10 February, 2019

World: Molson Coors Brewing Co to restate financial reports for 2016 and 2017 due to accounting errors

Molson Coors Brewing Co said on Feburary 12 it would restate its financial statements for fiscal years 2016 and 2017 after auditors found accounting errors for income taxes related to deferred tax liabilities, Reuters reported on February 12.

The errors originated from its acquisition of remaining 58 percent stake in MillerCoors LLC in 2016, the company said in a filing with regulators, adding that its impact will not be material.

After restating, the financial results for fiscal 2016 will reflect an increase in Molson Coors’ deferred tax liabilities and deferred tax expenses by $399.1 million, which in turn will pull down its net income and earnings per share.

For fiscal 2017, the restatements will reflect a reduction to deferred tax liabilities and deferred tax expense of $151.4 million, and a corresponding increase in net income and earnings per share.

Separately, the beer company also reported lower-than-expected quarterly sales for the fourth quarter, sending its shares down about 6.5 percent to $61.16 in early trading.

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