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Molson Coors Reports Higher Net Sales And Lower Underlying After-Tax Income For The Fourth Quarter 2012

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.


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.

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