Molson Coors Reports Higher Net Sales and Underlying After-Tax Income for the Third Quarter

  Molson Coors Reports Higher Net Sales and Underlying After-Tax Income for
  the Third Quarter

Third Quarter 2012 Highlights^(1)

  *Underlying after-tax income: $248.9 million, up 17.2% ($1.37 per diluted
    share, up 20.2%)
  *Net income from continuing operations attributable to MCBC: $197.7
    million, up 1.5% ($1.09 per diluted share, up 3.8%)
  *Net sales: $1,195.5 million, up 25.3%
  *Worldwide beer volume: 17.2 million hectoliters, up 30.8%

Business Wire

DENVER & MONTREAL -- November 07, 2012

Molson Coors Brewing Company (NYSE: TAP)(TSX: TPX) today reported a 30.8
percent increase in worldwide beer volume, 25.3 percent higher net sales and a
17.2 percent increase in underlying after-tax income for the third quarter
2012, driven by the addition of Molson Coors Central Europe (MCCE) operations
in reported results in 2012, along with positive performance in our U.S.
business. Net income from continuing operations attributable to MCBC (a U.S.
GAAP earnings measure) increased 1.5 percent.

Molson Coors president and chief executive officer Peter Swinburn said, “The
third quarter was our first full reporting period following our Central Europe
acquisition. The addition of this business provided more than $60 million of
pretax earnings accretion on an underlying basis and net of related interest
expense. Strong results in the U.S. also contributed to our bottom-line
growth. As a result, underlying after-tax income increased more than 17
percent to $249 million, and underlying EPS grew more than 20 percent to $1.37
per share. Regionally, the U.S. had another good earnings quarter, up 16
percent, while the U.K., Canada and International business units reported
lower earnings. In local currency, Central Europe underlying earnings
increased nearly 16 percent in the third quarter on a pro forma basis.
Nonetheless, we saw a decline in consumer demand across our businesses in the
third quarter, and we expect the fourth quarter to be the most challenging of
this year, with difficult profit comparisons in Canada and the UK and higher
costs in the U.S. and Central Europe.”

He added “In this challenging macroeconomic climate, we have said consistently
that, in addition to growing our brands, we would aggressively drive costs out
of our business to provide resources to be more competitive and to grow
earnings, cash and shareholder value. In the third quarter our Resources For
Growth program delivered $22 million in savings, bringing total program
savings to $172 million since 2010. Our share of MillerCoors results added
another $12 million of cost savings in the quarter. Consistent with this
strategy, in the third quarter we began a number of new initiatives to
standardize and further streamline our company over the next two years. As a
first step, we will combine our UK and Ireland business with our new Central
Europe organization to create a single European organization, called Molson
Coors Europe. We will continue to manage the export and license business in
Europe, including Staropramen export, through Molson Coors International.
These initiatives are designed to improve the efficiency of our organization
and our processes and generate additional resources to invest behind our
brands and innovation, so when our core markets do turn around, we can take
full advantage of it.”

Foreign Exchange

The Company’s third quarter results include the impact of unfavorable foreign
currency movements from the British Pound and Canadian Dollar, which decreased
underlying pretax income by approximately $3 million.

Effective Income Tax Rates

The Company’s third quarter effective income tax rate was 17 percent on a
reported basis and 18 percent on an underlying basis. Due to the acquisition,
the Company now estimates that its underlying effective tax rate will be in
the range of 15 percent to 19 percent for full year 2012, assuming no further
changes in tax laws.

Debt

Total debt at the end of the third quarter was $4.7 billion, and cash and cash
equivalents totaled $586 million, resulting in net debt of $4.1 billion.

Third Quarter Business Segment Results

Beginning July 1, 2012, our Central Europe export and license business
(“Central Europe export”), which includes licensing arrangements in Russia and
Ukraine and the export of Central Europe brands to approximately 30 countries
globally, is reported in our MCI segment in accordance with how our Chief
Executive Officer views our businesses. For periods prior to this date, this
business was included with the Central Europe business, which we acquired on
June 15, 2012. The impact of Central Europe export for the period from its
acquisition through the end of the second quarter 2012 was immaterial and,
therefore, previously reported segment results have not been reclassified.

The following are the Company’s third quarter 2012 results by business
segment:

Canada Business

Canada underlying pretax income decreased 7.1 percent to $150.7 million in the
quarter. Canada underlying income in local currency decreased 5 percent.
Positive pricing and cost reductions were more than offset by the negative
impact of lower volume, mix shift toward higher-cost products, pension expense
and foreign currency. A 2.3 percent decline in the Canadian dollar versus the
U.S. dollar drove an approximate $5 million negative impact.

Sales-to-retail (STRs) decreased 5.1 percent in the third quarter due in part
to a year-over-year change in the timing of the Canada Day holiday within our
fiscal calendar. As a result, the Canada Day retail load-in this year was in
the second quarter, versus primarily in the third quarter last year. Our
Canada market share declined approximately one share point from a year ago on
an estimated industry volume decline of 3 percent. Third quarter total sales
volume in Canada for Molson Coors decreased 4.1 percent.

Net sales per hectoliter increased more than 3 percent in local currency
driven by continued positive pricing and favorable mix.

