Financial Statement Analysis

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CoorsFinancialStatements.xlsx
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CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions Dec. 31, 2017 Dec. 31, 2016
Current assets:
Cash and cash equivalents $ 418.6 $ 560.9
Accounts and other receivables:
Trade, less allowance for doubtful accounts of $17.2 and $10.7, respectively 728.3 654.4
Affiliate receivables 5.5 15.1
Other receivables, less allowance for doubtful accounts of $0.5 and $0.6, respectively 168.2 135.8
Inventories:
Inventories, less allowance for obsolete inventories of $8.1 and $3.3, respectively 591.5 592.7
Other current assets, net 277.6 210.7
Total current assets 2,189.7 2,169.6
Properties, less accumulated depreciation of $2,096.6 and $1,499.3, respectively 4,673.7 4,507.4
Goodwill 8,405.5 8,250.1
Other intangibles, less accumulated amortization of $662.3 and $404.0, respectively 14,296.5 14,031.9
Other assets 681.5 382.5
Total assets 30,246.9 29,341.5
Current liabilities:
Accounts payable and other current liabilities (includes affiliate payable amounts of $0.4 and $2.1, respectively) 2,679.6 2,467.7
Current portion of long-term debt and short-term borrowings 714.8 684.8
Discontinued operations 4.9 5
Total current liabilities 3,399.3 3,157.5
Long-term debt 10,598.7 11,387.7
Pension and postretirement benefits 848.5 1,196
Deferred tax liabilities 1,648.6 1,699
Other liabilities 304.4 267
Discontinued operations 12.4 12.6
Total liabilities 16,811.9 17,719.8
Commitments and contingencies
Molson Coors Brewing Company stockholders' equity
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) 0 0
Paid-in capital 6,688.5 6,635.3
Retained earnings 7,206.1 6,145.3
Accumulated other comprehensive income (loss) (860) (1,571.8)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively) (471.4) (471.4)
Total Molson Coors Brewing Company stockholders' equity 13,226.1 11,418.7
Noncontrolling interests 208.9 203
Total equity 13,435 11,621.7
Total liabilities and equity 30,246.9 29,341.5

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions 12 Months Ended
Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015
Sales Revenue, Goods, Gross $ 13,471.5 $ 6,597.4 $ 5,127.4
Excise taxes (2,468.7) (1,712.4) (1,559.9)
Net sales 11,002.8 4,885 3,567.5
Cost of goods sold (6,217.2) (2,987.5) (2,131.6)
Gross profit 4,785.6 1,897.5 1,435.9
Marketing, general and administrative expenses (3,032.4) (1,589.8) (1,038.3)
Special items, net (28.1) 2,522.4 (346.7)
Equity Income Loss in Equity Method Investment 0 500.9 516.3
Operating income (loss) 1,725.1 3,331 567.2
Other income (expense), net
Interest expense 343.3 244.1 111.1
Income (loss) from continuing operations before income taxes 1,381.7 3,056.9 456.1
Income tax benefit (expense) 53.2 (1,055.2) (61.5)
Net income (loss) from continuing operations 1,434.9 2,001.7 394.6
Basic net income (loss) per share:
Basic net income (loss) (in dollars per share) 6.57 9.40 2.13

Ratios

Solvency
Working Capital CA - CL
Current Ratio CA/CL
Acid Test ratio (Cash + Mkt Securities + Receivables)/CL
Inventory turnover CGS/Avg Inventory
A/R Turnover Sales/Avg Accounts Receivable
Debt to Equity TL / OE
Times Interest Earned (Net Income + Tax expense + Interest expense)/Interest Expense
Performance
Asset Turnover Sales / Avg Total Assets
Return on Sales (Net Income + net-of-tax interest)/Sales
Return on Assets (Net Income + net-of-tax interest)/Avg Total Assets
Return on Equity Net Income / Avg OE
Average Interest Rate interest expense / Avg Total Liabilities
Gross Margin (Gross Profit/Sales) Gross Profit / Sales