Page 76

BALANCE SHEET ■■

■■

The 2016 MillerCoors transaction significantly changed the size of the Company’s balance sheet, and also increased its financial leverage. However, Management has proven to be astute in its acquisition strategy (cash flow accretive) and has been equally vigilant in its subsequent debt reduction.

TOTAL ASSETS BOOK ALUE AND TOTAL LIABILITIES $35,000M

$30,000M MILLERCOORS TRANSACTION

$25,000M

$20,000M ACQUIRED STARBEV

$15,000M

$10,000M

$5,000M

$0M

Total Assets 2005

76

2006

2007

2008

Total Equity 2009

2010

2011

2012

Data Source: Thomson Reuters Eikon and Molson Coors company presentations

2013

Total Liabilities 2014

2015

2016

2017

Q1 2018 (TTM)

Q2 2018 (TTM)

Q3 2018 (TTM)

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018