Cost of goods sold (COGS) per hectoliter increased almost 6 percent in local
currency, driven by higher pension expense and a mix shift toward higher-cost
brands and packages.

Marketing general and administrative (MG&A) expense decreased about 1 percent
in local currency, with higher marketing and sales investments more than
offset by general and administrative savings initiatives in the quarter.

United States Business (MillerCoors)^(2)

Molson Coors underlying U.S. segment pretax income increased 16 percent to
$139.9 million in the quarter.

MillerCoors Operating and Financial Highlights

MillerCoors underlying net income for the quarter, excluding special items,
increased 13.5 percent to $325.6 million, driven by positive pricing,
favorable brand mix and continued strong cost management.

MillerCoors domestic STRs declined 2.4 percent, on a trading-day-adjusted
basis, as the third quarter of 2012 had one less trading day compared with the
same quarter in the prior year. Domestic sales-to-wholesalers (STWs) decreased
2.6 percent.

Domestic net revenue per hectoliter, which excludes contract brewing and
company-owned-distributor sales, grew 3.6 percent primarily due to strong net
pricing and an acceleration of favorable brand mix, driven by Tenth and Blake
growth and the Economy portfolio decline. Total company net revenue per
hectoliter, including contract brewing and company-owned distributor sales,
increased by 3.0 percent. Third-party contract brewing volumes were up 8.7
percent.

COGS per hectoliter increased 0.5 percent driven by packaging innovation and
commodity inflation, largely offset by cost savings initiatives.

MG&A costs increased 0.4 percent, driven by increased marketing investments,
partially offset by timing of general and administrative expenses.

Depreciation and amortization expenses for MillerCoors in the third quarter
were $71.0 million, and additions to tangible and intangible assets totaled
$58.2 million.

Central Europe Business ^(3)

Central Europe underlying pretax income decreased 2.2 percent to $79.8 million
in the quarter due to unfavorable foreign currency movements, which reduced
earnings approximately $15 million versus the pro forma quarter a year
earlier. In local currency, underlying income increased nearly 16 percent
driven by positive pricing and lower marketing, general and administrative
expense, which were partially offset by the impact of input cost inflation and
lower volume.

Central Europe sales volume decreased 1.5 percent primarily due to a decrease
in consumer demand, particularly in September. The business maintained strong
market share in the region.

Net sales per hectoliter increased 4 percent in local currency due to positive
net pricing.

COGS per hectoliter increased 6 percent in local currency, primarily driven by
package mix changes and input cost inflation, particularly packaging
materials, utilities and fuel.

MG&A expenses decreased 16 percent in local currency, due to lower overhead
and marketing costs.

United Kingdom Business

U.K. underlying pretax income decreased 63.1 percent to $10.1 million in the
quarter, due to lower volume, higher input inflation and pension expense and
cycling a reduction in employee incentive compensation last year, partly
offset by cost savings initiatives. These results reflect a minimal negative
impact on underlying earnings from a 1.9 percent depreciation of the British
Pound versus the U.S. Dollar.

U.K. STRs decreased 4.8 percent due to a weak U.K. market impacted by economic
conditions.

Net sales per hectoliter increased 1 percent in local currency. Owned brand
net sales per hectoliter were in line with last year as a result of higher
on-premise pricing and favorable mix, offset by lower pricing in the
off-premise.

COGS per hectoliter increased nearly 5 percent in local currency, driven by
input inflation, higher pension expense, cycling a reduction in employee
incentive compensation last year and fixed-cost deleverage from lower volumes,
partly offset by results of cost savings initiatives.

MG&A expenses increased 5 percent in local currency, due to cycling a
reduction in employee incentive compensation last year, partly offset by cost
savings.

International Business

The International segment posted an underlying pretax loss of $7.7 million in
the third quarter, up from a $7.2 million loss a year ago due to incremental
brand investments, partially offset by year-over-year volume growth from
Europe and Latin America markets and including Central Europe export results
this year. The Central Europe export business contributed underlying pretax
income of $2.8 million in the third quarter.

International STRs more than doubled due to the addition of Central Europe
export. Excluding the addition of Central Europe export, STRs increased nearly
14 percent, driven by Carling growth in our Europe export markets, Coors Light
growth in Latin America, Zima and Modelo brands in Japan, and a full quarter
of sales in India this year. Net sales revenue increased 38.3 percent on
higher volumes with 21.5 percent attributable to the inclusion of Central
Europe export. COGS per hectoliter decreased 5.8 percent driven by geographic
mix, partially offset by the inclusion of Central Europe export. Excluding the
addition of Central Europe export, COGS per hectoliter decreased 16.9 percent.

International MG&A expense increased 30.2 percent, driven by incremental brand
investments in priority markets.

Corporate

Underlying Corporate expenses totaled $67.2 million pretax for the third
quarter. This increase of $16.3 million was due to $22.4 million of interest
expense related to financing our Central Europe acquisition this year.

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 $35.9 million
pretax charge driven by $28.5 million of impairment and related costs upon
deconsolidation of our China joint venture, and $6.2 million of restructuring
charges in Canada, the U.K., Central Europe, and International, $0.3 million
of special termination benefit costs and $0.9 million of ongoing costs related
to the 2011 Toronto flood in Canada.

