Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2016

DSS Group Inc [Member]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the year ended December 31, 2016

(in millions of U.S. dollars)

	Cott Corporation			DS Services of America, Inc.			DSS Guarantor Subsidiaries			DSS Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	157.5		$	1,006.2		$	1,850.9		$	278.3		$	(57.0	)	$	3,235.9
Cost of sales		132.7			393.1			1,539.9			153.0			(57.0	)		2,161.7
Gross profit		24.8			613.1			311.0			125.3			—			1,074.2
Selling, general and administrative expenses		38.4			560.1			246.2			113.4			—			958.1
(Gain) loss on disposal of property, plant & equipment		(0.7	)		7.1			(0.3	)		—			—			6.1
Acquisition and integration expenses		—			1.9			23.1			2.8			—			27.8
Operating (loss) income		(12.9	)		44.0			42.0			9.1			—			82.2
Other (income) expense, net		(1.9	)		(1.6	)		5.4			2.0			—			3.9
Intercompany interest (income) expense, net		(2.4	)		43.2			(43.2	)		2.4			—			—
Interest expense (income), net		14.7			29.3			80.4			(0.2	)		—			124.2
(Loss) income before income tax expense (benefit) and equity (loss) income		(23.3	)		(26.9	)		(0.6	)		4.9			—			(45.9	)
Income tax expense (benefit)		8.3			(16.6	)		34.0			(0.1	)		—			25.6
Equity (loss) income		(46.2	)		—			6.9			—			39.3			—
Net (loss) income	$	(77.8	)	$	(10.3	)	$	(27.7	)	$	5.0		$	39.3		$	(71.5	)
Less: Net income attributable to non-controlling interests		—			—			—			6.3			—			6.3
Net (loss) income attributed to Cott Corporation	$	(77.8	)	$	(10.3	)	$	(27.7	)	$	(1.3	)	$	39.3		$	(77.8	)
Comprehensive (loss) income attributed to Cott Corporation	$	(119.5	)	$	(10.3	)	$	115.8		$	(1.2	)	$	(104.3	)	$	(119.5	)

Condensed Consolidating Statement of Operations

For the year ended January 2, 2016

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor		Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries		Entries			Consolidated
Revenue, net	$	147.7		$	1,021.1		$	1,702.6		$	131.6	$	(59.0	)	$	2,944.0
Cost of sales		124.6			402.8			1,474.7			105.4		(59.0	)		2,048.5
Gross profit		23.1			618.3			227.9			26.2		—			895.5
Selling, general and administrative expenses		23.3			557.3			175.7			12.3		—			768.6
Loss on disposal of property, plant & equipment		0.1			5.3			1.5			—		—			6.9
Acquisition and integration expenses		—			16.7			3.9			—		—			20.6
Operating (loss) income		(0.3	)		39.0			46.8			13.9		—			99.4
Other (income) expense, net		(8.6	)		(1.2	)		0.2			0.1		—			(9.5	)
Intercompany interest (income) expense, net		(4.9	)		43.5			(38.6	)		—		—			—
Interest expense, net		0.2			30.1			80.7			—		—			111.0
Income (loss) before income tax expense (benefit) and equity income		13.0			(33.4	)		4.5			13.8		—			(2.1	)
Income tax expense (benefit)		1.6			(8.1	)		(16.3	)		0.1		—			(22.7	)
Equity income		3.1			—			5.8			—		(8.9	)		—
Net income (loss)	$	14.5		$	(25.3	)	$	26.6		$	13.7	$	(8.9	)	$	20.6
Less: Net income attributable to non-controlling interests		—			—			—			6.1		—			6.1
Less: Accumulated dividends on convertible shares		4.5			—			—			—		—			4.5
Less: Accumulated dividends on non-convertible shares		1.4			—			—			—		—			1.4
Less: Foreign exchange impact on redemption of preferred shares		12.0			—			—			—		—			12.0
Net (loss) income attributed to Cott Corporation	$	(3.4	)	$	(25.3	)	$	26.6		$	7.6	$	(8.9	)	$	(3.4	)
Comprehensive (loss) income attributed to Cott Corporation	$	(29.3	)	$	(25.6	)	$	45.6		$	11.4	$	(31.4	)	$	(29.3	)

