TAP Molson Coors Ny Investor Deck Final 2018
TAP Molson Coors Ny Investor Deck Final 2018
TAP Molson Coors Ny Investor Deck Final 2018
1
FORWARD LOOKING STATEMENTS
This presentation includes estimates or projections that constitute “forward-looking statements” within the meaning of the U.S. federal securities
laws. Generally, the words “believe,” “expect,” “intend,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements,
which generally are not historic in nature. Although the Company believes that the assumptions upon which its forward-looking statements are
based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results
to differ materially from the Company’s historical experience, and present projections and expectations are disclosed in the Company’s filings
with the Securities and Exchange Commission (“SEC”). These factors include, among others, our ability to successfully integrate the acquisition of
MillerCoors; our ability to achieve expected tax benefits, accretion and cost savings and synergies; impact of increased competition resulting
from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and our brands in our markets;
economic conditions in our markets; additional impairment charges; our ability to maintain manufacturer/distribution agreements; changes in
our supply chain system; availability or increase in the cost of packaging materials; success of our joint ventures; risks relating to operations in
developing and emerging markets; changes in legal and regulatory requirements, including the regulation of distribution systems; fluctuations in
foreign currency exchange rates; increase in the cost of commodities used in the business; the impact of climate change and the availability and
quality of water; loss or closure of a major brewery or other key facility; our ability to implement our strategic initiatives, including executing and
realizing cost savings; our ability to successfully integrate newly acquired businesses; pension plan and other post retirement benefit costs;
failure to comply with debt covenants or deterioration in our credit rating; our ability to maintain good labor relations; our ability to maintain
brand image, reputation and product quality; and other risks discussed in our filings with the SEC, including our most recent Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this presentation are expressly qualified by such
cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward looking statements,
which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new
information, future events or otherwise.
Non-GAAP Information
STABILIZE BELOW PREMIUM
Please see our most recent earnings release or visit the investor relations page of our website – www.molsoncoors.com – to find disclosure and
applicable reconciliations of non-GAAP financial measures discussed in this presentation.
2
INVESTORS PRESENTATION - NEW YORK, JUNE 6, 2018
M A RK H U N T E R, C E O, M O L S O N CO O RS
Corporate Overview and Strategic Focus
G A V I N H A T T E R S L E Y, C E O , M I L L E R C O O R S
US Context and Strategy
T R A C E Y J O U B E RT, C F O, M O L S O N C O O R S
Strategies to grow profit, cash, total shareholder return
CLOSING REMARKS
Q&A
RECEPTION
2018
KEY TAKEAWAYS
4
MOLSON COORS TODAY – A BIGGER, BETTER BUSINESS
MILLERCOORS TRANSACTION ALMOST DOUBLED COMPANY SIZE
Absolute
FY 2015 FY 2017
Growth
Worldwide Brand
58 million 94 million 62%
Volume (HL)*
* 2015 includes
proportionate volume
and net sales from
MillerCoors (42%)
5
EARNING MORE TO DRIVE VALUE
TRANSACTION STEP CHANGES EBITDA SCALE
27%
$2,497
$2,500 $2,404
25%
$2,000
23%
$1,469 $1,471 22.7%
$1,500 $1,398
$1,267 $1,331 21.9% 21%
$1,000
19.6% 19.8% 19%
19.5% 19.5%
18.9%
$500 17%
$0 15%
2011 2012 2013 2014 2015 2016PF 2017
EBITDA Margin
(1) Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the
nearest U.S. GAAP earnings. 2016 results are pro forma for the MillerCoors transaction and reflect changes in accounting for pensions and discontinued operations.
See reconciliation to nearest U.S. GAAP measures on our website. Fiscal year 2011 through 2015 historical financial information has not be adjusted to reflect our
change in method of calculating the market-related value of pension plan assets used to determine net periodic pension cost nor our reclassification of the foreign
6 exchange activity related to discontinued operations. Fiscal year 2016 and 2017 financial information has been adjusted to reflect these changes.