Other non-core items resulted in an $18.6 million pretax charge, driven by a
$7.7 million unrealized market-to-market loss on financial instruments in
Corporate, $2.6 million and $3.8 million of unrealized foreign exchange losses
on acquisition-related financing instruments in Corporate and Central Europe,
respectively, as well as $4.4 million and $0.7 million of acquisition and
integration-related expenses in Corporate and Central Europe, respectively,
and a $0.1 million environmental litigation reserve. These charges were
slightly offset by a $0.7 million unrealized mark-to-market gain on commodity
hedges in Corporate COGS.

During the quarter, MillerCoors reported an $18.7 million impairment related
to the discontinuation of Home Draft packaging. This equates to $7.9 million
at Molson Coors’ 42 percent economic ownership share.

2012 Third Quarter 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 2012 third quarter 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 February 14, 2013. 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 by excluding
special and other non-core items from the nearest U.S. GAAP earnings measure,
which is net income from continuing operations attributable to MCBC. To
calculate underlying after-tax income in the third quarter, the Company
excluded non-core gains, losses and expenses, as well as special items. For
further details, please see the section “Special and Other Non-Core Items,”
along with tables for reconciliations to the nearest U.S. GAAP measures.
Unless otherwise indicated, all $ amounts are in U.S. Dollars and all
quarterly comparative results are for the Company’s fiscal third quarter ended
September 29, 2012, compared to the fiscal third quarter ended September 24,
2011. 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.

^(2) 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 4).

^(3) Unless otherwise indicated, all $ amounts are in U.S. Dollars, and
quarterly comparative results are for MCCE’s actual fiscal third quarter ended
September 29, 2012, compared to the pro forma fiscal third quarter ended
September 24, 2011. The pro forma statements of operations include adjustments
directly attributable to the acquisition of StarBev. Pro forma amounts include
the results of operations for Central Europe, excluding the Central Europe
global export and license business, for the periods indicated on each
statement. These amounts also include pro forma adjustments as if MCCE had
been acquired on December 26, 2010, the first day of our 2011 fiscal year,
including the effects of on-going acquisition accounting impacts and
eliminating operating costs and expenses directly related to the transaction,
but do not include adjustments for costs related to integration activities
following the completion of the Acquisition, cost savings or synergies that
have been or may be achieved by the combined businesses. Pro forma amounts are
not necessarily indicative of what the results would have been had we operated
the businesses since December 26, 2010, and do not purport to be indicative of
future operating results.

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, Central
Europe, the United Kingdom, 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 on the 2012 Dow Jones Sustainability Index (DJSI), 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.

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, our ability to successfully integrate StarBev, retain key employees
and achieve planned cost synergies; pension plan costs; availability or
increase in the cost of packaging materials; our ability to maintain
manufacturer/distribution agreements; impact of competitive pricing and
product pressures; our ability to implement our strategic initiatives,
including executing and realizing cost savings; 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; the ability of MillerCoors to integrate operations and
technologies; lack of full-control over the operations of MillerCoors; the
ability of MillerCoors to maintain good relationships with its distributors;
and other risks discussed in our filings with the SEC, including our Annual
Report on Form 10-K for the year-ended December 31, 2011, 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                                   
Table 1: 2012 Third Quarter Underlying After-Tax
Income
(After-Tax Income From Continuing Operations, Excluding Special and Other
Non-Core Items)
($ In Millions, Except Per
Share Data)
(Note: Some numbers may not sum due to rounding.)
                                                      3rd Q
                                                       2012      2011  
U.S. GAAP: Income from continuing operations            197.7         194.7
attributable to MCBC, net of tax:
                               Per diluted share:     $ 1.09        $ 1.05
Add back/(less):
Pretax special items - net                              35.9          0.1
Proportionate share of MillerCoors special items        7.9           46.4
- net^(1)
Environmental litigation                                0.1           -
reserve^(2)
Acquisition and integration                             5.1           -
costs^(4)
Unrealized loss on acquisition-related                  7.7           -
convertible note^(5)
Unrealized foreign exchange loss on acquisition         6.4           -
financing instrument^(2)
Unrealized (gain) loss related to commodity             (0.7  )       3.0
swaps^(3)
Basis amortization related to the Sparks brand          -             (25.2 )
impairment^(1)
Employee related expense^(6)                            -             2.5
Tax effects related to special and other non-core      (11.2 )      (9.1  )
items
Non-GAAP: Underlying after-tax                         248.9       212.4 
income:
                              Per diluted share:   $ 1.37     $ 1.14  

Notes:
^(1) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income
^(2) Included in Other Income (Expense), net
^(3) Included in Cost of Goods Sold
^(4) $4.2 million included in Marketing, General and Administrative Expenses
and $0.9 million included in Interest Expense, net
^(5) Included in Interest Expense
^(6) $1.1 million included in U.K. Cost of Goods Sold and $1.4 million
included in U.K. Marketing, General and Administrative Expenses


