|
17. Supplemental Guarantor Information
For purposes of this Note 17, including the tables, the following terms shall mean:
"Parent Guarantor and 2007 Issuer" shall mean MCBC; "2002 Issuer" shall mean CBC; "2005 Issuers and 2010 Issuer" shall mean collectively Molson Coors International, LP and Molson Coors Capital Finance ULC.
On June 15, 2007, MCBC issued $575 million of 2.5% Convertible Senior Notes due July 30, 2013 in a registered offering (see Note 12, "Debt"). The convertible notes are guaranteed on a senior unsecured basis by CBC, Molson Coors International, LP ("MCI LP"), Molson Coors Capital Finance ULC ("MC Capital Finance") and certain U.S. and Canadian subsidiaries of MCBC, including Molson Canada 2005 ("Subsidiary Guarantors").
On May 7, 2002, CBC completed a public offering of $850 million principal amount of 6.375% Senior notes due 2012. As of June 25, 2011, $44.6 million remain outstanding and are guaranteed on a senior and unsecured basis by MCBC, MCI LP, MC Capital Finance, and the Subsidiary Guarantors. The guarantees are full and unconditional and joint and several.
On September 22, 2005, MCI LP and MC Capital Finance completed a public offering of $1.1 billion principal amount of Senior notes composed of $300 million 4.85% notes due 2010 and CAD 900 million 5.00% notes due 2015. During the third quarter of 2010, the $300 million 4.85% notes were repaid in full. Subsequently on October 6, 2010, MCI LP completed a private placement in Canada of CAD 500 million 3.95% fixed rate Series A Notes due 2017. Although MC Capital Finance was not a co-issuer on the 2010 notes, it continues to be presented with MCI LP as MC Capital Finance is an inactive entity with no activity or any remaining significant assets or liabilities which would require separate presentation. Both the remaining CAD 900 million 2005 notes and the 2010 Series A Notes are guaranteed on a senior and unsecured basis by MCBC, CBC, and Subsidiary Guarantors, and for the 2010 Series A Notes, MC Capital Finance. The guarantees are full and unconditional and joint and several. Funds necessary to meet the debt service obligations of MCI LP and MC Capital Finance are provided in large part by distributions or advances from MCBC's other subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as our financial condition and operating requirements, could limit the ability of MCI LP and MC Capital Finance to obtain cash for the purpose of meeting its debt service obligation, including the payment of principal and interest on the notes.
On December 25, 2010, CBC transferred its equity method investment in MillerCoors to MC Holding Company LLC, a newly created wholly-owned subsidiary of MCBC and a guarantor of the notes as well as the 2010 senior notes. As a result of the transfer, the investment in MillerCoors is presented in the column "Subsidiary Guarantors" at December 25, 2010 and all results of operations and cash flows related to the investment in MillerCoors subsequent to December 25, 2010 are presented in that column. The transfer of the investment between the 2002 Issuer and Subsidiary Guarantor categories does not negatively affect the holders of the notes or the holders of the 2010 senior notes as both the prior holder of the MillerCoors investment, CBC, and the current holder, MC Holding Company LLC, are joint and severally liable under the notes and the 2010 senior notes by virtue of their status as issuer or guarantor.
The following information sets forth the Condensed Consolidating Statements of Operations for the thirteen and twenty-six weeks ended June 25, 2011 and June 26, 2010, Condensed Consolidating Balance Sheets as of June 25, 2011 and December 25, 2010, and Condensed Consolidating Statements of Cash Flows for the twenty-six weeks ended June 25, 2011 and June 26, 2010. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the Parent Guarantor, each of the issuers and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC, CBC, MCI LP, MC Capital Finance, and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED JUNE 25, 2011
