Constellation Brands Annual Report 2013

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FY2013 Annual Report · Constellation Brands

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WE’RE

pouring

IT ON

2013 SUMMARY ANNUAL REPORT

FISCAL 2013 AWARD WINNERS

BUILDING BRANDS
THAT PEOPLE

TOP 30
Momentum
Beer
Brands*

TOP 30
Momentum
Table Wine
Brands*

TOP 20
NEW
Table Wine
Brands*

For a complete listing of all of our awards visit www.cbrands.com/about-us/awards
*SymphonyIRI channels, 2012

FELLOW SHAREHOLDERS, Our strategic journey
to achieve profitable organic growth has reached
an exciting, and extremely fulfilling, milestone.
Fiscal 2013 was a watershed year for Constellation
Brands as we delivered on our promise to create
shareholder value. We also set in motion a
transaction in the beer industry that will become
the most transformational acquisition in the
history of our company − solidifying our leadership
position in the U.S. beer market for years to come.
Our investors have responded with resounding
confidence, causing our stock value to more than
double from this time a year ago.

What’s most rewarding about this landmark
progress is that it is built on a solid and sustainable
foundation of operational excellence, financial
strength and breakthrough innovation that took
talent, vision and firm resolve to achieve. And
all credit for this lies squarely with our people.
Dedicated to our vision, mission and upholding
our values, our employees prove year-in and
year-out that success is earned, not given − and
anything worth achieving requires a willingness to
consistently go above and beyond.

Today we celebrate the remarkable early rewards of
our hard work and express our deepest appreciation
to you, our shareholders. Your ongoing support has
enabled Constellation Brands to confidently stay
steady and disciplined in pursuit of measurable
long-term growth. This Summary Annual Report
proudly showcases the impressive accomplishments
that propelled our extraordinary progress in
fiscal 2013.

Looking ahead, we will continue to do what we do
best − build brands that people love, enrich the
communities where we live and work, and strive to
bring value to our shareholders.

Stay tuned for a pioneering future that’s even more
exceptional than our storied past.

Cheers!

Richard Sands
Chairman of the Board

CHAIRMAN’S LETTER

A TOAST TO

growth

Richard Sands
Chairman of the Board

CONSTELLATION BRANDS / Summary Annual Report / 2013CHIEF EXECUTIVE OFFICER’S LETTER

FROM PROMISE TO PROVEN

performance

FELLOW SHAREHOLDERS, On all fronts, fiscal 2013 was an extraordinary year.
Constellation Brands evolved from a position of great promise to one of proven
performance. We executed our key strategic goals and initiatives − and further
strengthened the underlying health of the company. We also achieved powerful
growth milestones that reinforce the credibility and foresight of our long-term
strategy − showcasing what’s possible with passionate leadership, accountability
and perseverance.

Through our multi-year efforts to pursue organizational efficiencies, we were well
positioned in fiscal 2013 to invest strategically in new products and brand-building
activities, particularly for our U.S. wine and spirits business. These investments
were carefully guided by groundbreaking research in consumer and shopper insights
that revealed changing taste preferences for more fruit forward and easier drinking
wines. In response, we targeted our new product developments in high-growth
categories like moscato, malbec and sweet red blends.

As a result, we were able to successfully launch approximately 50 new items,
including new brands, product line extensions and packaging innovations. These
launches were fully supported by innovative multi-media marketing campaigns and
promotions, with more merchandising displays than ever before, which drove new
points of distribution. Consequently, our products, particularly our new brands and
Focus Brands, enjoyed a positive response from consumers and strong sales that
garnered numerous awards and recognition from prominent industry publications.

We also acquired Mark West, a top-selling pinot noir brand and an outstanding
addition to our portfolio. Mark West posted double-digit depletion and marketplace
growth, well exceeding the pinot noir category.