Condensed Consolidating Statement of Operations

For the year ended January 3, 2015

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor		Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries		Entries			Consolidated
Revenue, net	$	166.3		$	28.7		$	1,819.0		$	137.9	$	(49.1	)	$	2,102.8
Cost of sales		144.8			15.9			1,600.1			114.6		(49.1	)		1,826.3
Gross profit		21.5			12.8			218.9			23.3		—			276.5
Selling, general and administrative expenses		23.1			14.5			164.1			12.0		—			213.7
Loss on disposal of property, plant & equipment		0.2			0.1			1.3			0.1		—			1.7
Restructuring		2.1			—			0.3			—		—			2.4
Asset impairments		0.9			—			0.8			—		—			1.7
Acquisition and integration expenses		—			—			41.3			—		—			41.3
Operating (loss) income		(4.8	)		(1.8	)		11.1			11.2		—			15.7
Other (income) expense, net		(10.9	)		(0.1	)		31.9			0.1		—			21.0
Intercompany interest (income) expense, net		(0.7	)		2.6			(1.9	)		—		—			—
Interest expense, net		0.2			1.0			38.4			0.1		—			39.7
Income (loss) before income tax expense (benefit) and equity income		6.6			(5.3	)		(57.3	)		11.0		—			(45.0	)
Income tax expense (benefit)		0.3			(2.5	)		(59.8	)		0.6		—			(61.4	)
Equity income		4.5			—			6.1			—		(10.6	)		—
Net income (loss)	$	10.8		$	(2.8	)	$	8.6		$	10.4	$	(10.6	)	$	16.4
Less: Net income attributable to non-controlling interests		—			—			—			5.6		—			5.6
Less: Accumulated dividends on convertible shares		0.6			—			—			—		—			0.6
Less: Accumulated dividends on non-convertible shares		0.2			—			—			—		—			0.2
Net income (loss) attributed to Cott Corporation	$	10.0		$	(2.8	)	$	8.6		$	4.8	$	(10.6	)	$	10.0
Comprehensive (loss) income attributed to Cott Corporation	$	(23.4	)	$	(26.7	)	$	10.6		$	8.5	$	7.6		$	(23.4	)

Consolidating Balance Sheet

Consolidating Balance Sheet

As of December 31, 2016

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor			Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	4.8		$	22.7		$	52.1		$	38.5		$	—		$	118.1
Accounts receivable, net of allowance		27.4			121.7			239.6			93.7			(78.5	)		403.9
Inventories		14.0			29.2			237.1			21.1			—			301.4
Prepaid expenses and other assets		1.4			7.1			16.6			4.7			—			29.8
Total current assets		47.6			180.7			545.4			158.0			(78.5	)		853.2
Property, plant & equipment, net		27.5			364.5			430.7			107.2			—			929.9
Goodwill		20.3			582.0			290.4			282.7			—			1,175.4
Intangible assets, net		0.1			356.8			385.0			197.8			—			939.7
Deferred tax assets		—			—			—			0.2			—			0.2
Other assets, net		1.2			14.6			23.1			2.4			—			41.3
Due from affiliates		943.2			—			544.3			—			(1,487.5	)		—
Investments in subsidiaries		361.9			—			400.5			—			(762.4	)		—
Total assets	$	1,401.8		$	1,498.6		$	2,619.4		$	748.3		$	(2,328.4	)	$	3,939.7
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$	—		$	—		$	207.0		$	—		$	—		$	207.0
Current maturities of long-term debt		—			—			2.7			3.0			—			5.7
Accounts payable and accrued liabilities		66.5			135.1			341.0			133.3			(78.5	)		597.4
Total current liabilities		66.5			135.1			550.7			136.3			(78.5	)		810.1
Long-term debt		464.3			384.2			1,136.7			2.8			—			1,988.0
Deferred tax liabilities		1.0			81.2			49.0			26.6			—			157.8
Other long-term liabilities		0.5			38.0			49.9			21.6			—			110.0
Due to affiliates		1.0			543.3			453.4			489.8			(1,487.5	)		—
Total liabilities		533.3			1,181.8			2,239.7			677.1			(1,566.0	)		3,065.9
Equity
Common shares, no par		909.3			355.4			691.5			149.7			(1,196.6	)		909.3
Additional paid-in-capital		54.2			—			—			—			—			54.2
Retained earnings (deficit)		22.9			(38.4	)		(469.6	)		(92.9	)		600.9			22.9
Accumulated other comprehensive (loss) income		(117.9	)		(0.2	)		157.8			9.1			(166.7	)		(117.9	)
Total Cott Corporation equity		868.5			316.8			379.7			65.9			(762.4	)		868.5
Non-controlling interests		—			—			—			5.3			—			5.3
Total equity		868.5			316.8			379.7			71.2			(762.4	)		873.8
Total liabilities and equity	$	1,401.8		$	1,498.6		$	2,619.4		$	748.3		$	(2,328.4	)	$	3,939.7