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers
and 2010
Issuer |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Sales |
|
$ |
8.0 |
|
$ |
57.4 |
|
$ |
— |
|
$ |
734.9 |
|
$ |
647.3 |
|
$ |
(64.5 |
) |
$ |
1,383.1 |
|
|
Excise taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
(177.9 |
) |
|
(271.6 |
) |
|
— |
|
|
(449.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net sales |
|
|
8.0 |
|
|
57.4 |
|
|
— |
|
|
557.0 |
|
|
375.7 |
|
|
(64.5 |
) |
|
933.6 |
|
|
Cost of goods sold |
|
|
— |
|
|
(12.9 |
) |
|
— |
|
|
(292.1 |
) |
|
(275.1 |
) |
|
56.2 |
|
|
(523.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
|
8.0 |
|
|
44.5 |
|
|
— |
|
|
264.9 |
|
|
100.6 |
|
|
(8.3 |
) |
|
409.7 |
|
|
Marketing, general and administrative expenses |
|
|
(31.8 |
) |
|
(11.9 |
) |
|
— |
|
|
(130.2 |
) |
|
(103.5 |
) |
|
4.9 |
|
|
(272.5 |
) |
|
Special items, net |
|
|
(0.5 |
) |
|
— |
|
|
— |
|
|
(8.2 |
) |
|
(2.3 |
) |
|
— |
|
|
(11.0 |
) |
|
Equity income (loss) in subsidiaries |
|
|
223.2 |
|
|
83.7 |
|
|
12.0 |
|
|
21.6 |
|
|
128.2 |
|
|
(468.7 |
) |
|
— |
|
|
Equity income in MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
171.8 |
|
|
— |
|
|
— |
|
|
171.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income (loss) |
|
|
198.9 |
|
|
116.3 |
|
|
12.0 |
|
|
319.9 |
|
|
123.0 |
|
|
(472.1 |
) |
|
298.0 |
|
|
Interest income (expense), net |
|
|
(8.4 |
) |
|
11.8 |
|
|
(8.9 |
) |
|
203.4 |
|
|
(225.6 |
) |
|
— |
|
|
(27.7 |
) |
|
Other income (expense), net |
|
|
(0.1 |
) |
|
(2.0 |
) |
|
— |
|
|
0.3 |
|
|
118.0 |
|
|
(118.0 |
) |
|
(1.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations before income taxes |
|
|
190.4 |
|
|
126.1 |
|
|
3.1 |
|
|
523.6 |
|
|
15.4 |
|
|
(590.1 |
) |
|
268.5 |
|
|
Income tax benefit (expense) |
|
|
32.4 |
|
|
(69.6 |
) |
|
23.8 |
|
|
(34.9 |
) |
|
5.1 |
|
|
— |
|
|
(43.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) from continuing operations |
|
|
222.8 |
|
|
56.5 |
|
|
26.9 |
|
|
488.7 |
|
|
20.5 |
|
|
(590.1 |
) |
|
225.3 |
|
|
Income (loss) from discontinued operations, net of tax |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
|
— |
|
|
(1.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) including noncontrolling interests |
|
|
222.8 |
|
|
56.5 |
|
|
26.9 |
|
|
488.7 |
|
|
19.0 |
|
|
(590.1 |
) |
|
223.8 |
|
|
Add back (less): Loss (net income) attributable to noncontrolling interests |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.0 |
) |
|
— |
|
|
(1.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to MCBC |
|
$ |
222.8 |
|
$ |
56.5 |
|
$ |
26.9 |
|
$ |
488.7 |
|
$ |
18.0 |
|
$ |
(590.1 |
) |
$ |
222.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED JUNE 26, 2010
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Sales |
|
$ |
2.2 |
|
$ |
57.6 |
|
$ |
— |
|
$ |
699.1 |
|
$ |
582.8 |
|
$ |
(59.1 |
) |
$ |
1,282.6 |
|
|
Excise taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
(163.5 |
) |
|
(235.8 |
) |
|
— |
|
|
(399.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net sales |
|
|
2.2 |
|
|
57.6 |
|
|
— |
|
|
535.6 |
|
|
347.0 |
|
|
(59.1 |
) |
|
883.3 |
|
|
Cost of goods sold |
|
|
— |
|
|
(13.7 |
) |
|
— |
|
|
(264.3 |
) |
|
(253.6 |
) |
|
56.8 |
|
|
(474.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
|
2.2 |
|
|
43.9 |
|
|
— |
|
|
271.3 |
|
|
93.4 |
|
|
(2.3 |
) |
|
408.5 |
|
|
Marketing, general and administrative expenses |
|
|
(29.5 |
) |
|
(7.6 |
) |
|
— |
|
|
(129.0 |
) |
|
(98.1 |
) |
|
3.0 |
|
|
(261.2 |
) |
|
Special items, net |
|
|
(0.6 |
) |
|
— |
|
|
— |
|
|
(14.5 |
) |
|
(0.7 |
) |
|
— |
|
|
(15.8 |
) |
|
Equity income (loss) in subsidiaries |
|
|
235.3 |
|
|
105.2 |
|
|
34.4 |
|
|
(81.6 |
