CREDIt RAtING OF ANADOLU EFES

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Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi TABLE OF CONTENTS Consolidated Balance Sheet ..................................................................................................................................... 141-142 Consolidated Income Statement ......................................................................................................................................143 Consolidated Statement of Comprehensive Income ......................................................................................................144 Consolidated Statement of Changes in Equity ................................................................................................................145 Consolidated Statement of Cash Flow .............................................................................................................................146 Explanatory Notes to the Consolidated Financial Statements (Notes) ................................................................. 147-215 140 Note 1 Group’s Organization and Nature of Activities ............................................................................. 147-151 Note 2 Basis of Presentation of Consolidated Financial Statements ...................................................... 151-169 Note 3 Business Combinations ............................................................................................................... 170-174 Note 4 Joint Ventures ......................................................................................................................................174 Note 5 Segment Information ................................................................................................................... 175-176 Note 6 Cash and Cash Equivalents .................................................................................................................177 Note 7 Financial Investments .................................................................................................................. 177-178 Note 8 Borrowings ................................................................................................................................... 179-180 Note 9 Other Financial Liabilities .....................................................................................................................180 Note 10 Trade Receivables and Payables .........................................................................................................181 Note 11 Other Receivables and Payables ................................................................................................. 181-182 Note 12 Receivables and Payables Related to Finance Sector ........................................................................182 Note 13 Inventories ............................................................................................................................................182 Note 14 Biological Assets ..................................................................................................................................183 Note 15 Receivables and Deferred Income from Continuing Construction Contracts ......................................183 Note 16 Investments in Associates. ..................................................................................................................183 Note 17 Investment Property .............................................................................................................................183 Note 18 Property, Plant and Equipment .................................................................................................... 184-185 Note 19 Intangible Assets ..................................................................................................................................186 Note 20 Goodwill ...............................................................................................................................................187 Note 21 Government Incentives and Grants .....................................................................................................187 Note 22 Provisions, Contingent Assets and Liabilities .............................................................................. 187-188 Note 23 Commitments and Contingencies ............................................................................................... 189-191 Note 24 Employee Benefits ....................................................................................................................... 191-192 Note 25 Pension Plans ......................................................................................................................................192 Note 26 Other Current / Non-Current Assets and Liabilities ..................................................................... 192-193 Note 27 Equity ........................................................................................................................................... 193-195 Note 28 Sales and Cost of Sales .......................................................................................................................196 Note 29 Operating Expenses ..................................................................................................................... 196-197 Note 30 Expenses by Nature .............................................................................................................................197 Note 31 Other Operating Income / Expense .....................................................................................................198 Note 32 Financial Income ..................................................................................................................................198 Note 33 Financial Expenses ..............................................................................................................................198 Note 34 Non-Current Assets Available For Sale and Discontinuing Operations ..............................................199 Note 35 Income Taxes, Deferred Tax Assets and Liabilities ...................................................................... 199-200 Note 36 Earnings per Share...............................................................................................................................201 Note 37 Related Party Balances and Transactions ................................................................................... 201-204 Note 38 Nature and Level of Risks Arising From Financial Instruments ................................................... 204-213 Note 39 Financial Instruments ................................................................................................................... 213-214 Note 40 Subsequent Events ..............................................................................................................................215 Page