                                                                                               
Molson Coors
Brewing Company
Table 2: 2012 Third Quarter
Underlying Pretax Income
(Pretax Income From Continuing Operations, Excluding Special and Other Non-Core Items)
($ In Millions)
(Note: Some numbers may not sum
due to rounding.)
                        Business                                                                            Total
                     Canada       U.S.        U.K.         Central   MCI          Corporate    Consolidated
                                                                    Europe
U.S. GAAP: 2012 3rd
Q Income (loss)
from continuing         $ 147.0        $ 132.0       $ 7.7          $  75.2     $ (37.4 )      $ (81.3 )      $  243.2
operations before
income taxes
Add back/(less):
Pretax special            3.7            -             2.4             0.1        29.7           -               35.9
items - net
Proportionate share
of MillerCoors            -              7.9           -               -          -              -               7.9
pretax special
items - net^(1)
Environmental
litigation                -              -             -               -          -              0.1             0.1
reserve^(2)
Acquisition and
integration               -              -             -               0.7        -              4.4             5.1
costs^(4)
Unrealized loss on
acquisition-related       -              -             -               -          -              7.7             7.7
convertible
note^(5)
Unrealized foreign
exchange loss on
acquisition               -              -             -               3.8        -              2.6             6.4
financing
instrument^(2)
Unrealized gain
related to                -              -             -               -          -              (0.7  )         (0.7   )
commodity swaps^(3)
Non-GAAP: 2012 3rd
Q underlying pretax   $ 150.7     $ 139.9    $ 10.1      $  79.8   $ (7.7  )    $ (67.2 )    $  305.6  
income (loss)
Percent change 2012
3rd Q vs. 2011 3rd     (7.1  %)    16.0  %    (63.1 %)     N/A     (6.9  %)    (32.0 %)     21.2   %
Q underlying pretax
income (loss)
U.S. GAAP: 2011 3rd
Q Income (loss)
from continuing         $ 162.0        $ 99.4        $ 25.3         $  -        $ (7.4  )      $ (53.9 )      $  225.4
operations before
income taxes
Add back/(less):
Pretax special            0.3            -             (0.4  )         -          0.2            -               0.1
items - net
Proportionate share
of MillerCoors            -              46.4          -               -          -              -               46.4
pretax special
items - net^(1)
Basis amortization
related to the            -              (25.2 )       -               -          -              -               (25.2  )
Sparks brand
impairment^(1)
Employee related          -              -             2.5             -          -              -               2.5
expense^(6)
Unrealized loss
related to                -              -             -               -          -              3.0             3.0
commodity swaps^(3)
Non-GAAP: 2011 3rd
Q underlying pretax   $ 162.3     $ 120.6    $ 27.4      $  -      $ (7.2  )    $ (50.9 )    $  252.2  
income (loss)

Notes:
^(1) Included in Equity Income in MillerCoors
^(2) Included in Other Income (Expense), net
^(3) Included in Cost of Goods Sold
^(4) $4.2 million included in Marketing, General and Administrative Expenses
and $0.9 million included in Interest Expense, net
^(5) Included in Interest Expense
^(6) $1.1 million included in U.K. Cost of Goods Sold and $1.4 million
included in U.K. Marketing, General and Administrative Expenses


                                                          
MillerCoors LLC
Table 3:
Underlying Net
Income
(Net Income Attributable to MillerCoors,
Excluding Special Items)
(In Millions)
                    Three Months Ended           Nine Months Ended
                     September   September      September    September
                     30, 2012      30, 2011         30, 2012       30, 2011
                                                                             
U.S. GAAP - Net
income               $  306.9      $  176.4         $  1,020.5     $ 809.8
attributable to
MillerCoors:
Add back:
Special items,          18.7          110.9            16.4          113.4
net
Less: Tax effect
of adjustments
to arrive at           -          (0.4   )      -          (0.4  )
underlying
after-tax income
Non-GAAP -
Underlying net       $  325.6    $  286.9      $  1,036.9   $ 922.8 
income:
                                                                             

Pretax and after-tax underlying income should be viewed as a supplement to,
not a substitute for, our results of operations presented on the basis of
accounting principles generally accepted in the United States. Our management
uses underlying income as a measure of operating performance to assist in
comparing performance from period to period on a consistent basis; as a
measure 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 performance is used by and is
useful to investors and other users of our financial statements in evaluating
our operating performance because it provides them with an additional tool to
evaluate our performance without regard to items such asspecial items, which
can vary substantially  from company to company depending upon accounting
methods and book value of assets and capital structure.

                                                           
Molson Coors
Brewing Company
Table 4: Reconciliation of Net Income Attributable to MillerCoors to MCBC
U.S. Segment Underlying Pretax Income (Excluding Special Items)
(In Millions)
(Note: Some numbers may not sum
due to rounding.)

