TAP FY 2008 Earnings Report — Molson Coors Beverage Company Revenue & Financial Results | Market Cap Arena

Molson Coors Beverage CompanyTAP

FY 2008 Earnings

Reported February 24, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$4.8B	—	$6.2B	—	-22.9%
Op. Income	$622M	—	$641M	—	-3.0%
Gross Margin	40.5%	—	40.2%	—	0.3pp
Net Margin	8.1%	—	8.0%	—	0.1pp
EPS (Diluted)	$2.04	—	$2.71	—	-24.7%
Free Cash Flow	$181M	—	$188M	—	-3.6%

Revenue Flow

Item	Amount
REVENUE	$4.8B
Cost of Revenue	$2.8B
GROSS PROFIT	$1.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.3B
Other Expenses	-$22M
Operating Expenses	$1.3B
Cost & Expenses	$4.2B
OPERATING INCOME	$622M
Interest Income	$17M
Interest Expense	$103M
Other Income/Expenses	-$123M
INCOME BEFORE TAX	$515M
Income Tax Expense	$103M
Net Income from Continuing Ops	$412M
Net Income from Discontinued Ops	$0
Other Adjustments	-$12M
NET INCOME	$388M
Net Income Deductions	$9M
BOTTOM LINE NET INCOME	$379M
D&A	$273M
EBIT	$619M
EBITDA	$892M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$4.8B
Cost of Revenue	$2.8B
GROSS PROFIT	$1.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.3B
Other Expenses	-$22M
Operating Expenses	$1.3B
Cost & Expenses	$4.2B
OPERATING INCOME	$622M
Interest Income	$17M
Interest Expense	$103M
Other Income/Expenses	-$123M
INCOME BEFORE TAX	$515M
Income Tax Expense	$103M
Net Income from Continuing Ops	$412M
Net Income from Discontinued Ops	$0
Other Adjustments	-$12M
NET INCOME	$388M
Net Income Deductions	$9M
BOTTOM LINE NET INCOME	$379M
D&A	$273M
EBIT	$619M
EBITDA	$892M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$388M
Depreciation & Amortization	$273M
Stock-Based Compensation	$56M
Deferred Income Tax	$85M
Other Non-Cash Items	$19M
Change in Working Capital	-$410M
OPERATING CASH FLOW	$412M
Capital Expenditure	-$231M
Acquisitions (Net)	-$52M
Purchases of Investments	-$32M
Sales/Maturities of Investments	$49M
Other Investing Activities	-$4M
NET CASH FROM INVESTING	-$270M
Net Debt Issuance	-$175M
Common Stock Repurchased	$0
Common Dividends Paid	-$139M
Other Financing Activities	$47M
NET CASH FROM FINANCING	-$267M
FREE CASH FLOW	$181M
Net Change in Cash	-$161M

Balance Sheet

Item	Amount
Cash & Equivalents	$216M
Short-Term Investments	$0
Net Receivables	$635M
Inventory	$207M
Other Current Assets	$55M
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$1.3B
Goodwill	$1.3B
Intangible Assets	$3.9B
Long-Term Investments	$2.4B
Tax Assets	$75M
Other Non-Current Assets	$262M
TOTAL NON-CURRENT ASSETS	$9.3B
TOTAL ASSETS	$10.4B
Account Payables	$153M
Short-Term Debt	$100.0K
Deferred Revenue	$0
Other Current Liabilities	$125M
TOTAL CURRENT LIABILITIES	$986M
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$630M
Other Non-Current Liabilities	$979M
TOTAL NON-CURRENT LIABILITIES	$3.4B
TOTAL LIABILITIES	$4.4B
Common Stock	$2M
Additional Paid-In Capital	$3.3B
Retained Earnings	$2.2B
Treasury Stock	$0
Accum. Other Comp. Income	-$371M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.0B
Minority Interest	$9M
TOTAL EQUITY	$6.0B
TOTAL LIABILITIES & EQUITY	$10.4B
Total Debt	$1.8B
Net Debt	$1.5B