Consolidating Balance Sheet

As of January 2, 2016

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor			Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	20.8		$	12.8		$	38.4		$	5.1		$	—		$	77.1
Accounts receivable, net of allowance		18.3			122.6			184.6			13.0			(45.2	)		293.3
Inventories		13.0			31.4			199.4			5.6			—			249.4
Prepaid expenses and other assets		2.2			5.3			10.9			0.4			—			18.8
Total current assets		54.3			172.1			433.3			24.1			(45.2	)		638.6
Property, plant & equipment, net		29.7			372.6			360.8			6.7			—			769.8
Goodwill		19.8			579.1			160.7			—			—			759.6
Intangible assets, net		0.1			390.6			290.6			2.8			—			684.1
Deferred tax assets		7.4			—			38.2			0.2			(38.2	)		7.6
Other assets, net		0.7			11.9			15.0			—			—			27.6
Due from affiliates		400.1			—			544.3			—			(944.4	)		—
Investments in subsidiaries		176.3			—			400.0			—			(576.3	)		—
Total assets	$	688.4		$	1,526.3		$	2,242.9		$	33.8		$	(1,604.1	)	$	2,887.3
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$	—		$	—		$	122.0		$	—		$	—		$	122.0
Current maturities of long-term debt		—			—			3.0			0.4			—			3.4
Accounts payable and accrued liabilities		47.6			131.8			295.1			8.3			(45.2	)		437.6
Total current liabilities		47.6			131.8			420.1			8.7			(45.2	)		563.0
Long-term debt		—			390.1			1,135.3			—			—			1,525.4
Deferred tax liabilities		—			97.7			17.0			—			(38.2	)		76.5
Other long-term liabilities		0.5			36.2			38.7			1.1			—			76.5
Due to affiliates		1.0			543.3			371.9			28.2			(944.4	)		—
Total liabilities		49.1			1,199.1			1,983.0			38.0			(1,027.8	)		2,241.4
Equity
Common shares, no par		534.7			355.5			683.1			38.6			(1,077.2	)		534.7
Additional paid-in-capital		51.2			—			—			—			—			51.2
Retained earnings (deficit)		129.6			(28.1	)		(437.5	)		(58.4	)		524.0			129.6
Accumulated other comprehensive (loss) income		(76.2	)		(0.2	)		14.3			9.0			(23.1	)		(76.2	)
Total Cott Corporation equity		639.3			327.2			259.9			(10.8	)		(576.3	)		639.3
Non-controlling interests		—			—			—			6.6			—			6.6
Total equity		639.3			327.2			259.9			(4.2	)		(576.3	)		645.9
Total liabilities and equity	$	688.4		$	1,526.3		$	2,242.9		$	33.8		$	(1,604.1	)	$	2,887.3

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the year ended December 31, 2016

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor			Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by operating activities	$	127.5		$	90.8		$	25.1		$	88.1		$	(61.7	)	$	269.8
Investing Activities
Acquisition, net of cash received		(954.0	)		(5.4	)		—			—			—			(959.4	)
Additions to property, plant & equipment		(1.5	)		(72.4	)		(54.4	)		(11.5	)		—			(139.8	)
Additions to intangible assets		—			(3.8	)		(3.9	)		(0.4	)		—			(8.1	)
Proceeds from sale of property, plant & equipment		0.8			0.7			5.4			1.9			—			8.8
Proceeds from insurance recoveries		—			—			1.5			—			—			1.5
Other investing activities		—			—			0.4			—			—			0.4
Net cash used in investing activities		(954.7	)		(80.9	)		(51.0	)		(10.0	)		—			(1,096.6	)
Financing Activities
Payments of long-term debt		—			—			(2.9	)		(0.7	)		—			(3.6	)
Issuance of long-term debt		498.7			—			—			—						498.7
Borrowings under ABL		176.4			—			2,225.2			1.6			—			2,403.2
Payments under ABL		(178.7	)		—			(2,140.2	)		(1.4	)		—			(2,320.3	)
Distributions to non-controlling interests		—			—			—			(7.7	)		—			(7.7	)
Issuance of common shares		366.8			—			—			—						366.8
Financing fees		(13.5	)		—			—			—			—			(13.5	)
Common shares repurchased and cancelled		(5.7	)		—			—			—			—			(5.7	)
Dividends paid to common shareholders		(31.4	)		—			—			—			—			(31.4	)
Payments of deferred consideration for acquisitions		—			—			(10.8	)		—			—			(10.8	)
Intercompany dividends		—			—			(27.0	)		(34.7	)		61.7			—
Net cash provided by (used in) financing activities		812.6			—			44.3			(42.9	)		61.7			875.7
Effect of exchange rate changes on cash		(1.4	)		—			(4.7	)		(1.8	)		—			(7.9	)
Net (decrease) increase cash & cash equivalents		(16.0	)		9.9			13.7			33.4			—			41.0
Cash & cash equivalents, beginning of period		20.8			12.8			38.4			5.1			—			77.1
Cash & cash equivalents, end of period	$	4.8		$	22.7		$	52.1		$	38.5		$	—		$	118.1