                     Three Months Ended           Nine Months Ended
                     September      September   September     September
                     29, 2012         24, 2011      29, 2012        24, 2011
  Net Income
  Attributable       $  306.9         $ 176.4       $ 1,020.5       $ 809.8
  to MillerCoors
  Multiply: MCBC
  economic             42     %     42    %    42      %    42    %
  interest % in
  MillerCoors
  MCBC
  proportionate
  share of           $  128.9         $ 74.1        $ 428.6         $ 340.1
  MillerCoors
  net income
  Add:
  Amortization
  of the
  difference
  between MCBC
  contributed           1.2             27.7          3.1             32.6
  cost basis and
  the underlying
  equity in net
  assets of
  MillerCoors
  ^(1)
  Add:
  Share-based
  compensation         1.9         (2.4  )    4.8         (0.3  )
  adjustment
  ^(2)
  MCBC Equity
  Income in          $  132.0      $ 99.4     $ 436.5      $ 372.4 
  MillerCoors
  (U.S. GAAP)
  Add:
  Proportionate
  share of              7.9             46.6          6.9             47.6
  MillerCoors
  special items
  ^(3)
  (Less): Basis
  amortization
  associated
  with Sparks           -               (25.2 )       -               (25.2 )
  brand
  impairment
  ^(1)
  (Less): Tax
  effect on            -           (0.2  )    -           (0.2  )
  special items
  ^(4)
  MCBC U.S.
  Segment
  Underlying         $  139.9      $ 120.6    $ 443.4      $ 394.6 
  Pretax Income
  (Non-GAAP)

Notes:
^(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 approximately $585
million as of September 29, 2012. This difference, with the exception of
goodwill and land, 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 record 100% of share-based compensation
associated with pre-existing equity awards to be settled in MCBC Class B
common stock held by former CBC employees now employed by MillerCoors and 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. As of the end of the second quarter of 2011, the
share-based awards granted to former CBC employees now employed by MillerCoors
became fully vested, as such; no further adjustments will be recorded related
to these awards. We are still recording adjustments to eliminate the impacts
related to the pre-existing SAB Miller plc equity awards, which represent the
amounts recorded in 2012.
^(3) MillerCoors special items were net charges of $18.7 million and $16.4
million for Q3 2012 and the first three quarters of 2012, respectively, and
net charges of $110.9 million and $113.4 million for Q3 2011 and the first
three quarters of 2011, respectively. MCBC's proportionate share equals 42% of
these net special charges.
^(4) The tax effect of adjustments to arrive at underlying after-tax income
attributable to MillerCoors, a non-GAAP measure, is calculated based on the
estimated tax rate applicable to the item(s) being adjusted in the period in
which they arose.


                                                               
Molson Coors Brewing Company
Table 5: Worldwide Beer Volume
(In Millions of Hectoliters)
                                     Thirteen Weeks Ended
                                      September 29,   September     % Change
                                      2012              24, 2011
                                                                      
    Financial Volume:                 9.042             4.966         82.1%
    Royalty Volume:                   0.417           0.133         213.5%
Owned Volume:                         9.459             5.099         85.5%
    Proportionate Share of Equity
    Investment                        7.710           8.031         (4.0%)
    Sales-to-Retail^(1):
Total Worldwide Beer Volume:          17.169          13.130        30.8%

Notes:
^(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.


                                                             
Molson Coors
Brewing Company
and Subsidiaries
Table 6: Condensed Consolidated Statements of
Operations
(In Millions,
Except Per Share
Data)
(Unaudited)

                     Thirteen Weeks Ended          Thirty-Nine Weeks Ended
                     September     September     September      September
                     29, 2012        24, 2011        29, 2012         24, 2011
                                                                                   
Volume in             9.042       4.966       18.446       13.608   
hectoliters
                                                                                   
Sales                $ 1,685.8       $ 1,393.9       $ 4,134.8        $ 3,774.3
Excise taxes          (490.3  )    (439.5  )    (1,248.5 )    (1,195.9 )
  Net sales            1,195.5         954.4           2,886.3          2,578.4
Cost of goods         (687.0  )    (550.5  )    (1,705.9 )    (1,501.6 )
sold
  Gross profit         508.5           403.9           1,180.4          1,076.8
Marketing,
general and            (300.6  )       (248.2  )       (853.6   )       (759.1   )
administrative
expenses
Special items,         (35.9   )       (0.1    )       (58.6    )       (11.1    )
net
Equity income in      132.0       99.4        436.5        372.4    
MillerCoors
  Operating            304.0           255.0           704.7            679.0
  income (loss)
Interest income        (54.4   )       (27.3   )       (162.8   )       (81.8    )
(expense), net
Other income          (6.4    )    (2.3    )    (78.3    )    (4.8     )
(expense), net
  Income (loss)
  from
  continuing           243.2           225.4           463.6            592.4
  operations
  before income
  taxes
Income tax            (42.5   )    (31.1   )    (85.7    )    (90.4    )
expense
  Net Income
  (loss) from          200.7           194.3           377.9            502.0
  continuing
  operations
Income (loss)
from
discontinued          0.7         2.7         1.6          1.5      
operations, net
of tax
  Net income
  (loss)
  including            201.4           197.0           379.5            503.5
  noncontrolling
  interests
Less: Net
(income) loss
attributable to       (3.0    )    0.4         3.5          (0.4     )
noncontrolling
interests
  Net income
  (loss)             $ 198.4      $ 197.4      $ 383.0       $ 503.1    
  attributable
  to MCBC
                                                                                   
Basic net income
(loss)
attributable to
MCBC per share:
  From
  continuing         $ 1.09          $ 1.05          $ 2.11           $ 2.69
  operations
  From
  discontinued        -           0.01        0.01         0.01     
  operations
Basic net income     $ 1.09       $ 1.06       $ 2.12        $ 2.70     
per share
                                                                                   
