing, General and Administrative Expenses, $8.6 million costs
included in Cost of Goods Sold, $50.8 million loss included in
Interest Expense, net, and $70.9 million loss included in Other
Income (Expense), net.
|
|
|
|
|
|
|
|
(3)
|
|
In 2013, $7.3 million loss included in Other Income (Expense), net,
$2.7 million loss in Cost of Goods Sold, and $5.4 million loss
included in Interest Expense, net. In 2012, $23.8 million loss
included in Other Income (Expense), net, $3.0 million gain in Cost
of Goods Sold, and $8.0 million gain included in Interest Expense,
net.
|
|
|
|
|
|
|
|
(4)
|
|
Included in Other Income (Expense), net.
|
|
|
|
|
|
|
|
(5)
|
|
Included in Income Tax Benefit (Expense).
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 4: 2013 Full Year Underlying Pretax Income
(Loss)
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Business
|
|
Total
|
|
|
|
Canada
|
|
U.S.
|
|
Europe
|
|
MCI
|
|
Corporate
|
|
Consolidated
|
|
U.S. GAAP: 2013 Full Year
Income (loss) from continuing operations before income taxes
|
|
$
|
363.3
|
|
|
$
|
539.0
|
|
|
$
|
34.3
|
|
|
$
|
(11.8
|
)
|
|
$
|
(270.3
|
)
|
|
$
|
654.5
|
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax special items, net
|
|
30.7
|
|
|
—
|
|
|
172.4
|
|
|
(4.4
|
)
|
|
1.3
|
|
|
200.0
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
—
|
|
|
8.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.3
|
|
|
Acquisition and integration related costs(2)
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
4.1
|
|
|
10.7
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.4
|
|
|
15.4
|
|
|
Other non-core items(4)
|
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22.3
|
)
|
|
(23.5
|
)
|
|
Non-GAAP: 2013 Full Year
underlying pretax income (loss)
|
|
$
|
392.8
|
|
|
$
|
547.3
|
|
|
$
|
213.3
|
|
|
$
|
(16.2
|
)
|
|
$
|
(271.8
|
)
|
|
$
|
865.4
|
|
|
Percent change 2013 vs. 2012 Full Year underlying pretax income
(loss)
|
|
(10.1)%
|
|
4.4%
|
|
24.0%
|
|
44.9%
|
|
(14.0)%
|
|
—%
|
|
U.S. GAAP: 2012 Full Year
Income (loss) from continuing operations before income taxes
|
|
$
|
423.0
|
|
|
$
|
510.9
|
|
|
$
|
136.2
|
|
|
$
|
(72.1
|
)
|
|
$
|
(405.9
|
)
|
|
$
|
592.1
|
|
|
Add/(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax special items, net
|
|
13.7
|
|
|
—
|
|
|
23.5
|
|
|
42.2
|
|
|
2.0
|
|
|
81.4
|
|
|
Proportionate share of MillerCoors special items, net(1)
|
|
—
|
|
|
13.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.4
|
|
|
Acquisition, integration and financing related costs(2)
|
|
—
|
|
|
—
|
|
|
13.0
|
|
|
—
|
|
|
157.5
|
|
|
170.5
|
|
|
Unrealized mark-to-market (gains) and losses(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.8
|
|
|
12.8
|
|
|
Other non-core items(4)
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
0.5
|
|
|
(4.8
|
)
|
|
(5.0
|
)
|
|
Non-GAAP: 2012 Full Year
underlying pretax income (loss)
|
|
$
|
436.7
|
|
|
$
|
524.3
|
|
|
$
|
172.0
|
|
|
$
|
(29.4
|
)
|
|
$
|
(238.4
|
)
|
|
$
|
865.2
|
|
|
|
(1)
|
|
Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
|
|
|
|
|
|
|
|
(2)
|
|
In 2013, $10.7 million costs included in Marketing, General and
Administrative Expenses. In 2012, $40.2 million costs included in
Marketing, General and Administrative Expenses, $8.6 million costs
included in Cost of Goods Sold, $50.8 million loss included in
Interest Expense, net, and $70.9 million loss included in Other
Income (Expense), net.
|
|
|
|
|
|
|
|
(3)
|
|
In 2013, $7.3 million loss included in Other Income (Expense), net,
$2.7 million loss in Cost of Goods Sold, and $5.4 million loss
included in Interest Expense, net. In 2012, $23.8 million loss
included in Other Income (Expense), net, $3.0 million gain in Cost
of Goods Sold, and $8.0 million gain included in Interest Expense,
net.
|
|
|
|
|
|
|
|
(4)
|
|
Included in Other Income (Expense), net.
