2014 SUMMARY ANNUAL REPORT
BUILDING BRANDS THAT PEOPLE LOVE
1
CONSTELLATION BRANDS / Summary Annual Report / 2014 CHAIRMAN’S LETTER
PROUD LEGACY OF PIONEERING
growth
CONTINUES
FELLOW SHAREHOLDERS
In fiscal 2014, Constellation Brands wrote one of its most exciting and transformative chapters yet. We
secured ownership of the Crown Imports beer business, perpetual brand rights for the iconic Grupo
Modelo beer portfolio we sell in the U.S. − and purchased a state-of-the-art brewery in Nava, Mexico. In
doing so, we took our more than 20-year commitment to the beer business to an unprecedented new level
− solidifying the company’s position as the largest imported beer company in the U.S. and the third largest
brewer and seller of beer for the U.S. market.
With this historic deal, we usher in a new era of growth and opportunity for the company that is guided by
Constellation Brands’ signature components for success: a pioneering spirit, bold strategic leadership, an
enthusiasm for taking smart risks that yield high rewards and a passion for continually evolving our brands and
our business to create shareholder value.
The beer deal builds on a long history of acquisitions that have been coupled with a highly disciplined
strategic journey to achieve profitable organic growth. And, we can now proudly point to an astounding
increase in our stock value during fiscal 2014 as evidence we are on the right track.
While the beer acquisition brings invigorating and innovative
new prospects to the business, our family company heritage
will continue to guide our growth. For nearly 70 years, we’ve
had only three CEOs: our founder and my father, Marvin
Sands, me and my brother, Rob. This continuity of leadership
has provided the unique opportunity to never lose sight of
where we came from, and to ensure that our strong values
remain an integral part of who we are and what we do.
Today, these values continue to flourish thanks to our 6,300
dedicated employees around the world who demonstrate
the powerful and positive impact of truly caring – about the
quality and results of our work, about the role we play in our
communities and about how we touch the lives of others.
It’s a remarkable time to be a part of Constellation Brands.
We are extremely grateful for the tremendous support of our
valued shareholders − and for the terrific opportunities that
lie ahead to elevate life with every glass raised.
Richard Sands
Chairman of the Board
2
2
Data noted on these two pages from: IRI channels, 2013; Beer Marketer’s Insights, 2013; Beverage Information Group, 2013
WHAT A YEAR, WHAT A future
CHIEF EXECUTIVE OFFICER’S LETTER
FELLOW SHAREHOLDERS
If ever there was a game changing year for
Constellation Brands, it was fiscal 2014. We completed
the most transformational acquisition in the history
of our company, gaining ownership of the Crown
Imports beer business while achieving solid financial
performance.
The beer deal nearly doubled the size of Constellation,
and positioned the company as the largest multi-
category supplier for beer, wine and spirits in the U.S.
Reinforcing the value of this industry-leading status is
our dollar sales growth. In fiscal 2014, we posted the
highest dollar sales growth among our key competitors
in the total beverage alcohol category.
Our fiscal 2014 financial results demonstrate the
significant contribution our beer business is making to
our overall financial profile. We had an exceptional year
posting sales, profits and free cash flow that exceeded
our expectations for both the commercial beer
business and our newly-purchased Nava brewery. The
beer business dramatically outperformed the import
category and the overall U.S. beer market, generating
remarkable net sales growth of 10%. In fact, in fiscal
2014, our beer business accounted for an astonishing
85% of total import category dollar sales growth and
gained more than 50 basis points of market share of
the U.S. beer industry.
continued
Our fiscal 2014 achievements
drove our stock price to increase
by nearly 85% − earning us the
enviable position of best performing
S&P500® Consumer Staples stock
for the second year in a row.
UNQUESTIONABLE INDUSTRY LEADER
#1
multi-category
supplier of beer,
wine and spirits
in the U.S.
LARGEST
imported
beer company
in the U.S.