) |
|
129.2 |
|
|
(422.5 |
) |
|
— |
|
|
Equity income in MillerCoors |
|
|
— |
|
|
163.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
163.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income (loss) |
|
|
207.4 |
|
|
305.1 |
|
|
34.4 |
|
|
46.2 |
|
|
123.8 |
|
|
(421.8 |
) |
|
295.1 |
|
|
Interest income (expense), net |
|
|
(8.5 |
) |
|
11.8 |
|
|
(31.2 |
) |
|
93.9 |
|
|
(91.2 |
) |
|
(0.2 |
) |
|
(25.4 |
) |
|
Other income (expense), net |
|
|
21.9 |
|
|
(0.1 |
) |
|
— |
|
|
0.6 |
|
|
(1.0 |
) |
|
— |
|
|
21.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations before income taxes |
|
|
220.8 |
|
|
316.8 |
|
|
3.2 |
|
|
140.7 |
|
|
31.6 |
|
|
(422.0 |
) |
|
291.1 |
|
|
Income tax benefit (expense) |
|
|
16.4 |
|
|
(81.8 |
) |
|
46.4 |
|
|
(35.5 |
) |
|
2.3 |
|
|
— |
|
|
(52.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) from continuing operations |
|
|
237.2 |
|
|
235.0 |
|
|
49.6 |
|
|
105.2 |
|
|
33.9 |
|
|
(422.0 |
) |
|
238.9 |
|
|
Income (loss) from discontinued operations, net of tax |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.6 |
) |
|
— |
|
|
(0.6 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) including noncontrolling interests |
|
|
237.2 |
|
|
235.0 |
|
|
49.6 |
|
|
105.2 |
|
|
33.3 |
|
|
(422.0 |
) |
|
238.3 |
|
|
Add back (less): Loss (net income) attributable to noncontrolling interests |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.1 |
) |
|
— |
|
|
(1.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to MCBC |
|
$ |
237.2 |
|
$ |
235.0 |
|
$ |
49.6 |
|
$ |
105.2 |
|
$ |
32.2 |
|
$ |
(422.0 |
) |
$ |
237.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE TWENTY-SIX WEEKS ENDED JUNE 25, 2011
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers
and 2010
Issuer |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Sales |
|
$ |
13.8 |
|
$ |
100.6 |
|
$ |
— |
|
$ |
1,246.7 |
|
$ |
1,131.6 |
|
$ |
(112.3 |
) |
$ |
2,380.4 |
|
|
Excise taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
(301.5 |
) |
|
(454.9 |
) |
|
— |
|
|
(756.4 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net sales |
|
|
13.8 |
|
|
100.6 |
|
|
— |
|
|
945.2 |
|
|
676.7 |
|
|
(112.3 |
) |
|
1,624.0 |
|
|
Cost of goods sold |
|
|
— |
|
|
(23.8 |
) |
|
— |
|
|
(516.6 |
) |
|
(508.7 |
) |
|
98.0 |
|
|
(951.1 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
|
13.8 |
|
|
76.8 |
|
|
— |
|
|
428.6 |
|
|
168.0 |
|
|
(14.3 |
) |
|
672.9 |
|
|
Marketing, general and administrative expenses |
|
|
(64.5 |
) |
|
(19.5 |
) |
|
— |
|
|
(241.1 |
) |
|
(197.0 |
) |
|
11.2 |
|
|
(510.9 |
) |
|
Special items, net |
|
|
(0.5 |
) |
|
— |
|
|
— |
|
|
(10.3 |
) |
|
(0.2 |
) |
|
— |
|
|
(11.0 |
) |
|
Equity income (loss) in subsidiaries |
|
|
409.1 |
|
|
85.3 |
|
|
(52.3 |
) |
|
(114.4 |
) |
|
182.7 |
|
|
(510.4 |
) |
|
— |
|
|
Equity income in MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
273.0 |
|
|
— |
|
|
— |
|
|
273.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income (loss) |
|
|
357.9 |
|
|
142.6 |
|
|
(52.3 |
) |
|
335.8 |
|
|
153.5 |
|
|
(513.5 |
) |
|
424.0 |
|
|
Interest income (expense), net |
|
|
(16.8 |
) |
|
23.7 |
|
|
2.4 |
|
|
272.4 |
|
|
(336.2 |
) |
|
— |
|
|
(54.5 |
) |
|
Other income (expense), net |
|
|
1.3 |
|
|
100.8 |
|
|
(0.1 |
) |
|
0.3 |
|
|
117.2 |
|
|
(222.0 |
) |
|
(2.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations before income taxes |
|
|
342.4 |
|
|
267.1 |
|
|
(50.0 |
) |
|
608.5 |
|
|
(65.5 |
) |
|
(735.5 |
) |
|
367.0 |
|
|
Income tax benefit (expense) |
|
|
(36.7 |
) |
|
(21.8 |
) |
|
7.3 |
|
|
(10.8 |
) |
|
2.7 |
|
|
— |
|
|
(59.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) from continuing operations |
|
|
305.7 |
|
|
245.3 |
|
|
(42.7 |
) |
|
597.7 |
|
|
(62.8 |
) |
|
(735.5 |
) |
|
307.7 |
|
|
Income (loss) from discontinued |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.2 |
) |
|
— |
|
|