Diluted net
income (loss)
attributable to
MCBC per share:
  From
  continuing         $ 1.09          $ 1.05          $ 2.10           $ 2.67
  operations
  From
  discontinued        -           0.01        0.01         0.01     
  operations
Diluted net          $ 1.09       $ 1.06       $ 2.11        $ 2.68     
income per share
                                                                                   
Weighted average       181.0           185.0           180.7            186.3
shares - basic
Weighted average       182.0           186.2           181.7            187.8
shares - diluted
                                                                                   
Dividends per        $ 0.32       $ 0.32       $ 0.96        $ 0.92     
share
                                                                                   
Amounts
attributable to
MCBC
  Net income
  (loss) from
  continuing         $ 197.7         $ 194.7         $ 381.4          $ 501.6
  operations,
  net of tax
  Income (loss)
  from
  discontinued        0.7         2.7         1.6          1.5      
  operations,
  net of tax
  Net income
  (loss)             $ 198.4      $ 197.4      $ 383.0       $ 503.1    
  attributable
  to MCBC
                                                                                   

                                                              
Molson Coors Brewing Company and Subsidiaries
Table 7: Canada Segment Results of Operations
(In Millions)                             
(Unaudited)

                                                                             
                   Thirteen Weeks Ended        Thirty-Nine Weeks Ended
                   September    September    September     September
                   29, 2012       24, 2011       29, 2012        24, 2011
                                                                             
Volume in           2.440      2.543      6.537       6.624   
hectoliters
                                                                             
Sales              $ 761.6        $ 793.6        $ 2,051.1       $ 2,057.8
Excise taxes        (181.5 )    (194.7 )    (485.8  )    (500.4  )
    Net sales        580.1          598.9          1,565.3         1,557.4
Cost of goods       (305.5 )    (307.4 )    (849.8  )    (823.6  )
sold
    Gross            274.6          291.5          715.5           733.8
    profit
Marketing,
general and          (123.0 )       (127.1 )       (377.4  )       (370.4  )
administrative
expenses
Special items,      (3.7   )    (0.3   )    (4.9    )    (10.6   )
net
    Operating
    income           147.9          164.1          333.2           352.8
    (loss)
Other income        (0.9   )    (2.1   )    (2.4    )    (6.8    )
(expense), net
    Income
    (loss)
    before         $ 147.0     $ 162.0     $ 330.8      $ 346.0   
    income
    taxes
                                                                             

                                                          
Molson Coors Brewing Company
and Subsidiaries
Table 8: United Kingdom
Segment Results of Operations
(In Millions)   
(Unaudited)

                                                                             
                   Thirteen Weeks Ended        Thirty-Nine Weeks Ended
                   September    September    September     September
                   29, 2012       24, 2011       29, 2012        24, 2011
                                                                             
Volume in
hectoliters         2.148      2.219      6.107       6.361   
^(1)
                                                                             
Sales ^(1)         $ 543.8        $ 565.5        $ 1,562.1       $ 1,625.0
Excise taxes        (230.3 )    (238.3 )    (659.0  )    (681.4  )
    Net sales        313.5          327.2          903.1           943.6
    ^(1)
Cost of goods       (222.1 )    (224.0 )    (624.0  )    (627.5  )
sold
    Gross            91.4           103.2          279.1           316.1
    profit
Marketing,
general and          (82.3  )       (80.1  )       (244.3  )       (255.7  )
administrative
expenses
Special items,      (2.4   )    0.4        (12.4   )    0.2     
net
    Operating
    income           6.7            23.5           22.4            60.6
    (loss)
Interest             1.4            1.8            4.3             4.7
income, net
Other income        (0.4   )    -          (1.4    )    (0.9    ) 
(expense), net
    Income
    (loss)
    before         $ 7.7       $ 25.3      $ 25.3       $ 64.4    
    income
    taxes

Notes:
^(1) Reflects gross segment sales and for Q3 2012 includes intercompany sales
to MCI of 0.087 million hectoliters and $5.5 million of net sales. Q3 2011
includes intercompany sales to MCI of 0.050 million hectoliters and $3.2
million of net sales. The first three quarters of 2012 includes intercompany
sales to MCI of 0.198 million hectoliters and $12.7 million of net sales. The
first three quarters of 2011 includes intercompany sales to MCI of 0.070
million hectoliters and $4.5 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 9: PRO FORMA Central
Europe Results of Operations
(See footnote 3   
on page 7)
(In Millions)
(Unaudited)

                     Thirteen Weeks Ended        Thirty-Nine Weeks Ended
                     Actual       Pro Forma    Pro Forma    Pro Forma
                     September    September    September    September
                     29, 2012       24, 2011       29, 2012       24, 2011
                                                                             
Volume in             4.177      4.239      10.391     10.342 
hectoliters
                                                                             
Sales                $ 335.5        $ 390.7        $ 827.9        $ 943.2
Excise taxes          (71.3  )    (83.0  )    (178.7 )    (203.3 )
   Net Sales           264.2          307.7          649.2          739.9
Cost of goods         (139.6 )    (159.9 )    (373.2 )    (399.7 )
sold
   Gross profit        124.6          147.8          276.0          340.2
Marketing,
general and            (45.1  )       (63.5  )       (165.4 )       (183.6 )
administrative
expenses
Special items,        (0.1   )    (1.0   )    (0.1   )    (2.5   )
net
   Operating           79.4           83.3           110.5          154.1
   income (loss)
Other income          (4.2   )    (2.7   )    (4.2   )    (1.8   )
(expense), net
   Income (loss)
   before income     $ 75.2      $ 80.6      $ 106.3     $ 152.3  
   taxes
                                                                             