Condensed Consolidating Statement of Cash Flows

For the year ended January 2, 2016

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor			Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by operating activities	$	56.2		$	58.4		$	152.9		$	17.3		$	(30.2	)	$	254.6
Investing Activities
Acquisition, net of cash received		—			(24.0	)		—			—			—			(24.0	)
Additions to property, plant & equipment		(2.0	)		(67.2	)		(40.3	)		(1.3	)		—			(110.8	)
Additions to intangible assets		—			(3.1	)		(1.5	)		—			—			(4.6	)
Proceeds from sale of property, plant & equipment and sale-leaseback		—			14.3			26.6			—			—			40.9
Other investing activities		—			—			(1.2	)		—			—			(1.2	)
Net cash used in investing activities		(2.0	)		(80.0	)		(16.4	)		(1.3	)		—			(99.7	)
Financing Activities
Payments of long-term debt		(0.1	)		—			(2.9	)		(0.7	)		—			(3.7	)
Borrowings under ABL		—			—			994.5			—			—			994.5
Payments under ABL		—			—			(1,101.8	)		—			—			(1,101.8	)
Distributions to non-controlling interests		—			—			—			(8.5	)		—			(8.5	)
Issuance of common shares		143.1			—			—			—			—			143.1
Financing fees		—			—			(0.6	)		—			—			(0.6	)
Preferred shares repurchased and cancelled		(148.8	)		—			—			—			—			(148.8	)
Common shares repurchased and cancelled		(0.8	)		—			—			—			—			(0.8	)
Dividends to common and preferred shareholders		(31.0	)		—			—			—			—			(31.0	)
Payment of deferred consideration for acquisitions		—			—			(2.5	)		—			—			(2.5	)
Intercompany dividends		—			—			(21.4	)		(8.8	)		30.2			—
Net cash used in financing activities		(37.6	)		—			(134.7	)		(18.0	)		30.2			(160.1	)
Effect of exchange rate changes on cash		(2.0	)		—			(1.6	)		(0.3	)		—			(3.9	)
Net increase (decrease) in cash & cash equivalents		14.6			(21.6	)		0.2			(2.3	)		—			(9.1	)
Cash & cash equivalents, beginning of period		6.2			34.4			38.2			7.4			—			86.2
Cash & cash equivalents, end of period	$	20.8		$	12.8		$	38.4		$	5.1		$	—		$	77.1

Condensed Consolidating Statement of Cash Flows

For the year ended January 3, 2015

(in millions of U.S. dollars)

							DSS			DSS
	Cott			DS Services of			Guarantor			Non-Guarantor			Elimination
	Corporation			America, Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by operating activities	$	42.0		$	9.2		$	56.6		$	12.7		$	(63.8	)	$	56.7
Investing Activities
Acquisition, net of cash received		—			—			(798.5	)		—			—			(798.5	)
Additions to property, plant & equipment		(1.9	)		(3.6	)		(40.4	)		(0.8	)		—			(46.7	)
Additions to intangible assets		—			—			(6.9	)		—			—			(6.9	)
Proceeds from sale of property, plant & equipment		—			—			1.8			—			—			1.8
Net cash used in investing activities		(1.9	)		(3.6	)		(844.0	)		(0.8	)		—			(850.3	)
Financing Activities
Payments of long-term debt		(0.1	)		—			(392.4	)		(1.1	)		—			(393.6	)
Issue of long-term debt		—			—			1,150.0			—			—			1,150.0
Borrowings under ABL		—			—			959.0			—			—			959.0
Payments under ABL		—			—			(779.6	)		—			—			(779.6	)
Distributions to non-controlling interests		—			—			—			(8.5	)		—			(8.5	)
Financing fees		—			—			(24.0	)		—			—			(24.0	)
Common shares repurchased and cancelled		(12.1	)		—			—			—			—			(12.1	)
Dividends to common shareholders		(22.8	)		—			—			—			—			(22.8	)
Payment of deferred consideration for acquisitions		—			—			(32.4	)		—			—			(32.4	)
Intercompany financing transactions		—			28.8			(28.8	)		—			—			—
Other financing activities		—			—			(0.3	)		—			—			(0.3	)
Intercompany dividends		—			—			(63.8	)		—			63.8			—
Net cash (used in) provided by financing activities		(35.0	)		28.8			787.7			(9.6	)		63.8			835.7
Effect of exchange rate changes on cash		(0.4	)		—			(2.3	)		(0.4	)		—			(3.1	)
Net increase (decrease) in cash & cash equivalents		4.7			34.4			(2.0	)		1.9			—			39.0
Cash & cash equivalents, beginning of period		1.5			—			40.2			5.5			—			47.2
Cash & cash equivalents, end of period	$	6.2		$	34.4		$	38.2		$	7.4		$	—		$	86.2

Cott Beverages Inc. [Member]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the year ended December 31, 2016