|
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 5: Underlying EBITDA
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
|
|
2013
|
|
2012
|
|
% change
|
|
2013
|
|
2012
|
|
% change
|
|
U.S. GAAP: Net income
attributable to MCBC from continuing operations
|
|
$
|
131.2
|
|
|
$
|
60.1
|
|
|
118.3
|
%
|
|
$
|
565.3
|
|
|
$
|
441.5
|
|
|
28.0
|
%
|
|
Add: Net income (loss) attributable to noncontrolling
interests
|
|
0.4
|
|
|
(0.4
|
)
|
|
(200.0
|
)%
|
|
5.2
|
|
|
(3.9
|
)
|
|
N/M
|
|
|
U.S. GAAP: Net income
(loss) from continuing operations
|
|
$
|
131.6
|
|
|
$
|
59.7
|
|
|
120.4
|
%
|
|
$
|
570.5
|
|
|
$
|
437.6
|
|
|
30.4
|
%
|
|
Add: Interest expense (income), net
|
|
36.2
|
|
|
22.2
|
|
|
63.1
|
%
|
|
170.1
|
|
|
185.0
|
|
|
(8.1
|
)%
|
|
Add: Income tax expense (benefit)
|
|
13.7
|
|
|
68.8
|
|
|
(80.1
|
)%
|
|
84.0
|
|
|
154.5
|
|
|
(45.6
|
)%
|
|
Add: Depreciation and amortization
|
|
82.4
|
|
|
80.7
|
|
|
2.1
|
%
|
|
320.5
|
|
|
272.7
|
|
|
17.5
|
%
|
|
Adjustments to arrive at underlying EBITDA(1)
|
|
14.8
|
|
|
40.2
|
|
|
(63.2
|
)%
|
|
194.9
|
|
|
216.9
|
|
|
(10.1
|
)%
|
|
Adjustments to arrive at underlying EBITDA related to our investment
in MillerCoors(2)
|
|
35.1
|
|
|
34.8
|
|
|
0.9
|
%
|
|
128.5
|
|
|
131.2
|
|
|
(2.1
|
)%
|
|
Non-GAAP: Underlying EBITDA
|
|
$
|
313.8
|
|
|
$
|
306.4
|
|
|
2.4
|
%
|
|
$
|
1,468.5
|
|
|
$
|
1,397.9
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = Not meaningful
|
|
|
|
|
|
|
|
(1)
|
|
Includes adjustments to non-GAAP underlying income within the table
above, excluding adjustments related to interest, taxes and
depreciation and amortization, as these items are added back in
total as adjustments to net income attributable to MCBC from
continuing operations.
|
|
|
|
|
|
|
|
(2)
|
|
Adjustments to our equity income from MillerCoors, which include our
proportional share of MillerCoors' interest, income tax,
depreciation and amortization, specials, and amortization of the
difference between the MCBC contributed cost basis and proportional
share of the underlying equity in net assets of MillerCoors.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 6: 2013 Underlying Free Cash Flow
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Full Year Ended
|
|
|
|
December 31, 2013
|
|
December 29, 2012
|
|
U.S. GAAP: Net Cash
Provided by Operating Activities
|
|
$
|
1,168.2
|
|
|
$
|
983.7
|
|
|
Less: Additions to properties(1)
|
|
(293.9
|
)
|
|
(222.3
|
)
|
|
Less: Investment in MillerCoors(1)
|
|
(1,186.5
|
)
|
|
(1,008.8
|
)
|
|
Add: Return of capital from MillerCoors(1)
|
|
1,146.0
|
|
|
942.4
|
|
|
Add: Cash impact of Special items(2)
|
|
48.8
|
|
|
11.6
|
|
|
Add: Costs related to the Acquisition(3)
|
|
7.7
|
|
|
134.7
|
|
|
Add: MillerCoors investments in businesses(4)
|
|
—
|
|
|
14.4
|
|
|
Add: MillerCoors purchase of noncontrolling interest(4)
|
|
—
|
|
|
9.0
|
|
|
Add: MillerCoors cash impact of Special items(1)
|
|
1.7
|
|
|
—
|
|
|
Non-GAAP: Underlying Free
Cash Flow
|
|
$
|
892.0
|
|
|
$
|
864.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Included in net cash used in investing activities.
|
|
|
|
|
|
|
|
(2)
|
|
Included in net cash provided by operating activities and primarily
relates to restructuring costs paid.
|
|
|
|
|
|
|
|
(3)
|
|
Included in Net cash provided by operating activities and reflects
integration costs of $7.7 million and $37.6 million paid in 2013 and
2012, respectively. Additionally, the adjustment to 2012 Net cash
provided by operating activities reflects the loss related to
settlement of Treasury Locks of $39.2 million and Euro currency
purchase loss of $57.9 million.
|
|
|
|
|
|
|
|
(4)
|
|
Amounts represent our proportionate 42% share of the cash flow
impacts, as determined by management. These items adjust operating
cash flow to arrive at our underlying free cash flow for 2012.
