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 2009 (continued)
Acquisitions (continued)
The total fair value of net assets of Anadolu Etap as of the acquisition date is as follows:
Fair Value Carrying Value
Cash and cash equivalents
Trade and other receivables
Inventories
Other assets
Property, plant and equipment and intangibles
Deferred tax assets
Financial liabilities
Trade and other payables
Due to related parties
Deferred tax liabilities
Other liabilities
3.487
1.290
30.531
4.438
34.548
-
(17.238)
(6.697)
(2.727)
(4.002)
(25.233)
3.487
1.290
25.577
4.438
13.873
1.021
(17.238)
(6.697)
(2.727)
-
(25.233)
Fair value of net assets acquired 18.397 (2.209)
Total cash consideration
Group’s share in net assets
18.311
(6.133)
Goodwill arising from acquisition 12.178
Total cash consideration
Cash in the subsidiary acquired, Group’s share (-)
18.311
(1.162)
Net cash outflow on acquisition 17.149
NOTE 4. JOINT VENTURES
Summarized financial information about proportionally consolidated amounts included in the consolidated
financial statements before consolidation adjustments and reclassifications are as follows:
174
2010 2009
Current assets 659.168 609.128
Non-current assets 883.904 854.736
Total assets 1.543.072 1.463.864
Short-term liabilities 452.245 587.452
Long-term liabilities 357.821 232.062
Equity 733.006 644.350
Total liabilites 1.543.072 1.463.864
Net income 96.111 85.226
There are no commitments given by the Company on behalf of the joint ventures as of December 31, 2010
and 2009.