(1.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) including noncontrolling interests |
|
|
305.7 |
|
|
245.3 |
|
|
(42.7 |
) |
|
597.7 |
|
|
(64.0 |
) |
|
(735.5 |
) |
|
306.5 |
|
|
Add back (less): Loss (net income) attributable to noncontrolling interests |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.8 |
) |
|
— |
|
|
(0.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to MCBC |
|
$ |
305.7 |
|
$ |
245.3 |
|
$ |
(42.7 |
) |
$ |
597.7 |
|
$ |
(64.8 |
) |
$ |
(735.5 |
) |
$ |
305.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE TWENTY-SIX WEEKS ENDED JUNE 26, 2010
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Sales |
|
$ |
8.7 |
|
$ |
97.8 |
|
$ |
— |
|
$ |
1,200.8 |
|
$ |
1,027.2 |
|
$ |
(104.9 |
) |
$ |
2,229.6 |
|
|
Excise taxes |
|
|
— |
|
|
— |
|
|
— |
|
|
(281.6 |
) |
|
(403.7 |
) |
|
— |
|
|
(685.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net sales |
|
|
8.7 |
|
|
97.8 |
|
|
— |
|
|
919.2 |
|
|
623.5 |
|
|
(104.9 |
) |
|
1,544.3 |
|
|
Cost of goods sold |
|
|
— |
|
|
(24.7 |
) |
|
— |
|
|
(483.6 |
) |
|
(466.9 |
) |
|
96.0 |
|
|
(879.2 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
|
8.7 |
|
|
73.1 |
|
|
— |
|
|
435.6 |
|
|
156.6 |
|
|
(8.9 |
) |
|
665.1 |
|
|
Marketing, general and administrative expenses |
|
|
(61.5 |
) |
|
(17.7 |
) |
|
— |
|
|
(240.0 |
) |
|
(189.5 |
) |
|
10.0 |
|
|
(498.7 |
) |
|
Special items, net |
|
|
(0.7 |
) |
|
— |
|
|
— |
|
|
(3.0 |
) |
|
(14.7 |
) |
|
— |
|
|
(18.4 |
) |
|
Equity income (loss) in subsidiaries |
|
|
374.9 |
|
|
134.7 |
|
|
42.4 |
|
|
(179.8 |
) |
|
193.7 |
|
|
(565.9 |
) |
|
— |
|
|
Equity income in MillerCoors |
|
|
— |
|
|
254.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
254.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income (loss) |
|
|
321.4 |
|
|
444.7 |
|
|
42.4 |
|
|
12.8 |
|
|
146.1 |
|
|
(564.8 |
) |
|
402.6 |
|
|
Interest income (expense), net |
|
|
(16.7 |
) |
|
24.5 |
|
|
(36.5 |
) |
|
157.7 |
|
|
(178.7 |
) |
|
(0.1 |
) |
|
(49.8 |
) |
|
Other income (expense), net |
|
|
20.0 |
|
|
(1.6 |
) |
|
(0.1 |
) |
|
0.6 |
|
|
(6.1 |
) |
|
— |
|
|
12.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from continuing operations before income taxes |
|
|
324.7 |
|
|
467.6 |
|
|
5.8 |
|
|
171.1 |
|
|
(38.7 |
) |
|
(564.9 |
) |
|
365.6 |
|
|
Income tax benefit (expense) |
|
|
17.1 |
|
|
(93.8 |
) |
|
35.7 |
|
|
(32.9 |
) |
|
10.0 |
|
|
— |
|
|
(63.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) from continuing operations |
|
|
341.8 |
|
|
373.8 |
|
|
41.5 |
|
|
138.2 |
|
|
(28.7 |
) |
|
(564.9 |
) |
|
301.7 |
|
|
Income (loss) from discontinued |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
42.0 |
|
|
— |
|
|
42.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) including noncontrolling interests |
|
|
341.8 |
|
|
373.8 |
|
|
41.5 |
|
|
138.2 |
|
|
13.3 |
|
|
(564.9 |
) |
|
343.7 |
|
|
Add back (less): Loss (net income) attributable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.9 |
) |
|
— |
|
|
(1.9 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) attributable to MCBC |
|
$ |
341.8 |
|
$ |
373.8 |
|
$ |
41.5 |
|
$ |
138.2 |
|
$ |
11.4 |
|
$ |
(564.9 |
) |
$ |
341.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF JUNE 25, 2011
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers
and 2010
Issuer |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
879.1 |
|
$ |
— |
|
$ |
— |
|
$ |
170.0 |
|
$ |
135.1 |
|
$ |
— |
|
$ |
1,184.2 |
|
| |
Accounts receivable, net |
|
|
— |
|
|
5.4 |
|
|
— |
|
|
234.9 |
|
|
390.0 |
|
|
(0.7 |
) |
|
629.6 |
|
| |
Other receivables, net |
|
|
107.1 |
|
|
33.3 |
|
|
— |
|
|
23.8 |
|
|
60.0 |
|
|
— |
|
|
224.2 |
|
| |
Total inventories, net |
|
|
— |
|
|
— |
|
|
— |
|
|
113.2 |
|
|
110.0 |
|
|
— |
|
|
223.2 |
|
| |
Other assets, net |
|
|
7.7 |
|
|
4.2 |
|
|
— |
|
|
53.5 |
|
|
37.5 |
|
|
— |
|
|
102.9 |
|
| |
Deferred tax assets |
|
|
