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 5. SEGMENT INFORMATION (continued)
Segment assets and liabilities as of December 31, 2010 and 2009 is disclosed as follows:
2010
176
Turkey
Beer
International
Beer
Soft
Drinks
Other (1) and
Eliminations
Segment assets 3.002.585 2.294.972 1.514.717 (1.223.443) 5.588.831
Segment liabilities 851.663 1.124.038 793.535 4.590 2.773.826
Other disclosures
Investments in associates - 21.441 - - 21.441
2009
Segment assets 2.463.934 2.449.692 1.439.099 (922.684) 5.430.041
Segment liabilities 502.454 1.390.927 800.882 1.600 2.695.863
Other disclosures
Investments in associates - 45.356 - - 45.356
(1) Includes other subsidiaries included in the consolidation of Anadolu Efes.
Reconciliation of EBITDA to the consolidated profit before tax and its components as of December 31, 2010
and 2009 are explained in the following table:
Total
2010 2009
EBITDA 1.019.004 916.614
Depreciation and amortization expenses (301.031) (265.557)
Provision for retirement pay liability (12.487) (9.023)
Provision for vacation pay liability (3.124) (25)
(Impairment reversal) / impairment on property, plant and equipment, net (2.079) 561
Provision for doubtful receivables, net (1.064) (1.498)
Provision for inventory, net (941) (3.409)
Negative goodwill - 13.503
Other (4.654) (3.185)
Profit from Operations 693.624 647.981
Loss from Associates (17.910) (10.925)
Financial Income 244.302 375.081
Financial Expenses (-) (261.464) (468.383)
Profit Before Tax from Continuing Operations 658.552 543.754