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi CONSOLIDATED BALANCE SHEET As at December 31, 2010 (Currency - Unless otherwise indicated thousands of Turkish Lira (TRL)) Audited Notes 2010 2009 ASSETS Current Assets 2.140.817 2.056.660 Cash and Cash Equivalents 6 939.324 1.053.256 Financial Investments 7 55.090 21.204 Trade Receivables 10 518.251 421.539 Due from Related Parties 37 337 810 Other Receivables 11 7.919 5.827 Inventories 13 467.864 412.389 Other Current Assets 26 152.032 141.635 Non-Current Assets 3.448.014 3.373.381 Other Receivables 11 1.325 944 Financial Investments 7 37.488 40.101 Investments In Associates 16 21.441 45.356 Biological Assets 14 1.512 - Property, Plant and Equipment 18 2.043.794 1.981.611 Intangible Assets 19 361.889 357.016 Goodwill 20 871.079 855.570 Deferred Tax Assets 35 40.008 46.871 Other Non-Current Assets 26 69.478 45.912 Total Assets 5.588.831 5.430.041 The accompanying notes form an integral part of these consolidated financial statements ANADOLU EFES ANNUAL REPORT 2010 141
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ANADOLU EFES ANNUAL REPORT 2010
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Commencing its operations in 1969 w
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An International Powerhouse… Reac
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owned. The majority shareholders, Y
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Soft Drinks Group Anadolu Efes cond
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ANADOLU EFES ANNUAL REPORT 2010 09
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Turkey Syria Jordan Georgia Iraq Az
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CAPItAL AND ShAREhOLDING StRUCtURE
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A pioneer in the beverage industry
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(1996). • Assets of Toros Biracı
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• CCİ reached an agreement to un
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• Kazakhstan’s first bottled dr
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We strengthened our position furthe
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guidance we forecasted that our 201
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cases in 2010. While we realized st
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Tuncay Özilhan - Chairman (1) Born
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authored more than 20 books and hun
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Chief Financial officer N. orhun K
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Ömer Öğün - Efes Kazakhstan Gen
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Berke Kardeş - Commercial Director
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N. orhun Köstem - Chief Financial
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Özlem Aykaç İğdelipınar - Chie
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We completed another successful yea
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While responding to changing consum
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Anadolu Efes has a 28 percent stake
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eer “Gusta”; the aromatized bee
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herlands-based EBI, which conducts
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to a beer market that has quadruple
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Expanding its market share and stre
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SOFt DRINKS - International All ope
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We add value to life… Anadolu Efe
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contemporary enterprises that ident
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economic and ethical priorities and
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the Arabia CSR Network, was given t
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developments and industrialization
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environment and its contributions t
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informed about the risks associated
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first and only Turkish team to win
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Anadolu Efes launched initiatives i
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• does not feature content claimi
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The Company does not employ child l
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Continued rise in profitability in
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sales and distribution of beer prod
Page 91 and 92: 5 percent extra price increase to c
Page 93 and 94: In such a challenging year, Turkey
Page 95 and 96: two Turkish banks; USD 100 million
Page 97 and 98: Turkey Operation’s full year volu
Page 99 and 100: TRL 435.0 million and EBITDA margin
Page 101 and 102: Summary Tables Anadolu Efes Consoli
Page 103 and 104: turkey Beer Operations Highlighted
Page 105 and 106: Soft Drink operations (CCİ) Highli
Page 107 and 108: The official website of the Company
Page 109 and 110: ANADOLU EFES ANNUAL REPORT 2010 107
Page 111 and 112: We believe in Corporate Governance
Page 113 and 114: Our Company complies with and has i
Page 115 and 116: Our Company’s Annual Report and A
Page 117 and 118: Investor Relations Manager under th
Page 119 and 120: section, when the date of the finan
Page 121 and 122: 12. Disclosure of the Persons Entit
Page 123 and 124: stakeholders is one of the key poli
Page 125 and 126: career and financial means granted,
Page 127 and 128: of the Company’s management. In a
Page 129 and 130: systems are being made against any
Page 131 and 132: conducts studies for building up a
Page 133 and 134: C. NET REVENUES Turkey Beer Interna
Page 135 and 136: at Anadolu Efes. Mr. Cüceloğlu ap
Page 137 and 138: REPORT OF THE BOARD OF AUDITORS Com
Page 139 and 140: ANADOLU EFES BİRACILIK VE MALT SAN
Page 141: Opinion 4. In our opinion, the acco
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CREDIt RAtING OF ANADOLU EFES

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