— |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
1.0 |
|
|
(1.1 |
) |
|
0.3 |
|
| |
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.3 |
|
| |
Intercompany accounts receivable |
|
|
— |
|
|
65.1 |
|
|
484.3 |
|
|
1,245.1 |
|
|
795.8 |
|
|
(2,590.3 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
993.9 |
|
|
108.0 |
|
|
484.3 |
|
|
1,840.9 |
|
|
1,529.7 |
|
|
(2,592.1 |
) |
|
2,364.7 |
|
|
Properties, net |
|
|
30.9 |
|
|
7.0 |
|
|
— |
|
|
846.9 |
|
|
523.1 |
|
|
— |
|
|
1,407.9 |
|
|
Goodwill |
|
|
— |
|
|
11.4 |
|
|
— |
|
|
373.0 |
|
|
1,169.4 |
|
|
— |
|
|
1,553.8 |
|
|
Other intangibles, net |
|
|
— |
|
|
39.5 |
|
|
— |
|
|
4,303.3 |
|
|
411.7 |
|
|
— |
|
|
4,754.5 |
|
|
Investment in MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
2,680.0 |
|
|
— |
|
|
— |
|
|
2,680.0 |
|
|
Net investment in and advances to subsidiaries |
|
|
7,965.5 |
|
|
4,353.1 |
|
|
2,176.2 |
|
|
— |
|
|
5,155.5 |
|
|
(19,650.3 |
) |
|
— |
|
|
Deferred tax assets |
|
|
168.9 |
|
|
104.6 |
|
|
7.2 |
|
|
9.1 |
|
|
— |
|
|
(119.3 |
) |
|
170.5 |
|
|
Other assets |
|
|
5.8 |
|
|
13.2 |
|
|
5.5 |
|
|
77.8 |
|
|
70.4 |
|
|
— |
|
|
172.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
9,165.0 |
|
$ |
4,636.8 |
|
$ |
2,673.2 |
|
$ |
10,131.0 |
|
$ |
8,859.8 |
|
$ |
(22,361.7 |
) |
$ |
13,104.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accounts payable |
|
$ |
8.9 |
|
$ |
0.5 |
|
$ |
— |
|
$ |
72.7 |
|
$ |
148.1 |
|
$ |
(0.7 |
) |
$ |
229.5 |
|
| |
Accrued expenses and other liabilities, net |
|
|
105.2 |
|
|
84.5 |
|
|
16.4 |
|
|
740.1 |
|
|
358.7 |
|
|
— |
|
|
1,304.9 |
|
| |
Deferred tax liability |
|
|
153.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
95.9 |
|
|
(1.1 |
) |
|
248.4 |
|
| |
Short-term borrowings and current portion of long-term debt |
|
|
— |
|
|
44.8 |
|
|
— |
|
|
— |
|
|
5.6 |
|
|
— |
|
|
50.4 |
|
| |
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14.6 |
|
|
— |
|
|
14.6 |
|
| |
Intercompany accounts payable |
|
|
207.3 |
|
|
5.0 |
|
|
468.5 |
|
|
1,017.8 |
|
|
891.7 |
|
|
(2,590.3 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
475.0 |
|
|
134.8 |
|
|
484.9 |
|
|
1,830.6 |
|
|
1,514.6 |
|
|
(2,592.1 |
) |
|
1,847.8 |
|
|
Long-term debt |
|
|
537.3 |
|
|
— |
|
|
1,413.8 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,951.1 |
|
|
Net investment in and advances to subsidiaries |
|
|
— |
|
|
— |
|
|
— |
|
|
781.4 |
|
|
— |
|
|
(781.4 |
) |
|
|
|
|
Deferred tax liability |
|
|
— |
|
|
102.2 |
|
|
1.9 |
|
|
— |
|
|
432.0 |
|
|
(119.3 |
) |
|
416.8 |
|
|
Other liabilities, net |
|
|
8.9 |
|
|
19.3 |
|
|
3.0 |
|
|
364.9 |
|
|
280.1 |
|
|
— |
|
|
676.2 |
|
|
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
25.5 |
|
|
— |
|
|
25.5 |
|
|
Intercompany notes payable |
|
|
— |
|
|
— |
|
|
3,673.7 |
|
|
5,463.2 |
|
|
4,654.2 |
|
|
(13,791.1 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,021.2 |
|
|
256.3 |
|
|
5,577.3 |
|
|
8,440.1 |
|
|
6,906.4 |
|
|
(17,283.9 |
) |
|
4,917.4 |
|
|
MCBC stockholders' equity |
|
|
8,145.7 |
|
|
5,261.0 |
|
|
1,713.3 |
|
|
9,982.1 |
|
|
1,910.6 |
|
|
(18,868.9 |
) |
|
8,143.8 |
|
|
Intercompany notes receivable |
|
|
(1.9 |
) |
|
(880.5 |
) |
|
(4,617.4 |
) |
|
(8,291.2 |
) |
|
(0.1 |
) |
|
13,791.1 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
8,143.8 |
|
|
4,380.5 |
|
|
(2,904.1 |
) |
|
1,690.9 |
|
|
1,910.5 |
|
|
(5,077.8 |
) |
|
8,143.8 |
|
|
Noncontrolling interests |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
42.9 |
|
|
— |
|
|
42.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
8,143.8 |
|
|
4,380.5 |
|
|
(2,904.1 |
) |
|
1,690.9 |
|
|
1,953.4 |
|
|
(5,077.8 |
) |
|
8,186.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
9,165.0 |
|
$ |
4,636.8 |
|
$ |
2,673.2 |
|
$ |
10,131.0 |
|
$ |
8,859.8 |
|
$ |
(22,361.7 |
) |
$ |
13,104.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 25, 2010
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor
