Complete all parts of this assignment:

Examine Molson Coors income statements for 2013 and 2012 and the relevant notes to the financial statements. a. Identify items that you consider nonoperating. Explain each item briefly. b.Calculate the total after-tax amount of the nonoperating items you identified. To simply this calculation, assume that the companys three-year marginal tax rate (federal, state and foreign) of 12% applies to nonoperating items in both years. Note: some nonoperating items are reported net of tax on the income statement. Use the marginal tax only for the items that are reported before tax on the income statement. c. Calculate net operating profit after tax (NOPAT) for 2013 and 2012. Hint: net operating profit after tax is calculated as net income before the effect of the after-tax amount of nonoperating items.

Examine Molson Coors balance sheets 2013 and 2012. Footnotes to the financial statements (not included with the case) reveal that the notes receivable (and the current portion thereof) relate to loans made to customers. a. Identify assets and liabilities that you consider nonoperating. Explain each item briefly. b.Calculate net operating assets (NOA) for 2013 and 2012. Calculate Molson Coors return on net operating assets (RNOA) for 2013 and 2012. Compare the two returns. Note: to simplify the analysis, use year-end values for net operating assets rather than averages. Compute the net operating profit margin (NOPM) and net operating asset turnover (NOAT) components of Molson Coors RNOA for 2013 and 2012. Use the components to explain the change in RNOA from 2013 to 2012. Note 1) to simplify the analysis, use year-end values for net operating assets rather than averages; 2) use Net sales not Sales to compute ratios.

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN MILLIONS) As of December 31,2013 Dccember 29, 2012 Assets Current asscts: Cash and cash equivalnts Accounts and notes receivable: S4423 624.0; Tad le slowa nefordoubtful accounts of$13.6and$13.4, respectively 't.. .. ". AMliates Current notcs rcociveble end othcr rcccivabics, loss allowaace for doubtfal auvgnts ofsi.i and s1.^ respeetvely.. 1 " ,%" ...-572: 1244. 31399i 6083 52.2 30.8 929 Finied In process Raw materials* Packaging materials 133.2 - 23.3 36.9 11.9 20.3 43.5 10.2 213.9 28.3 89.2 39.2 1,748.0 1,995.9 Totalinvtorie Maintenance and operating supplies, less allowaace for obsolete supplies of S6.8 and $7.2, respectively Otber current asss 205.3 : 82.1 1,537.7 29.6 Deferred tax assets 50.4 Total cutrent asscts Properties, less accurmalated depreciation of $1,458.7 and $1,224.6, rospectively Goudwill Other intangibles, less accumulated amortization of $513.7 and $497.2, respectively lavestment in MillerCoors Defered tax assets Notes reaeivable, less allowanco for doubtil accounts of$28 and S4.0, respectively Other essets Total assets 1,970.1 2,418.72453.1 6,825.1 7,234.8 2,431.8 125.4 26.3 196.9 2,506.5 38.3 23.6 260.1 15,580.1, s 16212 71 MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN MILLIONS) As of December 31,2013 Dccember 29, 2012 Assets Current asscts: Cash and cash equivalnts Accounts and notes receivable: S4423 624.0; Tad le slowa nefordoubtful accounts of$13.6and$13.4, respectively 't.. .. ". AMliates Current notcs rcociveble end othcr rcccivabics, loss allowaace for doubtfal auvgnts ofsi.i and s1.^ respeetvely.. 1 " ,%" ...-572: 1244. 31399i 6083 52.2 30.8 929 Finied In process Raw materials* Packaging materials 133.2 - 23.3 36.9 11.9 20.3 43.5 10.2 213.9 28.3 89.2 39.2 1,748.0 1,995.9 Totalinvtorie Maintenance and operating supplies, less allowaace for obsolete supplies of S6.8 and $7.2, respectively Otber current asss 205.3 : 82.1 1,537.7 29.6 Deferred tax assets 50.4 Total cutrent asscts Properties, less accurmalated depreciation of $1,458.7 and $1,224.6, rospectively Goudwill Other intangibles, less accumulated amortization of $513.7 and $497.2, respectively lavestment in MillerCoors Defered tax assets Notes reaeivable, less allowanco for doubtil accounts of$28 and S4.0, respectively Other essets Total assets 1,970.1 2,418.72453.1 6,825.1 7,234.8 2,431.8 125.4 26.3 196.9 2,506.5 38.3 23.6 260.1 15,580.1, s 16212 71