#1
premium wine
company in
the world
#1
in average
retail case price
of top beer
suppliers
#1
in retail dollar
sales growth of
top beverage
alcohol suppliers
3rd
largest U.S.
beer company
overall
3
CONSTELLATION BRANDS / Summary Annual Report / 2014 Our newly-purchased Nava brewery
In fiscal 2014, we seamlessly integrated the beer
commercial business and brewery operations into a
unified beer division encompassing production, sales,
marketing and distribution. Operations are running
smoothly at our brewery in Mexico, our supply chain
is operating efficiently and key performance metrics
are being achieved. And we’re well underway with our
brewery expansion plans, which will enable us to double
production capacity at the site; build a new brew house,
packaging area and warehouse; and complete state-of-
the-art infrastructure improvements.
Turning to our wine and spirits business, in fiscal 2014,
we focused our efforts and investments on U.S. brand-
building activity to ensure the business remained healthy
and well-positioned to generate profit growth going
forward. These activities included targeted promotional
and marketing investments that enabled us to achieve
market share volume gains and above-market depletion
growth of 3.5% across our entire U.S. wine and spirits
portfolio, these efforts also contributed to growth of
nearly 6% for our collection of “Focus Brands” that
include Kim Crawford, Mark West, Black Box, SVEDKA
Vodka, Ruffino, Rex Goliath and Woodbridge by Robert
Mondavi, among other brands. Additionally, we also
announced our commitment to invest $20 million in
our various California wineries to improve production
efficiencies and increase capacity to meet growing
consumer demand for our California wines.
Kim Crawford hit
1 MILLION
CASES
in global sales
As a result of these efforts, we continue to garner
numerous awards and recognition from prominent
industry publications, particularly for our new products
and our Focus Brands. We also achieved major wine and
spirits performance milestones for the first time in fiscal
2014 − we sold more than 65 million cases of wine and
spirits; Kim Crawford hit 1 million cases in global sales;
Jackson-Triggs sold more than 1.8 million cases; and
Constellation Brands became the #1 producer and
#1 exporter of New Zealand wine by volume.
4
Data noted on these two pages from: IRI channels, 2013; Impact Databank, 2013; Euromonitor, 2013; New Zealand Winegrowers;
Company estimates
In the spirits category, SVEDKA posted double-digit
consumer takeaway trends, in addition to gaining volume
and dollar share of the vodka category. Black Velvet
grew volume 11% driven by the core Black Velvet brand,
as well as popular new flavor introductions of Toasted
Caramel and Cinnamon Rush.
Our international wine and spirits business gained
significant momentum in fiscal 2014 with the signing
of several strategic distribution agreements and
realignment of the business in Mainland Europe.
We finalized a unique and very promising strategic
agreement with VATS Liquor Group in China, a major
producer and distributor of wine and spirits for
the Chinese market. We plan to jointly develop and
exclusively market and promote the iconic Robert
Mondavi brand in China − which is the world’s number
one selling table wine. China is currently the fifth largest
CHIEF EXECUTIVE OFFICER’S LETTER
Together with
VATS Liquor Group,
we will develop
and market the
Robert Mondavi
brand in China.
wine consumption market globally, selling more than
200 million cases annually − and it’s a market that has
doubled in size in five short years.
We also signed a distribution agreement with Interfood
Importacao Ltda., Brazil’s top imported wine distributor;
as well as distribution agreements for SVEDKA with
Lotte in South Korea and Mohan Brothers in India. And,
we renewed Robert Mondavi Winery brands’ sponsorship
agreement for an additional two years with Asia’s
50 Best Restaurants.
Overall, fiscal 2014 was a monumental year for
Constellation Brands as we became a true triple threat
in beer, wine and spirits. Thanks to the talents, dedication
and incredible hard work of our employees, we have
opened the door to a new and exciting era of what I believe
has the potential to generate sustainable growth and
virtually endless opportunities.
The following pages provide a closer look at our fiscal
2014 highlights across our beer, wine and spirits
categories, as well as a review of our latest Corporate
Social Responsibility accomplishments.
We are extremely proud that our fiscal 2014 performance
delivered yet another rewarding year of extraordinary
shareholder value. We look forward to continuing the
momentum in the year ahead.
Thank you for your continued support of our company
and our mission to build brands that people love.
Cheers!