|
|
|
|
|
|
|
|
|
MillerCoors LLC
|
|
Table 7: Underlying Net Income Attributable to
MillerCoors
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
U.S. GAAP: Net income
attributable to MillerCoors
|
|
$
|
237.1
|
|
|
$
|
170.4
|
|
|
$
|
1,270.5
|
|
|
$
|
1,190.9
|
|
|
Add: Special items, net
|
|
4.8
|
|
|
15.4
|
|
|
19.8
|
|
|
31.8
|
|
|
Less: Tax effect of adjustments to arrive at underlying
after-tax income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-GAAP: Underlying net
income attributable to MillerCoors
|
|
$
|
241.9
|
|
|
$
|
185.8
|
|
|
$
|
1,290.3
|
|
|
$
|
1,222.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 8: Underlying Equity Income in MillerCoors
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
U.S. GAAP: Net Income
Attributable to MillerCoors
|
|
$
|
237.1
|
|
|
$
|
170.4
|
|
|
$
|
1,270.5
|
|
|
$
|
1,190.9
|
|
|
Multiply: MCBC economic interest (%) in MillerCoors
|
|
42
|
%
|
|
42
|
%
|
|
42
|
%
|
|
42
|
%
|
|
MCBC proportionate share of MillerCoors net income
|
|
$
|
99.6
|
|
|
$
|
71.6
|
|
|
$
|
533.6
|
|
|
$
|
500.2
|
|
|
Add: Amortization of the difference between MCBC contributed
cost basis and the underlying equity in net assets of MillerCoors(1)
|
|
1.2
|
|
|
1.8
|
|
|
4.6
|
|
|
4.9
|
|
|
Add: Share-based compensation adjustment(2)
|
|
(0.1
|
)
|
|
1.0
|
|
|
0.8
|
|
|
5.8
|
|
|
U.S. GAAP: Equity Income in
MillerCoors
|
|
$
|
100.7
|
|
|
$
|
74.4
|
|
|
$
|
539.0
|
|
|
$
|
510.9
|
|
|
Add: Proportionate share of MillerCoors special items
|
|
2.0
|
|
|
6.5
|
|
|
8.3
|
|
|
13.4
|
|
|
Less: Tax effect on special items
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Non-GAAP: Underlying Equity
Income in MillerCoors
|
|
$
|
102.7
|
|
|
$
|
80.9
|
|
|
$
|
547.3
|
|
|
$
|
524.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Our net investment in MillerCoors is based on the carrying values of
the net assets contributed to the joint venture which is less than
our proportional share of underlying equity (42%) of MillerCoors
(contributed by both Coors Brewing Company and Miller Brewing
Company) by $666.2 million as of December 31, 2013. This basis
difference, with the exception of certain non-amortizing items
(goodwill, land, etc.), is being amortized as additional equity
income over the remaining useful lives of the contributed long-lived
amortizing assets.
|
|
|
|
|
|
|
|
(2)
|
|
The net adjustment is to eliminate all share-based compensation
impacts related to pre-existing SABMiller plc equity awards held by
former Miller Brewing Company employees now employed by MillerCoors.
|
|
|
|
|
|
Pretax and after-tax underlying income, underlying free cash flow, and
underlying EBITDA (earnings before interest, taxes, depreciation and
amortization) should be viewed as supplements to, not substitutes for,
our results of operations and cash flow presented on the basis of
accounting principles generally accepted in the United States. Our
management uses underlying income, underlying free cash flow and
underlying EBITDA as measures of operating performance to assist in
comparing performance from period to period on a consistent basis; as
measures for planning and forecasting overall expectations and for
evaluating actual results against such expectations; and in
communications with the board of directors, stockholders, analysts and
investors concerning our financial performance. We believe that
underlying income, underlying free cash flow and underlying EBITDA
performance are used by and are useful to investors and other users of
our financial statements in evaluating our operating and cash
performance because they provide them with additional tools to evaluate
our performance without regard to special and other non-core items,
which can vary substantially from company to company depending
upon accounting methods and book value of assets and capital structure.
Worldwide Beer Volume
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 9: Worldwide Beer Volume
|
|
(In millions of hectoliters)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
|
Full Year Ended
|
|
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
December 31,
|
|
December 29,
|
|
|
|
|
|
2013
|
|
2012
|
|
% Change
|
|
2013
|
|
2012
|
|
% Change
|
|
Financial Volume
|
|
7.059
|
|
|
6.897
|
|
|
2.3
|
%
|
|
30.521
|
|
|
25.343
|
|
|
20.4
|
%
|
|
Royalty Volume
|
|
0.319
|
|
|
0.344
|
|
|
(7.3
|
)%
|
|
1.353
|
|
|
1.064
|
|
|
27.2
|
%
|
|
Owned Volume
|
|
7.378
|
|
|
7.241
|
|
|
1.9
|
%
|
|
31.874
|
|
|
26.407
|
|
|
20.7
|
%
|
|
Proportionate Share of Equity Investment Sales-to-Retail(1)
|
|
6.701
|
|
|
6.823
|
|
|
(1.8
|
)%
|
|
27.864
|
|
|
28.652
|
|
|
(2.8
|
)%
|
|
Total Worldwide Beer Volume
|
|
14.079
|
|
|
14.064
|
|
|
0.1
|
%
|
|
59.738
|
|
|
55.059
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Reflects the addition of Molson Coors Brewing Company's
proportionate share of equity method investments (MillerCoors and
Modelo Molson) sales-to-retail for the periods presented.
