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Constellation Brands A - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Constellation Brands A (ISIN: US21036P1084, WKN: 871918) Kursdatum: 21.07.2017 Kurs: 198,520 USD
Beschreibung Daten
Symbol STZ
Marktkapitalisierung 45.064.040.448,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Konsumgüter
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2005-05-16 - 2:1 | 2002-05-14 - 2:1 | 2001-05-15 - 2:1 |
Internet
Letztes Bilanz Update 27.04.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
57,14 26,57 0,81% 8,24 37,04 29,41 6,15 6,54

Firmenbeschreibung

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED):A summary of selected quarterly financial information is as follows: QUARTER ENDED   May 31, 2015 August 31, 2015 November 30, 2015 February 29, 2016 Full Year(in millions, except per share data)         Fiscal 2016         Net sales$1,631.3 $1,733.4 $1,640.5 $1,543.2 $6,548.4Gross profit$737.1 $775.6 $733.5 $696.1 $2,942.3Net income attributable to CBI$238.6 $302.4 $270.5 $243.4 $1,054.9Net income per common share attributable to CBI (1):         Basic – Class A Common Stock$1.24 $1.56 $1.39 $1.23 $5.42Basic – Class B Convertible Common Stock$1.12 $1.42 $1.26 $1.12 $4.92Diluted – Class A Common Stock$1.18 $1.49 $1.33 $1.19 $5.18Diluted – Class B Convertible Common Stock$1.09 $1.38 $1.22 $1.10 $4.79                     QUARTER ENDED   May 31, 2014 August 31, 2014 November 30, 2014 February 28, 2015 Full Year(in millions, except per share data)         Fiscal 2015         Net sales$1,526.0 $1,604.1 $1,541.7 

Firmenstrategie

Principles of consolidation:Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as a certain variable interest entity (“VIE”) for which we are the primary beneficiary (see Note 2). All intercompany accounts and transactions are eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

Revenue recognition:

We record revenue (referred to in our financial statements as “sales”) when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Delivery is not considered to have occurred until risk of loss passes to the customer according to the terms of the contract between us and our customer. Risk of loss is usually transferred upon shipment to or receipt at our customers’ locations, as determined by the specific sales terms of the transactions. Our sales terms do not allow for a right of return except for matters related to any manufacturing defects on our part. Amounts billed to customers for shipping and handling are included in sales. Sales reflect reductions attributable to consideration given to customers in various customer incentive programs, including pricing discounts on single transactions, volume discounts, promotional and advertising allowances, coupons and rebates.


Excise taxes remitted to governmental tax authorities are shown on a separate line item as a reduction of sales. Excise taxes are recognized in our results of operations when the related sale is recorded.


Revenue recognition –

In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five step process will be utilized to recognize revenue, as follows:  (i)  identify the contract with a customer, (ii)  identify the performance obligations in the contract, (iii)  determine the transaction price, (iv)  allocate the transaction price to the performance obligations in the contract and (v)  recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning March 1, 2018, utilizing one of two methods:  retrospective restatement for each reporting period presented at time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements.

SegmentReportingDisclosureTextBlock

BUSINESS SEGMENT INFORMATION:


Prior to the Beer Business Acquisition, Crown Imports was one of our reportable segments. In connection with the Beer Business Acquisition and the resulting consolidation of the acquired businesses from the date of acquisition, the Crown Imports segment, together with the Brewery Purchase, is now known as the Beer segment. Accordingly, our internal management financial reporting consists of two business divisions:  (i)  Beer and (ii)  Wine and Spirits, and we report our operating results in three segments:  (i)  Beer, (ii)  Wine and Spirits, and (iii)  Corporate Operations and Other. In the Beer segment, our portfolio consists of high-end imported and craft beer brands. We have an exclusive perpetual brand license to import, market and sell in the U.S. our Mexican beer portfolio. In the Wine and Spirits segment, we sell a large number of wine brands across all categories – table wine, sparkling wine and dessert wine – and across all price points – popular, premium and luxury categories, primarily within the $5 to $25 price range at U.S. retail – complemented by certain premium spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of executive management, corporate development, corporate finance, human resources, internal audit, investor relations, legal, public relations and information technology. The amounts included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are therefore not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our chief operating decision maker’s evaluation of the operating income performance of the other reportable segments. The business segments reflect how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management and the structure of our internal financial reporting.


