Exhibit 12.1
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
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| Fiscal Year Ended |
| Nine Months |
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| December 25, |
| December 31, |
| December 29, |
| December 31, |
| December 31, |
| Ended |
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| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| September 30, 2015 |
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Income from continuing operations before income taxes and minority interests |
| $ | 809.0 |
| $ | 774.2 |
| $ | 592.1 |
| $ | 654.5 |
| $ | 586.3 |
| $ | 368.5 |
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Plus: | Amortization of capitalized interest |
| 1.5 |
| 1.6 |
| 1.7 |
| 1.8 |
| 1.9 |
| 1.5 |
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| Distributions from unconsolidated affiliates |
| 470.1 |
| 486.3 |
| 526.1 |
| 552.0 |
| 577.2 |
| 470.1 |
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Less: | Equity in net income of unconsolidated affiliates |
| (474.3 | ) | (481.1 | ) | (526.6 | ) | (558.1 | ) | (560.1 | ) | (472.7 | ) | ||||||
| Capitalized interest |
| (1.2 | ) | (2.3 | ) | (2.3 | ) | (1.4 | ) | (2.7 | ) | (1.0 | ) | ||||||
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| $ | 805.1 |
| $ | 778.7 |
| $ | 591.0 |
| $ | 648.8 |
| $ | 602.6 |
| $ | 366.4 |
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Fixed charges: |
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Interest expenses, net of capitalized interest |
| $ | 110.2 |
| $ | 118.7 |
| $ | 196.3 |
| $ | 183.8 |
| $ | 145.0 |
| $ | 92.7 |
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Capitalized interest |
| 1.2 |
| 2.3 |
| 2.3 |
| 1.4 |
| 2.7 |
| 1.0 |
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Portion of rentals representative of interest factor (1) |
| 11.1 |
| 11.6 |
| 12.2 |
| 11.3 |
| 11.6 |
| 7.5 |
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| $ | 122.5 |
| $ | 132.6 |
| $ | 210.8 |
| $ | 196.5 |
| $ | 159.3 |
| $ | 101.2 |
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Earnings and fixed charges |
| $ | 927.6 |
| $ | 911.3 |
| $ | 801.8 |
| $ | 845.3 |
| $ | 761.9 |
| $ | 467.6 |
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Ratio of earnings to fixed charges |
| 7.6 |
| 6.9 |
| 3.8 |
| 4.3 |
| 4.8 |
| 4.6 |
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(1) 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.