And of course, we can’t forget our “crowning” achievement that propelled our stock
value to increase by more than 100% in a single year. In fiscal 2013, we announced
our intention to purchase the remaining 50% interest in Crown Imports, as well as
a state-of-the-art brewery in Mexico, which over time will produce all our Mexican
beers for the U.S. market. This agreement also gives us the perpetual brand rights
for the Modelo portfolio currently sold in the U.S., which includes five of the top 25
imported beer brands (Corona Extra, Corona Light, Modelo Especial, Negra Modelo
and Pacifico).* I am thrilled to share that in April 2013, we received clearance from
the U.S. Department of Justice to proceed with the acquisition, paving the way for
what I am sure will be a game-changing fiscal 2014 for Constellation Brands as we
secure our position as the #1 multi-category supplier of wine, beer and spirits in the

FISCAL 2013
HIGHLIGHTS
GAINED
market share
collectively across all
channels in U.S. Wine
and Spirits, and for
wine in Canada

LAUNCHED
more than 50
new brands, product
line extensions and
packaging innovations

BEST PERFORMING
S&P500® Consumer
Staples Stock of
calendar year 2012

GARNERED
more brand awards
and industry recognition
than ever before

BEER ACQUISITION
paves the way to
become 3rd largest
importer and brewer
for the U.S. market

WON
Cheers Supplier of
the Year Award in the
“Best Large Wine
Company” category for
second year in a row

*Beverage Information Group, 2012

U.S. and fully capitalize on our exciting new position as
the #3 beer company for the U.S. market.

The following pages provide a closer look at our fiscal
2013 highlights across our wine, spirits and beer
categories, as well as a review of our latest Corporate
Social Responsibility efforts.

I want to personally thank you for your support of
our company, our leadership, our employees and
our brands. We’re extremely proud that our fiscal
2013 results yielded the shareholder value we have
worked so hard to achieve. And we want to assure you
that while we’ve reached this important milestone,
the journey is far from over. Our long-term strategy
remains firmly focused on building brands to grow
revenue faster than the market, applying rigorous
financial discipline and building the best organization.

It’s an exciting time to be a part of Constellation
Brands. We’re grateful you’ve chosen to be an
invested partner with us as we fulfill our mission
to build brands that people love.

Rob Sands
President & Chief Executive Officer

In fiscal 2013, we paved the way for what I am sure
will be a game-changing fiscal 2014 for Constellation
Brands as we solidify our position as the third-largest
total beverage alcohol company in the U.S. and fully
capitalize on our exciting new position as the #3 beer
company for the U.S. market.

Rob Sands
President and CEO

CONSTELLATION BRANDS / Summary Annual Report / 2013

3
3

CONSTELLATION BRANDS / Summary Annual Report / 2013New Packaging
& Formats

wine & spirits

GET THE PARTY STARTED

Throughout fiscal 2013, our U.S. wine and spirits
business benefited from ongoing consumer trade-
up trends, positive mix, distribution gains at retail
and great consumer response to our new product
introductions. We outperformed the U.S. wine and
spirits category, driving excellent marketplace
momentum and above-market depletion trends
across our entire U.S. portfolio. Our collection of
award-winning Focus Brands, including Kim Crawford,
Robert Mondavi, SIMI, Ruffino, Mark West, Black Box
and Rex Goliath, experienced double-digit depletion
growth for the year.

Our new brands, including Simply Naked, Primal Roots
and The Dreaming Tree also delivered solid sales and
depletion trends and captured industry growth awards
for calendar year 2012. And our new Rex-Goliath Free
Range Red won the 2012 Best Red Wine under $8 from
the World Value Wine Challenge Competition.

Top 20 New Table Wine Brands*

Both new brands launched in Fiscal 2013
were top U.S. performers

10#

* SymphonyIRI channels, 2012;
Beverage Information Group, 2012

New Brands

Today, more than 5% of our U.S.
sales come from new products.

INNOVATION YIELDS
PIPELINE OF IMMEDIATE
CONSUMER FAVORITES

NEW PACKAGING
& FORMATS

NEW BRANDS

LINE EXTENSIONS

We also increased national advertising support
for certain key brands like Kim Crawford, which
launched its Undo Ordinary media print campaign
centered on art and fashion lifestyles. Kim
Crawford recently surpassed the 1-million-case
mark in global sales, which is a great new
milestone for this popular brand. Our brands also
became TV stars in fiscal 2013, as we aired many
new high-impact commercials supporting our
fast-growing Black Box, Simply Naked, Jackson-
Triggs and SVEDKA vodka brands, as well as our
largest brand, Woodbridge by Robert Mondavi.