and 2007
Issuer |
|
2002
Issuer |
|
2005
Issuers
and 2010
Issuer |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
$ |
832.0 |
|
$ |
7.0 |
|
$ |
0.8 |
|
$ |
189.3 |
|
$ |
188.5 |
|
$ |
— |
|
$ |
1,217.6 |
|
| |
Accounts receivable, net |
|
|
— |
|
|
4.2 |
|
|
— |
|
|
208.9 |
|
|
358.5 |
|
|
(0.8 |
) |
|
570.8 |
|
| |
Other receivables, net |
|
|
17.2 |
|
|
32.7 |
|
|
— |
|
|
17.8 |
|
|
91.0 |
|
|
— |
|
|
158.7 |
|
| |
Total inventories, net |
|
|
— |
|
|
— |
|
|
— |
|
|
93.3 |
|
|
101.7 |
|
|
— |
|
|
195.0 |
|
| |
Other assets, net |
|
|
4.4 |
|
|
1.8 |
|
|
— |
|
|
36.2 |
|
|
35.8 |
|
|
— |
|
|
78.2 |
|
| |
Deferred tax assets |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.0 |
|
|
(1.0 |
) |
|
— |
|
| |
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.6 |
|
|
— |
|
|
0.6 |
|
| |
Intercompany accounts receivable |
|
|
16.3 |
|
|
18.9 |
|
|
139.5 |
|
|
365.8 |
|
|
692.3 |
|
|
(1,232.8 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
869.9 |
|
|
64.6 |
|
|
140.3 |
|
|
911.3 |
|
|
1,469.4 |
|
|
(1,234.6 |
) |
|
2,220.9 |
|
|
Properties, net |
|
|
33.6 |
|
|
7.1 |
|
|
— |
|
|
852.3 |
|
|
495.7 |
|
|
— |
|
|
1,388.7 |
|
|
Goodwill |
|
|
— |
|
|
11.4 |
|
|
— |
|
|
370.8 |
|
|
1,106.9 |
|
|
— |
|
|
1,489.1 |
|
|
Other intangibles, net |
|
|
— |
|
|
40.4 |
|
|
— |
|
|
4,233.9 |
|
|
380.8 |
|
|
— |
|
|
4,655.1 |
|
|
Investment in MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
2,574.1 |
|
|
— |
|
|
— |
|
|
2,574.1 |
|
|
Net investment in and advances to subsidiaries |
|
|
7,540.5 |
|
|
4,044.5 |
|
|
2,025.0 |
|
|
— |
|
|
4,876.8 |
|
|
(18,486.8 |
) |
|
— |
|
|
Deferred tax assets |
|
|
183.4 |
|
|
108.7 |
|
|
7.1 |
|
|
8.4 |
|
|
— |
|
|
(119.4 |
) |
|
188.2 |
|
|
Other assets, net |
|
|
4.8 |
|
|
12.9 |
|
|
6.0 |
|
|
76.3 |
|
|
81.5 |
|
|
— |
|
|
181.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
8,632.2 |
|
$ |
4,289.6 |
|
$ |
2,178.4 |
|
$ |
9,027.1 |
|
$ |
8,411.1 |
|
$ |
(19,840.8 |
) |
$ |
12,697.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Accounts payable |
|
$ |
5.3 |
|
$ |
0.2 |
|
$ |
— |
|
$ |
80.5 |
|
$ |
183.0 |
|
$ |
(0.8 |
) |
$ |
268.2 |
|
| |
Accrued expenses and other liabilities, net |
|
|
39.4 |
|
|
15.2 |
|
|
15.9 |
|
|
396.9 |
|
|
363.6 |
|
|
— |
|
|
831.0 |
|
| |
Deferred tax liability |
|
|
153.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
67.1 |
|
|
(1.0 |
) |
|
219.6 |
|
| |
Short-term borrowings and current portion of long-term debt |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
— |
|
|
1.1 |
|
| |
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14.0 |
|
|
— |
|
|
14.0 |
|
| |
Intercompany accounts payable |
|
|
0.1 |
|
|
7.9 |
|
|
238.0 |
|
|
619.3 |
|
|
367.5 |
|
|
(1,232.8 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
198.3 |
|
|
23.3 |
|
|
253.9 |
|
|
1,096.7 |
|
|
996.3 |
|
|
(1,234.6 |
) |
|
1,333.9 |
|
|
Long-term debt |
|
|
528.7 |
|
|
45.0 |
|
|
1,385.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,959.6 |
|
|
Net investment in and advances to subsidiaries |
|
|
— |
|
|
— |
|
|
— |
|
|
865.4 |
|
|
— |
|
|
(865.4 |
) |
|
— |
|
|
Deferred tax liability |
|
|
— |
|
|
102.2 |
|
|
1.5 |
|
|
— |
|
|
482.4 |
|
|
(119.4 |
) |
|
466.7 |
|
|
Other liabilities, net |
|
|
9.1 |
|
|
57.2 |
|
|
2.9 |
|
|
710.8 |
|
|
290.6 |
|
|
— |
|
|
1,070.6 |
|
|
Discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24.2 |
|
|
— |
|
|
24.2 |
|
|
Intercompany notes payable |
|
|
— |
|
|
— |
|
|
3,601.9 |
|
|
5,345.7 |
|
|
7,086.8 |
|
|
(16,034.4 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
736.1 |
|
|
227.7 |
|
|
5,246.1 |
|
|
8,018.6 |
|
|
8,880.3 |
|
|
(18,253.8 |
) |
|
4,855.0 |
|
|
MCBC stockholders' equity |
|
|
7,898.0 |
|
|
4,913.9 |
|
|
1,603.3 |
|
|
9,137.8 |
|
|
1,867.2 |
|
|
(17,621.4 |
) |
|
7,798.8 |
|
|
Intercompany notes receivable |
|
|
(1.9 |
) |
|
(852.0 |
) |
|
(4,671.0 |
) |
|
(8,129.3 |
) |
|
