CREDIt RAtING OF ANADOLU EFES

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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 2009 (continued) Acquisitions (continued) In accordance with the change in the scope of consolidation and in conformity with IFRS 3, Group’s share of fair value difference amounting to TRL4.916 occurred from the financial statements of Turkmenistan CC prepared according to fair value basis was recorded by the Group as “fair value difference” in consolidated comprehensive income statement. The total fair value of net assets of Turkmenistan CC as of the acquisition date is as follows: 172 Fair Value Carrying Value Cash and cash equivalents 1.113 1.113 Trade and other receivables 297 297 Inventories 9.059 9.059 Other assets 481 481 Property, plant and equipment 14.280 14.154 Intangible assets 29.648 333 Trade and other payables (10.087) (10.087) Due to related parties (3.407) (3.407) Other liabilities (4) (4) Fair value of net assets acquired 41.380 11.939 Total cash consideration, Group’s share 3.531 Group’s share in net assets (5.459) Negative goodwill arising from acquisition (1.928) Total cash consideration, Group’s share 3.531 Cash in the subsidiary acquired, Group’s share (-) (559) Net cash outflow on acquisition 2.972 According to the put and call option agreement signed with Day Investments Ltd., within three months from the expiry of the three year period from the completion date of share transfer registration which is in January 2009, Day Investments Ltd. shall have an option to offer (and CCI will have an obligation to buy) its remaining 12,5% participatory shares in Turkmenistan CC and CCI shall have an option to buy (and Day Investments Ltd. will have an obligation to sell) Day Investment Ltd.’s 12,5% participatory shares in Turkmenistan CC with an amount of USD 2.360 thousands (Note 23). The Group recorded TRL814 negative goodwill which is occurred from the accounting of the buying obligation liability in accordance with IAS 32, to “other operating income” in the consolidated income statement (Note 31).
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 2009 (continued) Acquisitions (continued) In March 2009, CCİ has purchased certain real estates, movables, licenses and other assets related to the water business of Sandras Su Gıda Turizm Taşımacılık İnşaat A.Ş (Sandras), natural water company of Kalkavan Grubu, for an amount of TRL29.500. In accordance with IFRS 3 “Business Combinations”, tangible and intangible assets identified in the acquisition of Sandras were recorded at their fair value amounting to TRL17.856. The Group recorded TRL2.468 negative difference between the fair value of total assets acquired and the acquisition cost of the Company amounting to TRL14.835 as negative goodwill to “other operating income” in the consolidated income statement (Note 31). In May 2009, CCİ acquired 9,96% minority shares of Azerbaijan CC for a cash consideration of TRL9.121 and increased its shareholding percentage to 99,86%. The Group recorded the difference amounting to TRL1.404 between the net asset value of Azerbaijan CC and the acquisition cost of the Group, which is amounting to 4.584, as goodwill to the consolidated financial statements (Note 20). The put option, which had been granted by EBI to Tradex Partner Limited Co. (Tradex) and that was exercisable between 2007 and 2010, has been exercised by purchasing the shares in KV Group by EBI’s Russian operating subsidiary Efes Moscow in August 2009 for a cash consideration of TRL44.916. Subsequent to purchase of option shares, a further 0,43% of KV Group minority shares have been acquired with a cash consideration of TRL3.066. The excess of the acquisition costs over the fair value of net assets acquired was TRL728 and recognized as goodwill in the consolidated financial statements with the purchase of 0,43% minority shares, Efes Moscow increased its shareholding in KV Group to 99,98% from 92,85% (Note 20). In July 2009, the Company announced its firm intention to make a cash offer for the entire issued share capital of EBI, not already owned by the Group. The aforementioned shares are held in the form of Global Depository Receipts (GDRs), listed on the London Stock Exchange, held only by Qualified Institutional Buyers and represent approximately 29,78% of the entire issued share capital of EBI. The Offer values EBI at US$ 11,10 in cash for each GDR (representing five EBI ordinary shares). As of September 3, 2009, the Company acquired 6.872.085 shares of EBI, representing 3,25% of EBI’s issued capital, for a cash consideration TRL25.645 and increased its share in EBI to 73,47%. Difference between the net asset value of EBI and the acquisition cost amounting to TRL8.923 has been reflected as negative goodwill under “other operating income” in the Group’s consolidated financial statements (Note 31). In November 2009, the Company acquired 33,33% of Anadolu Etap, a leading company that produces fruit juice concentrates and purees in Turkey for a cash consideration of TRL18.311. Difference between the fair value of net assets of Anadolu Etap and the acquisition cost amounting to TRL12.178 has been reflected as goodwill in the Group’s consolidated financial statements (Note 20). <strong>ANADOLU</strong> <strong>EFES</strong> ANNUAL REPORT 2010 173
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ANADOLU EFES ANNUAL REPORT 2010
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Commencing its operations in 1969 w
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An International Powerhouse… Reac
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owned. The majority shareholders, Y
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Soft Drinks Group Anadolu Efes cond
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ANADOLU EFES ANNUAL REPORT 2010 09
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Turkey Syria Jordan Georgia Iraq Az
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CAPItAL AND ShAREhOLDING StRUCtURE
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A pioneer in the beverage industry
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(1996). • Assets of Toros Biracı
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• CCİ reached an agreement to un
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• Kazakhstan’s first bottled dr
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We strengthened our position furthe
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guidance we forecasted that our 201
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cases in 2010. While we realized st
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Tuncay Özilhan - Chairman (1) Born
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authored more than 20 books and hun
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Chief Financial officer N. orhun K
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Ömer Öğün - Efes Kazakhstan Gen
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Berke Kardeş - Commercial Director
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N. orhun Köstem - Chief Financial
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Özlem Aykaç İğdelipınar - Chie
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We completed another successful yea
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While responding to changing consum
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Anadolu Efes has a 28 percent stake
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eer “Gusta”; the aromatized bee
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herlands-based EBI, which conducts
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to a beer market that has quadruple
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Expanding its market share and stre
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SOFt DRINKS - International All ope
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We add value to life… Anadolu Efe
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contemporary enterprises that ident
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economic and ethical priorities and
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the Arabia CSR Network, was given t
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developments and industrialization
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environment and its contributions t
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informed about the risks associated
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first and only Turkish team to win
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Anadolu Efes launched initiatives i
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• does not feature content claimi
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The Company does not employ child l
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Continued rise in profitability in
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sales and distribution of beer prod
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5 percent extra price increase to c
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In such a challenging year, Turkey
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two Turkish banks; USD 100 million
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Turkey Operation’s full year volu
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TRL 435.0 million and EBITDA margin
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Summary Tables Anadolu Efes Consoli
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turkey Beer Operations Highlighted
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Soft Drink operations (CCİ) Highli
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The official website of the Company
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We believe in Corporate Governance
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Our Company complies with and has i
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Our Company’s Annual Report and A
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Investor Relations Manager under th
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section, when the date of the finan
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12. Disclosure of the Persons Entit
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CREDIt RAtING OF ANADOLU EFES

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