CREDIt RAtING OF ANADOLU EFES

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Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As at December 31, 2010 (Currency - Unless otherwise indicated thousands of Turkish Lira (TRL)) NOTE 1. GROUP’S ORGANIZATION AND NATURE OF ACTIVITIES (continued) List of Joint Ventures The joint ventures included in the consolidation proportionally and their effective shareholding rates at December 31, 2010 and 2009 are as follows: Joint Venture Country Principal Activity Segment 150 Effective Shareholding and Voting Rights % 2010 2009 Coca-Cola İçecek A.Ş. (CCİ) (1) Turkey Production, bottling of Coca-Cola products Soft Drinks 50,26 50,26 Coca-Cola Satış Dağıtım A.Ş. (CCSD) Turkey Distribution and selling of Coca-Cola products Soft Drinks 50,25 50,25 Mahmudiye Kaynak Suyu Ltd. Şti. (Mahmudiye) Turkey Filling and selling of natural spring water Soft Drinks 50,25 50,25 Efes Sınai Dış Ticaret A.Ş. (EST) Turkey Foreign trade Soft Drinks 50,50 50,50 J.V. Coca-Cola Almaty Bottlers Limited Liability Partnership (Almaty CC) Kazakhstan Production, bottling, distribution and selling of Coca-Cola and distributions of Efes products Soft Drinks 50,11 50,11 Tonus Joint Stock Company (Tonus) Kazakhstan Investment company of CCİ Soft Drinks 47,33 47,33 Azerbaijan Coca-Cola Bottlers LLC (Azerbaijan CC) Azerbaijan Production, bottling, distribution and selling of Coca-Cola products Soft Drinks 50,19 50,19 Coca-Cola Bishkek Bottlers Closed Joint Stock Company (Bishkek CC) Kyrgyzstan Production, bottling, distribution and selling of Coca-Cola products and distributions of Efes products Soft Drinks 50,26 50,26 CCI International Holland B.V. (CCI Holland) The Netherlands Investment company of CCİ Soft Drinks 50,26 50,26 The Coca-Cola Bottling Company of Iraq FZCO (JV Dubai) United Arabic Emirates Investment company of CCİ Soft Drinks 25,13 25,13 CC Beverage Limited Iraq Production, bottling, distribution and selling of Coca-Cola products Soft Drinks 15,08 15,08 The Coca-Cola Bottling Company of Jordan Ltd. (Jordan CC) Jordan Production, bottling, distribution and selling of Coca-Cola products Soft Drinks 45,23 45,23 Syrian Soft Drink Sales and Distribution L.L.C. (Syrian SD) Syria Distribution and selling of Coca-Cola products Soft Drinks 25,13 25,13 Coca-Cola Beverages Pakistan Ltd (CCBPL) Pakistan Production, bottling, distribution and selling of Coca-Cola products Soft Drinks 24,73 24,73 Turkmenistan Coca-Cola Bottlers Ltd. (Turkmenistan CC) Türkmenistan Production, bottling, distribution and selling of Coca-Cola products Soft Drinks 29,90 29,90 Anadolu Etap Tarım ve Gıda Ürünleri San. ve Tic. A.Ş. (Anadolu Etap) Turkey Production and sales of fruit juice concentrate and puree Other 33,33 33,33 (1) Shares of CCİ are currently traded on ISE. Although the Company has been representing and controlling more than 50% of voting rights of CCİ, since the members of the board of directors of CCİ, representing the Company and other shareholders, take decisions mutually in the board of directors meetings; the financial statements of CCİ is consolidated in accordance with interests in joint venture.
Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As at December 31, 2010 (Currency - Unless otherwise indicated thousands of Turkish Lira (TRL)) NOTE 1. GROUP’S ORGANIZATION AND NATURE OF ACTIVITIES (continued) Environments and Economic Conditions of Subsidiaries and Joint Ventures in Foreign Countries Certain countries, in which consolidated subsidiaries and joint ventures are operating, have undergone substantial political and economical changes in recent years. Accordingly such markets do not possess well-developed business infrastructures and the operations in such countries might carry risks, which are not typically associated with those in more developed markets. Uncertainties regarding the political, legal, tax and/or regulatory environment, including the potential for adverse changes in any of these factors, could significantly affect the subsidiaries’ and joint ventures’ ability to operate commercially. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 2.1 Basis of Preparation and Presentation of Consolidated Financial Statements The Group companies, which operate in Turkey, maintain their books of account and prepare their statutory financial statements in TRL in accordance with the Generally Accepted Accounting Principles in Turkey accepted by the Capital Markets Board (CMB); and Turkish Commercial Code and Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign subsidiaries and joint ventures maintain their books of account and prepare their statutory financial statements in their local currencies and in accordance with the rules and regulations of the countries in which they operate. The consolidated financial statements have been prepared from the statutory financial statements of Group’s subsidiaries and joint ventures and presented in TRL in accordance with CMB Financial Reporting Standards with certain adjustments and reclassifications for the purpose of fair presentation. Such adjustments are primarily related to application of consolidation accounting, accounting for business combinations, accounting for deferred taxes on temporary differences, accounting for employment termination benefits on an actuarial basis and accruals for various expenses. Except for the financial assets carried from their fair values and assets and liabilities included in business combinations application, financial statements are prepared on historical cost basis. In accordance with the CMB’s “Communiqué on Financial Reporting in Capital Market” Serial XI, No:29 (Communiqué), published in the Official Gazette dated April 9, 2008, effective from January 1, 2008, listed companies are required to prepare their financial statements in conformity with International Accounting/ Financial Reporting Standards (IAS/IFRS) as prescribed in the CMB Communiqué. The financial statements and explanatory notes are presented using the compulsory standard formats as published by the Communiqué. 2.2 Functional and Presentation Currency Functional and reporting currency of the Company and its subsidiaries, joint ventures located in Turkey is Turkish Lira (TRL). As a result of the structure of subsidiaries and joint ventures located in foreign countries and the fact that some foreign subsidiaries and joint ventures transact more of their business in Euro (EURO) or US Dollars (USD) than in any other currency, those foreign subsidiaries or joint ventures have adopted EURO or USD as their functional currencies. ANADOLU EFES ANNUAL REPORT 2010 151
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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
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5 percent extra price increase to c
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In such a challenging year, Turkey
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two Turkish banks; USD 100 million
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Turkey Operation’s full year volu
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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
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Page 111 and 112: We believe in Corporate Governance
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Page 127 and 128: of the Company’s management. In a
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Page 131 and 132: conducts studies for building up a
Page 133 and 134: C. NET REVENUES Turkey Beer Interna
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Page 141 and 142: Opinion 4. In our opinion, the acco
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CREDIt RAtING OF ANADOLU EFES

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