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Molson Coors Reports Higher Net Sales and Lower Underlying After-Tax Income for the Fourth Quarter 2012

  Molson Coors Reports Higher Net Sales and Lower Underlying After-Tax Income
  for the Fourth Quarter 2012

For Full Year, Molson Coors Reports Higher Net Sales and Underlying After-Tax
        Income and $865 Million of Underlying Free Cash Flow Generated

Fourth Quarter 2012 Highlights^(1)

  *Underlying after-tax income: $126.1 million, down 28.4% ($0.69 per diluted
    share, down 28.9%)
  *Net income from continuing operations attributable to MCBC: $60.1 million,
    down 65.1% ($0.33 per diluted share, down 65.3%)
  *Net sales: $1.03 billion, up 9.9%
  *Worldwide beer volume: 14.1 million hectoliters, up 15.3%

Full Year 2012 Highlights

  *Underlying after-tax income: $710.5 million, up 1.3% ($3.91 per diluted
    share, up 4.0%)
  *Net income from continuing operations attributable to MCBC: $441.5
    million, down 34.5% ($2.43 per diluted share, down 32.9%)
  *Net sales: $3.92 billion, up 11.4%
  *Worldwide beer volume: 55.1 million hectoliters, up 13.9%
  *Underlying Free Cash Flow: $864.7 million, up 39.8%^(1)

Business Wire

DENVER & MONTREAL -- February 14, 2013

Molson Coors Brewing Company (NYSE: TAP)(TSX: TPX) today reported a 15.3
percent increase in fourth quarter worldwide beer volume and 9.9 percent
higher net sales in the fourth quarter of 2012 due to the addition of Molson
Coors Central Europe (MCCE) operations in 2012. Underlying after-tax income
declined 28.4 percent for the fourth quarter 2012, driven by a higher
underlying effective tax rate and the impact of cycling strong quarterly
results the year before. Net income from continuing operations attributable to
MCBC (a U.S. GAAP earnings measure) decreased 65.1 percent due to the factors
mentioned above, as well as higher special charges and the impact of a 50
percent increase in the Serbian statutory corporate income tax rate in the
quarter.

Underlying after-tax income in 2012 increased 1.3 percent to $710.5 million,
or $3.91 per diluted share, due to the addition of MCCE operations on June 15,
2012. Full-year income from continuing operations decreased 34.5 percent to
$441.5 million due to costs associated with the acquisition of MCCE.
Underlying free cash flow increased to $864.7 million from $618.4 million a
year ago, driven by an increase in operating cash flow primarily due to the
addition of Central Europe and improvements in working capital.

Molson Coors president and chief executive officer Peter Swinburn said, “In
the fourth quarter, our worldwide volume and net sales increased due to the
addition of our Central Europe business, while underlying after-tax income
declined 28 percent, driven by a higher tax rate this year and cycling strong
quarterly results the year before, including an additional week in our fiscal
2011 and some other one-time factors that did not repeat.”

Swinburn added, “For the full year 2012, the biggest news was the acquisition
of our Central Europe business, which we expect to strengthen our company,
enhance our growth profile and increase shareholder value in the years ahead.
We have begun implementing plans to capture synergies, leverage best practices
and pay down debt related to this new business. This acquisition helped our
worldwide volume grow by 14 percent, net sales by more than 11 percent, and
underlying earnings per share by 4 percent. Also, Molson Coors generated $865
million of underlying free cash flow, up nearly 40 percent from 2011.”

Foreign Exchange

The Company’s fourth quarter results include the impact of favorable foreign
currency movements from the British Pound and Canadian Dollar, which increased
underlying pretax income by approximately $5 million. For the full year,
foreign currency movements from the British Pound and Canadian Dollar
decreased underlying pretax income by approximately $9 million.

Effective Income Tax Rates

The Company’s fourth quarter effective income tax rate was 54 percent on a
reported basis and 18 percent on an underlying basis. The increase in the
quarterly reported rate was primarily due to an increase in the Serbian
statutory corporate income tax rate from 10 percent to 15 percent, effective
January 1, 2013. As a result of differences between the book and tax bases of
intangible assets purchased in the Central Europe acquisition, we increased
our deferred tax liability by $38.3 million because of this tax rate change.

The Company’s full year 2012 effective tax rate was 26 percent on a reported
basis and 18 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 2013, assuming no further changes in tax laws.

Debt

Total debt at the end of the fourth quarter was $4.668 billion, and cash and
cash equivalents totaled $624 million, resulting in net debt of $4.044
billion.

Fourth Quarter Business Segment Results

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

Canada Business

Canada underlying pretax income decreased 22.2 percent to $101.0 million in
the quarter. In local currency, underlying pretax income decreased 25 percent,
driven by the impact of lower volume, a mix shift toward higher-cost products,
and higher pension expense, along with cycling an extra week and approximately
$10 million of positive one-time adjustments in 2011. The 53^rd week in fiscal
2011 provided an estimated $12 million of underlying pre-tax profit in Canada
in the fourth quarter. A 3 percent increase in the Canadian dollar versus the
U.S. dollar drove an approximate $3 million positive impact in the quarter.

Sales-to-retail (STRs) decreased 13 percent in the fourth quarter primarily
due to a weak Canadian market and cycling the 53^rd week in 2011. Excluding
the 140,000 hectoliter impact of the 53^rd week, STRs declined 7 percent,
driven partially by a more than 20 percent increase in Quebec beer excise tax
rates in November and the National Hockey League lockout, which ended in
January. Our Canada market share declined approximately one share point from a
year ago on an estimated industry volume decline of 5 percent, excluding the
53^rd week. Fourth quarter total sales volume in Canada for Molson Coors
decreased nearly 12 percent.

Net sales per hectoliter increased nearly 2 percent in local currency driven
by continued positive pricing.