Heading into fiscal 2014, the overarching strategy
for our wine and spirits business is to maintain
our strong marketplace momentum and pursue
market share gains by:

1. Keeping our big brands healthy

2. Continuing our focus on innovation

and new products

3. Investing further in our high-growth

Focus Brands

Line Extensions

CONSTELLATION BRANDS / Summary Annual Report / 2013Promotions

Social Media Campaigns

targeted

INVESTMENTS

Advertising and promotions return exceptional
results for new and established brands

Retail Displays &
Promotions

Special Events

National
Advertising

Imported Vodka
in U.S.*

T H I S I S W H AT

GREAT TASTE

L O O K S L I K E

U.S. Spirits
Brand*

iNTroDuciNg ThE NEW looK of SVEDKA flAVorS
SVEDKA Citron, SVEDKA Clementine, SVEDKA Raspberry, SVEDKA Cherry, SVEDKA Vanilla

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SVEDKA is one of the fastest-growing major vodka brands in the U.S., with solid double-digit market growth.
Must-have bottle skins like the Stars & Stripes version create enhanced visibility for SVEDKA, and the newest
Strawberry Colada and Orange Cream Pop flavors continue to draw new consumers to the iconic brand.

SVEDKA AND

BLACK VELVET shake things up

BLACK VELVET capitalized on the hot growth trend of flavored whiskys with the launch of Black Velvet Toasted
Caramel. Responding to growing consumer interest in mixology, food pairings and the combining of ingredients,
Black Velvet Toasted Caramel offers a distinctive flavor that is selling well and has contributed to double-digit
market growth for the entire Black Velvet brand. Coming soon: Black Velvet Cinnamon Rush.

Brand in the Canadian
Whisky Category*

P OI N T S
G OL D M E DA L

B E V E R AGE T E S T I NG I NS T I T U T E
I n t e r n a t i o n a l R e v i e w o f S p i r i t s A w a rd
"Golden c olor. A romas of c aramel c orn, maple
syrup in oa tmeal, and hazelnu t spread on toas t
w ith a supple, modera tely swee t medium - to -full
body and a long maple sugar, tof feed nuts, minerals,
bu t ter s c otch and p epp er y spic e finish. Flavor ful

and fun."

b l a c k v e l v e t w h i s k y . c o m
fa c e b o o k . c o m / b l a c k v e l v e t

IT’S THAT GOOD.

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top

Spirits Brand*

*Beverage Information Group, calendar year 2012

CONSTELLATION BRANDS / Summary Annual Report / 2013

CROWN IMPORTS creates

AN UNQUENCHABLE THIRST FOR BEER

Crown Imports had another exceptional year, driving record sales for Modelo
Especial, Corona Light, Negra Modelo and Pacifico, while posting positive
depletion trends for all major Modelo brands. Overall, the business grew
depletions in fiscal 2013, outperforming U.S. beer market trends.

While draft represents only a small part of the Crown overall volume,
depletions grew almost 60% for this format, increasing brand recognition for
Corona Light, Modelo Especial, Negra Modelo, Pacifico and Victoria.

This is the third consecutive year that Crown has outperformed the import
and total U.S. beer categories, demonstrating its mastery of brand marketing
programs, execution at retail and talent for creating strong relationships
with distributors.

We will work to accelerate this momentum even further in fiscal 2014,
once again targeting sales and depletions to exceed the U.S. beer industry
and import trends.

LARGEST
imported beer
company in U.S.

THIRD
LARGEST
U.S. beer
company overall

FIVE
of top 25 imported
beer brands

Data source: Beverage Information Group, 2012,
unless otherwise specified

Modelo Especial, Corona Light and Pacifico received
Impact Magazine’s Blue Chip Brand Awards for 2012.

CORONA EXTRA continued to blaze new trails through
marketing investments with sports properties that
are strategic for the brand, like the National Football
League, Major League Baseball, the National Basketball
Association and NCAA basketball.

• #1 imported beer in U.S., #6 beer brand overall

CORONA LIGHT strengthened its identity with the new
“Refreshing Change of Beer” advertising campaign that
is motivating consumers to trade up from domestic
lights. Overall, Corona Light outpaced the premium light
category and grew across all major geographies.

• #1 imported light beer in U.S., #7 imported beer

Corona Extra & Corona Light were
finalists for outstanding effectiveness
in marketing communications

MODELO ESPECIAL achieved a new
milestone in calendar year 2012, surpassing
40 million cases in depletions.

• #1 momentum beer brand
(SymphonyIRI channels, 2012)

• #2 import beer in the U.S.

based on volume (SymphonyIRI
convenience store channel, 2012)

• #3 imported beer in U.S.

• Depletion growth trend of
20% – equals more than
7 million cases of growth
in a single year

• Market Watch magazine’s

Leaders’ Choice Award for
“Beer Brand of the Year” and
Hot Brand Award winner for
19th consecutive year

Corona Extra exceeded the 100-million-case mark for the year –
the only imported brand in the U.S. to achieve this sales milestone.

