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Text: Please limit yourself to one question and if you have more than one question, please ask your most pressing question first and then reenter the queue to follow up.
If you have technical questions on the quarter, please pick them up with our IR team in the days and the weeks to follow.
GAAP reconciliations for any non-US GAAP measures are included in our news release or otherwise available on our website.
Also, unless otherwise indicated, all financial results the Company discusses are versus the comparable prior-year period and in US dollars.
And with that, over to you, Gavin.
2020 was an incredibly challenging year for everyone, Molson Coors included.
But in many respects that consider us lacking.
The revitalization plan we put in place in October of 2019 positioned our Company well to weather the storms of 2020.
Our business was leaner and more nimble, which put us in a better position to conserve resources as the circumstances dictated.
And we deployed them effectively at the circumstances a lot, and the results bear that out.
When you consider what we set out to do on our revitalization plan, we accomplished an incredible amount in 2020 and that has given us a tremendous springboard for 2021.
Our two largest brands, Coors Light and Miller Lite, our iconic core grew 6.1% and 8.6% in the US off-premise respectively.
Our above premium brands in the US reached a record high percentage of the portfolio in the second half of 2020.
Beyond beer, our first foray into non-alcoholic cannabis beverages through the Truss joint venture has netted the number 1 dollar share spot in the entire Canadian cannabis beverage market.
We increased our production capacity for our fast growing seltzers by approximately 400%.
And we approximately doubled our annual investments in our hometown communities.
That is the story of Molson Coors in 2020.
Now you may be wondering why I have such confidence, especially if you only look at our consolidated top line results in the fourth quarter.
But that number alone does not tell the full story.
And if you only look at that piece of data, you've missed it.
Our top line results in the fourth quarter were overwhelmingly due to losses resulting from government restrictions in the European on-premise channel.
To put it more bluntly, Europe alone accounts for 92% of our fourth quarter top line plants.
So those results are not reflected of the performance we've seen across the rest of the business.
And the story is very different in our largest market.
In the fourth quarter, Molson Coors grew net sales revenue in the United States.
We grew the top line in the United States.
Our plan is working.
So let's look deeper in our results in 2020, and what we have in store for 2021.
Our first pillar under the revitalization plan was to build on the strength of our iconic core.
In the US, our largest beers, Coors Light and Miller Lite delivered 6.1% and 8.6% expected growth in the off-premise.
Again grew share in the premium light beer segments and they finished 2020 with stronger brand health.
We're pleased, but not satisfied with those results.
So in 2021, we're going to put even more marketing behind these two iconic brands.
And we're thinking big as you may have noticed around the big game of last weekend.
And again, I want to point something out here.
We are demonstrating our ability to grow in seltzers and expand beyond beer while strengthening our core brands.
We are demonstrating, we can do both.
The revitalization plan was specifically designed to free up resources, so we can meaningfully invest behind our core.
Our growth in above premium and our expansion beyond beer.
In the second half of 2020, above premium products hit a record high portion of our US portfolio relative to any prior-year comparable period.
We doubled our share itself in the US moving toward our double-digit share goal by the end of this year.
Vizzy is going to top 10 growth plan for nearly six straight months.
And this incredible growth has been accomplished with basically just one pick.
In a few weeks, we plan to add more firepower to that brand with a second variety pack.
And a few weeks later, we plan to launch Vizzy Lemonade, a lineup, we believe is tailor-made for Vizzy given its unique antioxidant Vitamin C attributes.
And we are excited about the opportunity for Coors Seltzer which launched at the end of September.
We are seeing promising signs including the peak rates that are stronger than Bud Light Seltzer and Corona Seltzer at same point during their launch.
In 2021, we have strong plans to accelerate marketing support behind Coors Seltzer as well as its commitment to help save Americas' rivers.
And that's just the beginning.
We are about to launch Topo Chico Hard Seltzer which is getting a lot of attention from retailers and distributors alike.
Topo Chico mineral water is beloved in the biggest markets throughout the United States, especially in Texas, high potential market.