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Revenue, net	$	157.5		$	701.3		$	2,155.8		$	278.3		$	(57.0	)	$	3,235.9
Cost of sales		132.7			593.3			1,339.7			153.0			(57.0	)		2,161.7
Gross profit		24.8			108.0			816.1			125.3			—			1,074.2
Selling, general and administrative expenses		38.4			89.8			716.5			113.4			—			958.1
(Gain) loss on disposal of property, plant & equipment		(0.7	)		0.8			6.0			—			—			6.1
Acquisition and integration expenses		—			17.9			7.1			2.8			—			27.8
Operating (loss) income		(12.9	)		(0.5	)		86.5			9.1			—			82.2
Other (income) expense, net		(1.9	)		(1.3	)		5.1			2.0			—			3.9
Intercompany interest (income) expense, net		(2.4	)		(42.5	)		42.5			2.4			—			0.0
Interest expense (income), net		14.7			80.4			29.3			(0.2	)		—			124.2
(Loss) income before income tax expense (benefit) and equity (loss) income		(23.3	)		(37.1	)		9.6			4.9			—			(45.9	)
Income tax expense (benefit)		8.3			34.0			(16.6	)		(0.1	)		—			25.6
Equity (loss) income		(46.2	)		6.6			0.3			—			39.3			—
Net (loss) income	$	(77.8	)	$	(64.5	)	$	26.5		$	5.0		$	39.3		$	(71.5	)
Less: Net income attributable to non-controlling interests		—			—			—			6.3			—			6.3
Net (loss) income attributed to Cott Corporation	$	(77.8	)	$	(64.5	)	$	26.5		$	(1.3	)	$	39.3		$	(77.8	)
Comprehensive (loss) income attributed to Cott Corporation	$	(119.5	)	$	(67.9	)	$	173.4		$	(1.2	)	$	(104.3	)	$	(119.5	)

Condensed Consolidating Statement of Operations

For the year ended January 2, 2016

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor		Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries		Entries			Consolidated
Revenue, net	$	147.7		$	715.0		$	2,008.7		$	131.6	$	(59.0	)	$	2,944.0
Cost of sales		124.6			611.5			1,266.0			105.4		(59.0	)		2,048.5
Gross profit		23.1			103.5			742.7			26.2		—			895.5
Selling, general and administrative expenses		23.3			91.6			641.4			12.3		—			768.6
Loss on disposal of property, plant & equipment		0.1			0.5			6.3			—		—			6.9
Acquisition and integration expenses		—			3.2			17.4			—		—			20.6
Operating (loss) income		(0.3	)		8.2			77.6			13.9		—			99.4
Other (income) expense, net		(8.6	)		—			(1.0	)		0.1		—			(9.5	)
Intercompany interest (income) expense, net		(4.9	)		(51.2	)		56.1			—		—			—
Interest expense, net		0.2			80.1			30.7			—		—			111.0
Income (loss) before income tax expense (benefit) and equity income (loss)		13.0			(20.7	)		(8.2	)		13.8		—			(2.1	)
Income tax expense (benefit)		1.6			(14.8	)		(9.6	)		0.1		—			(22.7	)
Equity income (loss)		3.1			6.1			(0.3	)		—		(8.9	)		—
Net income	$	14.5		$	0.2		$	1.1		$	13.7	$	(8.9	)	$	20.6
Less: Net income attributable to non-controlling interests		—			—			—			6.1		—			6.1
Less: Accumulated dividends on convertible shares		4.5			—			—			—		—			4.5
Less: Accumulated dividends on non-convertible shares		1.4			—			—			—		—			1.4
Less: Foreign exchange impact on redemption of preferred shares		12.0			—			—			—		—			12.0
Net (loss) income attributed to Cott Corporation	$	(3.4	)	$	0.2		$	1.1		$	7.6	$	(8.9	)	$	(3.4	)
Comprehensive (loss) income attributed to Cott Corporation	$	(29.3	)	$	(7.9	)	$	27.9		$	11.4	$	(31.4	)	$	(29.3	)