|
|
|
|
|
U.S. GAAP Measures
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 10: Condensed Consolidated Statements of
Operations
|
|
($ In millions, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Volume in hectoliters
|
|
7.059
|
|
|
6.897
|
|
|
30.521
|
|
|
25.343
|
|
|
Sales
|
|
$
|
1,489.7
|
|
|
$
|
1,480.2
|
|
|
$
|
5,999.6
|
|
|
$
|
5,615.0
|
|
|
Excise taxes
|
|
(461.3
|
)
|
|
(450.0
|
)
|
|
(1,793.5
|
)
|
|
(1,698.5
|
)
|
|
Net sales
|
|
1,028.4
|
|
|
1,030.2
|
|
|
4,206.1
|
|
|
3,916.5
|
|
|
Cost of goods sold
|
|
(644.4
|
)
|
|
(646.6
|
)
|
|
(2,545.6
|
)
|
|
(2,352.5
|
)
|
|
Gross profit
|
|
384.0
|
|
|
383.6
|
|
|
1,660.5
|
|
|
1,564.0
|
|
|
Marketing, general and administrative expenses
|
|
(296.4
|
)
|
|
(272.5
|
)
|
|
(1,193.8
|
)
|
|
(1,126.1
|
)
|
|
Special items, net
|
|
(34.2
|
)
|
|
(22.8
|
)
|
|
(200.0
|
)
|
|
(81.4
|
)
|
|
Equity income in MillerCoors
|
|
100.7
|
|
|
74.4
|
|
|
539.0
|
|
|
510.9
|
|
|
Operating income (loss)
|
|
154.1
|
|
|
162.7
|
|
|
805.7
|
|
|
867.4
|
|
|
Interest income (expense), net
|
|
(36.2
|
)
|
|
(22.2
|
)
|
|
(170.1
|
)
|
|
(185.0
|
)
|
|
Other income (expense), net
|
|
27.4
|
|
|
(12.0
|
)
|
|
18.9
|
|
|
(90.3
|
)
|
|
Income (loss) from continuing operations before income taxes
|
|
145.3
|
|
|
128.5
|
|
|
654.5
|
|
|
592.1
|
|
|
Income tax expense
|
|
(13.7
|
)
|
|
(68.8
|
)
|
|
(84.0
|
)
|
|
(154.5
|
)
|
|
Net Income (loss) from continuing operations
|
|
131.6
|
|
|
59.7
|
|
|
570.5
|
|
|
437.6
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
0.3
|
|
|
(0.1
|
)
|
|
2.0
|
|
|
1.5
|
|
|
Net income (loss) including noncontrolling interests
|
|
131.9
|
|
|
59.6
|
|
|
572.5
|
|
|
439.1
|
|
|
Less: Net (income) loss attributable to noncontrolling interests
|
|
(0.4
|
)
|
|
0.4
|
|
|
(5.2
|
)
|
|
3.9
|
|
|
Net income (loss) attributable to MCBC
|
|
$
|
131.5
|
|
|
$
|
60.0
|
|
|
$
|
567.3
|
|
|
$
|
443.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) attributable to MCBC per share:
|
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
0.72
|
|
|
$
|
0.33
|
|
|
$
|
3.09
|
|
|
$
|
2.44
|
|
|
From discontinued operations
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
Basic net income per share
|
|
$
|
0.72
|
|
|
$
|
0.33
|
|
|
$
|
3.10
|
|
|
$
|
2.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) attributable to MCBC per share:
|
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
0.71
|
|
|
$
|
0.33
|
|
|
$
|
3.07
|
|
|
$
|
2.43
|
|
|
From discontinued operations
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
Diluted net income per share
|
|
$
|
0.71
|
|
|
$
|
0.33
|
|
|
$
|
3.08
|
|
|
$
|
2.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares - basic
|
|
183.9
|
|
|
181.3
|
|
|
183.0
|
|
|
180.8
|
|
|
Weighted average shares - diluted
|
|
185.0
|
|
|
182.2
|
|
|
184.2
|
|
|
181.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per share
|
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
1.28
|
|
|
$
|
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to MCBC
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations, net of tax
|
|
$
|
131.2
|
|
|
$
|
60.1
|
|
|
$
|
565.3
|
|
|
$
|
441.5
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
0.3
|
|
|
(0.1
|
)
|
|
2.0
|
|
|
1.5
|
|
|
Net income (loss) attributable to MCBC
|
|
$
|
131.5
|
|
|
$
|
60.0
|
|
|
$
|
567.3
|
|
|
$
|
443.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 11: Canada Segment Results of Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Volume in hectoliters
|
|
2.015
|
|
|
1.968
|
|
|
8.332
|
|
|
8.505
|
|
|
Sales
|
|
$
|
614.5
|
|
|
$
|
624.1
|
|
|
$
|
2,575.1
|
|
|
$
|
2,675.2
|
|
|
Excise taxes
|
|
(151.2
|
)
|
|
(152.6
|
)
|
|
(631.3
|
)
|
|
(638.4
|
)
|
|
Net sales
|
|
463.3
|
|
|
471.5