Cost of goods sold (COGS) per hectoliter increased approximately 13 percent in
local currency, driven by fixed-cost deleverage from lower volumes, input
inflation, higher pension expense, a mix shift toward higher-cost packages and
brands, and the impact of cycling positive accounting and employee-related
adjustments from 2011 that did not repeat in 2012, partially offset by strong
cost savings.

Marketing general and administrative (MG&A) expense decreased nearly 17
percent in local currency, resulting from lower marketing and sales
investments, partially related to fewer NHL opportunities, along with the
benefit of general and administrative savings initiatives.

United States Business (MillerCoors)^(2)

Molson Coors underlying U.S. segment pretax income decreased 5.4 percent to
$80.9 million in the quarter.

MillerCoors Operating and Financial Highlights

MillerCoors underlying net income for the quarter, excluding special items,
decreased 4.2 percent to $185.8 million, driven by increased marketing
investment.

MillerCoors domestic STRs declined 1.1 percent, on a trading-day-adjusted
basis. Domestic sales-to-wholesalers (STWs) decreased 1.3 percent.

Domestic net revenue per hectoliter, which excludes contract brewing and
company-owned-distributor sales, grew 2.9 percent primarily due to strong net
pricing and favorable mix. Total company net revenue per hectoliter, including
contract brewing and company-owned distributor sales, increased by 2.9
percent. Third-party contract brewing volumes were down 0.4 percent.

COGS per hectoliter increased 1.6 percent driven by commodity inflation and
packaging innovation, partially offset by cost savings.

MG&A expense increased 6.4 percent, driven primarily by increased marketing
investments.

Depreciation and amortization expenses for MillerCoors in the fourth quarter
were $70.3 million, and additions to tangible and intangible assets totaled
$178.5 million.

Central Europe Business – Pro Forma ^(3)

Central Europe underlying pretax income decreased 12.2 percent to $12.9
million in the quarter. In local currency, underlying pretax income decreased
5 percent, driven primarily by the volume impact of year-on-year destocking of
distributor inventories in Serbiaand Romania. Unfavorable foreign currency
movements reduced earnings approximately $1 million versus the pro forma
quarter a year earlier.

Central Europe sales volume decreased 5 percent driven almost exclusively by
the inventory destocking and a focus on maintaining price growth in all
markets. Overall regional market share declined slightly in the fourth quarter
as the company decided not to participate in the low-margin value segment in
Romania and maintained margins in Hungary.

Net sales per hectoliter increased 2 percent in local currency due to strong
revenue management driving positive net pricing, along with value-enhancing
innovations.

COGS per hectoliter increased nearly 4 percent in local currency, driven by
input cost inflation, particularly grains.

MG&A expenses decreased approximately 1 percent in local currency, due to
ongoing focus on overhead cost management.

United Kingdom Business

U.K. underlying pretax income decreased 35.1 percent to $22.6 million in the
quarter, due to lower volume and higher input inflation and pension expense,
partly offset by positive brand and channel mix, the benefit of cost saving
initiatives and lower marketing expense. These results reflect no significant
impact from foreign currency movements.

U.K. STRs decreased 19 percent due to a weak U.K. market, a strong fourth
quarter performance in 2011 and cycling the 53^rd week in 2011. Excluding the
165,000 hectoliter impact of the 53^rd week, STRs declined approximately 14
percent.

Net sales per hectoliter increased 14 percent in local currency, driven by
favorable brand mix, higher on-premise pricing, and mix shift toward factored
(non-owned) products, partially offset by lower off-premise pricing.

COGS per hectoliter increased nearly 22 percent in local currency, driven by
brand mix, input inflation, fixed-cost deleverage from lower volumes, and mix
shift toward factored products, partially offset by cost savings initiatives.

MG&A expenses decreased 16 percent in local currency, due to cost saving
initiatives and cycling higher marketing expense and the 53^rd week in the
fourth quarter of 2011.

International Business ^(4)

The International segment posted underlying pretax income of $0.3 million in
the fourth quarter, up from a $7.5 million loss a year ago due to improved
performance in Japan, the inclusion of Central Europe global export and
license business results, overhead cost reductions, and the elimination of
losses in our China joint venture, which was deconsolidated in the third
quarter. The Central Europe global export and license business contributed
underlying pretax income of $2.7 million in the fourth quarter.

International STRs increased 45 percent due to the addition of the Central
Europe global export and license business. Net sales per hectoliter increased
nearly 8 percent, driven by mix shift to higher revenue-per-hectoliter
geographies and brands. Cost of goods per hectoliter decreased nearly 14
percent due to brand mix and the addition of Central Europe export volume.
International MG&A expense decreased 17 percent.

Corporate

Underlying Corporate pretax expenses totaled $63.8 million for the fourth
quarter. This $11.5 million increase was due to $20.1 million of higher net
interest expense related to financing our Central Europe acquisition this
year, partially offset by lower employee compensation and project expense.
Foreign currency movements favorably impacted Corporate underlying pre-tax
results by approximately $2 million in the quarter.

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 $22.8 million
pretax charge driven by $19.7 million of restructuring charges in Canada, the
U.K., Central Europe, International and Corporate, and $2.8 million of other
employee-related charges.

Other non-core items resulted in a $3.9 million pretax gain, which was due to
a $3.6 million unrealized mark-to-market gain primarily related to fair value
and foreign exchange adjustments to our EUR 500 million convertible note,
along with a $4.9 million net gain driven by the sale of water-rights . These
non-core gains were partially offset by $4.6 million of MCCE acquisition and
integration related costs. In addition, the Company recognized a $38.3 million
non-core charge for the tax effect of a Serbia statutory corporate income tax
rate increase.

During the quarter, MillerCoors reported a $15.4 million write-off of
information systems assets related to the Business Transformation project.
This equates to $6.5 million at Molson Coors’ 42 percent economic ownership
share.