CONSTELLATION BRANDS / Summary Annual Report / 2013ENRICHING THE

COMMUNITIES WE love

In addition to the tremendous shareholder value we cultivated in fiscal 2013, Constellation Brands and its employees
also made remarkable progress in building community value through our support of Social Responsibility, Giving and
Sustainability programs.

SOCIAL RESPONSIBILITY

“WE DON’T SERVE TEENS”

Constellation Brands and Crown Imports proudly
and actively supported the “We Don’t Serve Teens”
campaign to prevent underage drinking in our respective
headquarter locations in Victor, NY and Chicago, IL. This
national campaign is coordinated by the Federal Trade
Commission and supported by a coalition of public and
private organizations, including DISCUS, the Century
Council, WSWA and the Beer Institute.

TIPS EMPLOYEE TRAINING

All Crown Imports employees are required to attend
Training for Intervention Procedures (TIPS) for the
Workplace. TIPS provides critical skills for addressing
problem situations involving alcohol in the trade and how
to avoid such problems before they happen, including
intoxication, drunk driving and underage drinking.

CROWN IMPORTS PROMOTES SAFE
CINCO DE MAYO CELEBRATIONS

Crown Imports’ employees distributed free Chicago
Transit Authority (CTA) cards in Chicago and free Metro
fare cards in Washington, DC to area bars and taverns
to provide patrons with a safe ride home after Cinco de
Mayo celebrations.

GIVING

CROWN IMPORTS’ GENEROSITY

Our excitement about becoming the sole owner of Crown
Imports extends far beyond the business benefits.
Like Constellation Brands, Crown and its employees
share a deep personal commitment to give back to the
community and we are privileged to have them join our
team. In fiscal 2013, Crown and its employees raised
hundreds of thousands of dollars to support special
causes, collected thousands of pounds of food, clothing
and other items for those in need, and donated hundreds
of volunteer hours to give a hand to those less fortunate.

NEW ZEALAND WINE INDUSTRY
SCHOLARSHIP PROGRAM

We announced the introduction of new scholarships to
support the development of the New Zealand wine industry.
The scholarships are intended to add value to the New
Zealand wine industry by supporting students interested in
developing a career in the business. The program includes
four scholarships open to students studying viticulture
and oenology at local universities, and five scholarships
available to family members of employees.

EMPLOYEE MATCH PROGRAM SUPPORTS
HURRICANE SANDY RELIEF EFFORTS

Constellation Brands matched every employee donation
to the American Red Cross Hurricane Sandy Relief
Fund, 2-to-1 up to $100,000, yielding a final donation of
$191,000. Overall, our total Employee Match program
for employee and company contributions reached nearly
$500,000 since the program began in fiscal 2012.

SUMMER CONCERTS BRING
FUN & VITAL COMMUNITY FUNDING

The 2012 summer concert series held at Jackson-
Triggs’ Niagara Estate Winery (Canada), Robert Mondavi
Winery (California) and Constellation Brands-Marvin
Sands Performing Arts Center (New York) provided
award-winning musical lineups and collectively raised
more than $100,000 to support worthy causes in their
respective communities.

CONSTELLATION BRANDS / Summary Annual Report / 2013SUSTAINABILITY

WETLANDS STEWARDSHIP AT
TURNER ROAD VINTNERS

Our Turner Road Vintners winery in California works
hard to provide wetlands habitat for the benefit of local
wildlife. The wetlands restoration efforts, which include
the installation of process water ponds, improve water
quality and reduce water use.

CONSTELLATION BRANDS RECEIVES SUSTAINABILITY
INNOVATION AWARD FROM SAM’S CLUB

The award was given in recognition of our best practices
regarding sustainable fertilization and vineyard fertilizer
use. Constellation Brands was selected to be one of
three presenters (from 30 industry and sustainability
subject matter expert submissions) at the Adult
Beverage Sustainability Summit hosted by Sam’s Club. In
addition, participating wineries were rated by Walmart’s
Sustainability Index Scorecard – and Constellation
Brands ranked #4 out of 20.

ROBERT MONDAVI WINERY BEGINS
FOOD COMPOSTING PROGRAM

Through its partnership with the Upper Valley Recycling
Food Composting Program, Robert Mondavi Winery
began collecting all clean food waste from the Vineyard
Room’s kitchen to be composted. In November and
December of 2012 alone, the winery sent 1.24 tons of
clean food waste to be recycled.