Note: Underlying EBITDA margin is calculated by dividing underlying EBITDA by net sales (including 42% of MillerCoors net sales in 2011-2015).
MOLSON COORS 2017
WORLDWIDE UNDERLYING
BRAND VOLUME EBITDA
Actual
5%
(FY 2017)
16%
<1%
25%
13%
Net Sales $11.0B
62%
8%
71% WW Brand Volume 94M HLs
Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest
7 U.S. GAAP earnings. See reconciliation to nearest U.S. GAAP measures on our website.
EMPLOYEE ENGAGEMENT
BUILDING FROM PURPOSE TO PERFORMANCE
EMPLOYEE
18,000 EMPLOYEES WORLDWIDE 81% ENGAGEMENT 2017
CANADA
UK
IRELAND
CZECH SLOVAKIA
SOUTH
ROMANIA
CROATIA KOREA
BULGARIA
USA DOMINICAN SERBIA JAPAN
SPAIN ITALY
REPUBLIC MONTENEGRO
BOSNIA&HZ
MEXICO TURKS &
PUERTO
HONDURAS CAICOS
RICO
GUATEMALA TAIWAN
US VIRGIN
ISLES
EL SALVADOR
ST MAARTEN GUAM & MICRONESIA
NICARAGUA INDIA
TRINIDAD & SINGAPORE
COSTA RICA
TOBAGO
PANAMA
ECUADOR
COLOMBIA
ZAMBIA
FIRST CHOICE
PARAGUAY
URUGUAY
SOUTH
AFRICA
AUSTRALIA
90% ALIGNMENT 2017
CHILE
ARGENTINA
8
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
9
USE LESS
D R I V I N G T H E B OT TO M - L I N E B Y E X PA N D I N G E B I T D A M A R G I N
E N H A N C E D C O M M E R C I A L C A PA B I L I T I E S W I L L D R I V E TO P & B OT TO M L I N E
10
INVEST WISELY
DRIVING SHAREHOLDER RETURN
E N H A N C E D C O M M E R C I A L C A PA B I L I T I E S W I L L D R I V E TO P & B OT TO M L I N E
MAPPING COVERS OCCASIONS AND KEY PRICE POINTS, AS WELL AS FUNCTIONAL AND EMOTIONAL BENEFITS
No.2
No.1
No.3 No.2
16
NATIONAL CHAMPIONS
ELEVEN NO.1 OR NO.2 POSITIONS IN CORE MARKET SEGMENTS
STAROPRAMEN
STAROPRAMEN SLOVAKIA #2
COORS LIGHT MOLSON CZECH #4
CANADA #2 CANADIAN
CANADA #4
BORSODI #2
MILLER UK HUNGARY
BERGENBIER
LITE ROMANIA #2
USA #3
CARLING CZECH
CANADA
UK #1 SLOVAKIA
OZUJSKO HUNGARY
CROATIA #1 ROMANIA
CROATIA
USA BOSNIA
& HZ
SERBIA
MONTENEGRO BULGARIA
KAMENITZA
COORS BULGARIA #2
LIGHT
USA #2 JELEN #1
BOSNIA & HZ
JELEN #2
SERBIA NIKSICKO #1
MONTENEGRO
GROWING ABOVE PREMIUM & CRAFT
CRAFT, CIDER, FMBS AND IMPORTS
Above Premium % and growth figures based on Full Year 2017 volume
18
GROWING ABOVE PREMIUM & CRAFT
THE WORLD’S NO.1 CRAFT PORTFOLIO
19
BUILDING GLOBAL BRANDS
ACCELERATING INTERNATIONAL PLANS
50
MARKETS
20
MARKETS
40
MARKETS
5
MARKETS
20+
MARKETS
35
MARKETS
NEW VISUAL IDENTITY ROLLED NEW VISUAL ID DRIVING DOUBLE IN ITS 5th YEAR, MGD MUSIC COORS LIGHT +5% GROWTH ACCELERATION OF BLUE
OUT IN 20 COUNTRIES DIGIT GROWTH (OUTSIDE CZ) SUPPORTED IN 20+ COUNTRIES 2016-2017 MOON TAP ROOMS
20
CUSTOMER EXCELLENCE
STRENGTHENING CUSTOMER EXCELLENCE
MOLSON COORS ADVANTAGE - BUSINESS BUILDING FOR CUSTOMERS
SURVEY
No.1
RANKED #1 IN
TAMARRON 2
YEARS RUNNING
22
CUSTOMER EXCELLENCE IN ACTION
DRIVING PROFITABLE CATEGORY GROWTH
BUILDING FOUNDATIONS FOR GROWTH WITH AMAZON BEST IN CLASS UK ONLINE PARTNERSHIP
+132%
+120% +37% +223%
+31%
BEER CATEGORY VOLUME TURNAROUND IN LCBO EUROPE : FIRST CO-BRANDED SOLUTION WITH NESTLE
23
DRIVE DISRUPTIVE GROWTH
LEVERAGING DIGITAL TRANSFORMATION
DRIVING THE FIRST CHOICE AGENDA
25
EXPANDING PORTFOLIO
DRIVING & EXPANDING CATEGORY VALUE
?