Condensed Consolidating Statement of Operations

For the year ended January 3, 2015

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor		Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries		Entries			Consolidated
Revenue, net	$	166.3		$	745.1		$	1,102.6		$	137.9	$	(49.1	)	$	2,102.8
Cost of sales		144.8			643.2			972.8			114.6		(49.1	)		1,826.3
Gross profit		21.5			101.9			129.8			23.3		—			276.5
Selling, general and administrative expenses		23.1			85.9			92.7			12.0		—			213.7
Loss on disposal of property, plant & equipment		0.2			0.1			1.3			0.1		—			1.7
Restructuring		2.1			0.3			—			—		—			2.4
Asset impairments		0.9			0.8			—			—		—			1.7
Acquisition and integration expenses		—			38.8			2.5			—		—			41.3
Operating (loss) income		(4.8	)		(24.0	)		33.3			11.2		—			15.7
Other (income) expense, net		(10.9	)		21.8			10.0			0.1		—			21.0
Intercompany interest (income) expense, net		(0.7	)		(18.4	)		19.1			—		—			—
Interest expense, net		0.2			37.2			2.2			0.1		—			39.7
Income (loss) before income tax expense (benefit) and equity income		6.6			(64.6	)		2.0			11.0		—			(45.0	)
Income tax expense (benefit)		0.3			(59.6	)		(2.7	)		0.6		—			(61.4	)
Equity income		4.5			6.1			—			—		(10.6	)		—
Net income	$	10.8		$	1.1		$	4.7		$	10.4	$	(10.6	)	$	16.4
Less: Net income attributable to non-controlling interests		—			—			—			5.6		—			5.6
Less: Accumulated dividends on convertible shares		0.6			—			—			—		—			0.6
Less: Accumulated dividends on non-convertible shares		0.2			—			—			—		—			0.2
Net income attributed to Cott Corporation	$	10.0		$	1.1		$	4.7		$	4.8	$	(10.6	)	$	10.0
Comprehensive (loss) income attributed to Cott Corporation	$	(23.4	)	$	(31.5	)	$	15.4		$	8.5	$	7.6		$	(23.4	)

Consolidating Balance Sheet

Consolidating Balance Sheet

As of December 31, 2016

(in millions of U.S. dollars)

							Cott		Cott
	Cott			Cott			Guarantor		Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries		Subsidiaries			Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	4.8		$	3.1		$	71.7	$	38.5		$	—		$	118.1
Accounts receivable, net of allowance		27.4			73.3			443.1		93.7			(233.6	)		403.9
Inventories		14.0			72.0			194.3		21.1			—			301.4
Prepaid expenses and other assets		1.4			4.3			19.4		4.7			—			29.8
Total current assets		47.6			152.7			728.5		158.0			(233.6	)		853.2
Property, plant & equipment, net		27.5			154.4			640.8		107.2			—			929.9
Goodwill		20.3			4.5			867.9		282.7			—			1,175.4
Intangible assets, net		0.1			66.2			675.6		197.8			—			939.7
Deferred tax assets		—			6.0			—		0.2			(6.0	)		0.2
Other assets, net		1.2			17.0			20.7		2.4			—			41.3
Due from affiliates		943.2			580.2			343.1		—			(1,866.5	)		—
Investments in subsidiaries		361.9			847.3			989.8		—			(2,199.0	)		—
Total assets	$	1,401.8		$	1,828.3		$	4,266.4	$	748.3		$	(4,305.1	)	$	3,939.7
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$	—		$	207.0		$	—	$	—		$	—		$	207.0
Current maturities of long-term debt		—			2.5			0.2		3.0			—			5.7
Accounts payable and accrued liabilities		66.5			261.9			369.3		133.3			(233.6	)		597.4
Total current liabilities		66.5			471.4			369.5		136.3			(233.6	)		810.1
Long-term debt		464.3			1,135.6			385.3		2.8			—			1,988.0
Deferred tax liabilities		1.0			—			136.2		26.6			(6.0	)		157.8
Other long-term liabilities		0.5			24.4			63.5		21.6			—			110.0
Due to affiliates		1.0			142.1			1,233.6		489.8			(1,866.5	)		—
Total liabilities		533.3			1,773.5			2,188.1		677.1			(2,106.1	)		3,065.9
Equity
Common shares, no par		909.3			834.8			1,648.7		149.7			(2,633.2	)		909.3
Additional paid-in-capital		54.2			—			—		—			—			54.2
Retained earnings (deficit)		22.9			(759.9	)		251.9		(92.9	)		600.9			22.9
Accumulated other comprehensive (loss) income		(117.9	)		(20.1	)		177.7		9.1			(166.7	)		(117.9	)
Total Cott Corporation equity		868.5			54.8			2,078.3		65.9			(2,199.0	)		868.5
Non-controlling interests		—			—			—		5.3			—			5.3
Total equity		868.5			54.8			2,078.3		71.2			(2,199.0	)		873.8
Total liabilities and equity	$	1,401.8		$	1,828.3		$	4,266.4	$	748.3		$	(4,305.1	)	$	3,939.7