(2,380.2 |
) |
|
16,034.4 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
7,896.1 |
|
|
4,061.9 |
|
|
(3,067.7 |
) |
|
1,008.5 |
|
|
(513.0 |
) |
|
(1,587.0 |
) |
|
7,798.8 |
|
|
Noncontrolling interests |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
43.8 |
|
|
— |
|
|
43.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
7,896.1 |
|
|
4,061.9 |
|
|
(3,067.7 |
) |
|
1,008.5 |
|
|
(469.2 |
) |
|
(1,587.0 |
) |
|
7,842.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
8,632.2 |
|
$ |
4,289.6 |
|
$ |
2,178.4 |
|
$ |
9,027.1 |
|
$ |
8,411.1 |
|
$ |
(19,840.8 |
) |
$ |
12,697.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED JUNE 25, 2011
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor and
2007 Issuer |
|
2002 Issuer |
|
2005 Issuers
and 2010
Issuer |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Net cash provided by (used in) operating activities |
|
$ |
117.9 |
|
$ |
23.8 |
|
$ |
31.9 |
|
$ |
17.9 |
|
$ |
80.3 |
|
$ |
— |
|
$ |
271.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Additions to properties and intangible assets |
|
|
(1.6 |
) |
|
— |
|
|
— |
|
|
(39.2 |
) |
|
(31.7 |
) |
|
— |
|
|
(72.5 |
) |
| |
Proceeds from sales of properties and intangible assets, net |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
1.2 |
|
| |
Acquisition of businesses, net of cash acquired |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(41.3 |
) |
|
— |
|
|
(41.3 |
) |
| |
Change in restricted cash balance |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2.7 |
|
|
— |
|
|
2.7 |
|
| |
Investment in MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
(470.4 |
) |
|
— |
|
|
— |
|
|
(470.4 |
) |
| |
Return of capital from MillerCoors |
|
|
— |
|
|
— |
|
|
— |
|
|
376.4 |
|
|
— |
|
|
— |
|
|
376.4 |
|
| |
Proceeds from settlements of derivative instruments |
|
|
15.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15.4 |
|
| |
Investment in and advances to an unconsolidated affiliate |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.7 |
) |
|
— |
|
|
(5.7 |
) |
| |
Trade loan repayments from customers |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7.6 |
|
|
— |
|
|
7.6 |
|
| |
Trade loans advanced to customers |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.2 |
) |
|
— |
|
|
(5.2 |
) |
| |
Net intercompany investing activity |
|
|
0.1 |
|
|
(30.8 |
) |
|
— |
|
|
33.0 |
|
|
44.0 |
|
|
(46.3 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
13.9 |
|
|
(30.8 |
) |
|
— |
|
|
(100.2 |
) |
|
(28.4 |
) |
|
(46.3 |
) |
|
(191.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Issuances of stock under equity compensation plans |
|
|
6.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6.3 |
|
| |
Excess tax benefits from share-based compensation |
|
|
0.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.9 |
|
| |
Dividends paid |
|
|
(99.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(13.0 |
) |
|
— |
|
|
(112.1 |
) |
| |
Dividends paid to noncontrolling interests holders |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
|
|
|
|
(1.5 |
) |
| |
Debt issuance costs |
|
|
(2.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2.2 |
) |
| |
Payments from short-term borrowings, net |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8.5 |
) |
|
— |
|
|
(8.5 |
) |
| |
Net (payments) proceeds from revolving credit facilities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2.6 |
|
|
— |
|
|
2.6 |
|
| |
Change in overdraft balances and other |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10.8 |
) |
|
— |
|
|
(10.8 |
) |
| |
Net intercompany financing activity |
|
|
9.4 |
|
|
— |
|
|
(32.7 |
) |
|
58.5 |
|
|
(81.5 |
) |
|
46.3 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
(84.7 |
) |
|
— |
|
|
(32.7 |
) |
|
58.5 |
|
|
(112.7 |
) |
|
46.3 |
|
|
(125.3 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net increase (decrease) in cash and cash equivalents |