2012 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 2012 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 7, 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 and
underlying free cash flow by excluding special and other non-core items from
the nearest U.S. GAAP performance measures, which are net income from
continuing operations attributable to MCBC and net cash provided by operating
activities, respectively. 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. Unless otherwise
indicated, all $ amounts are in U.S. Dollars and all quarterly comparative
results are for the Company’s fiscal fourth quarter ended December 29, 2012,
compared to the fiscal fourth quarter ended December 31, 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 6).

^(3) Unless otherwise indicated, all $ amounts are in U.S. Dollars, and
quarterly comparative results are for MCCE’s actual fiscal fourth quarter
ended December 31, 2012, compared to the pro forma fiscal fourth quarter ended
December 31, 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.

^(4) Beginning July 1, 2012, our Central Europe export and license business
(“Central Europe export”), is reported in our MCI segment. For periods prior
to this date, this business was included with the Central Europe business,
which we acquired on June 15, 2012.

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 as the beverage industry sector leader on the 2012/2013 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.

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 Fourth Quarter Underlying After-Tax
Income
(After-Tax Income From Continuing Operations, Excluding Special and Other
Non-Core Items)
($ In Millions, Except Per Share Data)
                                                      4th Q
                                                       2012      2011  
U.S. GAAP: Income from continuing operations            60.1          172.4
attributable to MCBC, net of tax:
Per diluted share:                                    $ 0.33        $ 0.95
Add back/(less):
Pretax special items - net                              22.8          1.2
Proportionate share of MillerCoors special items        6.5           -
- net^(1)
Acquisition and integration costs^(2)                   4.6           -
Unrealized mark-to-market (gains) and losses^(3)        (3.6  )       1.6
Other non-core items^(4)                                (4.9  )       5.8
Tax effect of Serbia statutory tax rate                 38.3          -
increase^(5)
Tax effects related to special and other non-core      2.3         (5.0  )
items
Non-GAAP: Underlying after-tax income:                 126.1       176.0 
Per diluted share:                                  $ 0.69     $ 0.97  

Notes:
^(1) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income
^(2) Included in Marketing, General and Administrative
Expenses
^(3) $0.3 million gain for Q4 2012 and $1.6 million loss for Q4 2011 included
in Cost of Goods Sold. $18.0 million loss for Q4 2012 included in Other Income
(Expense), net and $21.3 million gain for Q4 2012 included in Interest Expense
^(4) Included in Other Income (Expense), net
^(5) Included in Income Tax Benefit (Expense)                 
                                                              

                                                                                         
Molson Coors
Brewing
Company
Table 2: 2012
Fourth Quarter
Underlying
Pretax Income
(Pretax Income From Continuing Operations, Excluding Special and Other Non-Core
Items)
($ In                                                                                 
Millions)
                   Business                                                                           Total
                Canada       U.S.        U.K.         Central   MCI         Corporate    Consolidated
                                                               Europe
U.S. GAAP:
2012 4th Q
Income (loss)
from               $ 92.2         $ 74.4        $ 13.5         $  9.8      $ (1.8  )     $ (59.6 )      $  128.5
continuing
operations
before income
taxes
Add
back/(less):
Pretax special       8.8            -             9.1             1.9        2.1           0.9             22.8
items - net
Proportionate
share of
MillerCoors          -              6.5           -               -          -             -               6.5
pretax special
items -
net^(1)
Acquisition
and                  -              -             -               1.2        -             3.4             4.6
integration
costs^(2)
Unrealized
mark-to-market       -              -             -               -          -             (3.6  )         (3.6   )
(gains) and
losses^(3)
Other non-core       -              -             -               -          -             (4.9  )         (4.9   )
items^(4)
Non-GAAP: 2012
4th Q
underlying       $ 101.0     $ 80.9     $ 22.6      $  12.9   $ 0.3      $ (63.8 )    $  153.9  
pretax income
(loss)
Percent change
2012 4th Q vs.
2011 4th Q        (22.2 %)    (5.4 %)    (35.1 %)     N/A     104.0 %    (22.0 %)     (19.2  %)
underlying
pretax income
(loss)
U.S. GAAP:
2011 4th Q
Income (loss)
from               $ 128.9        $ 85.5        $ 34.9         $  -        $ (7.8  )     $ (59.7 )      $  181.8
continuing
operations
before income
taxes
Add
back/(less):
Pretax special       1.0            -             (0.1  )         -          0.3           -               1.2
items - net
Unrealized
mark-to-market       -              -             -               -          -             1.6             1.6
(gains) and
losses^(3)
Other non-core       -              -             -               -          -             5.8             5.8
items^(4)
Non-GAAP: 2011
4th Q
underlying       $ 129.9     $ 85.5     $ 34.8      $  -      $ (7.5  )   $ (52.3 )    $  190.4  
pretax income
(loss)

Notes:
^(1) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income
^(2) Included in Marketing, General and Administrative Expenses
^(3) $0.3 million gain for Q4 2012 and $1.6 million loss for Q4 2011 included
in Cost of Goods Sold. $18.0 million loss for Q4 2012 included in Other Income
(Expense), net and $21.3 million gain for Q4 2012 included in Interest Expense
^(4) Included in Other Income (Expense), net                 
                                                             

                                                        
MillerCoors LLC
Table 3:
Underlying Net
Income
(Net Income Attributable to MillerCoors, Excluding Special Items)
(In Millions)
                    Three Months Ended        Twelve Months Ended
                     December    December    December      December
                     31, 2012      31, 2011      31, 2012        31, 2011
                                                                             
U.S. GAAP - Net
income               $  170.4      $  194.0      $  1,190.9      $ 1,003.8
attributable to
MillerCoors:
Add back:
Special items,          15.4          -             31.8           113.4
net
Less: Tax effect
of adjustments
to arrive at                      -          -           (0.4    )
underlying
after-tax income
Non-GAAP -
Underlying net       $  185.8    $  194.0    $  1,222.7    $ 1,116.8 
income:
                                                                             