Quickly on its heels, we plan to bring Topo Chico ranch water to market.
And again, we see, this brand is best positioned to take advantage of the ranch water craze that has been inspired by Topo Chico mineral water enthusiast, mixing our branch water at home.
And still to come is Proof Point, our first voted spirited seltzer.
When all four seltzers are in market later this spring, we believe we will post the strongest most differentiated Seltzer line up in the United States.
And while we started behind others in the United States, in Canada and Europe, we are early entrants in the Hard Seltzer category.
In the next couple of weeks, we are taking both Vizzy and Coors Seltzer into Canada.
In Europe, building on an existing brand partnership already in markets, the launch of our own threefold brand seltzer is planned for March and we will be leading the development of the category across Central and Eastern Europe with an own brand in the second quarter.
In above premium beers, we have high expectations for Blue Moon LightSky, which ended 2020 as the number 1 new beer in the United States per Nielsen.
We've expanded its production capacity by approximately 400%.
We're putting more marketing muscle behind it and we believe, this is a brand and its going to continue to rise for quite some time.
Our regional craft portfolio in the United States grew 17% as per Nielsen in 2020.
Outpacing, the crafts segment once again.
In next month, we will be taking Hop Valley national in the US and Canada.
It's our first national IPA.
We believe, it will be another driver of growth for our above premium portfolio.
And do not forget about Yuengling this form -- the newly formed joint venture plans to bring Yuengling to one of America's biggest beer drinking states, Texas.
The reception has already been incredible.
And there is significant upside potential with Yuengling as the joint venture begins its Westwood expansion.
At the beginning of last year, we changed our name to the Molson Coors Beverage Company, and it wasn't just words.
By the end of the year, our non-alc strategy came into focus, repiloting our own brands with our partner, L.A. Libations, we've taken equity investments in other opportunities, including two with legendary non-alc innovator, Lance Collins, we signed distribution agreements to enter the fast-growing space like RTD coffee with La Colombe and energy drinks with ZOA through our new energy drink partnership with the leadership team led by Dwayne Rock Johnson.
ZOA is getting very positive reaction from retailers and distributors.
The Rock isn't just putting his name on this.
He is personally making close to retailers.
We're bringing that to market this spring.
We think that ZOA could be a game-changing in the energy drink space.
Truss Canada, our Canadian cannabis joint venture with -- launched the beverage portfolio in August.
And by December, they jumped to the number 1 dollar share position with four of the top five cannabis beverage SKUs in Canada.
And Truss USA is building on that.
Actually a first line up was throughout CBD beverages in Colorado, which entered the market in December.
We are learning a lot about the exciting category following the launch.
This entire line-up is a tremendous growth opportunity for our business.
It will be a driving force behind our goal to build our emerging growth division into a $1 billion revenue business by 2023.
And as a reminder that ambition does not include hard seltzers.
And we recently announced our first entry into the fast-growing RTD cocktail space through an exclusive equity and distribution agreement with super, an above premium tequila-based Paloma.
Last year, we also made major investments to help our business grow the top line we invested in our e-commerce capabilities, all around the globe with more staff and more robust digital capabilities and it paid off last year.
With 230% growth in e-commerce in the US alone.
We expanded our Seltzer production capacity by approximately 400%.
And we also expanded our Light Sky production capacity by approximately 400%.
We completed a sleek can production line capable of manufacturing approximately 750 million sleek cans annually.
Any on the topic of kent, I'm really pleased to say that our packaging material suppliers vastly improved with glass bottles, paperboard and toll cans with all returning to more material.
our Coors Light can inventory is higher than it was at this point last year.
And our industry standard can supply is improving.
We have sourced cans from four continents and worked closely with our supplier to keep up very high rate of consumer demand and we expect to return to normal material availability by the end of this quarter.
We will continue investing in our capabilities throughout the year as we work to grow our ability to produce higher margin above premium products.
Last but certainly not least, is how we are supporting our people and our communities.
This one is particularly important to me.
