Constellation Brands CEO Discusses Q4 2012 Results Bryan D. Spillane BofA Merrill Lynch, seahawks jerseys Research DivisionGood morning. My name is Maria, and I ll be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands Fourth Quarter and Fiscal Year 2012 Full Year Earnings Report. [ Instructions] I would now turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations, for opening comments. Please go ahead. Thank you, Maria. Good morning, everyone, and welcome to Constellation s Fourth Quarter and Fiscal Year End 2012 Conference Call. I m here this morning with Rob Sands, our President and Chief Executive Officer; and Bob Ryder, our Chief Financial Officer. This call complements our news release, which has been also been furnished to the SEC. During this call, we may discuss financial information on a GAAP, comparable, organic and constant Moncler Down Jacket Branson doudoune purple currency basis. However, discussions will generally focus on comparable financial results. Please also be aware that we may make forward looking statements during this call. While those statements represent our best estimates and expectations, actual results could differ materially from our estimates and expectations. For a detailed risk of Moncler down Men jackets grey rodin Lapel Buttons list list of risk factors that may affect the company s estimates, please refer to the news release and Constellation s SEC filings. And now I d like to turn the call over to Rob. Thanks, Patty, and good morning, and welcome to our call. This morning, I plan to discuss Constellation s year end results and provide a high level outline Moncler down jackets Women zip Bady green for our plans for fiscal 2013. It is certainly worth noting that we have had a very productive year in 2012, delivering against a number of key strategic goals and business initiatives. I would like to take a minute to highlight some of our achievements. and Australian businesses. We utilized our free cash flow to reduce debt moncler outlet shop and repurchased more than $400 million cheap womens moncler jackets of our shares in fiscal 2012. This follows a $300 million accelerated share buyback transaction, which was completed in fiscal 2011. We purchased the remaining portion of the Ruffino wine business, which is an iconic old world wine brand that builds a niche for Constellation in the growing Italian premium wine category. moncler for women on sale Ruffino is one of our larger focus brands, posting depletion growth of almost 10% in fiscal 2012. It is also the 3 Italian super premium wine brand in SymphonyIRI channels. We became more unified and integrated as one company by advancing our fusion technology initiative, and we are currently implementing Moncler Men down Vest Hooded Zip Green a shared service infrastructure. Collectively, these initiatives are designed to create an integrated technology platform and enhance the processes that support our business. We expanded our international presence by establishing an office in Hong Kong, and we are currently in the process of exploring next steps for our emerging market participation strategy. We launched more than 25 new Moncler Puffer Coats Women brown products in fiscal 2012, including the introduction of 4 new wine brands in fast growing categories. They include Simply Naked, Primal Roots, Rioja Vega and The Dreaming Tree. In response to the need of consumers looking for additional ways to enjoy products, Crown also expanded its draft beer offerings, which resulted in depletion growth of almost 60% for this format and increased brand recognition for the Modelo Especial, Negra Modelo, Pacifico and Victoria brands

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Constellation Brands CEO Hosts Institutional Investor Meeting Transcript Hi, nhl jerseys everybody. If everybody could please be seated, moncler hat men we ll get started with our program. That was fast. Thank you. Yes, please. He s only been trying to get and speak here for like 10 minutes. That s okay. He s the boss. So good afternoon, everybody, and welcome to Constellation Brands Investor Meeting. For those of you don t know me, I m from Investor Relations of Constellation. Thanks for joining us today.Before we get started with formal presentations, I would like to review today s agenda and cover some regulatory items. This afternoon, Rob Sands, our President and Chief Executive Officer, will kick off the program. In addition, you will hear from the leaders of our wine and beer businesses who will share the strategic initiatives and opportunities they have underway and their plans for growth. They include Jay Wright, President, Constellation Wine and Spirits; Chris Fehrnstrom, Chief Marketing Officer for Wine and Spirits; Bill Hackett, President, Crown Imports; and Jim Sabia, Chief Marketing Officer, Crown Imports. We ll end the program with Bob Ryder, our Chief Financial Officer. There ll be a general Q session that includes participation by all presenters after formal remarks have been completed this afternoon. And after that, and this is the best part, you re invited to join us for a cocktail reception where you ll have the opportunity to mingle with everybody while sampling some of our awesome beer, wine and spirits products. The cocktail reception will be held immediately following the presentations right upstairs in the Atrium.And last but certainly not least, I would like to direct moncler jackets sale your attention to these forward looking statements and non GAAP financial data slides. I would like to also note that we recently completed our first quarter fiscal 2014, and therefore, we will not be discussing first quarter results or entertaining any questions related to our first quarter results. But we do plan to release good first quarter results in early July. To prevent interference with the audio, I d ask you to