26
EXPANDING PORTFOLIO
DRAFTFOX – CREATING A NEW STANDARD IN DRAFT BEER
REIMAGINED
27
ACCELERATING INTERNATIONAL GROWTH
MOLSON COORS INTERNATIONAL – GROWING CONTRIBUTOR TO TOP & BOTTOM-LINE
GROW FOCUS BRANDS GROW EMERGING BRANDS OPTIMIZE ROUTEROUTE TO EARN MORE IN
OPTIMIZE EXPLORE SUPPLY CHAIN
AGGRESSIVELY SELECTIVELY TO MARKET
MARKET FOCUS MARKETS TRANSFORMATION
28
ACCELERATING INTERNATIONAL GROWTH
PROGRESS TO $20-25 MILLION EBITDA
Underlying EBITDA
($ millions)
($29.1)
Q1 2018 Results
29
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
30
DISCIPLINED APPROACH
LEADING THROUGH TOUGH TIMES : UK CASE STUDY
UK BEER VOLUME
SITUATION
materially
Share +1% to 18.7% by 2014 and
Excise accelerator grew to 2017
Cider 5%+ of vol removed by Govt.
31
DISCIPLINED APPROACH
LEADING THROUGH TOUGH TIMES : UK CASE STUDY
BEFORE
BEFORE AFTER
32
Q1 EARNINGS - MAY 2, 2018
GAVIN HATTERSLEY
C EO, Miller C oor s
33
OUR #1 PRIORITY
CONSISTENT, SOLID DELIVERY AGAINST OUR BOTTOM-LINE
1,950 26
1,900
25
1,850
EBITDA Margin %
1,800
1,750 23
1,700 22
1,650
21
1,600
20
1,550
1,500 19
2015 2016 PF 2017
WHILE OUR VOLUME TRAJECTORY HAS NOT YET IMPROVED, WE’VE CONSISTENTLY DELIVERED SOLID BOTTOM-LINE GROWTH
Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP
earnings. 2016 results are pro forma for the MillerCoors transaction and reflect changes in accounting for pensions and discontinued operations. See reconciliation to nearest U.S. GAAP
34 measures on our website. Underlying EBITDA margin is calculated by dividing underlying EBITDA by net sales.
