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 7. FINANCIAL INVESTMENTS (continued)
b) Non-current Investments (continued)
Available for sale securities (except for Alternatifbank) are carried at cost, since these investments do not have
a quoted market price in an active market and its fair value cannot be reliably measured by alternative valuation
methods. Shares of Alternatifbank are traded on the ISE, and the Group carried the shares of Alternatifbank at
fair value as of December 31, 2010 in the consolidated financial statements.
As a result of the valuation of current investments and shares of Alternatifbank at their market value, a gain
amounting to TRL2.347 in 2010 is recognized under consolidated comprehensive income statement as “value
increase in available for sale securities” (December 31, 2009 –TRL17.398). The deferred tax expense effect
of such gain amounting to TRL117 (December 31, 2009 – TRL870) is also recognized under consolidated
comprehensive income statement.
The Group has increased its share in Mutena Maltery to 99,95% as a result of the step acquisition explained in
Note 3 and included Mutena Maltery in consolidation by using the full consolidation method.
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