Rob Sands
President & Chief Executive Officer
555
CONSTELLATION BRANDS / Summary Annual Report / 2014 BEER ACHIEVES
superstar
STATUS
6
The beer business was responsible for the company’s star-power
performance in fiscal 2014, and contributed nearly half of the
company’s total net sales. From a marketplace perspective, this is the
fourth consecutive year that our iconic beer portfolio outperformed the
import and total U.S. beer categories. Modelo Especial, Corona Light,
Negra Modelo and Pacifico all achieved new record sales volumes
while Corona Extra posted its 3rd consecutive year of growth. Beer
distribution in both on-premise and off-premise grew to its highest
levels. Draft depletions, while only a small part of overall volume, grew
by more than 35%, increasing brand recognition for Corona Light,
Negra Modelo and Pacifico. And, we exceeded depletion expectations
for the newly-launched Modelo Especial Chelada.
This extraordinary level of industry-leading growth was driven by
a combination of robust consumer demand for our award-winning
beer brands, strong sales execution, excellent support from our
wholesalers, creative new marketing and advertising programs, as
well as the outstanding efforts of our commercial beer team and our
brewery team in Mexico.
FISCAL 2014 BEER
HIGHLIGHTS
GREW SHARE
in 48 of 50 states
5 OF TOP 15
IMPORTED
BRANDS
accounting for more than
175 million cases, greater
than 50% of the volume
for the import category
in calendar 2013
5 LARGEST
BRANDS
all grew and gained
share – only supplier that
can make this claim
Data noted on these two pages from:
Beer Marketer’s Insights, 2013;
Beer Institute, 2013
CONSTELLATION BRANDS / Summary Annual Report / 2014
7
7
CONSTELLATION BRANDS / Summary Annual Report / 2014 STAR PERFORMERS
CORONA EXTRA
• Best-selling
imported beer
in U.S.
• More than 100
million cases
annually
• Depletion growth
of nearly 4% in
fiscal 2014
• Jumped to 5th best
selling beer overall
• Only Top 5 beer
brand in U.S. to
experience growth
in calendar 2013
OUTSELLS
NEAREST
IMPORT
COMPETITOR
BY ALMOST
50 MILLION
CASES
CORONA LIGHT
BEST-SELLING
IMPORTED
LIGHT BEER
IN U.S.
• More than 13.5
million cases sold
• Continues to
outpace import
light category
• Represents more
than 50% of
segment dollar
share for import
category
• Increased sales in
18 of last 19 years
• Expanded draft
offerings to 35
new markets
MODELO ESPECIAL
• Only 3rd imported
beer brand ever to
exceed this milestone
- Only 19 beer brands
in U.S. beer industry
have ever exceeded
50 million cases
• Increased depletions
by nearly 20% −
fastest-growing
Constellation
beer brand
• Most volume gains
and largest volume
trend of any Top 15
beer brand in U.S.
• Aired first-ever
English language
general market TV
spots in select
markets
50+ MILLION
CASES SOLD IN
CALENDAR 2013
NEGRA MODELO
• 4th consecutive year
of annual volume
growth: 4% increase
in fiscal 2014
PACIFICO
• #1 draft brand in
the portfolio by
volume, with draft
format in 42 states
and over 6,000
accounts
• Official beer
sponsor of the U.S.
Open of Surfing
SURPASSED THE
6 MILLION CASE
MARK & GREW +5%
INNOVATIVE MARKETING AND ADVERTISING EFFORTS
8
Data noted on these two pages from: IRI channels, 2013; Beer Marketer’s Insights, 2013
wine & spirits
BOAST TOP PERFORMERS
In fiscal 2014, brand-building investments in our wine and spirits portfolio drove U.S. market volume share
gains, while we maintained dollar share across measured channels. Our positive depletion growth trends
were driven by strong performance of some of our well-known brands including Rex Goliath, Mark West,
Kim Crawford, SIMI, Estancia, Ruffino, Black Box and Woodbridge by Robert Mondavi.
