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 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.2 Functional and Presentation Currency (continued) Functional Currency of Significant Subsidiaries and Joint Ventures Located in Foreign Countries Subsidiary or Joint Venture Local Currency 152 Functional Currency 2010 2009 EBI EURO USD USD Efes Moscow Russian Ruble (RUR) RUR RUR KV Group RUR RUR RUR Efes Karaganda Kazakh Tenge (KZT) KZT KZT Efes Vitanta Moldovan Leu (MDL) MDL MDL Efes Georgia Georgian Lari (GEL) GEL GEL CCI Holland EURO USD USD Almaty CC KZT USD USD Azerbaijan CC Azerbaijan Manat (AZN) USD USD Bishkek CC Kirghiz Som (KGS) USD USD CCBPL Pakistan Rupee (PKR) PKR PKR Jordan CC Jordanian Dinar (JOD) USD USD AETMC EURO EURO EURO EHTMC EURO EURO EURO Efes Germany EURO EURO EURO Knyaz Rurik RUR RUR RUR 2.3 Changes in Accounting Policies Adoption of new and revised International Financial Reporting Standards The changes in accounting policies that have an impact on the consolidated financial statements are as follows: • IFRS 3 (Revised) “Business Combinations”: Revised IFRS 3 introduces a number of changes in the accounting for business combinations which will impact the amount of goodwill recognized, the reported results in the period that an acquisition occurs, and future reported results. Such changes include the expensing of acquisition related costs and recognizing subsequent changes after the reporting period in fair value of contingent consideration in the profit or loss rather than by adjusting goodwill. However, as permitted by the revised standard in accordance with the transition period application, the Group recognized subsequent changes in the fair value of contingent consideration balances, originated in previous periods before the effective date of IFRS 3 (Revised), by adjusting goodwill. • IAS 27 (Amendment) “Consolidated and Separate Financial Statements”: The amended IAS 27 requires that a change in ownership interest of a subsidiary is accounted for as an equity transaction. Therefore such equity transaction will have no impact on goodwill, nor will it give raise to a gain or loss. Furthermore the amended standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary.
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 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.3 Changes in Accounting Policies (continued) Adoption of new and revised International Financial Reporting Standards (continued) The amendments to the following standards and adoption of the following new interpretations below did not have any impact on the accounting policies, financial position or performance of the Group: • IFRS 1 (Amendment) “First Time Adoption of IFRS” • IFRS 2 (Amendment) “Share-based Payment – Vesting Conditions and Cancellation” • IFRS 5 (Amendment) “Non-current Assets Held for Sale and Discounted Operations” • IAS 1 (Amendment) “Presentation of Financial Statements” • IAS 36 (Amendment) “Impairment of Assets” • IAS 39 “Financial Instruments: Recognition and Measurement – Eligible Hedged Items” • IFRIC 16 “Hedges of a Net Investment in a Foreign Operation” • IFRIC 17 “Distributions of Non-cash Assets to Owners” • IFRIC 18 “Transfer of Assets from Customers” Revised and amended standards and interpretations that are effective subsequent to December 31, 2010 and do not have any impact on the financial position or performance of the Group: • IFRS 1 (Amendment) “Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters” (effective for annual periods beginning on or after July 1, 2010): IFRS 1 has been amended to allow first-time adopters to utilise the transitional provisions in IFRS 7 and give relief from providing comparative information in the first year of application. • IFRS 9 “Financial Instruments” (effective for annual periods beginning on or after January 1, 2013): IFRS 9 introduces new requirements for classifying and measuring financial assets. The standard has not yet been endorsed by the European Union (EU). • IAS 12 (Amendment), “Income Taxes”: IAS 12 has been updated to include: i) a rebuttable presumption that deferred tax on investment property measured using the fair value model in IAS 40 should be determined on the bases that its carrying amount will be recovered through sale. ii) a requirement that deferred tax on non depreciable assets, measured using the revaluation model in IAS 16, should always be measured on a sale basis. • IAS 24 (Revised) “Related Party Disclosures” (effective for annual periods beginning on or after January 1, 2011): The definition of a related party has been clarified and partial exemption from the disclosures for all transactions of government-related entities with other government-related entities and government has been included. ANADOLU EFES ANNUAL REPORT 2010 153
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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
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Summary Tables Anadolu Efes Consoli
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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 131 and 132: conducts studies for building up a
Page 133 and 134: C. NET REVENUES Turkey Beer Interna
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CREDIt RAtING OF ANADOLU EFES

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