please turn off your cell phones.Thank you. And now I d like to turn program over to Rob.Thank you, Patty. How is everybody? I can make this a short speech. right? I could just say I told you so, right? A few of you know what I mean, don t you? Well, it s a little loud. I m sure that in that vein, everybody has heard the big news that ABI released yesterday, that they announced that they had completed their acquisition of Grupo Modelo. beer business. Now this deal has been almost a year in the making, but it s certainly been worth the wait as it s the most transformational acquisition in the history of Constellation Brands and completely changes the size and scale and scope and significance of the company.Now the last time we made a major acquisition was more than 5 years ago. And needless to say, a lot has changed at Constellation since then. The organic growth path that we ve taken during the last 5 years has helped us to evolve to a position of improving performance driven by a dynamic culture shift in a significant strategic realignment of our organization. We have significantly increased the value of our stock and achieved milestones that reinforce the foresight of our long term strategy, showcasing what s possible with focused leadership, accountability and perseverance. I m happy and I m quite proud to be accompanied today by a few of our senior leaders who have really been instrumental in executing our mission of building brands that people love.Now we work closely together as a team during this era to build a solid and sustainable foundation of operational excellence, financial strength and innovation. We are definitely a new Constellation. And I would now like to take a few minutes to reflect on some of the key accomplishments that have enabled this transformational change in our company. We transformed and simplified our product portfolio by rationalizing and divesting businesses and assets in an effort to focus on strictly premium, higher growth, higher margin brands. distributor network for almost 70% of our wine and spirits business and implemented a new go to market model, which has focused and leveraged the full power of Constellation s portfolio of leading must have brands.From an operational authentic moncler jackets perspective, we improved productivity and created efficiencies through global SKU rationalization efforts and consolidation of our global footprint while driving efficiencies through our wine making and spirits manufacturing operations. We became more unified and integrated as one company by implementing a shared service infrastructure and creating an integrated technology platform that has enhanced the global business capabilities and processes that support our business.Now from a financial perspective, we ve made tremendous progress in enhancing our free cash flow and significantly improving our consolidated margin structure. We ve utilized our free cash flow to significantly reduce our debt and to return value to you, our shareholders, by repurchasing a sizable number of shares in a very highly accretive fashion.And more recently, we purchased the remaining portion of the Ruffino wine business which was, and is, an internationally recognized old world Italian wine brand annually producing more than a million cases of wine, which are sold in key markets around the world. We expanded our international presence by establishing an office in Hong Kong, and we are currently in the process of exploring the most effective way to increase our market participation in China. And in addition, we recently signed an agreement with Brazil s top imported wine distributor to import and distribute a selection of Constellation s key premium wine and spirits brands in the fast growing Brazilian market. We purchased Moncler Women down for Hooded Belt Purple jackets Mark West, a top selling pinot noir brand, actually the 1 pinot noir brand, and successfully integrated it into our existing product portfolio. This focus brand posted double digit sales and depletion growth in SymphonyIRI last year. So that was a great result.The 2 the last 2 years have marked our highest level of wine and spirits brand building activity, including the introduction of almost 10 new wine brands in fast growing categories. In total, we launched more than 25 new products in fiscal 2012 and doubled that number to about 50 new items in fiscal 2013. wine and spirits business has benefited from ongoing consumer trade up trends, positive mix, distribution gains at retail and great consumer response to our new product introductions in the marketplace. wine and spirits portfolio in fiscal 2013, including market share gains and above market depletion trends. Now this, in turn, has driven EBIT growth and solid free cash flow results.Our Crown beer business had another exceptional year, blazing new trails in marketing and promotion and hitting record growth milestones. We ve got our CMO here from Crown who will be showing you some of those shortly.Crown drove record sales last year from Modelo Especial, Corona Light, Negra Modelo Moncler Smart Casual Women Vest 2 black and Pacifico. imported beer category, exceeding the 100 million case mark for the year and surpassing the 2 import by 45 million cases. One of the truly great brands of the Crown portfolio, truly great, Modelo Especial achieved a new milestone in calendar 2012 by surpassing 40 million cases in depletions. convenience store channel on a volume basis. beer categories, which I believe demonstrates the strength of Crown s brand portfolio, its marketing program, and most importantly, its execution at retail.We now completely, as of Friday, we completely own our beer business and the related profit pools. And for the last 3 years, Crown has consistently gained share and grown EBIT, and we expect minimal disruption to Crown s commercial success and