                                                           
Molson Coors Brewing Company
Table 4: 2012 Full Year Underlying
After-Tax Income
(After-Tax Income From Continuing Operations, Excluding
Special and Other Non-Core Items)
($ In Millions, Except Per Share Data)
                                                                
                                             2012 Full Year    2011 Full Year
U.S. GAAP: Income from continuing
operations attributable to MCBC, net of          441.5              674.0
tax:
Per diluted share:                           $   2.43           $   3.62
Add back/(less):
Pretax special items - net                       81.4               12.3
Proportionate share of MillerCoors               13.4               47.4
special items - net^(1)
Acquisition and integration costs^(2)            170.5              -
Unrealized mark-to-market (gains) and            12.8               4.6
losses^(3)
Basis amortization related to the Sparks         -                  (25.2   )
brand impairment^(1)
Other non-core items^(4)                         (5.0    )          7.6
Tax effect of Serbia statutory tax rate          38.3               -
increase^(5)
Noncontrolling interest effect on                (5.1    )         -
special items
Tax effects related to special and other        (37.3   )         (19.2   )
non-core items
Non-GAAP: Underlying after-tax income:          710.5            701.5   
Per diluted share:                         $   3.91        $   3.76    

Notes:
^(1) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income
^(2) $8.6 million included in Cost of Goods Sold, $40.2 million included in
Marketing, General and Administrative Expenses, $50.8 million included in
Interest Expense and $70.9 million included in Other Income (Expense), net
^(3) $3.0 million gain for full year 2012 and $4.6 million loss for full year
2011 included in Cost of Goods Sold. $23.8 million loss for full year 2012
included in Other Income (Expense), net and $8.0 million gain for full year
2012 included in Interest Expense
^(4) $0.3 million gain for full year 2012 and $1.1 million loss for full year
2011 included in Cost of Goods Sold, $0.1 million loss for full year 2012 and
$1.4 million gain for full year 2011 included in Marketing, General, and
Administrative Expense, and $4.8 million gain for full year 2012 and $5.1
million loss for full year 2011 included in Other Income (Expense), net
^(5) Included in Income Tax Benefit (Expense)                 
                                                              

                                                                                          
Molson Coors
Brewing
Company
Table 5: 2012
Full Year
Underlying
Pretax Income
(Pretax Income From Continuing Operations, Excluding Special and Other Non-Core Items)
($ In                                                                                  
Millions)
                   Business                                                                            Total
                Canada       U.S.        U.K.         Central   MCI         Corporate     Consolidated
                                                               Europe
U.S. GAAP:
2012 Full Year
Income (loss)
from               $ 423.0        $ 510.9       $ 38.8         $ 97.4      $ (72.1 )     $ (405.9 )      $  592.1
continuing
operations
before income
taxes
Add
back/(less):
Pretax special       13.7           -             21.5           2.0         42.2          2.0              81.4
items - net
Proportionate
share of
MillerCoors          -              13.4          -              -           -             -                13.4
pretax special
items -
net^(1)
Acquisition
and                  -              -             -              13.0        -             157.5            170.5
integration
costs^(2)
Unrealized
mark-to-market       -              -             -              -           -             12.8             12.8
(gains) and
losses^(3)
Other non-core       -              -             (0.7  )        -           0.5           (4.8   )         (5.0   )
items^(4)
Non-GAAP: 2012
Full Year
underlying       $ 436.7     $ 524.3    $ 59.6      $ 112.4   $ (29.4 )   $ (238.4 )    $  865.2  
pretax income
(loss)
Percent change
2012 vs. 2011
Full Year         (10.2 %)    9.2   %    (41.3 %)    N/A      9.0   %    (10.9  %)     5.4    %
underlying
pretax income
(loss)
U.S. GAAP:
2011 Full Year
Income (loss)
from               $ 474.9        $ 457.9       $ 99.3         $ -         $ (33.3 )     $ (224.6 )      $  774.2
continuing
operations
before income
taxes
Add
back/(less):
Pretax special       11.6           -             (0.3  )        -           1.0           -                12.3
items - net
Proportionate
share of
MillerCoors          -              47.4          -              -           -             -                47.4
pretax special
items -
net^(1)
Basis
amortization
related to the       -              (25.2 )       -              -           -             -                (25.2  )
Sparks brand
impairment^(1)
Unrealized
mark-to-market       -              -             -              -           -             4.6              4.6
(gains) and
losses^(3)
Other non-core       -              -             2.5            -           -             5.1              7.6
items^(4)
Non-GAAP: 2011
Full Year
underlying       $ 486.5     $ 480.1    $ 101.5     $ -       $ (32.3 )   $ (214.9 )    $  820.9  
pretax income
(loss)

Notes:
^(1) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income
^(2) $8.6 million included in Cost of Goods Sold, $40.2 million included in
Marketing, General and Administrative Expenses, $50.8 million included in
Interest Expense and $70.9 million included in Other Income (Expense), net
^(3) $3.0 million gain for full year 2012 and $4.6 million loss for full year
2011 included in Cost of Goods Sold. $23.8 million loss for full year 2012
included in Other Income (Expense), net and $8.0 million gain for full year
2012 included in Interest Expense
^(4) $0.3 million gain for full year 2012 and $1.1 million loss for full year
2011 included in Cost of Goods Sold, $0.1 million loss for full year 2012 and
$1.4 million gain for full year 2011 included in Marketing, General, and
Administrative Expense, and $4.8 million gain for full year 2012 and $5.1
million loss for full year 2011 included in Other Income (Expense), net


Pretax and after-tax underlying income and underlying free cash flow 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 and underlying
free cash flow 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 and underlying free cash flow
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.