Canadian business achieves
double- digit growth for major brands
and hits milestone for net sales
+10%
growth
+17%
growth
+19%
growth
+34%
growth
Jackson-Triggs
Niagara Estate
Winery receives
Top Canadian
Producer of the
Year Award at
the 44th annual
International
Wine and Spirits
Competition
95
points
37
medals
for wines
priced at less
than $20
95
points
TOP
100
WINE
90+
points
BEST
BUY
91
points
2013 WORLD VALUE
WINE CHALLENGE
WINE ENTHUSIAST
ROBERT PARKER’S
WINE ADVOCATE
9
CONSTELLATION BRANDS / Summary Annual Report / 2014 INVESTMENTS IN
OUR FOCUS BRANDS
pay off
Targeted, strategic investments in our high-performing Focus
Brands yielded new attention-getting packaging and formats,
consumer-driven line extensions, and national advertising and
social media campaigns that helped us achieve major growth
milestones. Following are a few shining highlights of our fiscal
2014 Focus Brand successes:
BLACK BOX
WOODBRIDGE BY ROBERT MONDAVI
#1
Selling
Premium
Box Wine
Brand
New packaging and
line extensions
3.5 MILLION
CASES SOLD
Up from 1 million cases
sold in fiscal 2010
Woodbridge Chardonnay 1.5L is #2 selling SKU across all
categories, and #1 selling SKU in Premium Glass category
in the U.S.
9+ MILLION
CASES SOLD
New packaging and
line extensions
National
advertising &
social media
National
advertising &
social media
Black Box 3L boxes use
85% less material and
leave half the carbon
footprint than glass bottles:
blackboxwines.com
Link to recipe:
We’ve paired our
holiday recipes with
@Woodbridge_Wines:
woodbridgewines.com
Link to coupon:
Make your next holiday meal
a moment worth sharing with
this offer from @Woodbridge_
Wines: woodbridgewines.com
10
Data noted on these two pages from: IRI channels, 2013; Impact Databank, based on fastest-growing spirits 2008-2013
SVEDKA
National advertising
#3
#4
FASTEST GROWING
SPIRIT BRAND IN THE U.S.
FASTEST GROWING PREMIUM
SPIRIT BRAND WORLDWIDE
New format
packaging
and line
extensions
+
=
REX GOLIATH
New sweets packaging
and line extensions
SVEDKA
and Corona
joined forces
for national
on-premise
program
showcasing
SVEDKA
Coronation
cocktail
#3 VODKA
AND 2nd
LARGEST
IMPORTED
VODKA IN
THE U.S.
Wingman sampling program
& national out-of-home advertising
11
CONSTELLATION BRANDS / Summary Annual Report / 2014 CSR HIGHLIGHTS
GROWING
commitment
TO OUR COMMUNITIES
GIVING
In recent years, Constellation Brands and the Sands
Family Foundation have donated funds, and employees
have volunteered countless hours of their time to support
communities throughout the world. The following are key
highlights of our Corporate Social Responsibility (CSR)
accomplishments in fiscal 2014. For a complete view of our
CSR efforts, visit www.constellationcsr.com.
For the 18th year,
Constellation donated
$10,000 annually to the
Auckland Rescue
Helicopter Trust
in New Zealand.
.
Home for Hope
Orphanage in Haiti
Together, Constellation
and its employees
donated more than
$40,000 and sent
supplies and employee
volunteers to Haiti to
build a new bunkhouse
complex.
Jackson-Triggs
Amphitheater Concert
Series raised $22,000 for
War Child Canada.
Wine Rack employees
began a partnership with
Habitat for Humanity in
Canada to raise $150,000
to build three houses for
local families.
Corona Extra & The
V Foundation This ongoing
partnership exceeded
$660,000 of donations
during the “Team Up to
Find a Cure” campaign.
A portion of the proceeds
of all Corona brand sales
were donated to The V
Foundation for Cancer
Research.
Red Cross Philippines
Typhoon Appeal
Constellation matched
every employee donation
2-to-1, raising a total
of $65,000.
SUSTAINABILITY
In 2013, we achieved
a CDP score of 85,
participated for
the first time in the
water questionnaire
and had our carbon footprint data verified by a
third-party.
All of our California
wineries and vineyards were
again certified as part of
the California Sustainable
Winegrowing Alliance third-
party certification program.