CLOS DU BOIS HOSTS FISH FRIENDLY
FARMING ENVIRONMENTAL AWARDS

Constellation Brands hosted a reception at Clos du Bois
to honor the recipients of the 2012 Fish Friendly Farming
(FFF) Environmental Awards, and won the following:

• Robert Mondavi Winery −“Outstanding Efforts in
Stream Habitat Improvement and Restoration”

• SIMI −“Light Touch Vineyard Development and

Operations”

• Constellation Brands – All lands certified in the

FFF program

• Keith Horn, Director, North Coast Vineyards and

President, California Land Stewardship Institute −
“Leadership in Environmental Stewardship”

FINANCIAL HIGHLIGHTS

For the Years Ended February 28 or 29
(in millions, except per share data)

INCOME STATEMENT REPORTED RESULTS

Sales

Net sales

Operating income

Equity in earnings of equity method investees

Net income (loss)

Diluted earnings (loss) per share

INCOME STATEMENT COMPARABLE RESULTS

Net sales

Operating income

Equity in earnings of equity method investees

Net income

Diluted earnings per share

CASH FLOW DATA

2013

2012

2011

2010

2009

$ 3,171.4

$ 2,979.1

$ 4,096.7

$ 4,213.0

$ 4,723.0

2,796.1

2,654.3

3,332.0

3,364.8

3,654.6

522.9

233.1

387.8

2.04

486.5

228.5

445.0

2.13

502.5

243.8

559.5

2.62

311.5

213.6

99.3

0.45

29.6

186.6

(301.4)

(1.40)

$ 2,796.1

$ 2,654.3

$ 3,332.0

$ 3,364.8

$ 3,654.6

556.7

234.1

415.9

2.19

540.0

228.5

487.8

2.34

533.7

244.4

408.0

1.91

560.2

239.0

373.3

1.69

604.6

269.9

351.3

1.60

Net cash provided by operating activities

$ 556.3

$ 784.1

$ 619.7

$ 402.6

$ 506.9

Purchases of property, plant and equipment

Free cash flow

(62.1)

494.2

(68.4)

715.7

(89.1)

530.6

(107.7)

294.9

(128.6)

378.3

Comparable financial results are provided because the Company believes this information provides investors better insight into underlying business trends
and results in order to evaluate year-over-year financial performance. Management uses this information in evaluating the results of continuing operations
of the Company and internal goal setting.

The comparable financial results primarily reflect the exclusion of the following items: the flow through of inventory step-up associated with acquisitions;
accelerated depreciation; write-down of inventory; loss on the adjustment of certain inventory, primarily Australian, related to prior years; transaction
and related costs associated with pending and completed acquisitions; net (gains)/losses on sale of 80.1% of the Australian and U.K. business; (gain)/loss
on sale of certain Pacific Northwest wine brands; net (gain)/loss on sale of certain other nonstrategic assets/business; certain other selling, general and
administrative costs; gains in connection with releases from certain contractual obligations; net gains on acquisition of Ruffino; (gain)/loss on obligations
from put options of Ruffino shareholders; net (gain)/loss on March 2009 sale of the value spirits business; acquisition-related integration costs; restructuring
charges and other related costs; impairment of certain goodwill, intangible assets and equity method investments; an equity method investee’s transaction
costs associated with a pending acquisition; loss on write-off of financing costs; valuation allowance against deferred tax assets in the U.K.; and income tax
expense for gain on settlement of certain foreign currency economic hedges.

The impact of excluding these items from the comparable financial results for: operating income totaled $33.8 for 2013, $53.5 for 2012, $31.2 for 2011,
$248.7 for 2010 and $575.0 for 2009; equity in earnings of equity method investees totaled $1.0 for 2013, $0.6 for 2011, $25.4 for 2010 and $83.3 for 2009; net
income totaled $28.1 for 2013, $42.8 for 2012, ($151.5) for 2011, $274.0 for 2010 and $652.7 for 2009; diluted earnings per share totaled $0.15 for 2013, $0.21
for 2012, ($0.71) for 2011, $1.24 for 2010 and $3.00 for 2009. Net income and diluted earnings per share amounts on a comparable basis are net of income
taxes at a rate of 26.2% for 2013, 17.0% for 2012, 30.0% for 2011, 30.1% for 2010 and 36.3% for 2009.

