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)
2.29 Use of Estimates (continued)
c) The Group performs impairment test for tangible assets, intangible assets with indefinite useful life and
goodwill annually or when circumstances indicate that the carrying value may be impaired. As of December
31, 2010, impairment test for the intangible assets with indefinite useful life and goodwill is generated by
comparing its carrying amount with the recoverable amount. The recoverable amount is the higher of net selling
price and value in use.
In these calculations, estimated free cash flows before tax from financial budgets covering a 3-year period
and approved by Board of Directors are used. Estimated free cash flows before tax after a 3-year period are
calculated for 5 – 10 years period by using expected growth rates. Estimated free cash flows before tax are
discounted to expected present value for future cash flows. Key assumptions such as country specific market
growth rates, GDP per capita and consumer price indices were derived from external sources. Main estimates
such as raw material and good prices, working capital requirements and capital expenditures were based
on the Group’s key assumptions and historical operating data. The enterprise value used as a base for the
impairment test has been calculated using cash flow projections from the strategic business plan approved
by the Board of Directors and no impairment has been detected on goodwill. Perpetuity growth rate used in
impairment test in the operating units is between 1,00% and 3,00% (December 31, 2009 – 1,00 % - 3,00 %)
and after tax discount rate is between 9,59% and 13,05% (December 31, 2009 – 10,33% - 14,40%).
d) The discount rates related with retirement pay liability are actuarial assumptions determined with future
salary increase and the employee’s turnover rates (Note 24).
e) Deferred tax asset is only recorded if it is probable that a taxable income will be realized in the future. Under
the circumstances that a taxable income will be realized in the future, deferred tax is calculated over the
temporary differences by carrying forward the deferred tax asset in the previous years and the accumulated
losses. As of December 31, 2010, the estimations made to indicate that the company will incur taxable profits
in the future periods were reasonable and deferred tax asset was recorded (Note 35).
f) The Group has used the future market rates stated on December 31, 2010, in order to value the derivative
instruments as of the balance sheet date (Note 39). The fair value difference occurred due to using these rates
have been recorded in consolidated income statement.
ANADOLU EFES ANNUAL REPORT 2010
169