Drip Irrigation in Canada The Canada
vineyards are making continued progress
on installing drip irrigation systems
which save water and reduce energy
usage, water runoff and soil erosion.
All of our New Zealand
wineries and vineyards are
members of the Sustainable
Winegrowers of New Zealand.
12
Cares
Corona Cares initiative
raised $150,000 for the
North Carolina Cancer
Hospital to benefit patient
and family support
programs. Over the past
four years, Corona Cares
has generated more than
$500,000 for patient and
family support programs.
EMPLOYEE
MATCH PROGRAM
DONATED MORE
THAN $100,000
TO CHARITABLE
CAUSES
SOCIAL
RESPONSIBILITY
We provided continued
support for “We Don’t
Serve Teens,” a national
government campaign to
prevent underage drinking.
Safe Ride Home Program
was launched for
employees in the U.S.,
Canada and New Zealand.
The program strengthens
our commitment to support
the well-being of employees
and promotes responsible
drinking practices.
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
Diluted earnings 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
2014
2013
2012
2011
2010
$ 5,411.0
$ 3,171.4
$ 2,979.1
$ 4,096.7
$ 4,213.0
4,867.7
2,437.7
87.8
1,943.1
9.83
2,796.1
2,654.3
3,332.0
3,364.8
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
$ 4,867.7
$ 2,796.1
$ 2,654.3
$ 3,332.0
$ 3,364.8
1,168.3
87.9
641.7
3.25
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
Net cash provided by operating activities
$ 826.2
$ 556.3
$ 784.1
$ 619.7
$ 402.6
Purchases of property, plant and equipment
Free cash flow
(223.5)
602.7
(62.1)
494.2
(68.4)
715.7
(89.1)
530.6
(107.7)
294.9
Comparable financial results are provided because we believe 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 our results of continuing operations 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;
amortization of favorable interim supply agreement associated with the Beer Business Acquisition; net gain on mark to fair value of undesignated
commodity swap contracts; accelerated depreciation; write-down of inventory; gain on remeasurement to fair value of equity method investment;
transaction and related costs associated with pending and completed acquisitions; deferred compensation costs associated with certain employment
agreements related to a prior period; gains in connection with releases from certain contractual obligations; net (gains)/losses on sale of 80.1% of the
Australian and U.K. business; net (gain)/loss on sale of certain other nonstrategic assets/business; certain other selling, general and administrative costs;
net gains on acquisition of Ruffino; (gain)/loss on obligations from put options of Ruffino shareholders; 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; and a valuation allowance against deferred tax assets in the U.K.
The impact of excluding these items from the comparable financial results for: operating income totaled ($1,269.4) for 2014, $33.8 for 2013, $53.5 for 2012,
$31.2 for 2011 and $248.7 for 2010; equity in earnings of equity method investees totaled $0.1 for 2014, $1.0 for 2013, $0.6 for 2011 and $25.4 for 2010; net
income totaled ($1,301.4) for 2014, $28.1 for 2013, $42.8 for 2012, ($151.5) for 2011 and $274.0 for 2010; diluted earnings per share totaled ($6.59) for 2014,
$0.15 for 2013, $0.21 for 2012, ($0.71) for 2011 and $1.24 for 2010. Net income and diluted earnings per share amounts on a comparable basis are net of
income taxes at a rate of 31.2% for 2014, 26.2% for 2013, 17.0% for 2012, 30.0% for 2011 and 30.1% for 2010.
“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.
13
CONSTELLATION BRANDS / Summary Annual Report / 2014
PERFORMANCE GRAPH
Set forth below is a line graph comparing, for the fiscal years ended the last day of February 2010, 2011, 2012, 2013
and 2014 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, a new peer group index (the “New Peer Group Index”)
(see footnote(1) to the graph) and last year’s peer group index (the “Old Peer Group Index”) (see footnote(2) to the graph).