US BEER INDUSTRY
BEER STILL REPRESENTS – BY FAR – THE LARGEST SEGMENT IN TOTAL ALCOHOL BEVERAGES
15.6%
Beer BEER
Spirits 49.4%
Wine 34.9%
All Other 9% 3%
31%
60%
59% 10%
25%
38% 26%
32%
8%
COMBINED, INDUSTRY ECONOMY & PREMIUM BRANDS REPRESENT MORE THAN 65% OF U.S. BEER
VOLUME AND 56% OF THE REVENUE
36 This sheet contains numbers for FY 2017 and 3YR CAGR 2014-2017. Source: Share - Nielsen AOD – Total U.S. xAOC, Volume Size – BI STW March 2018. Industry and MC growth – Nielsen AOD – Total U.S. xAOC
US BEER INDUSTRY
HEALTHY ECONOMY IS DRIVING ABOVE PREMIUM GROWTH
WHILE UNEMPLOYMENT REBOUNDED SINCE THE …AND WE EXPECT DISPOSABLE INCOME TO CONTINUE
RECESSION, LABOR FORCE PARTICIPATION HAS MORE TO IMPROVE, SUPPORTING GROWTH OF ABOVE
RECENTLY IMPROVED… PREMIUM BRANDS
Unemployment and Labor Participation Total US Disposable Income 2016 Dollars
Adjusted for Inflation
+1.8%
+1.9% 15.39
14.59
13.79
Source: Bureau of Labor Statistics, Labor Participation, Unemployment (Seas) Source: EIU Disposable Income and Population Forecast
37
US BEER ECONOMY
CONSUMER PREFERENCES DRIVING NEW DYNAMICS
We are currently under-shared with these drinkers We are changing how we connect with drinkers We have changed approach to welcome women to
but see upside across each generation: our brands
• ML & CL plan to take share of Premium Light • Shift to digital • Updating in-market activations
consumption • Targeted messaging • Brands with purpose
• Fragmentation of Mexican lagers presents • Brand innovation • Messaging modern masculinity and modern
opportunity femininity
Source: BTS Source: ACT Tracker, US Census data Source: BTS, Brewers Almanac
38
US BEER INDUSTRY
TAKING ACTION TO ADDRESS THE CHANGING LANDSCAPE
Strengthening and broadening our portfolio through new brands and innovation
39
DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
40
EARN MORE
CONSISTENT, SOLID DELIVERY AGAINST OUR BOTTOM-LINE
1,900
25
1,850
24
Underlying EBITDA ($M)
1,800
EBITDA Margin %
1,750 23
1,700 22
Despite Q1 weather and
1,650
21
Golden inventory challenges,
1,600 we expect our volume and
1,550
20 margin to ramp up in the
second half – and our May
1,500 19
2015 2016 PF 2017 performance supports that
Underlying EBITDA EBITDA Margin % expectation
Note: Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP
41 earnings. 2016 results are pro forma for the MillerCoors transaction and reflect changes in accounting for pensions and discontinued operations. See reconciliation to nearest U.S. GAAP
measures on our website. Underlying EBITDA margin is calculated by dividing underlying EBITDA by net sales.
EARN MORE, USE LESS, INVEST WISELY
WE’VE CLOSED OUR EBITDA MARGIN GAP TO ABI BY ESTIMATED 600 BPS SINCE 2012
MillerCoors underlying
EBITDA margins have
increased 550bps from
2012-17
ABI US EBITDA margins
have decreased 50bps
from 2012-17
42
USE LESS
PROVEN PERFORMANCE IN DRIVING COST SAVINGS/SYNERGIES, OPTIMIZING ORG EFFICIENCY
$300
$275
$250
$225
$200
$175
$150
$125
$100
$75
$50
$25
$-
43 2008 H2 2009 2010 2011 2012 2013 2014 2015 2016 2017
USE LESS, INVEST WISELY
REDUCING COSTS WHILE MAINTAINING MARKETPLACE PRESSURE
MG&A Expense
YR3 Benefit
YR2 Benefit
YR1 Benefit
67% of beer volume comes from buyers who purchase more than one price tier
Among Above Premium buyers, 34% also purchase Premium and 17% purchase Economy
45
EARN MORE
ENERGIZE CORE BRANDS – CONTINUE TO GROW SHARE IN PREMIUM
9.2
9.0
23.5