|
|
|
1,943.8
|
|
|
2,036.8
|
|
|
Cost of goods sold
|
|
(264.5
|
)
|
|
(270.9
|
)
|
|
(1,104.3
|
)
|
|
(1,120.7
|
)
|
|
Gross profit
|
|
198.8
|
|
|
200.6
|
|
|
839.5
|
|
|
916.1
|
|
|
Marketing, general and administrative expenses
|
|
(113.2
|
)
|
|
(99.1
|
)
|
|
(448.0
|
)
|
|
(476.5
|
)
|
|
Special items, net
|
|
(26.0
|
)
|
|
(8.8
|
)
|
|
(30.7
|
)
|
|
(13.7
|
)
|
|
Operating income (loss)
|
|
59.6
|
|
|
92.7
|
|
|
360.8
|
|
|
425.9
|
|
|
Other income (expense), net
|
|
1.3
|
|
|
(0.5
|
)
|
|
2.5
|
|
|
(2.9
|
)
|
|
Income (loss) before income taxes
|
|
$
|
60.9
|
|
|
$
|
92.2
|
|
|
$
|
363.3
|
|
|
$
|
423.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 12: Europe Results of Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
|
December 31, 2013
|
|
December 29, 2012
|
|
Volume in hectoliters(1)
|
|
4.773
|
|
|
4.701
|
|
|
Sales(1)
|
|
$
|
831.8
|
|
|
$
|
814.1
|
|
|
Excise taxes
|
|
(304.0
|
)
|
|
(291.2
|
)
|
|
Net sales(1)
|
|
527.8
|
|
|
522.9
|
|
|
Cost of goods sold
|
|
(355.6
|
)
|
|
(359.3
|
)
|
|
Gross profit
|
|
172.2
|
|
|
163.6
|
|
|
Marketing, general and administrative expenses
|
|
(137.9
|
)
|
|
(129.7
|
)
|
|
Special items, net
|
|
(12.8
|
)
|
|
(11.0
|
)
|
|
Operating income (loss)
|
|
21.5
|
|
|
22.9
|
|
|
Interest income, net
|
|
1.3
|
|
|
1.4
|
|
|
Other income (expense), net
|
|
3.1
|
|
|
(1.0
|
)
|
|
Income (loss) before income taxes
|
|
$
|
25.9
|
|
|
$
|
23.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Reflects gross segment sales and for Q4 2013 includes intercompany
sales to MCI of 0.014 million hectoliters and $1.2 million of net
sales. Q4 2012 includes intercompany sales to MCI of 0.048 million
hectoliters and $3.3 million of net sales. The offset is included
within MCI cost of goods sold. These amounts are eliminated in the
consolidated totals.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 13: PRO FORMA Europe Results of Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Full Year Ended
|
|
|
|
December 31, 2013
|
|
December 29, 2012
|
|
|
|
Actual
|
|
Actual -
Europe(1)
|
|
Pro Forma -
Central Europe(2)
|
|
Pro Forma
Combined(3)
|
|
Volume in hectoliters(4)
|
|
21.146
|
|
|
15.896
|
|
|
5.303
|
|
|
21.199
|
|
|
Sales(4)
|
|
$
|
3,265.4
|
|
|
$
|
2,783.6
|
|
|
$
|
420.5
|
|
|
$
|
3,204.1
|
|
|
Excise taxes
|
|
(1,137.1
|
)
|
|
(1,036.1
|
)
|
|
(92.8
|
)
|
|
(1,128.9
|
)
|
|
Net sales(4)
|
|
2,128.3
|
|
|
1,747.5
|
|
|
327.7
|
|
|
2,075.2
|
|
|
Cost of goods sold
|
|
(1,357.5
|
)
|
|
(1,159.9
|
)
|
|
(194.2
|
)
|
|
(1,354.1
|
)
|
|
Gross profit
|
|
770.8
|
|
|
587.6
|
|
|
133.5
|
|
|
721.1
|
|
|
Marketing, general and administrative expenses
|
|
(569.5
|
)
|
|
(431.4
|
)
|
|
(108.8
|
)
|
|
(540.2
|
)
|
|
Special items, net
|
|
(172.4
|
)
|
|
(23.5
|
)
|
|
—
|
|
|
(23.5
|
)
|
|
Operating income (loss)
|
|
28.9
|
|
|
132.7
|
|
|
24.7
|
|
|
157.4
|
|
|
Interest income, net
|
|
4.9
|
|
|
5.7
|
|
|
—
|
|
|
5.7
|
|
|
Other income (expense), net
|
|
0.5
|
|
|
(2.2
|
)
|
|
(0.6
|
)
|
|
(2.8
|
)
|
|
Income (loss) before income taxes
|
|
$
|
34.3
|
|
|
$
|
136.2
|
|
|
$
|
24.1
|
|
|
$
|
160.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes actual results from the acquisition date of June 15, 2012,
through December 29, 2012, for Central Europe, combined with actual
results of our historical U.K. segment.
|
|
|
|
|
|
|
|
(2)
|
|
Includes pre-acquisition results for StarBev from January 1, 2012,
through June 15, 2012, and pro forma adjustments.
|
|
|
|
|
|
|
|
(3)
|
|
Includes actual results of our historical U.K. segment, combined
with actual results for Central Europe from the acquisition date of
June 15, 2012, through December 29, 2012, as well as pro forma
results and adjustments from January 1, 2012, through June 15, 2012.