The New Peer Group Index consists of the publicly traded companies which comprised the Company’s executive
compensation peer group as of the conclusion of its fiscal year ended February 28, 2014. The Old Peer Group Index
consists of the publicly traded 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 28,
2009 in the Company’s Class A Common Stock, the Company’s Class B Common Stock, the S&P 500 Index, the New
Peer Group Index, and the Old Peer Group Index and also assumes the reinvestment of all dividends.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN
$700
$600
$500
$400
$300
$200
$100
$0
2/09
2/10
2/11
2/12
2/13
2/14
Constellation Brands, Inc.
Class A
Constellation Brands, Inc.
Class B
S&P 500
New Peer
Group(1)
Old Peer
Group(2)
2/09
2/10
2/11
2/12
2/13
2/14
Constellation Brands, Inc. Class A
$ 100.00
$ 115.25
$ 155.71
$ 167.36
$ 339.00
$ 620.92
Constellation Brands, Inc. Class B
S&P 500
New Peer Group(1)
Old Peer Group(2)
100.00
100.00
100.00
100.00
112.08
153.62
150.64
154.91
153.27
188.29
180.94
197.97
166.11
197.94
219.60
246.09
337.39
224.58
255.12
281.59
620.06
281.57
288.65
319.42
1) The New 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; The Clorox Company; Coach, Inc.; Colgate-Palmolive Company; Diageo
plc.; Dr Pepper Snapple Group, Inc.; Energizer Holdings, Inc.; The Estée Lauder Companies Inc.; General Mills, Inc.; Harley-Davidson, Inc.; The Hershey
Company; The J.M. Smucker Company; Kellogg Company; Lorillard, Inc.; McCormick & Company, Incorporated; Mead Johnson Nutrition Company; Molson
Coors Brewing Company (Class B Shares); Ralph Lauren Corporation; and Reynolds American Inc.
(2) The Old 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.; 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.
14
DIRECTORS AND
EXECUTIVE OFFICERS
(AS OF APRIL 30, 2014)
DIRECTORS
RICHARD SANDS
Chairman of the Board,
Constellation Brands, Inc.
ROBERT SANDS
President and Chief Executive
Officer, Constellation Brands, Inc.
JERRY FOWDEN (1)
Chief Executive Officer,
Cott Corporation
BARRY A. FROMBERG (2)
Chief Financial Officer,
Hospitalists Now, Inc.
ROBERT L. HANSON (1)
Former Chief Executive Officer,
American Eagle Outfitters, Inc.
JEANANNE K. HAUSWALD (1) (3)
Managing Partner, Solo
Management Group, LLC; Retired
from The Seagram Company Ltd.
JAMES A. LOCKE III (3)
Senior Counsel to the law firm of
Nixon Peabody LLP
JUDY A. SCHMELING (2)
Chief Operating Officer and
Chief Financial Officer, HSN, Inc.
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
EXECUTIVE
OFFICERS
RICHARD SANDS
Chairman of the Board,
Constellation Brands, Inc.
ROBERT SANDS
President and
Chief Executive Officer,
Constellation Brands, Inc.
WILLIAM F. HACKETT
Executive Vice President and
President, Beer Division,
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.
ROBERT RYDER
Executive Vice President and
Chief Financial Officer,
Constellation Brands, Inc.
JOHN A. (JAY) WRIGHT
Executive Vice President and
President, Wine & Spirits
Division, Constellation
Brands, Inc.