8.8 19.5
8.6
8.4 23.0
8.2
19.0
8.0
22.5
7.8
7.6
7.4 22.0 18.5
2015 2016 2017 2015 2016 2017 2015 2016 2017
Growing volume,
2017 marked 11th straight Coors Light improved +2.7% in L4 as of 5/26
year of growth. Gaining volume trends
segment share YTD 2018, Accelerating segment
despite Golden challenges compared to YTD share growth
Coors Banquet, Coors Light and Miller Lite have all gained share of segment each of the last 3 yrs
46
Source: Nielsen
EARN MORE
ENERGIZE CORE BRANDS – CONTINUE TO GROW SHARE IN PREMIUM
47
48
EARN MORE
STABILIZE ECONOMY
Top-ten
industry
growth
brand
49 Source: Nielsen
EARN MORE
ACCELERATE PERFORMANCE IN ABOVE PREMIUM - CRAFTS
Leinenkugel’s
Summer Shandy
are #1 & #3
crafts in the US
… And our
regional craft
brewers
continue to +28.6% +60.0% +13.7%
+25.0%
outperform
industry crafts
2017 Q1 18 2017 Q1 18 2017 Q1 18 2017 Q1 18
50
EARN MORE
ACCELERATE PERFORMANCE IN ABOVE PREMIUM - CRAFTS
8 pts
1.8 BBLs
6 pts
1.7 BBLs
4 pts
0 pts
1.5 BBLs
2013 2014 2015 2016 2017
Note: Leinenkugel’s Family includes all Shandy varietals and Heritage brands
51 SOURCE: MillerCoors STR Data, Internal strategy estimates, Nielsen AOD Total U.S. xAOC + Conv., Full-year 2017
EARN MORE
ACCELERATE PERFORMANCE IN ABOVE PREMIUM – FLAVORED MALT BEVERAGES, CIDER
Building on
#2 FMBs
position via
innovation
21.5
260.2
% change 16.3
15.0
% change
52 wk 52 wk
10.6
9.5 26 wk
26 wk
114.5
13 wk
13 wk 6.1
4 wk
4 wk 49.4
1.9
16.6 14.9
0.8 10.6 11.3 10.9
1.4 -3.1 -2.8
-0.1
-1.9
-2.7 -2.7
-4.1
Corona Modelo
Heineken Stella Artois
54
Source: Nielsen
EARN MORE
ACCELERATE PERFORMANCE IN ABOVE PREMIUM
30,000
Chain
25,000
20,000
15,000
10,000
5,000
55
Source: Nielsen
56
DRIVE CUSTOMER EXCELLENCE
ADVANCING OUR GO-TO-MARKET STRENGTH
57
DRIVE CUSTOMER EXCELLENCE
BUILDING CAPTAINCY WINS AND SUPPLIER AWARDS
58
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
59
Q1 EARNINGS - MAY 2, 2018
TRACEY JOUBERT
CFO, MOLSON COORS
60
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
61
EARNING MORE
STRONG, STABLE FCF AND EBITDA PERFORMANCE (UNDERLYING)
$0 15%
2011 2012 2013 2014 2015 2016PF 2017 2016 2017 2018E
EBITDA Margin
(1) Non-GAAP underlying earnings before interest, tax, depreciation and amortization (EBITDA) is calculated by excluding special and other non-core items from the nearest U.S. GAAP
earnings. 2016 results are pro forma for the MillerCoors transaction and reflect changes in accounting for pensions and discontinued operations. See reconciliation to nearest U.S.
GAAP measures on our website. Fiscal year 2011 through 2015 historical financial information has not be adjusted to reflect our change in method of calculating the market-related
value of pension plan assets used to determine net periodic pension cost nor our reclassification of the foreign exchange activity related to discontinued operations. Fiscal year 2016
and 2017 financial information has been adjusted to reflect these changes.
Note: Underlying EBITDA margin is calculated by dividing underlying EBITDA by net sales (including 42% of MillerCoors net sales in 2011-2015).
Underlying free cash flow is calculated by excluding special and other non-core cash impacts from the nearest U.S. GAAP metric. 2017 underlying free cash flow also excludes planned
capital spending related to building our British Columbia brewery, which is largely funded by proceeds from the sale of our Vancouver brewery in 2016.
