CREDIt RAtING OF ANADOLU EFES

Recommendations

Info

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) 2.17 Current Income Tax and Deferred Tax The tax expense for the year comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In such case, the tax is also recognized in equity. The current income tax charge is calculated in accordance with the tax laws enacted or substantively enacted at the balance sheet date in the countries where the subsidiaries and joint ventures of the Group operate. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax related to the equity items is carried under the equity and not reflected to income statement. Deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carryforward of unused tax assets and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to net off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority. 2.18 Employee Benefits a) Defined Benefit Plans In accordance with existing social legislation in Turkey, the Group companies operating in Turkey are required to make lump-sum termination indemnities to each employee who has completed over one year of service with the Group and whose employment is terminated due to retirement or for reasons other than resignation or misconduct. In the consolidated financial statements the Group has reflected a liability using the Projected Unit Credit Method and based upon estimated inflation rates and factors derived using the Group’s experience of personnel terminating their services and being eligible to receive such benefits and discounted by using the current market yield at the balance sheet date on government bonds. 164
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) 2.18 Employee Benefits (continued) b) Defined Contribution Plans The Group pays contributions to the Social Security Institution of Turkey on a mandatory basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are paid. c) Long Term Incentive Plan The Group provides a benefit to its employees over a certain seniority level under the name “long term incentive plan”. Provision for long term incentive plan accrued in consolidated financial statements reflects the discounted value of the estimated total provision of possible future liabilities until the financial statement date. 2.19 Provisions, Contingent Assets and Liabilities a) Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense. b) Contingent Assets and Liabilities Contingent liabilities are not recognized in the consolidated financial statements, but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognized in the consolidated financial statements, but disclosed when an inflow of economic benefits is probable. ANADOLU EFES ANNUAL REPORT 2010 165
Page 1 and 2:
ANADOLU EFES ANNUAL REPORT 2010
Page 3 and 4:
Commencing its operations in 1969 w
Page 5 and 6:
An International Powerhouse… Reac
Page 7 and 8:
owned. The majority shareholders, Y
Page 9 and 10:
Soft Drinks Group Anadolu Efes cond
Page 11 and 12:
ANADOLU EFES ANNUAL REPORT 2010 09
Page 13 and 14:
Turkey Syria Jordan Georgia Iraq Az
Page 15 and 16:
CAPItAL AND ShAREhOLDING StRUCtURE
Page 17 and 18:
A pioneer in the beverage industry
Page 19 and 20:
(1996). • Assets of Toros Biracı
Page 21 and 22:
• CCİ reached an agreement to un
Page 23 and 24:
• Kazakhstan’s first bottled dr
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
We strengthened our position furthe
Page 31 and 32:
guidance we forecasted that our 201
Page 33 and 34:
cases in 2010. While we realized st
Page 35 and 36:
Tuncay Özilhan - Chairman (1) Born
Page 37 and 38:
authored more than 20 books and hun
Page 39 and 40:
Chief Financial officer N. orhun K
Page 41 and 42:
Ömer Öğün - Efes Kazakhstan Gen
Page 43 and 44:
Berke Kardeş - Commercial Director
Page 45 and 46:
N. orhun Köstem - Chief Financial
Page 47 and 48:
Özlem Aykaç İğdelipınar - Chie
Page 49 and 50:
We completed another successful yea
Page 51 and 52:
While responding to changing consum
Page 53 and 54:
Anadolu Efes has a 28 percent stake
Page 55 and 56:
eer “Gusta”; the aromatized bee
Page 57 and 58:
herlands-based EBI, which conducts
Page 59 and 60:
to a beer market that has quadruple
Page 61 and 62:
Expanding its market share and stre
Page 63 and 64:
SOFt DRINKS - International All ope
Page 65 and 66:
We add value to life… Anadolu Efe
Page 67 and 68:
contemporary enterprises that ident
Page 69 and 70:
economic and ethical priorities and
Page 71 and 72:
the Arabia CSR Network, was given t
Page 73 and 74:
developments and industrialization
Page 75 and 76:
environment and its contributions t
Page 77 and 78:
informed about the risks associated
Page 79 and 80:
first and only Turkish team to win
Page 81 and 82:
Anadolu Efes launched initiatives i
Page 83 and 84:
• does not feature content claimi
Page 85 and 86:
The Company does not employ child l
Page 87 and 88:
Continued rise in profitability in
Page 89 and 90:
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:
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 and 142: Opinion 4. In our opinion, the acco
Page 143 and 144: Anadolu Efes Biracılık ve Malt Sa
Page 165: Anadolu Efes Biracılık ve Malt Sa
Page 217 and 218:
Anadolu Efes Biracılık ve Malt Sa
show all

CREDIt RAtING OF ANADOLU EFES

Create successful ePaper yourself

Delete template?

Save as template?