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Constellation Brands CEO Discusses Q4 2011 Results Reza Vahabzadeh Lehman BrothersGood morning. My name is Wes, nfl jerseys and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands Fourth Quarter and Fiscal Year End 2011 Earnings Conference Call. [ Instructions] I will turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations. Please go ahead, ma am. Thank you, Wes. Good morning, everyone, and welcome to Moncler baiel Women down coats Glossy Bow Dark gray Constellation s Fourth Quarter and Fiscal Year End 2011 Conference Call. I m here this morning moncler cheap uk 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 furnished to the SEC. During this call, we may discuss financial estimation on a GAAP, comparable, organic and constant 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. moncler buy For a detailed list of risk factors that may impact the company s estimates, please refer to the news release in Constellation s SEC filing. And now, I d like to turn the call over to Rob. Thanks, Patty. Good morning, and welcome to our call. We recently completed a year of significant accomplishments as we delivered against a number of key strategic goals and business initiatives. I would like to take a minute to highlight some of these accomplishments. and Australian business to the CHAMP Private Equity for approximately $220 million. This transaction represented another transformational step in the execution of our strategy as this business was no longer aligned with our strategic imperatives. We utilized the proceeds from this transaction in combination with strong free cash flow to reduce debt by almost $600 million. This also enabled a decrease in our leverage ratio to the mid 3x range, a level we have not achieved since May 2006. We generated free cash flow of $530 million for the year, and we are targeting, for fiscal 2012, free cash flow to be in the range of $600 million to $650 million. We have obviously made significant progress from our ongoing focus in this area. These strong free cash flow results essentially enabled us to fund an accelerated stock buyback transaction while continuing to reduce debt. We are approaching the final leg of Project Fusion, which was designed to create an integrated technology platform and develop world class systems to support our business. Our Fusion initiatives have reached major milestones within the past year, and the work being done within this program is helping Constellation become more connected as one company, improving efficiencies and achieving cost savings across our business. distributor initiative, which is also one of the primary catalysts driving Moncler Nantes Hooded WoMen's Down Coat Black profitable, organic growth. wine and spirit volume. As we previously discussed, our sales volume to distributors exceeded distributor sales to retail and on premise channel throughout fiscal 2011 due to the distributor transition. business and will create an EBIT comparison challenge for fiscal 2012, the impact of which has been factored into our guidance for this year. During fiscal 2012 and for the remainder of the contract term, we expect our shipments to essentially equal distributor depletions on an annual basis. marketplace, it is best to review a combination of our shipment data, distributor depletions and consumer takeaway trend as they are indicative of the underlying health of our Moncler Kids jackets blouson ski rouge junior Zip business. In an effort to help you better understand this part of our business, we have added shipment and depletion information to the Financial Attachments section of our press release. We expect to provide this information on a quarterly and year to date basis going forward so that you will be able to better understand the results of our efforts. total Wine and Spirits business across all channels increased approximately 3% for the year, which is in line with industry trends. distributor initiative. Wine business in the IRI or Nielsen data that you receive and analyze on a regular basis. I d like to take a minute to describe what s driving these trends moncler jacket white and remind everybody that the IRI food and drug channels represent approximately 30% of our business with the next two largest channels represented by the liquor and on premise channels. At any given point during the year, we post our promo activities as appropriate based on a number of factors including business seasonality, the competitive environment and consumer takeaway trends. Our marketplace performance reflects this in the form of an increase or decrease in promotional activity that typically drives volume results during any given time period throughout the year. You may remember that during the first half of fiscal 2011, our promotional spend exceeded that of the market as we blue moncler jacket worked to regain market share that we had lost during the distributor transition, when we were focused on executing our consolidation strategy. During the second half of fiscal 2011, we resumed more normalized levels of promotional activity but also scaled back promotional support for the lower margin, non premium brand at the less than $5 retail price point. This was done in an effort to improve margins on these products. But as expected, this action negatively impacted volumes. This activity will happen from time to time throughout the year as part of the normal course of operations, because we are focused on taking actions appropriate for the long term health of the business. As a matter of fact, during the first quarter, we will take selected price increases on certain specialty and value product to continue to enhance margins. So you will continue to see this kind of volatility in IRI. Keep in mind, however, that this IRI data represents only a portion of our entire business. As we discussed, going forward, our goal remains the same. From a depletion and consumer takeaway perspective, we expect to grow in line with the market across all channels for fiscal 12 and beyond. market appears to have stabilized yet remains competitive. Moncler Kids pink Clothing-Fall-Winter with hat wine profitability, posted positive depletion trends of almost 10%, 10% for the year, and we gained market share for this entire group of products

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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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