Additional biographical
information about the Directors
is included in the Proxy
Statement relating to the
Company’s 2014 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
CONSTELLATION BRANDS
PRODUCTION FACILITIES
(AS OF APRIL 30, 2014)
UNITED STATES
CALIFORNIA
Bedford Winery (Napa)
Clos du Bois Winery (Geyserville)
Dunnewood Vineyards (Ukiah)
Estancia Winery (Soledad -
Monterey County)
Franciscan Oakville Estate
(Rutherford)
Gonzales Winery (Gonzales -
Monterey County)
Mission Bell Winery (Madera)
Mt. Veeder Winery (Napa)
Ravenswood Wineries (Sonoma)
Robert Mondavi Winery (Oakville)
Simi Winery (Healdsburg)
Turner Road Vintners Wineries
(Lodi/Woodbridge)
Wild Horse Winery (Templeton)
Woodbridge Winery (Acampo)
NEW YORK
Canandaigua Winery
(Canandaigua)
WASHINGTON
The Hogue Cellars (Prosser)
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
Inniskillin Winery & Vineyard
(Niagara-on-the-Lake)
Jackson-Triggs Estate Winery
(Niagara-on-the-Lake)
Le Clos Jordanne (Jordan,
Niagara Peninsula)
Niagara Cellars (Niagara Falls)
CANADA continued
QUÉBEC
Constellation Brands Québec
(Rougemont)
WINE KITS
RJ Spagnol’s (Delta, British
Columbia)
RJ Spagnol’s (Kitchener, Ontario)
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)
MEXICO
Compañía Cervecera de Coahuila
(Nava, Coahuila)
NEW ZEALAND
Selaks Winery
(Hawkes Bay, North Island)
Drylands Winery
(Marlborough, South Island)
Kim Crawford Winery
(Marlborough, South Island)
Nobilo Winery (Huapai, West
Auckland, North Island)
15
CONSTELLATION BRANDS / Summary Annual Report / 2014 ANNUAL REPORT
This fiscal 2014 Summary Annual Report
together with the Company’s Annual Report
on Form 10-K for the fiscal year ended
February 28, 2014 (the “Form 10-K”), which
accompanies the mailing of this fiscal 2014
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, 2014 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 23, 2014, 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.
INVESTOR 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)
Stockholder Website:
www.computershare.com/investor
Stockholder online inquiries:
https://www-us.computershare.com/investor/Contact
Regular Delivery:
P.O. Box 30170
College Station, TX 77842-3170
Overnight Delivery:
211 Quality Circle, Suite 210
College Station, TX 77845
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, 2014, there were 692 and 135
holders of record of Class A and Class B
Common Stock, respectively, and no holders of
Class 1 Common Stock.
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, 2014.
FISCAL 2014 AWARDS
TOP 30
Momentum
Beer
Brands
TOP 30
Momentum
Table Wine
Brands
TOP 15
NEW
Table Wine
Brands
2013
Wine.com
Top 100
List
For a complete listing of all of our awards visit www.cbrands.com/about-us/awards
16
Data noted on this page from: IRI channels, 2013
ABOUT CONSTELLATION BRANDS
Constellation Brands (NYSE: STZ and STZ.B) is a leading international
producer and marketer of beer, wine and spirits with operations in the U.S.,
Canada, Mexico, New Zealand and Italy. In 2013, Constellation was one of
the best performing stocks in the S&P 500. Constellation is the number
three beer company in the U.S. with high-end, iconic imported brands
including Corona Extra, Corona Light, Modelo Especial, Negra Modelo and
Pacifico. Constellation is also the world’s leader in premium wine selling
great brands that people love including Robert Mondavi, Clos du Bois, Kim
Crawford, Rex Goliath, Mark West, Franciscan Estate, Ruffino and Jackson-
Triggs. The company’s premium spirits brands include SVEDKA Vodka and
Black Velvet Canadian Whisky.
Based in Victor, N.Y., the company believes that industry leadership involves
a commitment to brand-building, our trade partners, the environment, our
investors and to consumers around the world who choose our products
when celebrating big moments or enjoying quiet ones. Founded in 1945,
Constellation has grown to become a significant player in the beverage
alcohol industry with more than 100 brands in its portfolio, sales in
approximately 100 countries, about 40 facilities and approximately 6,300
talented employees. We express our company vision: to elevate life with
every glass raised. To learn more, visit www.cbrands.com.
2014/15 BRAND PORTFOLIO
REMOVE AND SAVE
FOR FUTURE REFERENCE
© 2014 Constellation Brands, Inc.
Design: © Calm & Sense Communications, Ltd. | www.calmandsense.com
Executive Portraits: © Kurt Brownell Photography | www.kurtbrownell.com
Printing: © Canfield & Tack | www.canfieldtack.com
FPO
17
CONSTELLATION BRANDS / Summary Annual Report / 2014 enjoy
RESPONSIBLY
Constellation Brands, Inc.
207 High Point Drive | Building 100
Victor, New York 14564
1.888.724.2169 | www.cbrands.com