“Free cash flow,” as defined in the reconciliation above, is considered a liquidity measure and provides useful information to investors about the amount of
cash generated, which can then be used, after required debt service and dividend payments, for other general corporate purposes. A limitation of free cash
flow is that it does not represent the total increase or decrease in the cash balance for the period. Free cash flow should be considered in addition to, not as
a substitute for, or superior to, cash flow from operating activities prepared in accordance with U.S. generally accepted accounting principles.

CONSTELLATION BRANDS / Summary Annual Report / 2013

PERFORMANCE GRAPH

Set forth below is a line graph comparing, for the fiscal years ended the last day of February 2009, 2010, 2011, 2012
and 2013 the cumulative total stockholder return of the Company’s Class A Common Stock and Class B Common
Stock, with the cumulative total return of the S&P 500 Index, and a peer group index (the “Peer Group Index”) (see
footnote(1) to the graph). The Peer Group Index consists of the companies which comprised the Company’s executive
compensation peer group as of the conclusion of its fiscal year ended February 28, 2013. The graph assumes the
investment of $100.00 on February 29, 2008 in the Company’s Class A Common Stock, the Company’s Class B Common
Stock, the S&P 500 Index, and the Peer Group Index, and also assumes the reinvestment of all dividends.

COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN

$250

$200

$150

$100

$50

2/08

2/09

2/10

2/11

2/12

2/13

Constellation Brands, Inc.
Class A

Constellation Brands, Inc.
Class B

S&P 500

Peer Group(1)

2/08

2/09

2/10

2/11

2/12

2/13

Constellation Brands, Inc. Class A

$ 100.00

$ 67.93

$ 78.29

$ 105.78

$ 113.69

$ 230.30

Constellation Brands, Inc. Class B

S&P 500

Peer Group(1)

100.00

68.54

56.68

64.48

76.82

87.07

99.41

105.05

106.72

125.85

113.85

112.19

154.63

231.25

127.29

179.89

(1) The Peer Group Index is weighted according to the respective issuer’s stock market capitalization and is comprised of the following companies: Beam,
Inc.; Brown-Forman Corporation (Class B Shares); Campbell Soup Company; Church & Dwight Co., Inc.; The Clorox Company; Coach, Inc.; Diageo plc.;
Dr. Pepper Snapple Group, Inc.; Energizer Holdings, Inc.; The Estée Lauder Companies Inc.; Harley-Davidson, Inc.; H.J. Heinz Company; The Hershey
Company; The J.M. Smucker Company; Lorillard, Inc.; McCormick & Company, Incorporated; Mead Johnson Nutrition Company; Molson Coors Brewing
Company (Class B Shares); Ralph Lauren Corporation; and Revlon, Inc.

The stock price performance included in this graph is not necessarily indicative of future stock price performance.
The Company neither makes nor endorses any predictions as to future stock performance.

DIRECTORS AND EXECUTIVE OFFICERS
(AS OF MAY 20, 2013)

DIRECTORS
RICHARD SANDS
Chairman of the Board,
Constellation Brands, Inc.

JAMES A. LOCKE III (3)
Senior Counsel to the law firm of
Nixon Peabody LLP

EXECUTIVE OFFICERS
RICHARD SANDS
Chairman of the Board,
Constellation Brands, Inc.

ROBERT SANDS
President and Chief Executive
Officer, Constellation Brands, Inc.

JUDY A. SCHMELING (2)
Chief Operating Officer and
Chief Financial Officer, HSN, Inc.

JERRY FOWDEN (1)
Chief Executive Officer,
Cott Corporation

BARRY A. FROMBERG (2)
Chief Financial Officer,
Hospitalists Now, Inc.

ROBERT L. HANSON (1)
Chief Executive Officer,
American Eagle Outfitters, Inc.

JEANANNE K. HAUSWALD (1) (3)
Managing Partner, Solo
Management Group, LLC; Retired
from The Seagram Company Ltd.

PAUL L. SMITH (2) (3)
Retired from Eastman Kodak
Company

KEITH E. WANDELL (1)
Chairman of the Board, President
and Chief Executive Officer,
Harley-Davidson, Inc.

MARK ZUPAN (2)
Dean, William E. Simon
Graduate School of Business
Administration,
University of Rochester

ROBERT SANDS
President and
Chief Executive Officer,
Constellation Brands, Inc.