marketplace momentum as we assume full ownership of our new brewery in Piedras Negras, Mexico. We are definitely a new Constellation, as I said.And I would like to just take a moment to reiterate the significant benefits that Constellation is poised to garner, from owning 100% of Crown Imports and our new brewery in Mexico.Our beer transaction has 3 components 3 key components. market. The Mexican brewery we are acquiring is truly the crown jewel of production for Modelo. The brewery utilizes state of the art technology and was built to be readily Moncler bulgarie jackets with rabbits Men doudoune brown expanded to increase production capacity. Constellation s purchase of the Piedras Negras brewery provides independence of supply for Crown and positions us for complete control of the production of the Modelo Moncler ski Women jackets with hooded zip big neck pink brands for the marketing and distribution of the products in the United States. market into the foreseeable future. Consumer Price Index under an Interim Supply Agreement.Now this is intended to ensure continuity of supply and quality of product from the non Piedras Negras brewery with the expectation that Constellation will become fully independent thereafter as production moves from non Piedras Negras facility to the Piedras Negras brewery. And in addition, Constellation and ABI have entered into transition service arrangement for the Piedras Negras brewery primarily to provide Constellation with brewery operations and general management assistance, brewery expansion, consulting and technical support and brewery procurement and logistics services.So why should you believe we have the know how and experience at Constellation to brew beer? Well, as they always say, it takes a lot of beer to make good wine. So we definitely have that knowledge. But actually, beer and wine production are very similar in nature. From a production perspective, they both require fermentation and storage and bottling using high rate fill lines. Secondary packaging and warehousing is the same for both product needs. And from a procurement perspective, raw materials, glass, corrugated Moncler WoMen's Down Short Coats Red boxes, labels, closures are required in both businesses, and the shipment is done primarily by rail and trucking. So what could be easier, right?All joking aside, I can assure you that we are confident that Constellation is fully capable of managing this great production facility. We have many years of experience producing and moving hundreds of millions of cases of beverage alcohol as the world s leading premium wine producer, running more than 30 wineries and distilleries globally.Now I know you are all also interested in who will be running our new Mexican brewery and the makeup of the new organizational structure associated with the beer business. Now a lot of you already know all Bill Hackett, who is sitting right over here and will be addressing you shortly, who will continue to have full responsibility for leading and running all aspects of the existing Crown business. Bill reports directly to me and is a member of our executive management team.We ve also created a beer division operational structure, which will be based in San Antonio, Texas, so as to be proximate to the brewery and proximately particularly during the integration and expansion phase of the new business. This organization has been tasked with migrating the existing brewery systems and processes from the current state to one of independents by the end of the Transition Services Agreement period with ABI. Paul Hetterich, who is currently our Executive Vice President of Business Development and Corporate Strategy, will have executive oversight for the operational piece of our beer business. And we have also recruited one of our key winery operations leaders to oversee the current brewery management team at Piedras Negras, keeping in mind that we will be fully staffed at the brewery on day 1 with more than 600 very skilled and capable and dedicated employees, including our the pre existing brewery general manager. Now the full management infrastructure that exist today at Piedras Negras will remain in place.In addition to the ongoing structure of the brewery operations, a project management office has been established to ensure that key brewery expansion milestones are met and that transition activities are tracked, reported and completed. We are working with a full service engineering and advisory firm that specializes in projects within the brewery and beverage industries and was responsible for the initial Piedras Negras project.So as you can see, I m very, very excited about our beer acquisition. Overall, this deal is expected to nearly double the sales of our company, diversify our profit stream, significantly enhance our earnings and free cash flow and provide new avenues for growth for the company. market. It will also solidify our position as the largest multi category volume supplier for beer, wine and spirits. and where Constellation is positioned within it. market represents the vast majority of our profitability and our market participation. It is the industry dynamics that exist in this market that have been a key enabler of our progress during the transformation of our business. with solid market positions across beer, wine and spirits. Consumer package goods or CPG or the CPG category, which grew at a rate of about 2.5% during calendar 2012. Drilling down within this category, key components of the beverage alcohol space, specifically wine and beer, are within the top selling CPG segments. You can see that in calendar 2012, wine was the fastest growing CPG category, nearly 7% with beer growing nearly 6%. And while spirits was not among the top selling categories, it also posted solid growth of about 7%

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