When I took over as CEO, I made it clear that I want Molson Coors at a people first culture.
Net approach guided our decision making throughout the last year.
The work in this space is never done, but we are making important progress.
Across the country, among salaried employees and in leadership positions, each market availability shows we have room for improvement.
We have made progress toward that goal and we expect to continue to do so.
We also increased our support for organizations dedicated to quality, common, racial justice, community building and provided nearly 3 million meals to families in our hometown communities struggling with food and security.
But we must do more.
So today I'm proud to announce that not only will we recommit to matching last year's investments in our communities, we have also committed to spend a total of $1 billion with diverse suppliers over the next three years.
This is a commitment that benefits all of us.
A wider base of talented suppliers, with different backgrounds and life experiences will be a benefit to our Company, and a diverse supply to earn our business will be able to turn in -- in turn hire more talented employees into their businesses.
Last time we said that Molson Coors' response to addressing racial injustice would not just be a moment in time.
Passing thing satisfied and forgotten other priorities took over.
That would be unacceptable.
Our commitment to investing in our communities and striving for equal opportunity for all people will not fade.
Even with the unforeseeable challenges of last year, we built on the strength of our iconic core.
The second half of 2020, we achieved a record high portion of our US portfolio in above premium products.
We expanded beyond the beer aisle.
We invested in our capabilities, we supported our people and our communities.
And we are not about to stop now.
When I took over this role, I told you that we would plan and invest to grow our top line.
We're going to follow through on that and we're on the pathway there.
This is our revitalization plan and action.
I know there have been questions about whether or not we can execute all of this, but no one has to wonder any longer.
We'll be doing it, right now today.
The coronavirus pandemic had a significant impact on our 2020 financial performance primarily due to the on-premise restrictions and lockdown.
Our Europe business was the most impacted, particularly in the UK.
There are business skews heavily toward the on-premise and drove revenue and EBITDA declines in both the fourth quarter and for the full year 2020.
In fact, Europe which accounted for only 16% of our revenue in 2020 contributed to 61% of revenue decline, and 83% of our EBITDA decline for the year, and 92% of the revenue decline and 56% of our EBITDA decline for the fourth quarter.
Despite these incredible challenges in 2020, we are proud of our resilience and the financial performance as we have navigated through this unprecedented times.
Now, let me take you through our full year performance and then I'll touch on our quarterly results, before moving on to our outlook.
Recapping the year, consolidated net sales revenue decreased 8.7% in constant currency of which North America was down 4.3% while Europe was down 28.4% on a constant currency basis.
While we delivered net pricing growth in North America and Europe as well as positive brand and packaged mix in the US.
This is more than offset by volume declines and unfavorable channel mix principally driven by varying degrees of on-premise restrictions throughout much of the year due to the coronavirus pandemic, which also drove packaging material constraints due to the unprecedented can demand.
Brand volumes declined 7.8% and financial volumes declined 8.9%.
North American shipment trends improved in the second half of the year as certain packaging material constraints ease and we both distributed inventory.
Net sales per hectoliter on a brand volume basis grew 1.1% in constant currency due to pricing growth in North America and Europe as well as positive brand and package mix in the US.
The success of our both premium innovations including Vizzy, Blue Moon LightSky and Coors Seltzer, help drive US net sales per hectoliter up 2.3% for the year.
Underlying COGS per hectoliter increased 2.8% on a constant currency basis driven by cost inflation including higher transportation costs, volume deleverage and mix impacts from premiumization in North America, partially offset by cost savings.
Higher can sourcing cost in North America contributed to the higher cost inflation.
After the onset of the coronavirus pandemic we aggressively begin sourcing additional aluminum cans from all over the world to support our core brands to address unprecedented off-premise demand.
Also we saw tightening of the freight market throughout the year which has led to higher transportation costs.
Underlying MG&A decreased 9.9% on a constant currency basis as we quickly took action, pivoting spend away from the areas impacted by the coronavirus pandemic, particularly live in the payments events and sporting events due to shortened or delayed seasons such as the delayed start of the NH-alc season into 2021.
