TAP FY 2011 Earnings Report — Molson Coors Beverage Company Revenue & Financial Results | Market Cap Arena

Molson Coors Beverage CompanyTAP

FY 2011 Earnings

Reported February 24, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$3.5B	—	$3.3B	—	8.0%
Op. Income	$893M	—	$865M	—	3.3%
Gross Margin	41.7%	—	44.3%	—	-2.6pp
Net Margin	19.2%	—	21.7%	—	-2.5pp
EPS (Diluted)	$3.63	—	$3.78	—	-4.0%
Free Cash Flow	$633M	—	$572M	—	10.7%

Revenue Flow

Item	Amount
REVENUE	$3.5B
Cost of Revenue	$2.0B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.0B
SG&A Expenses	$1.0B
Other Expenses	-$446M
Operating Expenses	$573M
Cost & Expenses	$2.6B
OPERATING INCOME	$893M
Interest Income	$11M
Interest Expense	$117M
Other Income/Expenses	-$119M
INCOME BEFORE TAX	$774M
Income Tax Expense	$99M
Net Income from Continuing Ops	$675M
Net Income from Discontinued Ops	$2M
Other Adjustments	$0
NET INCOME	$676M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$676M
D&A	$217M
EBIT	$893M
EBITDA	$1.1B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$3.5B
Cost of Revenue	$2.0B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$1.0B
SG&A Expenses	$1.0B
Other Expenses	-$446M
Operating Expenses	$573M
Cost & Expenses	$2.6B
OPERATING INCOME	$893M
Interest Income	$11M
Interest Expense	$117M
Other Income/Expenses	-$119M
INCOME BEFORE TAX	$774M
Income Tax Expense	$99M
Net Income from Continuing Ops	$675M
Net Income from Discontinued Ops	$2M
Other Adjustments	$0
NET INCOME	$676M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$676M
D&A	$217M
EBIT	$893M
EBITDA	$1.1B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$677M
Depreciation & Amortization	$217M
Stock-Based Compensation	$25M
Deferred Income Tax	$39M
Other Non-Cash Items	-$64M
Change in Working Capital	-$26M
OPERATING CASH FLOW	$868M
Capital Expenditure	-$235M
Acquisitions (Net)	-$142M
Purchases of Investments	-$10M
Sales/Maturities of Investments	$15M
Other Investing Activities	$34M
NET CASH FROM INVESTING	-$338M
Net Debt Issuance	-$21M
Common Stock Repurchased	-$321M
Common Dividends Paid	-$228M
Other Financing Activities	-$95M
NET CASH FROM FINANCING	-$665M
FREE CASH FLOW	$633M
Net Change in Cash	-$139M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$0
Net Receivables	$726M
Inventory	$207M
Other Current Assets	$84M
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$1.4B
Goodwill	$1.5B
Intangible Assets	$4.6B
Long-Term Investments	$2.5B
Tax Assets	$150M
Other Non-Current Assets	$199M
TOTAL NON-CURRENT ASSETS	$10.3B
TOTAL ASSETS	$12.4B
Account Payables	$269M
Short-Term Debt	$47M
Deferred Revenue	$0
Other Current Liabilities	$543M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$1.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$532M
Other Non-Current Liabilities	$1.1B
TOTAL NON-CURRENT LIABILITIES	$3.5B
TOTAL LIABILITIES	$4.7B
Common Stock	$2M
Additional Paid-In Capital	$3.6B
Retained Earnings	$3.7B
Treasury Stock	-$321M
Accum. Other Comp. Income	-$130M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.6B
Minority Interest	$42M
TOTAL EQUITY	$7.7B
TOTAL LIABILITIES & EQUITY	$12.4B
Total Debt	$2.0B
Net Debt	$883M