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Molson Coors Brewing Company 2015 Third Quarter Earnings

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Molson Coors Brewing Company 2015 Third Quarter Earnings Molson Coors Brewing Company 2015 Third Quarter Earnings Conference Call November 5, 2015 Speakers: 1) Mark Hunter, President and Chief Executive Officer 2) Gavin Hattersley, Chief Financial Officer ------------------------------------------------------------------ [Operator:] Good morning, and welcome to the Molson Coors Brewing Company 3rd quarter 2015 Earnings Conference Call. Now, I will turn the call over to Dave Dunnewald, Global Vice President of investor relations for Molson Coors. [Dave Dunnewald:] Thank you Leanne and good morning to everyone on our earnings conference call today. Before we begin, I will paraphrase the company’s Safe Harbor language. Some of our discussion today may include "forward-looking statements." Actual results could differ materially from what we project today, so please refer to its most recent 10-K and 10-Q filings for a more complete description of factors that could affect these projections. Our company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Regarding any non-US GAAP measures that may be discussed during the call and from time to time by the Company’s executives in discussing our performance, please visit the company’s website – www.molsoncoors.com – and click on the financial reporting tab of the investor relations page for a reconciliation of these measures to the nearest US GAAP results. Also, unless otherwise indicated, all financial results the company discusses are versus the comparable prior-year period and in US Dollars. As you know, Anheuser-Busch InBev announced yesterday a further extension of its Possible Offer for all of the outstanding share capital of SABMiller, and there has been some related press speculation that mentions Molson Coors. As a matter of policy, Molson Coors does not comment on market rumors, and we will not be discussing the AB InBev / SABMiller situation on our call this morning, including during our Q&A session at the end. We will devote our time this morning to our 3rd quarter financial results and outlook for the balance of 2015. Now, I would like to turn the call over to Mark Hunter, President and CEO of Molson Coors…. [Mark Hunter:] Thanks, Dave. Hello and welcome everybody to the Molson Coors earnings call.... We appreciate your joining us today. 1 With me on the call this morning • Gavin Hattersley, CFO of Molson Coors and CEO of MillerCoors, • Stewart Glendinning, Canada CEO, • Simon Cox, CEO of Europe, • Kandy Anand, International CEO • Sam Walker, our Chief Legal and People Officer, • Brian Tabolt, our Controller, and… • Dave Dunnewald, VP of Investor Relations. In the 3rd quarter, our worldwide volume increased 0.7%, driven by strong growth in Europe and International. Underlying earnings were lower due to unfavorable foreign currency, increased brand investments, and the termination of our Miller brands agreement in Canada and the Modelo brands and Heineken brewing contracts in the UK earlier this year. We increased gross margins on a consolidated basis, driven by the US and Europe. We invested more in our brands in all of our businesses except International, where lower marketing was primarily due to the substantial restructuring of our China business this year. In the quarter, we continued to transform our portfolio toward above-premium, craft and cider; we expanded the depth and reach of our international brands in fast-growing markets; and we increased our commercial capability. We also continued to drive meaningful cash generation and disciplined cash and capital allocation. More Specifically: In the US, MillerCoors achieved its best quarterly performance in Premium Lights in three years, as both Coors Light and Miller Lite built momentum and grew share of the segment. We continued to roll out Coors Light’s new visual identity, and Miller Lite launched its Steinie bottle and grew quarterly volume for the second time in the past year. Outside of the US and Canada, Coors Light grew strongly -- and we will soon launch our largest global brand into the highly profitable Colombian market. MillerCoors announced the acquisition of a majority interest in the Saint Archer Brewing Company, a San Diego-based brewer of award-winning craft ales. This acquisition will further strengthen our global craft portfolio, which grew nearly 10% in the 3rd quarter. The integration of the Rekorderlig cider business into our UK and Ireland portfolio has gone well, and our global cider portfolio grew at a low-single-digit rate in the quarter. We continued to restructure our business to ensure we are fit for the future, including the restructuring of our China business, the planned closure of the MillerCoors Eden Brewery next year (following the closure of our Alton, UK, brewery in May this year) and importantly we have reached an agreement to sell our Vancouver