In addition, management excludes items that affect comparability (“Comparable Adjustments”) from its evaluation of the results of each operating segment as these Comparable Adjustments are not reflective of core operations of the segments. Segment operating performance and segment management compensation are evaluated based upon core segment operating income (loss). As such, the performance measures for incentive compensation purposes for segment management do not include the impact of these items.


We evaluate segment operating performance based on operating income (loss) of the respective business units. Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:

 
For the Years Ended
 
February 29,
2016
 
February 28,
2015
 
February 28,
2014
(in millions)
 
 
 
 
 
Cost of product sold
 
 
 
 
 
Net gain (loss) on undesignated commodity derivative contracts
$
(48.1
)
 
$
(32.7
)
 
$
1.5

Amortization of favorable interim supply agreement
(31.7
)
 
(28.4
)
 
(6.0
)
Flow through of inventory step-up
(18.4
)
 

 
(11.0
)
Settlements of undesignated commodity derivative contracts
29.5

 
4.4

 
(0.5
)
Other losses

 
(2.8
)
 

Total cost of product sold
(68.7
)
 
(59.5
)
 
(16.0
)
 
 
 
 
 
 
Selling, general and administrative expenses
 
 
 
 
 
Restructuring and related charges
(16.4
)
 

 
2.8

Transaction, integration and other acquisition-related costs
(15.4
)
 
(30.5
)
 
(51.5
)
Other gains (losses)

 
7.2

 
(7.0
)
Total selling, general and administrative expenses
(31.8
)

(23.3
)
 
(55.7
)
 
 
 
 
 
 
Impairment of goodwill and intangible assets

 

 
(300.9
)
 
 
 
 
 
 
Gain on remeasurement to fair value of equity method investment

 

 
1,642.0

 
 
 
 
 
 
Comparable Adjustments, Operating income (loss)
$
(100.5
)
 
$
(82.8
)
 
$
1,269.4



The accounting policies of the segments are the same as those described for the Company in the Summary of Significant Accounting Policies in Note 1. Segment information is as follows:

EarningsPerSharePolicyTextBlock

Net income per common share attributable to CBI:

We have two classes of outstanding common stock with a material number of shares outstanding:  Class A Common Stock and Class B Convertible Common Stock (see Note 14). In addition, we have another class of common stock with an immaterial number of shares outstanding:  Class 1 Common Stock (See Note 14). If we pay a cash dividend on Class B Convertible Common Stock, each share of Class A Common Stock will receive an amount at least ten percent greater than the amount of the cash dividend per share paid on Class B Convertible Common Stock. Class B Convertible Common Stock shares are convertible into shares of Class A Common Stock on a one-to-one basis at any time at the option of the holder.


We use the two-class method for the computation and presentation of net income per common share attributable to CBI (hereafter referred to as “net income per common share”) (see Note 16). The two-class method is an earnings allocation formula that calculates basic and diluted net income per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Under the two-class method, Class A Common Stock is assumed to receive a ten percent greater participation in undistributed earnings than Class B Convertible Common Stock, in accordance with the respective minimum dividend rights of each class of stock.


Net income per common share – basic excludes the effect of common stock equivalents and is computed using the two-class method. Net income per common share – diluted for Class A Common Stock reflects the potential dilution that could result if securities or other contracts to issue common stock were exercised or converted into common stock. Net income per common share – diluted for Class A Common Stock is computed using the more dilutive of the if-converted or two-class method. Net income per common share – diluted for Class A Common Stock is computed using the if-converted method and assumes the exercise of stock options using the treasury stock method and the conversion of Class B Convertible Common Stock as this method is more dilutive than the two-class method. Net income per common share – diluted for Class B Convertible Common Stock is computed using the two-class method and does not assume conversion of Class B Convertible Common Stock into shares of Class A Common Stock.

 
For the Years Ended
 
February 29,
2016
 
February 28,
2015
 
February 28,
2014
(in millions)
 
 
 
 
 
Beer
 
 
 
 
 
Net sales
$
3,622.6

 
$
3,188.6

 
$
2,835.6

Segment operating income
$
1,264.1

 
$
1,017.8

 
$
772.9

Long-lived tangible assets
$
2,187.8

 
$
1,485.6