F. PAUL HETTERICH
Executive Vice President,
Business Development
and Corporate Strategy,
Constellation Brands, Inc.

THOMAS M. KANE
Executive Vice President and
Chief Human Resources Officer,
Constellation Brands, Inc.

THOMAS J. MULLIN
Executive Vice President and
General Counsel,
Constellation Brands, Inc.

CONSTELLATION BRANDS PRODUCTION FACILITIES
(AS OF APRIL 30, 2013)

ITALY
Poggio Casciano Winery
(Bagno a Ripoli, San Polo,
Florence)

Santedame Winery
(Castellina in Chianti, Siena)

Gretole Winery
(Castellina in Chianti, Siena)

La Solatia Winery
(Monteriggione, Siena)

Greppone Mazzi Winery
(Montalcino, Siena)

Pontassieve Winery (Pontassieve)

UNITED STATES
CALIFORNIA

Bedford Winery (Napa)

Clos du Bois Winery (Geyserville)

Dunnewood Vineyards (Ukiah)

Estancia Winery (Soledad -
Monterey County)

Franciscan Oakville Estates
(Rutherford)

Gonzales Winery (Gonzales -
Monterey County)

Mission Bell Winery (Madera)

Mt. Veeder Winery (Napa)

CANADA
ALBERTA

The Black Velvet Distilling Co.
(Lethbridge)

BRITISH COLUMBIA

Inniskillin Okanagan Winery
(Oliver)

See Ya Later Ranch
(Okanagan Falls)

Sumac Ridge Estate Winery
& Vineyard (Summerland)

Oliver Winery (Oliver)

ONTARIO

Ravenswood Wineries (Sonoma)

Robert Mondavi Winery (Oakville)

Simi Winery (Healdsburg)

Inniskillin Winery & Vineyard
(Niagara-on-the-Lake)

Jackson-Triggs Estate Winery
(Niagara-on-the-Lake)

Turner Road Vintners Wineries
(Lodi/Woodbridge)

Le Clos Jordanne (Jordan,
Niagara Peninsula)

Wild Horse Winery (Templeton)

Niagara Cellars (Niagara Falls)

Woodbridge Winery (Acampo)

QUÉBEC

NEW YORK

Canandaigua Winery
(Canandaigua)

WASHINGTON

The Hogue Cellars (Prosser)

Constellation Brands Québec
(Rougemont)

WINE KITS

RJ Spagnol’s (Delta, British
Columbia)

RJ Spagnol’s (Kitchener, Ontario)

ROBERT RYDER
Executive Vice President and
Chief Financial Officer,
Constellation Brands, Inc.

W. KEITH WILSON*
Executive Vice President,
Constellation Brands, Inc.

JOHN A. (JAY) WRIGHT
Executive Vice President and
Chief Operating Officer,
Constellation Brands, Inc.

Additional biographical
information about the Directors
is included in the Proxy Statement
relating to the Company’s 2013
annual meeting distributed with
this Annual Report and posted
on the Company’s website.

(1) Member of Human Resources

Committee

(2) Member of Audit Committee
(3) Member of Corporate Governance

Committee

*Retiring June 2013

NEW ZEALAND
Corner 50 Winery
(Hawkes Bay, North Island)

Drylands Winery
(Marlborough, South Island)

Kim Crawford Winery
(Marlborough, South Island)

Nobilo Winery (Huapai, West
Auckland, North Island)

CONSTELLATION BRANDS / Summary Annual Report / 2013INVESTOR INFORMATION

HEADQUARTERS
Constellation Brands, Inc.
207 High Point Drive
Building 100
Victor, New York 14564
585.678.7100
888.724.2169
www.cbrands.com
Investor Center: 888.922.2150

STOCK TRANSFER AGENT
AND REGISTRAR
Computershare
877.810.2237 (toll free, U.S. and Canada)
201.680.6578 (outside U.S. and Canada)
www.computershare.com/investor
Regular Delivery:
P.O. Box 43006
Providence, RI 02940-3006
Overnight Delivery:
250 Royall Street
Canton, MA 02021

COMMON STOCK TRADING
The Company’s Class A and Class B
Common Stock trade on the New York
Stock Exchange (NYSE) under the ticker
symbols STZ and STZ.B, respectively.
There is no public market for the
Company’s Class 1 Common Stock. As of
April 30, 2013, there were 782; 152; and
1 holders of record of Class A, Class B,
and Class 1 Common Stock, respectively.