                                                         
Molson Coors
Brewing Company
Table 6: Reconciliation of Net Income Attributable to MillerCoors to MCBC
U.S. Segment Underlying Pretax Income (Excluding Special Items)
(In Millions)

                     Thirteen       Fourteen      Fifty-Two       Fifty-Three
                     Weeks        Weeks       Weeks Ended   Weeks Ended
                     Ended          Ended
                     December     December    December      December
                     29, 2012       31, 2011      29, 2012        31, 2011
  Net Income
  Attributable       $  170.4       $ 194.0       $ 1,190.9       $ 1,003.8
  to MillerCoors
  Multiply: MCBC
  economic             42    %    42    %    42      %    42      %
  interest % in
  MillerCoors
  MCBC
  proportionate
  share of           $  71.6        $ 81.5        $ 500.2         $ 421.6
  MillerCoors
  net income
  Add:
  Amortization
  of the
  difference
  between MCBC
  contributed           1.8           2.8           4.9             35.4
  cost basis and
  the underlying
  equity in net
  assets of
  MillerCoors
  ^(1)
  Add:
  Share-based
  compensation         1.0       1.2       5.8         0.9     
  adjustment
  ^(2)
  MCBC Equity
  Income in          $  74.4     $ 85.5     $ 510.9      $ 457.9   
  MillerCoors
  (U.S. GAAP)
  Add:
  Proportionate
  share of              6.5           0.0           13.4            47.6
  MillerCoors
  special items
  ^(3)
  (Less): Basis
  amortization
  associated
  with Sparks           -             -             -               (25.2   )
  brand
  impairment
  ^(1)
  (Less): Tax
  effect on            -         -         -           (0.2    )
  special items
  ^(4)
  MCBC U.S.
  Segment
  Underlying         $  80.9     $ 85.5     $ 524.3      $ 480.1   
  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 $576
million as of December 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 $15.4 million and $31.8
million for Q4 2012 and full year 2012, respectively, and net charges of zero
and $113.4 million for Q4 2011 and full year 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 7: 2012 4th Quarter Worldwide Beer
Volume
(In Millions of Hectoliters)
                                 Thirteen      Fourteen
                                  Weeks Ended     Weeks Ended
                                  December      December          % Change
                                  29, 2012        31, 2011
                                                                             
    Financial Volume:             6.897           5.253             31.3%
    Royalty Volume:               0.344         0.151             127.8%
Owned Volume:                     7.241           5.404             34.0%
    Proportionate Share of
    Equity Investment             6.823         6.798             0.4%
    Sales-to-Retail^(1):
Total Worldwide Beer Volume:      14.064        12.202            15.3%

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
Table 8: 2012 Full Year Worldwide Beer Volume
(In Millions of Hectoliters)
                                 Fifty-Two      Fifty-Three
                                  Weeks Ended      Weeks Ended
                                  December 29,   December 31,     %       
                                  2012             2011             Change
                                                                    
  Financial Volume:               25.343           18.861           34.4    %
  Royalty Volume:                 1.064          0.451            135.9   %
Owned Volume:                     26.407           19.312           36.7    %
  Proportionate Share of
  Equity Investment               28.652         29.046           (1.4    %)
  Sales-to-Retail^(1):
Total Worldwide Beer Volume:      55.059         48.358           13.9    %

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 9: Condensed Consolidated
Statements of Operations
(In Millions,
Except Per Share
Data)
(Unaudited)

                     Thirteen        Fourteen        Fifty-Two        Fifty-Three
                     Weeks         Weeks         Weeks          Weeks
                     Ended           Ended           Ended            Ended
                     December      December      December 29,   December 31,
                     29, 2012        31, 2011        2012             2011
                                                                                   
Volume in             6.897       5.253       25.343       18.861   
hectoliters
                                                                                   
Sales                $ 1,480.2       $ 1,395.6       $ 5,615.0        $ 5,169.9
Excise taxes          (450.0  )    (458.3  )    (1,698.5 )    (1,654.2 )
  Net sales            1,030.2         937.3           3,916.5          3,515.7
Cost of goods         (646.6  )    (547.5  )    (2,352.5 )    (2,049.1 )
sold
  Gross profit         383.6           389.8           1,564.0          1,466.6
Marketing,
general and            (272.5  )       (259.9  )       (1,126.1 )       (1,019.0 )
administrative
expenses
Special items,         (22.8   )       (1.2    )       (81.4    )       (12.3    )
net
Equity income in      74.4        85.5        510.9        457.9    
MillerCoors
  Operating            162.7           214.2           867.4            893.2
  income (loss)
Interest income        (22.2   )       (26.2   )       (185.0   )       (108.0   )
(expense), net
Other income          (12.0   )    (6.2    )    (90.3    )    (11.0    )
(expense), net
  Income (loss)
  from
  continuing           128.5           181.8           592.1            774.2
  operations
  before income
  taxes
Income tax            (68.8   )    (9.0    )    (154.5   )    (99.4    ) 
expense
  Net Income
  (loss) from          59.7            172.8           437.6            674.8
  continuing
  operations
Income (loss)
from
discontinued          (0.1    )    0.8         1.5          2.3      
operations, net
of tax
  Net income
  (loss)
  including            59.6            173.6           439.1            677.1
  noncontrolling
  interests
Less: Net
(income) loss
attributable to       0.4         (0.4    )    3.9          (0.8     )
noncontrolling
interests
  Net income
  (loss)             $ 60.0       $ 173.2      $ 443.0       $ 676.3    
  attributable
  to MCBC
                                                                                   
Basic net income (loss)
attributable to MCBC per share:
  From
  continuing         $ 0.33          $ 0.95          $ 2.44           $ 3.65
  operations
  From
  discontinued        -           -           0.01         0.01     
  operations
Basic net income     $ 0.33       $ 0.95       $ 2.45        $ 3.66     
per share
                                                                                   
Diluted net income (loss)
attributable to MCBC per share:
  From
  continuing         $ 0.33          $ 0.95          $ 2.43           $ 3.62
  operations
  From
  discontinued        -           -           0.01         0.01     
  operations
Diluted net          $ 0.33       $ 0.95       $ 2.44        $ 3.63     
income per share
                                                                                   
