CREDIt RAtING OF ANADOLU EFES

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)
2.6 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the parent company, Anadolu Efes,
its subsidiaries and joint ventures drawn up to reporting date. The financial statements of the companies
included in the consolidation have been prepared based on the accounting policies and presentation formats
adopted by the Group in accordance with the CMB Financial Reporting Standards.
Subsidiaries are companies in which Anadolu Efes has the power to exercise more than 50% of the voting
rights relating to the shares in the companies as a results of shares owned directly and/or indirectly by itself
or although not having the power to exercise more than 50% of the voting rights, exercises control in order
to make profit from the operations of companies through the exercise of actual dominant influence over the
financial and operating policies. Subsidiaries are consolidated for using the full consolidation method; therefore,
the carrying value of subsidiaries is eliminated against the related shareholders’ equity. The equity and net
income attributable to minority shareholders’ interests of subsidiaries are shown separately in the consolidated
balance sheet and consolidated income statement.
Joint ventures are companies in respect of which there are contractual arrangements through which an economic
activity is undertaken subject to joint control by the Group and its subsidiaries together with one or more other
parties. The Group’s interest in joint ventures is accounted for by way of proportionate consolidation; in other
words, the Group includes its share of the assets, liabilities, income and expenses of each joint venture in the
relevant components of the financial statements.
Investments in associates are undertakings over which the Group generally has between 20% and 50% of the
voting rights and the Group has significant influence and which are not subsidiaries or joint ventures of the
Group. The Group’s investments in associates are accounted for using the equity method.
The investments in associates are carried in the consolidated balance sheet at cost plus post-acquisition
changes in the Group’s share of net assets of the associates, less any impairment in value. The consolidated
income statement reflects the Group’s share of the results of operations of the associates.
Intercompany balances and transactions, including intercompany profits and unrealized profits and losses
are eliminated. Consolidated financial statements are prepared using uniform accounting policies for like
transactions and other events in similar circumstances.
The acquisition method of accounting is used for acquired business. Subsidiaries, joint ventures or investment
in associates, acquired or disposed of during the year are included in the consolidated financial statements
from the date of acquisition or to the date of disposal.
2.7 Cash and Cash Equivalents
Cash and cash equivalents comprise of cash in hand, bank deposits and short-term investments, which can
easily be converted into cash for a known amount, has high liquidity with maturities of 3 months or less. The
amounts paid under the reverse repurchase agreements are included in the cash and cash equivalents.
ANADOLU EFES ANNUAL REPORT 2010
157