                                                            
Molson Coors Brewing Company and
Subsidiaries
Table 10: Molson Coors
International Results of
Operations
(In Millions)     
(Unaudited)

                                                                             
                     Thirteen Weeks Ended          Thirty-Nine Weeks Ended
                     September        September      September     September
                     29, 2012       24, 2011     29, 2012    24, 2011
                     ^(2)
                                                                             
Volume in              0.364        0.254     0.912     0.693 
hectoliters
                                                                             
Sales                $  50.2          $  37.6        $ 126.0       $ 95.0
Excise taxes           (7.2   )      (6.5  )    (17.8 )    (14.1 )
   Net Sales            43.0             31.1          108.2         80.9
Cost of goods          (26.2  )      (19.4 )    (70.5 )    (51.4 )
sold ^(1)
   Gross profit         16.8             11.7          37.7          29.5
Marketing,
general and             (24.6  )         (18.9 )       (68.3 )       (54.4 )
administrative
expenses
Special items,         (29.7  )      (0.2  )    (40.1 )    (0.7  )
net
   Operating            (37.5  )         (7.4  )       (70.7 )       (25.6 )
   income (loss)
Other income           0.1          -         0.4       0.1   
(expense), net
   Income (loss)
   before income     $  (37.4  )    $  (7.4  )   $ (70.3 )   $ (25.5 )
   taxes

Notes:
^(1) Reflects gross segment amounts and for Q3 2012 and Q3 2011 includes
intercompany cost of goods sold from the U.K. of $5.5 million and $3.2
million, respectively. The first three quarters of 2012 and 2011 includes
intercompany cost of goods sold from the U.K. of $12.7 million and $4.5
million, respectively. The offset is included within U.K. net sales. These
amounts are eliminated in the consolidated totals.

^(2) The results related to the Central Europe export business have been moved
to our MCI segment beginning July 1, 2012, in accordance with how our Chief
Operating Decision Maker views our businesses. The MCI results for the third
quarter of 2012 reflect $2.8 million of Income before income taxes and
non-GAAP underlying pretax income.


                                                               
Molson Coors Brewing Company and Subsidiaries
Table 11: Corporate Results of Operations
(In Millions)                               
(Unaudited)

                                                                             
                     Thirteen Weeks Ended        Thirty-Nine Weeks Ended
                     September     September   September    September
                     29, 2012        24, 2011      29, 2012       24, 2011
                                                                             
Volume in              -          -         -          -      
hectoliters
                                                                             
Sales                $  0.2          $ 0.4         $ 0.9          $ 1.0
Excise taxes           -          -         -          -      
    Net Sales           0.2            0.4           0.9            1.0
Cost of goods          0.9        (2.9  )    2.3        (3.6   )
sold
    Gross profit        1.1            (2.5  )       3.2            (2.6   )
Marketing,
general and             (25.6  )       (22.1 )       (106.2 )       (78.6  )
administrative
expenses
Special items,         -          -         (1.1   )    -      
net
    Operating
    income              (24.5  )       (24.6 )       (104.1 )       (81.2  )
    (loss)
Interest                (55.8  )       (29.1 )       (167.1 )       (86.5  )
expense, net^(1)
Other income           (1.0   )    (0.2  )    (75.1  )    2.8    
(expense), net
    Income
    (loss)           $  (81.3  )   $ (53.9 )   $ (346.3 )   $ (164.9 )
    before
    income taxes

Notes:
^(1) Reflects acquisition-related interest expense of $31.0 million and $22.4
million on a GAAP basis and an underlying basis, respectively, for Q3 2012 and
$91.4 million and $27.3 million on a GAAP basis and an underlying basis,
respectively, for the first three quarters of 2012. Beginning July 1, 2012,
interest income and expense related to our Central Europe segment is reflected
within Corporate results consistent with our other segments, and this amount
is $0.6 million of net expense for Q3 2012.


                                                             
MillerCoors
LLC ^(1)
Table 12:
Results of
Operations
(In Millions)
(Unaudited)
                  Three Months Ended              Nine Months Ended
                   September      September      September      September
                   30, 2012         30, 2011         30, 2012         30, 2011
                                                                                   
                                                                                   
Volume in           19.847       20.145       58.903       59.050   
hectoliters
                                                                                   
Sales              $ 2,306.8        $ 2,285.2        $ 6,908.6        $ 6,733.6
Excise taxes        (313.3   )    (320.3   )    (931.3   )    (937.3   )
  Net sales          1,993.5          1,964.9          5,977.3          5,796.3
Cost of goods       (1,201.1 )    (1,213.3 )    (3,582.9 )    (3,545.1 )
sold
  Gross profit       792.4            751.6            2,394.4          2,251.2
Marketing,
general and          (463.2   )       (461.5   )       (1,344.1 )       (1,313.5 )
administrative
expenses
Special items,      (18.7    )    (110.9   )    (16.4    )    (113.4   )
net
  Operating          310.5            179.2            1,033.9          824.3
  income
Other income        1.1          2.4          3.5          0.5      
(expense), net
  Income
  before             311.6            181.6            1,037.4          824.8
  income taxes
Income tax          (1.3     )    (1.6     )    (3.8     )    (6.0     )
expense
  Net income         310.3            180.0            1,033.6          818.8
Less: Net
income
attributable        (3.4     )    (3.6     )    (13.1    )    (9.0     )
to
noncontrolling
interests
  Net income
  attributable     $ 306.9       $ 176.4       $ 1,020.5     $ 809.8    
  to
  MillerCoors