Weighted average       181.3           180.9           180.8            184.9
shares - basic
Weighted average       182.2           181.9           181.8            186.4
shares - diluted
                                                                                   
Dividends per        $ 0.32       $ 0.32       $ 1.28        $ 1.24     
share
                                                                                   
Amounts
attributable to
MCBC
  Net income
  (loss) from
  continuing         $ 60.1          $ 172.4         $ 441.5          $ 674.0
  operations,
  net of tax
  Income (loss)
  from
  discontinued        (0.1    )    0.8         1.5          2.3      
  operations,
  net of tax
  Net income
  (loss)             $ 60.0       $ 173.2      $ 443.0       $ 676.3    
  attributable
  to MCBC
                                                                                   

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

                                                                               
                   Thirteen       Fourteen       Fifty-Two        Fifty-Three
                   Weeks        Weeks        Weeks          Weeks
                   Ended          Ended          Ended            Ended
                   December     December     December 29,   December 31,
                   29, 2012       31, 2011       2012             2011
                                                                               
Volume in           1.968      2.226      8.505        8.850    
hectoliters
                                                                               
Sales              $ 624.1        $ 675.0        $ 2,675.2        $ 2,732.8
Excise taxes        (152.6 )    (165.1 )    (638.4   )    (665.5   )
    Net sales        471.5          509.9          2,036.8          2,067.3
Cost of goods       (270.9 )    (264.2 )    (1,120.7 )    (1,087.8 )
sold
    Gross            200.6          245.7          916.1            979.5
    profit
Marketing,
general and          (99.1  )       (115.2 )       (476.5   )       (485.6   )
administrative
expenses
Special items,      (8.8   )    (1.0   )    (13.7    )    (11.6    )
net
    Operating
    income           92.7           129.5          425.9            482.3
    (loss)
Other income        (0.5   )    (0.6   )    (2.9     )    (7.4     )
(expense), net
    Income
    (loss)
    before         $ 92.2      $ 128.9     $ 423.0       $ 474.9    
    income
    taxes
                                                                               

                                                          
Molson Coors Brewing Company
and Subsidiaries
Table 11: PRO FORMA Central Europe Results
of Operations
(See footnote   
3 on page 7)
(In Millions)
(Unaudited)

                   Thirteen       Fourteen       Fifty-Two       Fifty-Three
                   Weeks        Weeks        Weeks         Weeks
                   Ended          Ended          Ended           Ended
                   Actual       Pro Forma    Pro Forma     Pro Forma
                   December     December     December      December
                   29, 2012       31, 2011       29, 2012        31, 2011
                                                                             
Volume in           2.477      2.609      12.868      12.951  
hectoliters
                                                                             
Sales              $ 205.3        $ 223.4        $ 1,033.2       $ 1,166.6
Excise taxes        (45.6  )    (49.2  )    (224.3  )    (252.5  )
    Net Sales        159.7          174.2          808.9           914.1
Cost of goods       (101.1 )    (108.6 )    (471.9  )    (504.7  )
sold
    Gross            58.6           65.6           337.0           409.4
    profit
Marketing,
general and          (46.8  )       (49.8  )       (213.0  )       (234.7  )
administrative
expenses
Special items,      (1.9   )    (4.5   )    (2.0    )    (7.0    )
net
    Operating
    income           9.9            11.3           122.0           167.7
    (loss)
Other income        (0.1   )    (1.1   )    (0.5    )    (2.9    )
(expense), net
    Income
    (loss)
    before         $ 9.8       $ 10.2      $ 121.5      $ 164.8   
    income
    taxes
                                                                             

                                                          
Molson Coors Brewing Company
and Subsidiaries
Table 12: United Kingdom
Segment Results of Operations
(In Millions)   
(Unaudited)

                                                                             
                   Thirteen       Fourteen       Fifty-Two       Fifty-Three
                   Weeks        Weeks        Weeks         Weeks
                   Ended          Ended          Ended           Ended
                   December     December     December      December
                   29, 2012       31, 2011       29, 2012        31, 2011
                                                                             
Volume in
hectoliters         2.224      2.790      8.331       9.151   
^(1)
                                                                             
Sales ^(1)         $ 608.8        $ 676.1        $ 2,170.9       $ 2,301.1
Excise taxes        (245.6 )    (286.2 )    (904.6  )    (967.6  )
    Net sales        363.2          389.9          1,266.3         1,333.5
    ^(1)
Cost of goods       (258.2 )    (259.9 )    (882.2  )    (887.4  )
sold
    Gross            105.0          130.0          384.1           446.1
    profit
Marketing,
general and          (82.9  )       (96.9  )       (327.2  )       (352.6  )
administrative
expenses
Special items,      (9.1   )    0.1        (21.5   )    0.3     
net
    Operating
    income           13.0           33.2           35.4            93.8
    (loss)
Interest             1.4            1.6            5.7             6.3
income, net
Other income        (0.9   )    0.1        (2.3    )    (0.8    )
(expense), net
    Income
    (loss)
    before         $ 13.5      $ 34.9      $ 38.8       $ 99.3    
    income
    taxes

Notes:
^(1) Reflects gross segment sales and for Q4 2012 and Q4 2011 includes
intercompany sales to MCI of 0.048 million hectoliters and 0.082 million
hectoliters, respectively and $3.3 million of net sales and $4.5 million of
net sales, respectively. For full year 2012 and full year 2011 includes
intercompany sales to MCI of 0.246 million hectoliters and 0.152 million
hectoliters, respectively and $16.0 million of net sales and $9.0 million of
net sales, respectively. 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: Molson Coors
International Results of
Operations
(In Millions)     
(Unaudited)