|
|
|
|
|
|
|
|
(4)
|
|
Reflects gross segment sales and for full year 2013 includes
intercompany sales to MCI of 0.066 million hectoliters and $4.8
million of net sales. Full year 2012 includes intercompany sales to
MCI of 0.246 million hectoliters and $16.0 million of net sales. The
offset is included within MCI cost of goods sold. These amounts are
eliminated in the consolidated totals.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 14: Molson Coors International Results of
Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Volume in hectoliters
|
|
0.285
|
|
|
0.276
|
|
|
1.109
|
|
|
1.188
|
|
|
Sales
|
|
$
|
44.3
|
|
|
$
|
45.0
|
|
|
$
|
162.7
|
|
|
$
|
171.0
|
|
|
Excise taxes
|
|
(6.1
|
)
|
|
(6.2
|
)
|
|
(25.1
|
)
|
|
(24.0
|
)
|
|
Net sales
|
|
38.2
|
|
|
38.8
|
|
|
137.6
|
|
|
147.0
|
|
|
Cost of goods sold(1)
|
|
(23.6
|
)
|
|
(19.6
|
)
|
|
(85.0
|
)
|
|
(90.1
|
)
|
|
Gross profit
|
|
14.6
|
|
|
19.2
|
|
|
52.6
|
|
|
56.9
|
|
|
Marketing, general and administrative expenses
|
|
(20.3
|
)
|
|
(19.1
|
)
|
|
(68.9
|
)
|
|
(87.4
|
)
|
|
Special items, net
|
|
5.6
|
|
|
(2.1
|
)
|
|
4.4
|
|
|
(42.2
|
)
|
|
Operating income (loss)
|
|
(0.1
|
)
|
|
(2.0
|
)
|
|
(11.9
|
)
|
|
(72.7
|
)
|
|
Other income (expense), net
|
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
|
0.6
|
|
|
Income (loss) before income taxes
|
|
$
|
—
|
|
|
$
|
(1.8
|
)
|
|
$
|
(11.8
|
)
|
|
$
|
(72.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Reflects gross segment amounts and for Q4 2013 and Q4 2012 includes
intercompany cost of goods sold from Europe of $1.2 million and $3.3
million, respectively. For full year 2013 and full year 2012
includes intercompany cost of goods sold from Europe of $4.8 million
and $16.0 million, respectively. The offset is included within
Europe net sales. These amounts are eliminated in the consolidated
totals.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 15: Corporate Results of Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Full Year Ended
|
|
|
|
December 31,
|
|
December 29,
|
|
December 31,
|
|
December 29,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Volume in hectoliters
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Sales
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
Excise taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net sales
|
|
0.3
|
|
|
0.3
|
|
|
1.2
|
|
|
1.2
|
|
|
Cost of goods sold
|
|
(1.9
|
)
|
|
(0.1
|
)
|
|
(3.6
|
)
|
|
2.2
|
|
|
Gross profit
|
|
(1.6
|
)
|
|
0.2
|
|
|
(2.4
|
)
|
|
3.4
|
|
|
Marketing, general and administrative expenses
|
|
(25.0
|
)
|
|
(24.6
|
)
|
|
(107.4
|
)
|
|
(130.8
|
)
|
|
Special items, net
|
|
(1.0
|
)
|
|
(0.9
|
)
|
|
(1.3
|
)
|
|
(2.0
|
)
|
|
Operating income (loss)
|
|
(27.6
|
)
|
|
(25.3
|
)
|
|
(111.1
|
)
|
|
(129.4
|
)
|
|
Interest expense, net
|
|
(37.5
|
)
|
|
(23.6
|
)
|
|
(175.0
|
)
|
|
(190.7
|
)
|
|
Other income (expense), net
|
|
22.9
|
|
|
(10.7
|
)
|
|
15.8
|
|
|
(85.8
|
)
|
|
Income (loss) before income taxes
|
|
$
|
(42.2
|
)
|
|
$
|
(59.6
|
)
|
|
$
|
(270.3
|
)
|
|
$
|
(405.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MillerCoors LLC (1)
|
|
Table 16: Results of Operations
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Volume in hectoliters(2)
|
|
17.080
|
|
|
17.394
|
|
|
74.274
|
|
|
76.299
|
|
|
Sales
|
|
$
|
2,068.1
|
|
|
$
|
2,058.0
|
|
|
$
|
8,969.8
|
|
|
$
|
8,966.6
|
|
|
Excise taxes
|
|
(265.6
|
)
|
|
(274.2
|
)
|
|
(1,169.0
|
)
|
|
(1,205.5
|
)
|
|
Net sales
|
|
1,802.5
|
|
|
1,783.8
|
|
|
7,800.8
|
|
|
7,761.1
|
|
|
Cost of goods sold
|
|
(1,130.9
|
)
|
|
(1,106.8
|
)
|
|
(4,723.7
|
)
|
|
(4,689.7
|
)
|
|
Gross profit
|
|
671.6
|
|
|
677.0
|
|
|
3,077.1
|
|
|
3,071.4
|
|
|
Marketing, general and administrative expenses
|
|
(426.3
|
)
|
|
(484.4
|
)
|
|
(1,769.9
|
)
|
|
(1,828.5
|
)
|
|
Special items, net
|
|
(4.8
|
)
|
|
(15.4
|
)
|
|
(19.8
|
)
|
|
(31.8
|
)
|
|
Operating income
|
|
240.5
|
|
|
177.2
|
|
|
1,287.4
|
|
|
1,211.1
|
|
|
Interest income (expense), net
|
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(1.6
|
)
|
|
(1.4
|
)
|
|
Other income (expense), net
|
|
0.4
|
|
|
(2.9
|
)
|
|
2.0
|
|
|
1.7
|
|
|
Income before income taxes
|
|
240.7
|
|
|
174.0
|
|
|
1,287.8
|
|
|
1,211.4
|
|
|
Income tax expense
|
|
(0.8
|
)
|
|
(1.7
|
)
|
|
(3.9
|
)
|
|
(5.5
|
)
|
|
Net income
|
|
239.9
|
|
|
172.3
|
|
|
1,283.9
|
|
|
1,205.9
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
(2.8
|
)
|
|
(1.9
|
)
|
|
(13.4
|
)
|
|
(15.0
|
)
|
|
Net income attributable to MillerCoors
|
|
$
|
237.1
|
|
|
$
|
170.4
|
|
|
$
|
1,270.5
|
|
|
$
|
1,190.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Economic ownership of MillerCoors is 58% held by SABMiller and 42%
held by Molson Coors. See Table 8 for a reconciliation from Net
Income Attributable to MillerCoors to Molson Coors Equity Income in
MillerCoors, and to U.S. Segment Underlying Pretax Income (Non-GAAP).