Consolidating Balance Sheet

As of January 2, 2016

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	20.8		$	1.0		$	50.2		$	5.1		$	—		$	77.1
Accounts receivable, net of allowance		18.3			63.3			361.8			13.0			(163.1	)		293.3
Inventories		13.0			76.7			154.1			5.6			—			249.4
Prepaid expenses and other assets		2.2			5.2			11.0			0.4			—			18.8
Total current assets		54.3			146.2			577.1			24.1			(163.1	)		638.6
Property, plant & equipment, net		29.7			163.3			570.1			6.7			—			769.8
Goodwill		19.8			4.5			735.3			—			—			759.6
Intangible assets, net		0.1			69.8			611.4			2.8			—			684.1
Deferred tax assets		7.4			38.2			—			0.2			(38.2	)		7.6
Other assets, net		0.7			9.4			17.5			—						27.6
Due from affiliates		400.1			587.5			2.6			—			(990.2	)		—
Investments in subsidiaries		176.3			847.3			702.5			—			(1,726.1	)		—
Total assets	$	688.4		$	1,866.2		$	3,216.5		$	33.8		$	(2,917.6	)	$	2,887.3
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$	—		$	122.0		$	—		$	—		$	—		$	122.0
Current maturities of long-term debt		—			2.6			0.4			0.4			—			3.4
Accounts payable and accrued liabilities		47.6			234.6			310.2			8.3			(163.1	)		437.6
Total current liabilities		47.6			359.2			310.6			8.7			(163.1	)		563.0
Long-term debt		—			1,134.1			391.3			—			—			1,525.4
Deferred tax liabilities		—			—			114.7			—			(38.2	)		76.5
Other long-term liabilities		0.5			20.0			54.9			1.1			—			76.5
Due to affiliates		1.0			1.6			959.4			28.2			(990.2	)		—
Total liabilities		49.1			1,514.9			1,830.9			38.0			(1,191.5	)		2,241.4
Equity
Common shares, no par		534.7			701.5			1,486.9			38.6			(2,227.0	)		534.7
Additional paid-in-capital		51.2			—			—			—			—			51.2
Retained earnings (deficit)		129.6			(333.5	)		(132.1	)		(58.4	)		524.0			129.6
Accumulated other comprehensive (loss) income		(76.2	)		(16.7	)		30.8			9.0			(23.1	)		(76.2	)
Total Cott Corporation equity		639.3			351.3			1,385.6			(10.8	)		(1,726.1	)		639.3
Non-controlling interests		—			—			—			6.6			—			6.6
Total equity		639.3			351.3			1,385.6			(4.2	)		(1,726.1	)		645.9
Total liabilities and equity	$	688.4		$	1,866.2		$	3,216.5		$	33.8		$	(2,917.6	)	$	2,887.3

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the year ended December 31, 2016

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by (used in) operating activities	$	127.5		$	(37.0	)	$	152.9		$	88.1		$	(61.7	)	$	269.8
Investing Activities
Acquisition, net of cash received		(954.0	)		—			(5.4	)		—			—			(959.4	)
Additions to property, plant & equipment		(1.5	)		(24.7	)		(102.1	)		(11.5	)		—			(139.8	)
Additions to intangible assets		—			(3.3	)		(4.4	)		(0.4	)		—			(8.1	)
Proceeds from sale of property, plant & equipment		0.8			0.2			5.9			1.9			—			8.8
Proceeds from insurance recoveries		—			1.5			—			—			—			1.5
Other investing activities		—			—			0.4			—			—			0.4
Net cash used in investing activities		(954.7	)		(26.3	)		(105.6	)		(10.0	)		—			(1,096.6	)
Financing Activities
Payments of long-term debt		—			(2.7	)		(0.2	)		(0.7	)		—			(3.6	)
Issuance of long-term debt		498.7			—			—			—			—			498.7
Borrowings under ABL		176.4			2,225.2			—			1.6			—			2,403.2
Payments under ABL		(178.7	)		(2,140.2	)		—			(1.4	)		—			(2,320.3	)
Distributions to non-controlling interests		—			—			—			(7.7	)		—			(7.7	)
Issuance of common shares		366.8			—			—			—			—			366.8
Financing fees		(13.5	)		—			—			—			—			(13.5	)
Common shares repurchased and cancelled		(5.7	)		—			—			—			—			(5.7	)
Dividends to common shareholders		(31.4	)		—			—			—			—			(31.4	)
Payment of deferred consideration for acquisitions		—			—			(10.8	)		—			—			(10.8	)
Intercompany dividends		—			(16.9	)		(10.1	)		(34.7	)		61.7			—
Net cash provided by (used in) financing activities		812.6			65.4			(21.1	)		(42.9	)		61.7			875.7
Effect of exchange rate changes on cash		(1.4	)		—			(4.7	)		(1.8	)		—			(7.9	)
Net (decrease) increase in cash & cash equivalents		(16.0	)		2.1			21.5			33.4			—			41.0
Cash & cash equivalents, beginning of period		20.8			1.0			50.2			5.1			—			77.1
Cash & cash equivalents, end of period	$	4.8		$	3.1		$	71.7		$	38.5		$	—		$	118.1