Brewery, which will allow us to build a more efficient and flexible brewery in British Columbia. Other 3rd quarter performance headlines are as follows: Worldwide volume increased 0.7%, driven by Europe and International – and despite the impact of the termination of our Miller brands agreement in Canada and the Modelo brands contract in the UK this year. Coors Light volume grew 1% globally, driven by nearly 20% volume growth outside the US and Canada. Our net sales per hectoliter decreased 2.3% in constant currency, driven by mix changes within our Europe and International businesses, including the impact of terminating the Modelo brands 2 and Heineken contract-brewing agreements in the UK. We grew net pricing in the US, Canada and Europe in local currency. Constant currency net sales increased 0.7% due to higher volume in Europe and International, along with positive net pricing in Canada and Europe. By adding in the effect of foreign currency, reported net sales declined 12.9%. Underlying pretax income of $295.4 million was down 10.9% but decreased 1.7% on a constant currency basis, with the key drivers being increased brand investment and the well- documented contract terminations. Underlying after-tax income decreased 4.3%, driven by unfavorable foreign currency, higher brand investments and terminated contracts. These factors were partially offset by higher volume, positive net pricing, a lower tax rate, and results of cost savings initiatives. US GAAP net income from continuing operations increased $49.4 million from a year ago, due to lower brand impairment charges this year in Europe. We incurred impairment charges of $275 million this quarter related to some of our Europe brands, including the Jelen brand, because of continued economic and competitive challenges and increased discount rates across the region. We also have changed the accounting treatment of these brands from indefinite- lived to definite-lived, which we expect to increase amortization expense by approximately $15 million per year, based on current foreign exchange rates. Underlying EBITDA in the quarter was $420.2 million, a 10.4% decrease from a year ago, driven almost entirely by unfavorable foreign currency movements. Year to date underlying EBITDA was $1.104 billion, down 7.7% from a year ago. We continued to implement our four-year, $1 billion stock buy-back program, with $50 million of cash used in the 3rd quarter to repurchase more than 689,000 Class B common shares from July through early October. Please note that in August, we committed another $50 million of cash to be used for stock repurchases during the 4th quarter under our accelerated share repurchase program. In terms of regional highlights: US underlying pretax income decreased 7.5% due to lower volume, including a reduction in distributor inventories versus a year ago and continued softness in our economy portfolio, along with higher investments in brands and technology, as discussed on our last earnings call. These factors were partially offset by positive net pricing and mix, supply chain cost savings, and lower brewing, packaging material and fuel costs. One significant news item for MillerCoors, was the appointment of Gavin as CEO in September. Gavin has quickly taken action across a number of areas to energize and focus the entire organization. In brands, Coors Light and Miller Lite both grew share of segment and improved volume trends in the 3rd quarter versus the first half of this year. Meanwhile, Miller Lite and Coors Banquet grew volume and overall market share. The US portfolio transformation toward the above-premium segment continued, with lead brands Blue Moon Belgian White, Leinenkugel’s and the Redd’s family each growing volume. Through Tenth and Blake, the leading craft brewer in the US, MillerCoors expanded its growing craft portfolio with the acquisition of Saint Archer Brewing, which was completed in October. We are excited about the growth opportunity offered by the Saint Archer brands, which represent a variety of styles that are complementary to the current Tenth and Blake portfolio – including some outstanding India Pale Ales. The US team also announced the planned closure of its Eden, North Carolina, brewery. In Canada, underlying pretax income decreased 5.4% in constant currency, primarily due to the negative impact of terminating our Miller brands agreement at the end of March this year. The effect of lower volume in the quarter was partially offset by positive pricing and substantial cost savings. Including the impact of unfavourable foreign currency, underlying earnings declined by 3 18.9%. Canada sales to retail, or STRs, declined 4.9%, primarily due to the termination of the Miller contract. Excluding the Miller brands, STRs declined 0.5%. In core brands, Coors Light and Molson Canadian volumes declined in the quarter, but trends improved versus the 2nd quarter as we rolled out new advertising and commercial executions for Coors Light.
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