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)
2.27 Earnings per Share
Earnings per share in the consolidated income statements are calculated by dividing the net profit for the year
attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year. In Turkey, companies can increase their share capital by making distribution of free shares to
existing shareholders from inflation adjustment to shareholders equity.
For the purpose of the earnings per share computations, the weighted average number of shares outstanding
during the year has been adjusted in respect of free shares issued without corresponding change in resources
by giving them retroactive effect for the period in which they were issued and each earlier period.
2.28 Reporting of Cash Flows
In the consolidated statement of cash flows, cash flows are classified and reported according to their operating,
investing and financing activities. Cash flows related with investing activities present the cash flows provided
from and used in the Group’s investing activities and cash flows related with financing activities present the
proceeds and repayments of sources in the Group’s financing activities.
2.29 Use of Estimates
The preparation of the financial statements requires management to make estimates and assumptions that
effect the reported amounts of assets and liabilities at the date of balance sheet date. Actual results may vary
from the current estimates. These estimates are reviewed periodically, and, as adjustments become necessary,
they are reported in income statement in the periods in which they become known. The source of the estimates
and assumptions which may cause to significant adjustments at assets and liabilities at following periods as
of balance sheet date are as follows:
a) Provision for doubtful receivables is an estimated amount that management believes to reflect for possible
future losses on existing receivables that have collection risk due to current economic conditions. During the
impairment test for the receivables, the debtors, other than the key accounts and related parties, are assessed
with their prior year performances, their credit risk in the current market, their performance after the balance
sheet date up to the issuing date of the financial statements; and also the renegotiation conditions with these
debtors are considered (Note 10).
b) During the assessment of the reserve for inventory obsolescence the following are considered; analyzing the
inventories physically and historically, considering the employment and usefulness of the inventories respecting
to the technical personnel view. Sales prices listed, average discount rates given for sale and expected cost
incurred to sell are used to determine the net realizable value of the inventories (Note 13).
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