In the second half of the year, we began to progressively increase marketing spend, particularly in social and TV media stepping up support behind our new innovations, such as Vizzy, Blue Moon LightSky and Coors Seltzer in alignment with additional supply coming online as well as continuing to support our core Coors Light, Miller Lite and other -- our chronic core brands.
MG&A declines were also driven by targeted cost mitigation actions and significant cost savings in the fifth year of our revitalization cost savings program.
In aggregate, we delivered approximately $270 million across MG&A and cost of goods sold, chasing us on track to meet our $600 million target in total gross savings.
These reductions were offset by innovations, in fact in lower incentive compensation and a non-recurring vendor benefit in the prior year which we referenced last quarter.
As a result, underlying EBITDA decreased 10% on a constant currency basis.
Underlying free cash flow was $1.3 billion for the year, a decrease of $104 million from the prior year driven by lower underlying EBITDA and higher cash taxes partially offset by favorable working capital.
The working capital benefit was driven by the deferral of approximately $150 million in tax payments on various government bonds with payment deferral programs related to the coronavirus pandemic of which, we currently anticipate the majority to be paid in 2021 as they become due.
Capital expenditures incurred were $530 million for the year.
With improved liquidity and strong cash management, we were able to accelerate certain investments in expanding our production capacity and capabilities to support new innovations and growth initiatives.
In addition to the strong free cash flow performance, we made tremendous stride in improving our financial flexibility, including continuing to pay down debt favorably amending our US revolving credit facilities and suspending our dividend in May for the remainder of 2020.
We reduced our net debt position by $1.1 billion in 2020 and reduce our trailing 12 month net debt to underlying EBITDA ratio to 3.5 times as we remain committed to maintaining our investment grade rating.
Now let's discuss the fourth quarter.
We're again Europe due to the on-premise lockdown had a significant and disproportionately negative impact on our results.
Consolidated net sales revenue declined 8.3% in constant currency principally due to financial volume declines as a result of the on-premise restrictions along with corresponding negative channel mix, partially offset by net pricing growth in North America and Europe as well as positive brand and package mix in the US.
North America net sales revenue was down 1% in constant currency.
However, in the US, despite increased on-premise restrictions and aluminum can supply constraints, we delivered net sales revenue growth of 1.9% in the quarter.
And we continue to build this distributor inventory in the US with brand volumes down 6.2% compared to domestic shipment declines of 2.3%.
Growth in the US business was more than offset by lower volumes and negative mix in Canada, and to a lesser Latin America as a result of the on-premise restrictions.
In Europe, net sales revenue was down 59.4% in constant currency driven by volume declines and negative mix due to increased on premise restriction with the most meaningful in the UK, which experienced a return to almost total on-premise locked down for November and the historically strong month of December and with the subdued nature of many festive celebrations during the fourth quarter, we did not see a big shift of volume into the off-premise.
Net sales per hectoliter on a brand volume basis increased 3.7% in constant currency reflecting net pricing growth in North America and Europe more than offsetting the negative mix effect of the various market dynamics and consumer shift caused by the coronavirus pandemic.
In the US net sales per hectoliter on a brand volume basis increased 4.2% driven by favorable sales mix from new innovations and strong net parking growth.
While in Europe, net sales per hectoliter on a brand volume basis decreased 8.2% due to unfavorable mix, particularly driven by the higher margin UK business which more than offset pricing increases.
Underlying COGS per hectoliter increased 6.4% on a constant currency basis, as we saw a greater impact on price inflation and US mix premiumization in Q4 compared to the full year.
MG&A in the quarter increased 5.8% on a constant currency basis due to higher planned marketing spend to support our core brands and key innovation as well as backing lower incentive compensation and a non-recurring vendor benefit in the fourth quarter of 2019.
This was partially offset by cost savings and lower discretionary spend.
As a result, underlying EBITDA decreased 33.6% on a constant currency basis disproportionately driven by Europe.