|
|
47.1 |
|
|
(7.0 |
) |
|
(0.8 |
) |
|
(23.8 |
) |
|
(60.8 |
) |
|
— |
|
|
(45.3 |
) |
| |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
— |
|
|
— |
|
|
4.5 |
|
|
7.4 |
|
|
— |
|
|
11.9 |
|
|
Balance at beginning of year |
|
|
832.0 |
|
|
7.0 |
|
|
0.8 |
|
|
189.3 |
|
|
188.5 |
|
|
— |
|
|
1,217.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
|
$ |
879.1 |
|
$ |
— |
|
$ |
— |
|
$ |
170.0 |
|
$ |
135.1 |
|
$ |
— |
|
$ |
1,184.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED JUNE 26, 2010
(IN MILLIONS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Guarantor and
2007 Issuer |
|
2002 Issuer |
|
2005 Issuers |
|
Subsidiary
Guarantors |
|
Subsidiary
Non
Guarantors |
|
Eliminations |
|
Consolidated |
|
|
Net cash (used in) provided by operating activities |
|
$ |
147.2 |
|
$ |
45.5 |
|
$ |
(147.1 |
) |
$ |
19.2 |
|
$ |
449.0 |
|
$ |
(108.0 |
) |
$ |
405.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Additions to properties and intangible assets |
|
|
(2.4 |
) |
|
— |
|
|
— |
|
|
(26.8 |
) |
|
(32.4 |
) |
|
— |
|
|
(61.6 |
) |
| |
Proceeds from sales of properties and intangible assets, net |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
1.7 |
|
|
— |
|
|
2.0 |
|
| |
Cash placed in escrow for acquisition |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(34.2 |
) |
|
— |
|
|
(34.2 |
) |
| |
Payment on discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(96.0 |
) |
|
— |
|
|
(96.0 |
) |
| |
Investment in MillerCoors |
|
|
— |
|
|
(623.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(623.7 |
) |
| |
Return of capital from MillerCoors |
|
|
— |
|
|
569.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
569.3 |
|
| |
Investment in and advances to unconsolidated affiliates |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.6 |
) |
|
— |
|
|
(1.6 |
) |
| |
Trade loan repayments from customers |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
8.3 |
|
| |
Trade loans advanced to customers |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.0 |
) |
|
— |
|
|
(5.0 |
) |
| |
Net intercompany investing activity |
|
|
(43.5 |
) |
|
(0.1 |
) |
|
1,217.5 |
|
|
3,542.1 |
|
|
(1,074.9 |
) |
|
(3,641.1 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
(45.9 |
) |
|
(54.5 |
) |
|
1,217.5 |
|
|
3,515.6 |
|
|
(1,234.1 |
) |
|
(3,641.1 |
) |
|
(242.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Issuances of stock under equity compensation plans |
|
|
7.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7.1 |
|
| |
Excess tax benefits from share-based compensation |
|
|
0.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.6 |
|
| |
Dividends paid |
|
|
(85.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11.7 |
) |
|
— |
|
|
(96.7 |
) |
| |
Dividends paid to noncontrolling interests holders |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.9 |
) |
|
— |
|
|
(0.9 |
) |
| |
Change in overdraft balances and other |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8.1 |
) |
|
— |
|
|
(8.1 |
) |
| |
Net intercompany financing activity |
|
|
56.6 |
|
|
9.0 |
|
|
(1,070.4 |
) |
|
(3,581.5 |
) |
|
837.2 |
|
|
3,749.1 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
(20.7 |
) |
|
9.0 |
|
|
(1,070.4 |
) |
|
(3,581.5 |
) |
|
816.5 |
|
|
3,749.1 |
|
|
(98.0 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net increase (decrease) in cash and cash equivalents |
|
|
80.6 |
|
|
— |
|
|
— |
|
|
(46.7 |
) |
|
31.4 |
|
|
— |
|
|
65.3 |
|
| |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
— |
|
|
— |
|
|
6.2 |
|
|
(7.1 |
) |
|
— |
|
|
(0.9 |
) |
|
Balance at beginning of year |
|
|
392.8 |
|
|
— |
|
|
0.1 |
|
|
175.0 |
|
|
166.3 |
|
|
— |
|
|
734.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period |
|
$ |
473.4 |
|
$ |
— |
|
$ |
0.1 |
|
$ |
134.5 |
|
$ |
190.6 |
|
$ |
— |
|
$ |
798.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|