QuickLinks -- Click here to rapidly navigate through this document
MOLSON COORS BREWING COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
| | Twenty-six Weeks Ended 26-Jun-05 (Proforma) (b) | Twenty-six Weeks Ended 26-Jun-05 | December 26, 2004 (Proforma) (b) | Fiscal Year Ended December 26, 2004 | December 28, 2003 | December 29, 2002 | December 30, 2001 (a) | December 31, 2000 (a) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before income taxes: | $ | (25,400 | ) | $ | 22,165 | $ | 298,100 | $ | 308,182 | $ | 253,818 | $ | 256,600 | $ | 198,013 | $ | 169,525 | |||||||||
| Plus: Amortization of capitalized interest | 1,960 | 1,934 | 3,690 | 3,536 | 3,223 | 2,872 | 5,679 | 5,802 | ||||||||||||||||||
| Equity investee distributions | 6,411 | 6,411 | 73,392 | 72,754 | 70,900 | 66,616 | 39,453 | 55,379 | ||||||||||||||||||
| Less: Equity investee income | (961 | ) | (764 | ) | (60,038 | ) | (59,653 | ) | (65,542 | ) | (54,958 | ) | (43,630 | ) | (42,395 | ) | ||||||||||
| Capitalized interest | (3,334 | ) | (2,992 | ) | (3,977 | ) | (1,900 | ) | (2,992 | ) | (4,152 | ) | (6,647 | ) | (3,153 | ) | ||||||||||
| (21,324 | ) | 26,754 | 311,167 | 322,919 | 259,407 | 266,978 | 192,868 | 185,158 | ||||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||||
| Interest expense | 87,828 | 61,873 | 201,822 | 72,441 | 81,195 | 70,919 | 2,006 | 6,414 | ||||||||||||||||||
| Capitalized interest | 3,334 | 2,992 | 3,977 | 1,900 | 2,992 | 4,152 | 6,647 | 3,153 | ||||||||||||||||||
| Portions of rent expense representing interest(d) | 9,752 | 8,998 | 17,824 | 10,098 | 4,800 | 7,500 | 3,921 | 3,834 | ||||||||||||||||||
| 100,914 | 73,863 | 223,623 | 84,439 | 88,987 | 82,571 | 12,574 | 13,401 | |||||||||||||||||||
| Earnings and fixed charges | $ | 79,590 | $ | 100,617 | $ | 534,790 | $ | 407,358 | $ | 348,394 | $ | 349,549 | $ | 205,442 | $ | 198,559 | ||||||||||
| Ratio of earnings to fixed charges(c) | — | 1.4 | 2.4 | 4.8 | 3.9 | 4.2 | 16.3 | 14.8 | ||||||||||||||||||
- (a)
- Ratios prior to the purchase of Coors Brewers Limited and the issuance of $850 million of notes by Coors Brewing Company in 2002.
- (b)
- Assumes issuance of the notes under the Concurrent Offering as of the beginning of the periods presented.
- (c)
- Earnings were inadequate to cover fixed charges by $21.3 million for the twenty-six week proforma period ended June 26, 2005.
- (d)
- The portion of rent expense representing interest is estimated to be 33% of the rent expense for purposes of calculating the ratio of earnings to fixed charges.
MOLSON COORS BREWING COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)