INFORMATION REGARDING
FORWARD-LOOKING
STATEMENTS
The statements set forth in this report,
which are not historical facts, are
forward-looking statements that involve
risks and uncertainties that could cause
actual results to differ materially from
those set forth in, or implied by, the
forward-looking statements. For risk
factors associated with the Company
and its business, please refer to the
Company’s Annual Report on Form
10-K for the fiscal year ended
February 28, 2013.

ANNUAL REPORT
This Fiscal 2013 Summary Annual
Report together with the Company’s
Annual Report on Form 10-K for the
fiscal year ended February 28, 2013 (the
“Form 10-K”), which accompanies the
mailing of this Fiscal 2013 Summary
Annual Report, form the Annual Report
to Stockholders. The Form 10-K includes
important financial and business
information regarding the Company. In
particular, stockholders should refer
to the Form 10-K for the Company’s:
audited financial statements and
notes thereto; supplementary financial
information; selected financial data;
Management’s Discussion and Analysis
of Financial Condition and Results of
Operations; Management’s Annual
Report on Internal Control over Financial
Reporting; Reports of Independent
Registered Public Accounting Firm;
discussion about market risk;
description of its industry segments,
foreign and domestic operations, and
exports sales; and discussion about
the market price of and dividends on
its common equity, dividend policy and
related stockholder matters.

COPIES OF FORM 10-K
The Annual Report on Form 10-K
for the fiscal year ended February
28, 2013 accompanies the mailing
of this Summary Annual Report and
also may be obtained by writing
Constellation Brands, Inc.’s Investor
Relations department at our corporate
headquarters address provided on this
page. Alternatively, a copy is available
on our Constellation Brands website
at www.cbrands.com, as well as on the
Securities and Exchange Commission’s
internet site at www.sec.gov.

ANNUAL STOCKHOLDERS’
MEETING
The annual meeting is scheduled to
be held at 11:00 a.m., Eastern time,
on Wednesday, July 24, 2013, at the
Callahan Theater at the Nazareth
College Arts Center, 4245 East Avenue,
Rochester, New York. The Nazareth
College Arts Center is located in the
Town of Pittsford, New York.

FISCAL 2013
BRAND MILESTONES

100+ MILLION
cases sold in U.S.

1 MILLION
cases sold globally

1 MILLION
cases sold in Canada
retail stores

40+ MILLION
cases sold in U.S.

WINE GROWTH IN KEY U.S. IMPORT CATEGORIES

NEW ZEALAND

50% sales growth

#1 New Zealand
Sauvignon Blanc

Top 5 New
Zealand brand

ITALY

• Double digit depletion

and marketplace growth

• Fastest growing among

top 10 Italian wine brands

• Outperformed Italian

wine category

ARGENTINA

• Double digit depletion

and marketplace growth

• Top 10 Argentina brand

• Outperformed Argentina

wine category

BRANDportfolio

2013 – 2014

REMOVE AND SAVE
FOR FUTURE REFERENCE

ABOUT CONSTELLATION BRANDS

Constellation Brands is a leading wine, beer and spirits company with a broad portfolio of premium brands.
Constellation is the world leader in premium wine, the number one beer importer and the number three beer
company in the U.S. The company’s brand portfolio includes Arbor Mist, Black Box, Blackstone, Clos du Bois,
Estancia, Franciscan Estate, Inniskillin, Kim Crawford, Mark West, Mount Veeder, Nobilo, Ravenswood, Rex Goliath,
Robert Mondavi, Ruffino, SIMI, Toasted Head, Wild Horse, Corona Extra, Corona Light, Modelo Especial, Negra
Modelo, Pacifico, Black Velvet Canadian Whisky and SVEDKA Vodka.

Constellation Brands (NYSE: STZ and STZ.B) is an S&P 500 Index and Fortune 1000® company with more than
100 brands in our portfolio, sales in approximately 100 countries and operations in approximately 40 facilities.
The company believes that industry leadership involves a commitment to our brands, to the trade, to the land, to
investors and to different people around the world who turn to our products when celebrating big moments or
enjoying quiet ones. We express this commitment through our vision: to elevate life with every glass raised. To learn
more about Constellation, visit the company’s website at www.cbrands.com.

Data source: SymphonyIRI channels, 2012

FPO

CONSTELLATION BRANDS / Summary Annual Report / 2013Enjoy Responsibly

Constellation Brands, Inc.
207 High Point Drive | Building 100 | Victor, New York 14564
1.888.724.2169 | www.cbrands.com