Given the length and severity of the impact of the coronavirus pandemic on our Europe business as well as the projected recovery currently expected in certain on-premise markets, we recognized a goodwill impairment charge of $1.5 billion in our Europe segment.
We also recognized $39.6 million of asset impairment charges in our North American segment.
These charges are non-cash and are not included in underlying results.
So this takes me to our financial outlook.
As you may recall, on March the 27 of last year, we withdrew our guidance due to the uncertainty driven by the coronavirus pandemic.
While uncertainty remains in an effort to help enhanced visibility, we have determined to reinstate our practice of providing guidance.
We have also determined to adjust the matrix provided which includes adding garden for net sales revenue, a metric which aligns with our revitalization can goals for driving top line growth as well as net debt to underlying EBITDA leverage ratios, given our commitment to remaining investment grade.
We are very proud of our performance and agility navigating the coronavirus pandemic and executing against our revitalization plan, but recognize that headwinds remain.
The pandemic continues to impact our business due to on-premise losses across all our geographies and disproportionately starting in Europe as well as Canada.
We expect big domestic shipment trends in the US to continue to be higher than brand volume trends in the third quarter as we continue to build inventories hitting into the peak season.
For the year, we maintain our annual goal of shipping to consumption in the US.
In Europe, we continue to experience significant lockdowns and expect third quarter volumes will be materially impacted due to the prior year period similar to what was experienced in the fourth quarter of 2020.
For 2021, we expect to deliver mid-single-digit net sales revenue growth.
2021 is intended to be a Europe investment as we continue to de-lever our revitalization plan and drive toward long-term growth.
This entails increasing year-over-year marketing spend to build on the strength of our core brands and support our successful 2020 launches including Blue Moon LightSky, Vizzy and Coors Seltzer and new innovations to come as well as investing in further expanding our capabilities to drive productivity and efficiency.
We expect significant increases in Spain, beginning in the second quarter, which is the prior comparable quarter.
While we continue to expect revitalization plan savings as I discussed, given this increase in along with cost headwinds related to higher inflation including transportation costs and continued premiumization of our portfolio, we anticipate 2021 underlying EBITDA to be approximately flat compared to the prior year.
We anticipate underlying depreciation and amortization of $800 million, net interest expense of $270 million plus or minus passed the same.
And an effective tax rate in the range of 20% to 23%.
We entered 2021 with greatly improved financial flexibility.
Later enabling us to not only continue to invest in our business to continue to pay down debt and return cash to shareholders in 2021.
As I mentioned we significantly reduced our net debt position by $1.1 billion in 2020 and reduce our leverage ratio to 3.5 times as of December 31, 2020.
We are proud of this progress and are establishing a target net debt to underlying EBITDA ratio of approximately 3.25 times by the end of 2021 and below 3 times by the end of 2022.
And we currently anticipate that our Board of Directors will be in a position to reinstate a dividend in the second half of this year.
We are doing all of this while continuing our commitment to maintaining anytime upgrading our investment grade rating.
Given the operating environment, we are pleased with our financial performance, which underscores our strong progress against our revitalization spend and the resilience of our Company and our people to successfully navigate and overcome challenges posed by the coronavirus pandemic.
While these challenges have created some near term fluctuations in financial and operating results, we are confident on the right cause of driving toward long-term revenue and underlying EBITDA growth.
We look forward to updating you on our continued progress.

user
molson coors sees for 2021 underlying ebitda of about flat compared to 2020 on a constant currency basis.
molson coors beverage co - reinstating financial guidance for 2021.
molson coors beverage co - expect board of directors will be in a position to reinstate a dividend in the second half of 2021.
molson coors beverage co - fourth quarter net sales revenue decreased 7.7% reported and 8.3% in constant currency.
molson coors beverage co - sees for 2021 net sales revenue, mid-single digit increase on a constant currency basis.
molson coors beverage co - fourth quarter net sales revenue in the u.s. increased 1.9%, on a brand volume basis.
molson coors beverage co - sees for 2021 underlying ebitda of approximately flat compared to 2020 on a constant currency basis.

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