Notes:
^(1) Economic ownership of MillerCoors is 58% held by SABMiller and 42% held
by Molson Coors. See Table 4 in the release 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).


                                                             
Molson Coors Brewing Company and
Subsidiaries
Table 13: Condensed Consolidated Balance
Sheets
(In Millions)
(Unaudited)
    
                                                As of
                                                September 29,     December 31,
                                                2012              2011
Assets
                                                                  
Cash and cash equivalents                       $   585.7         $  1,078.9
Receivables, net                                    769.7            726.0
Inventories, net                                    265.8            207.2
Other, net                                         159.6           105.9
     Total current assets                           1,780.8         2,118.0
                                                                  
Properties, net                                     2,001.0          1,430.1
Goodwill and intangibles, net                       9,642.5          6,039.3
Investment in MillerCoors                           2,626.6          2,487.9
Other, net                                         415.6           348.5
     Total assets                               $   16,466.5      $  12,423.8
                                                                  
Liabilities and Equity
                                                                  
Accounts payable                                $   488.9         $  301.2
Accrued expenses and other, net                     977.7            929.1
Current portion of long-term debt and              1,258.6         46.9
short-term borrowings
     Total current liabilities                      2,725.2          1,277.2
                                                                  
Long-term debt                                      3,438.1          1,914.9
Pension and post-retirement benefits                696.6            697.5
Other, net                                         1,327.4         844.0
     Total liabilities                              8,187.3          4,733.6
                                                                  
Total MCBC stockholders' equity                     8,225.2          7,647.9
Noncontrolling interests                           54.0            42.3
     Total equity                                  8,279.2         7,690.2
     Total liabilities and equity               $   16,466.5      $  12,423.8
                                                                     

                                                       
Molson Coors Brewing Company and
Subsidiaries
Table 14: Condensed Consolidated Statements of Cash Flows
(In Millions)
(Unaudited)
 
                                     Thirty-Nine Weeks Ended
                                     September 29, 2012     September 24, 2011
Cash flows from operating
activities:
Net income (loss) including          $   379.5              $    503.5
noncontrolling interests
  Adjustments to reconcile net
  income to net cash provided by
  operating activities:
       Depreciation and                  192.0                   161.3
       amortization
       Loss on sale or
       impairment of properties          51.0                    13.8
       and intangibles
       Amortization of debt
       issuance costs and                34.5                    16.9
       discounts
       Equity Income in                  (436.5     )            (372.4    )
       MillerCoors
       Distributions from                436.5                   372.4
       MillerCoors
       Change in working capital        183.0                 (92.1     )
       and other, net
Net cash provided by operating       $   840.0             $    603.4     
activities
                                                            
Cash flows from investing
activities:
  Additions to properties            $   (143.4     )       $    (126.3    )
  Proceeds from sales of
  properties and intangible              3.0                     1.5
  assets
  Acquisition of businesses, net         (2,257.4   )            (41.3     )
  of cash acquired
  Change in restricted cash              -                       2.7
  balances
  Proceeds from settlement of            -                       15.4
  derivative instruments
  Investment in MillerCoors              (826.1     )            (657.3    )
  Return of capital from                 723.3                   627.2
  MillerCoors
  Payments on settlement of              (110.6     )            -
  debt-related derivatives
  Investment in and advances to          (3.4       )            (99.4     )
  an unconsolidated affiliate
  Other, net                            0.1                   6.6       
Net cash used in investing           $   (2,614.5   )       $    (270.9    )
activities
                                                            
Cash flows from financing
activities:
  Exercise of stock options
  under equity compensation          $   27.4               $    8.5
  plans
  Dividends paid                         (179.0     )            (172.4    )
  Payments for purchase of               -                       (271.1    )
  treasury stock
  Net borrowings of debt                 1,544.4                 (11.7     )
  Payments on settlements of             (4.0       )            (99.2     )
  debt-related derivatives
  Change in overdraft balances          (131.5     )           (10.4     )
  and other, net
Net cash used in financing           $   1,257.3           $    (556.3    )
activities
                                                            
Cash and cash equivalents:
  Net increase (decrease) in         $   (517.2     )       $    (223.8    )
  cash and cash equivalents
  Effect of foreign exchange
  rate changes on cash and cash          24.0                    (6.6      )
  equivalents
  Balance at beginning of year          1,078.9               1,217.6   
Balance at end of period             $   585.7             $    987.2     

Contact:

Molson Coors Brewing Company
News Media
Colin Wheeler, 303-927-2443
or
Investor Relations
Dave Dunnewald, 303-927-2334
 
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