Condensed Consolidating Statement of Cash Flows

For the year ended January 2, 2016

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by operating activities	$	56.2		$	127.4		$	106.5		$	17.3		$	(52.8	)	$	254.6
Investing Activities
Acquisition, net of cash received		—			—			(24.0	)		—			—			(24.0	)
Additions to property, plant & equipment		(2.0	)		(22.3	)		(85.2	)		(1.3	)		—			(110.8	)
Additions to intangible assets		—			(1.5	)		(3.1	)		—			—			(4.6	)
Proceeds from sale of property, plant & equipment and sale-leaseback		—			16.0			24.9			—			—			40.9
Other investing activities		—			—			(1.2	)		—			—			(1.2	)
Net cash used in investing activities		(2.0	)		(7.8	)		(88.6	)		(1.3	)		—			(99.7	)
Financing Activities
Payments of long-term debt		(0.1	)		(2.6	)		(0.3	)		(0.7	)		—			(3.7	)
Borrowings under ABL		—			950.2			44.3			—			—			994.5
Payments under ABL		—			(1,057.3	)		(44.5	)		—			—			(1,101.8	)
Distributions to non-controlling interests		—			—			—			(8.5	)		—			(8.5	)
Issuance of common shares		143.1			—			—			—			—			143.1
Financing fees		—			(0.6	)		—			—			—			(0.6	)
Preferred shares repurchased and cancelled		(148.8	)		—			—			—			—			(148.8	)
Common shares repurchased and cancelled		(0.8	)		—			—			—			—			(0.8	)
Dividends to common and preferred shareholders		(31.0	)		—			—			—			—			(31.0	)
Payment of deferred consideration for acquisitions		—			—			(2.5	)		—			—			(2.5	)
Intercompany dividends		—			(16.9	)		(27.1	)		(8.8	)		52.8			—
Net cash used in financing activities		(37.6	)		(127.2	)		(30.1	)		(18.0	)		52.8			(160.1	)
Effect of exchange rate changes on cash		(2.0	)		—			(1.6	)		(0.3	)		—			(3.9	)
Net increase (decrease) in cash & cash equivalents		14.6			(7.6	)		(13.8	)		(2.3	)		—			(9.1	)
Cash & cash equivalents, beginning of period		6.2			8.6			64.0			7.4			—			86.2
Cash & cash equivalents, end of period	$	20.8		$	1.0		$	50.2		$	5.1		$	—		$	77.1

Condensed Consolidating Statement of Cash Flows

For the year ended January 3, 2015

(in millions of U.S. dollars)

							Cott			Cott
	Cott			Cott			Guarantor			Non-Guarantor			Elimination
	Corporation			Beverages Inc.			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by (used in) operating activities	$	42.0		$	(29.2	)	$	112.9		$	21.5		$	(90.5	)	$	56.7
Investing Activities
Acquisition, net of cash received		—			(798.5	)		—			—			—			(798.5	)
Additions to property, plant & equipment		(1.9	)		(27.1	)		(16.9	)		(0.8	)		—			(46.7	)
Additions to intangible assets		—			(6.9	)		—			—			—			(6.9	)
Proceeds from sale of property, plant & equipment		—			1.7			—			0.1			—			1.8
Net cash used in investing activities		(1.9	)		(830.8	)		(16.9	)		(0.7	)		—			(850.3	)
Financing Activities
Payments of long-term debt		(0.1	)		(392.0	)		(0.4	)		(1.1	)		—			(393.6	)
Issue of long-term debt		—			1,150.0			—			—			—			1,150.0
Borrowings under ABL		—			959.0			—			—			—			959.0
Payments under ABL		—			(746.2	)		(33.4	)		—			—			(779.6	)
Distributions to non-controlling interests		—			—			—			(8.5	)		—			(8.5	)
Financing fees		—			(24.0	)		—			—			—			(24.0	)
Common shares repurchased and cancelled		(12.1	)		—			—			—			—			(12.1	)
Dividends to common and preferred shareholders		(22.8	)		—			—			—			—			(22.8	)
Payment of deferred consideration for acquisitions		—			(32.4	)		—			—			—			(32.4	)
Intercompany financing transactions		—			(28.8	)		28.8			—			—			—
Other financing activities		—			(0.3	)		—			—			—			(0.3	)
Intercompany dividends		—			(17.8	)		(63.8	)		(8.9	)		90.5			—
Net cash (used in) provided by financing activities		(35.0	)		867.5			(68.8	)		(18.5	)		90.5			835.7
Effect of exchange rate changes on cash		(0.4	)		—			(2.3	)		(0.4	)		—			(3.1	)
Net increase in cash & cash equivalents		4.7			7.5			24.9			1.9			—			39.0
Cash & cash equivalents, beginning of period		1.5			1.1			39.1			5.5			—			47.2
Cash & cash equivalents, end of period	$	6.2		$	8.6		$	64.0		$	7.4		$	—		$	86.2