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 3. BUSINESS COMBINATIONS (continued)
Transactions Related with 2010 (continued)
Acquisitions (continued)
The net asset value calculated from the financial statements of Knyaz Rurik based on fair value accounting as
of the acquisition date is as follows:
Fair Value
Cash and cash equivalents 1.666
Trade and other receivables 7.052
Inventories 1.775
Other assets 1.089
Property, plant and equipment 20.384
Deferred tax liability (3.722)
Other liabilities (461)
Minority interests (6.683)
Fair value of net assets acquired 21.100
Total cash consideration 18.608
Group’s share in net assets (17.235)
Net book value of Mutena Maltery shares on hand 5.103
Fair value of Mutena Maltery shares on hand (6.683)
Amount recognised in income statement (207)
Total cash consideration 18.608
Cash in the subsidiary acquired (-) (1.666)
Net cash outflow on acquisition 16.942
In November 2010, AETMC acquired 15,10% shares of OAO Knyaz Rurik, which owns 80,02% of Mutena
Maltery shares for a cash consideration of TRL5.786. The Group accounted the difference between the cash
consideration and the net assets of Knyaz Rurik amounting to TRL1.921 to “other reserves” under the equity
attributable to equity holders of the parent in accordance with IAS 27.
Transactions Related with 2009
Acquisitions
In January 2009, CCİ has increased its existing shareholding in Turkmenistan CC with the acquisition of 13,75%
shares of Turkmenistan CC which previously owned by The Coca-Cola Export Corporation (TCCEC) and
12,50% shares from Day Investments Ltd. which had 25% shares in Turkmenistan CC, for a cash consideration
of TRL7.026. Following the completion of the acquisitions, CCİ’s share in Turkmenistan CC reached to 59,5%
and it is included in consolidation by using the full consolidation method. The Group recorded TRL1.928
difference between the fair value of the net assets of Turkmenistan CC and the acquisition cost as negative
goodwill in “other operating income” in the consolidated financial statements (Note 31).
ANADOLU EFES ANNUAL REPORT 2010
171