62
COMMITTED TO GUIDANCE
2018 AND BEYOND
MEDIUM-TERM EBITDA MARGIN UNCHANGED +30-60bps annual average over 3-4 years
COST SAVINGS UNCHANGED $210 million (part of 2017-2019 savings target of $600m)
63
USE LESS
USE LESS
D R I V I N G T H E B OT TO M - L I N E BY E X PA N D I N G E B I T D A M A R G I N
E N H A N C E D C O M M E R C I A L C A PA B I L I T I E S W I L L D R I V E TO P & B OT TO M L I N E
GLOBAL PROCUREMENT
65
DRIVE SYNERGIES AND COST SAVINGS
CO S T S AV I N G S P RO G R A M
2018E
40% • Cost to capture of $250m
$210 • ~60% - ‘Non-Core’
million GLOBAL PROCUREMENT Expense- excluded
from underlying
40% EBITDA and FCF
• ~40% - Capital
$255 spending- included
SHARED SERVICES/ IT/G&A
million in underlying capital
66
PRODUCTIVITY DRIVERS
DRIVING GLOBAL EFFICIENCIES VIA SUPPLY CHAIN
A LOWER COST, MORE EFFICIENT SUPPLY CHAIN WCSC 2.0 WILL DELIVER ‘ONE WAY’ BUSINESS RESULTS
US BUSINESS UNIT
Brewery rationalization
-Closed Eden, North Carolina, Q3 2016
67
PRODUCTIVITY DRIVERS
IMPROVING SCALE AND VALUE WITH GLOBAL BUSINESS SERVICES (GBS)
68
I M P R O V I N G W O R K I N G C A P I TA L A S % O F N E T S A L E S
TRACK RECORD OF IMPROVING WORKING CAPITAL & DRIVING HIGHER CASH RETURNS
15%
0%
by the end of
2016
2019
2017
-5% Annual Net Sales. Core Working Capital includes Trade A/R, Inventory and Trade A/P
69
I N V E S T W I S E LY
CAPITAL ALLOCATION
INVEST WISELY
DRIVING SHAREHOLDER RETURN
72
STRENGTHEN BAL ANCE SHEET
FOCUS ON PAYING DOWN DEBT
2.1x
2.6x
2.2x
2.4x TO MAINTAINING
2x INVESTMENT-
1x
GRADE RATING
0x
2012 2013 2014 2015 2016 PF 2017 2018E Mid-2019E
Note: 2016 PF leverage ratio represents company estimates for S&P and Moody’s pro forma ratios.
73
R E T U R N C A S H TO S H A R E H O L D E R S
STRONG TRACK RECORD
DIVIDENDS PAID
$2.00
(ANNUAL PER SHARE)
$1.80
$1.64 $1.64 $1.64
$1.60
$1.48
$1.40
$1.24 $1.28 $1.28
$1.20 $1.08
$1.00 $0.92
$0.80 $0.76
$0.64
$0.60
$0.40
$0.20
$0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
74
R E T U R N C A S H TO S H A R E H O L D E R S
R E I N S T I T U T E D I V I D E N D PAY O U T R AT I O
75
RETURN CASH TO SHAREHOLDERS
STEPPING DIVIDEND UP TO COMPETITIVE PAYOUT
Step up to
Expected future EBITDA pay 65% above average
out ratio implies underlying
net income payout ratio of
AVERAGE 57% for peer group
PAYOUTS
50%-65%
50%
37%
36%
CONSUMER GOODS
BEER & SPRITS
TODAY FUTURE TODAY TODAY
Note: Molson Coors payout ratios based on 2017 underlying net income, peer data based on annualized
76 76
dividend from FactSet as of March 2018
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
77
Q1 EARNINGS - MAY 2, 2018
MARK HUNTER
CEO, MOLSON COORS
78
FOCUS: DELIVERING GROWTH & LONG-TERM SHAREHOLDER VALUE
A DISCIPLINED APPROACH TO EARNING MORE, USING LESS AND INVESTING WISELY
79
2018
KEY TAKEAWAYS
80
Q1 EARNINGS - MAY 2, 2018
Q&A
81