|
|
|
|
|
|
|
|
(2)
|
|
Includes contract brewing and company-owned-distributor sales which
are excluded from our worldwide beer volume calculation.
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 17: Condensed Consolidated Balance Sheets
|
|
($ In millions, except par value)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
As of
|
|
|
|
December 31, 2013
|
|
December 29, 2012
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
442.3
|
|
|
$
|
624.0
|
|
|
Accounts receivable, net
|
|
603.6
|
|
|
660.5
|
|
|
Other receivables, net
|
|
124.4
|
|
|
92.9
|
|
|
Inventories:
|
|
|
|
|
|
Finished
|
|
133.2
|
|
|
139.9
|
|
|
In process
|
|
23.3
|
|
|
20.3
|
|
|
Raw materials
|
|
36.9
|
|
|
43.5
|
|
|
Packaging materials
|
|
11.9
|
|
|
10.2
|
|
|
Total inventories
|
|
205.3
|
|
|
213.9
|
|
|
Other current assets, net
|
|
111.7
|
|
|
117.5
|
|
|
Deferred tax assets
|
|
50.4
|
|
|
39.2
|
|
|
Total current assets
|
|
1,537.7
|
|
|
1,748.0
|
|
|
Properties, net
|
|
1,970.1
|
|
|
1,995.9
|
|
|
Goodwill
|
|
2,418.7
|
|
|
2,453.1
|
|
|
Other intangibles, net
|
|
6,825.1
|
|
|
7,234.8
|
|
|
Investment in MillerCoors
|
|
2,506.5
|
|
|
2,431.8
|
|
|
Deferred tax assets
|
|
38.3
|
|
|
125.4
|
|
|
Notes receivable, net
|
|
23.6
|
|
|
26.3
|
|
|
Other assets
|
|
260.1
|
|
|
196.9
|
|
|
Total assets
|
|
$
|
15,580.1
|
|
|
$
|
16,212.2
|
|
|
Liabilities and equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable and other current liabilities
|
|
$
|
1,336.4
|
|
|
$
|
1,186.9
|
|
|
Derivative hedging instruments
|
|
73.9
|
|
|
6.0
|
|
|
Deferred tax liabilities
|
|
138.1
|
|
|
152.3
|
|
|
Current portion of long-term debt and short-term borrowings
|
|
586.9
|
|
|
1,245.6
|
|
|
Discontinued operations
|
|
6.8
|
|
|
7.9
|
|
|
Total current liabilities
|
|
2,142.1
|
|
|
2,598.7
|
|
|
Long-term debt
|
|
3,213.0
|
|
|
3,422.5
|
|
|
Pension and post-retirement benefits
|
|
462.6
|
|
|
833.0
|
|
|
Derivative hedging instruments
|
|
3.0
|
|
|
222.2
|
|
|
Deferred tax liabilities
|
|
911.4
|
|
|
948.5
|
|
|
Unrecognized tax benefits
|
|
92.7
|
|
|
81.8
|
|
|
Other liabilities
|
|
74.2
|
|
|
93.9
|
|
|
Discontinued operations
|
|
17.3
|
|
|
20.0
|
|
|
Total liabilities
|
|
6,916.3
|
|
|
8,220.6
|
|
|
Molson Coors Brewing Company stockholders' equity
|
|
|
|
|
|
Capital stock:
|
|
|
|
|
|
Preferred stock, no par value (authorized: 25.0 shares; none issued)
|
|
—
|
|
|
—
|
|
|
Class A common stock, $0.01 par value (authorized: 500.0 shares;
issued and outstanding: 2.6 shares and 2.6 shares, respectively)
|
|
—
|
|
|
—
|
|
|
Class B common stock, $0.01 par value (authorized: 500.0 shares;
issued: 167.2 shares and 164.2 shares, respectively)
|
|
1.7
|
|
|
1.6
|
|
|
Class A exchangeable shares, no par value (issued and outstanding:
2.9 shares and 2.9 shares, respectively)
|
|
108.5
|
|
|
110.2
|
|
|
Class B exchangeable shares, no par value (issued and outstanding:
19.0 shares and 19.3 shares, respectively)
|
|
714.1
|
|
|
724.4
|
|
|
Paid-in capital
|
|
3,747.6
|
|
|
3,623.6
|
|
|
Retained earnings
|
|
4,233.2
|
|
|
3,900.5
|
|
|
Accumulated other comprehensive income (loss)
|
|
154.9
|
|
|
(72.3
|
)
|
|
Class B common stock held in treasury at cost (7.5 shares and 7.5
shares, respectively)
|
|
(321.1
|
)
|
|
(321.1
|
)
|
|
Total Molson Coors Brewing Company stockholders' equity
|
|
8,638.9
|
|
|
7,966.9
|
|
|
Noncontrolling interests
|
|
24.9
|
|
|
24.7
|
|
|
Total equity
|
|
8,663.8
|
|
|
7,991.6
|
|
|
Total liabilities and equity
|
|
$
|
15,580.1
|
|
|
$
|
16,212.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molson Coors Brewing Company and Subsidiaries
|
|
Table 18: Condensed Consolidated Statements of