                                                                             
                     Thirteen        Fourteen      Fifty-Two     Fifty-Three
                     Weeks         Weeks       Weeks       Weeks
                     Ended           Ended         Ended         Ended
                     December        December      December      December
                     29, 2012      31, 2011    29, 2012    31, 2011
                     ^(2)
                                                                             
Volume in              0.276      0.319     1.188      1.012  
hectoliters
                                                                             
Sales                $  45.0         $ 48.7        $ 171.0       $  143.7
Excise taxes           (6.2   )    (7.0  )    (24.0 )     (21.1  )
    Net Sales           38.8           41.7          147.0          122.6
Cost of goods          (19.6  )    (26.2 )    (90.1 )     (77.6  )
sold ^(1)
    Gross profit        19.2           15.5          56.9           45.0
Marketing,
general and             (19.1  )       (23.0 )       (87.4 )        (77.4  )
administrative
expenses
Special items,         (2.1   )    (0.3  )    (42.2 )     (1.0   )
net
    Operating
    income              (2.0   )       (7.8  )       (72.7 )        (33.4  )
    (loss)
Other income           0.2        -         0.6        0.1    
(expense), net
    Income
    (loss)           $  (1.8   )   $ (7.8  )   $ (72.1 )   $  (33.3  )
    before
    income taxes

Notes:
^(1) Reflects gross segment amounts and for Q4 2012 and Q4 2011 includes
intercompany cost of goods sold from the U.K. of $3.3 million and $4.5
million, respectively. For full year 2012 and full year 2011 includes
intercompany cost of goods sold from the U.K. of $16.0 million and $9.0
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 fourth
quarter of 2012 reflect $2.6 million and $2.7 million of Income before income
taxes and non-GAAP underlying pretax income, respectively. The MCI results for
the full year 2012 reflect $5.4 million and $5.5 million of Income before
income taxes and non-GAAP underlying pretax income, respectively.


                                                              
Molson Coors Brewing Company and Subsidiaries
Table 14:
Corporate                                  
Results of
Operations
(In Millions)
(Unaudited)

                                                                             
                     Thirteen       Fourteen      Fifty-Two      Fifty-Three
                     Weeks        Weeks       Weeks        Weeks
                     Ended          Ended         Ended          Ended
                     December     December    December     December
                     29, 2012       31, 2011      29, 2012       31, 2011
                                                                             
Volume in              -         -         -           -      
hectoliters
                                                                             
Sales                $  0.3         $ 0.3         $ 1.2          $  1.3
Excise taxes           -         -         -           -      
     Net Sales          0.3           0.3           1.2             1.3
Cost of goods          (0.1  )    (1.7  )    2.2         (5.3   )
sold
     Gross              0.2           (1.4  )       3.4             (4.0   )
     profit
Marketing,
general and             (24.6 )       (24.8 )       (130.8 )        (103.4 )
administrative
expenses
Special items,         (0.9  )    -         (2.0   )     -      
net
     Operating
     income             (25.3 )       (26.2 )       (129.4 )        (107.4 )
     (loss)
Interest                (23.6 )       (27.8 )       (190.7 )        (114.3 )
expense, net^(1)
Other income           (10.7 )    (5.7  )    (85.8  )     (2.9   )
(expense), net
     Income
     (loss)
     before          $  (59.6 )   $ (59.7 )   $ (405.9 )   $  (224.6 )
     income
     taxes

Notes:
^(1) Reflects acquisition-related interest expense of $1.3 million and $20.1
million on a GAAP basis and an underlying basis, respectively, for Q4 2012 and
$90.1 million and $47.4 million on a GAAP basis and an underlying basis,
respectively, for the full year 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 $1.1
million of net income on both a GAAP basis and an underlying basis for Q4 2012
and $0.3 million of net expense and $0.5 million of net income on a GAAP basis
and an underlying basis, respectively, for the full year 2012.


                                                             
MillerCoors
LLC ^(1)
Table 15:
Results of
Operations
(In Millions)
(Unaudited)
                  Three Months Ended              Twelve Months Ended
                   December 31,   December 31,   December 31,   December 31,
                   2012             2011             2012             2011
                                                                                   
                                                                                   
Volume in           17.394       17.602       76.299       76.652   
hectoliters
                                                                                   
Sales              $ 2,058.0        $ 2,029.7        $ 8,966.6        $ 8,763.3
Excise taxes        (274.2   )    (275.8   )    (1,205.5 )    (1,213.1 )
  Net sales          1,783.8          1,753.9          7,761.1          7,550.2
Cost of goods       (1,106.8 )    (1,102.8 )    (4,689.7 )    (4,647.9 )
sold
  Gross profit       677.0            651.1            3,071.4          2,902.3
Marketing,
general and          (484.4   )       (455.1   )       (1,828.5 )       (1,768.6 )
administrative
expenses
Special items,      (15.4    )    -            (31.8    )    (113.4   )
net
  Operating          177.2            196.0            1,211.1          1,020.3
  income
Other income        (3.2     )    0.7          0.3          1.2      
(expense), net
  Income
  before             174.0            196.7            1,211.4          1,021.5
  income taxes
Income tax          (1.7     )    (1.5     )    (5.5     )    (7.5     )
expense
  Net income         172.3            195.2            1,205.9          1,014.0
Less: Net
income
attributable        (1.9     )    (1.2     )    (15.0    )    (10.2    )
to
noncontrolling
interests
  Net income
  attributable     $ 170.4       $ 194.0       $ 1,190.9     $ 1,003.8  
  to
  MillerCoors

Notes:
^(1) Economic ownership of MillerCoors is 58% held by SABMiller and 42% held
by Molson Coors. See Table 6 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 16: Condensed Consolidated
Balance Sheets
(In Millions)
(Unaudited)
     
                                        As of
                                        December 29, 2012       December 31,
                                                                2011
Assets
                                                                             
Cash and cash equivalents               $     624.0             $  1,078.9
Receivables, net                              753.4                726.0
Inventories, net                              213.9                207.2
Other, net                                   156.7               105.9
      Total current assets                    1,748.0             2,118.0
                                                                             
Properties, net                               1,995.9              1,430.1
Goodwill and intangibles, net                 9,687.9              6,039.3
Investment in MillerCoors                     2,431.8              2,487.9
Other, net                                   320.0               348.5
      Total assets                      $     16,183.6          $  12,423.8
                                                                             
Liabilities and Equity
                                                                             
Accounts payable                        $     427.0             $  301.2
Accrued expenses and other, net               926.1                929.1
Current portion of long-term debt and        1,245.6             46.9
short-term borrowings
      Total current liabilities               2,598.7              1,277.2
                                                                             
Long-term debt                                3,422.5              1,914.9
Pension and post-retirement benefits          833.0                697.5
Other, net                                   1,337.8             844.0
      Total liabilities                       8,192.0              4,733.6
                                                                             
Total MCBC stockholders' equity               7,966.9              7,647.9
Noncontrolling interests                     24.7                42.3
      Total equity                           7,991.6             7,690.2
      Total liabilities and equity      $     16,183.6          $  12,423.8
                                                                             

                                                       
Molson Coors Brewing Company
and Subsidiaries
Table 17: Condensed
Consolidated Statements of
Cash Flows
(In Millions)
(Unaudited)
 
                                  Fifty-Two Weeks Ended   Fifty-Three Weeks
                                                            Ended
                                  December 29, 2012         December 31, 2011
Cash flows from operating
activities:
Net income (loss) including       $    439.1                $    677.1
noncontrolling interests
  Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation and                   272.7                     217.1
    amortization
    Loss on sale or
    impairment of properties           46.4                      8.6
    and other long-lived
    assets
    Amortization of debt
    issuance costs and                 41.7                      22.5
    discounts
    Equity Income in                   (510.9      )             (457.9    )
    MillerCoors
    Distributions from                 510.9                     457.9
    MillerCoors
    Change in working capital         183.8                   (57.2     )
    and other, net
Net cash provided by              $    983.7               $    868.1     
operating activities
                                                            
Cash flows from investing
activities:
  Additions to properties         $    (222.3      )        $    (235.4    )
  Proceeds from sales of
  properties and other                 15.7                      4.6
  long-lived assets
  Acquisition of businesses,           (2,258.3    )             (41.3     )
  net of cash acquired
  Change in restricted cash            -                         6.7
  balances
  Proceeds from settlement of          -                         15.4
  derivative instruments
  Investment in MillerCoors            (1,008.8    )             (800.1    )
  Return of capital from               942.4                     782.7
  MillerCoors
  Payments on settlement of            (110.6      )             -
  debt-related derivatives
  Investment in and advances
  to an unconsolidated                 -                         (83.2     )
  affiliate
  Other, net                          6.8                     12.5      
Net cash used in investing        $    (2,635.1    )        $    (338.1    )
activities
                                                            
Cash flows from financing
activities:
  Exercise of stock options
  under equity compensation       $    34.1                 $    11.6
  plans
  Dividends paid                       (237.2      )             (230.4    )
  Payments for purchase of             -                         (321.1    )
  treasury stock
  Payments for purchase of             (27.9       )             -
  Non-controlling interest
  Net borrowings of debt               1,543.2                   (11.8     )
  Payments on settlements of           (8.2        )             (104.5    )
  debt-related derivatives
  Change in overdraft                 (132.6      )            (8.9      )
  balances and other, net
Net cash used in financing        $    1,171.4             $    (665.1    )
activities
                                                            
Cash and cash equivalents:
  Net increase (decrease) in      $    (480.0      )        $    (135.1    )
  cash and cash equivalents
  Effect of foreign exchange
  rate changes on cash and             25.1                      (3.6      )
  cash equivalents
  Balance at beginning of             1,078.9                 1,217.6   
  year
Balance at end of period          $    624.0               $    1,078.9   
                                                            

                                                            
Molson Coors Brewing Company
Table 18: Underlying Free Cash Flow -- Reconciliation to Nearest U.S. GAAP
Measure^(1)
(US$ in millions)
                                        Fifty-Two Weeks        Fifty-Three
                                          Ended                  Weeks Ended
                                          December 29, 2012      December 31,
                                                                 2011
U.S. GAAP:     Net Cash Provided by       $   983.7              $  868.1
               Operating Activities
Less:          Additions to                   (222.3     )         (235.4  )
               properties^(2)
Less:          Investment in                  (1,008.8   )         (800.1  )
               MillerCoors^(2)
Add:           Return of capital from         942.4                782.7
               MillerCoors^(2)
Add:           Cash impact of Special         11.6                  3.1
               items^(3)
Add:           Costs related to the           134.7                -
               Acquisition^(4)
               MillerCoors
Add:           investments in                 14.4                 -
               businesses^(5)
               MillerCoors purchase
Add:           of noncontrolling             9.0                -       
               interest^(5)
Non-GAAP:      Underlying Free Cash       $   864.7             $  618.4   
               Flow

Notes:                        
^(1) For 2012, we have revised our calculation of underlying free cash flow to
exclude the benefit of proceeds from asset sales and to adjust for the cash
impact of Special and other non-core items, such as adding back payments
related to Special and other non-core charges. This change has the effect of
aligning the adjustments to our underlying free cash flow with adjustments to
our underlying earnings and provides greater consistency in the treatment of
our non-GAAP measures. Following this approach reduced 2011 underlying free
cash flow by $16.9 million.
^(2) Included in Net cash used in investing activities.
^(3) Included in Net cash provided by operating activities.
^(4) Included in Net cash provided by operating activities and reflects loss
related to settlement of Treasury Locks of $39.2 million, Euro currency
purchase loss of $57.9 million and acquisition and integration costs paid of
$37.6 million.
^(5) Amounts represent MCBC's 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 the full year 2012 and the
comparable prior-year period.

Contact:

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