Cash Flows
|
|
($ In millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Full Year Ended
|
|
|
|
December 31, 2013
|
|
December 29, 2012
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Net income (loss) including noncontrolling interests
|
|
$
|
572.5
|
|
|
$
|
439.1
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
320.5
|
|
|
272.7
|
|
|
Amortization of debt issuance costs and discounts
|
|
20.3
|
|
|
41.7
|
|
|
Share-based compensation
|
|
19.5
|
|
|
14.0
|
|
|
Loss (gain) on sale or impairment of properties and other assets, net
|
|
164.0
|
|
|
46.4
|
|
|
Deferred income taxes
|
|
(17.6
|
)
|
|
72.5
|
|
|
Equity income in MillerCoors
|
|
(539.0
|
)
|
|
(510.9
|
)
|
|
Distributions from MillerCoors
|
|
539.0
|
|
|
510.9
|
|
|
Equity in net income of other unconsolidated affiliates
|
|
(19.1
|
)
|
|
(15.7
|
)
|
|
Distributions from other unconsolidated affiliates
|
|
13.0
|
|
|
15.2
|
|
|
Excess tax benefits from share-based compensation
|
|
(7.7
|
)
|
|
(4.9
|
)
|
|
Unrealized (gain) loss on foreign currency fluctuations and
derivative instruments, net
|
|
8.4
|
|
|
38.0
|
|
|
Change in current assets and liabilities (net of assets acquired and
liabilities assumed in business combinations) and other
|
|
96.4
|
|
|
66.2
|
|
|
(Gain) loss from discontinued operations
|
|
(2.0
|
)
|
|
(1.5
|
)
|
|
Net cash provided by operating activities
|
|
1,168.2
|
|
|
983.7
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
Additions to properties
|
|
(293.9
|
)
|
|
(222.3
|
)
|
|
Proceeds from sales of properties and other assets
|
|
53.6
|
|
|
15.7
|
|
|
Acquisition of businesses, net of cash acquired
|
|
—
|
|
|
(2,258.3
|
)
|
|
Payment on discontinued operations
|
|
—
|
|
|
(6.8
|
)
|
|
Investment in MillerCoors
|
|
(1,186.5
|
)
|
|
(1,008.8
|
)
|
|
Return of capital from MillerCoors
|
|
1,146.0
|
|
|
942.4
|
|
|
Payments on settlement of derivative instruments
|
|
—
|
|
|
(110.6
|
)
|
|
Loan repayments
|
|
10.6
|
|
|
22.9
|
|
|
Loan advances
|
|
(6.8
|
)
|
|
(9.3
|
)
|
|
Net cash used in investing activities
|
|
(277.0
|
)
|
|
(2,635.1
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Exercise of stock options under equity compensation plans
|
|
88.8
|
|
|
34.1
|
|
|
Excess tax benefits from share-based compensation
|
|
7.7
|
|
|
4.9
|
|
|
Dividends paid
|
|
(234.6
|
)
|
|
(232.2
|
)
|
|
Dividends paid to noncontrolling interest holders
|
|
(4.1
|
)
|
|
(5.0
|
)
|
|
Payments for purchase of noncontrolling interest
|
|
(0.7
|
)
|
|
(27.9
|
)
|
|
Debt issuance costs
|
|
(0.4
|
)
|
|
(40.3
|
)
|
|
Proceeds from issuances of long-term debt
|
|
—
|
|
|
2,195.4
|
|
|
Payments on long-term debt and capital lease obligations
|
|
(1,317.0
|
)
|
|
(226.7
|
)
|
|
Payments on debt assumed in Acquisition
|
|
—
|
|
|
(424.3
|
)
|
|
Proceeds from short-term borrowings
|
|
15.0
|
|
|
16.0
|
|
|
Payments on short-term borrowings
|
|
(15.2
|
)
|
|
(17.2
|
)
|
|
Proceeds from settlement of derivative instruments
|
|
6.6
|
|
|
—
|
|
|
Payments on settlement of derivative instruments
|
|
(119.4
|
)
|
|
(8.2
|
)
|
|
Net proceeds from (payments on) revolving credit facilities and
commercial paper
|
|
507.4
|
|
|
7.8
|
|
|
Change in overdraft balances and other
|
|
6.7
|
|
|
(105.0
|
)
|
|
Net cash (used in) provided by financing activities
|
|
(1,059.2
|
)
|
|
1,171.4
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(168.0
|
)
|
|
(480.0
|
)
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
(13.7
|
)
|
|
25.1
|
|
|
Balance at beginning of year
|
|
624.0
|
|
|
1,078.9
|
|
|
Balance at end of year
|
|
$
|
442.3
|
|
|
$
|
624.0
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014