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 8. BORROWINGS (continued) Repayments of long-term borrowings are scheduled as follows (excluding finance lease obligation): 180 2010 2009 2011 - 313.244 2012 386.027 524.510 2013 321.233 44.755 2014 and thereafter 59.500 24.324 766.760 906.833 As of December 31, 2010, TRL1.560 (December 31, 2009 – TRL44.328) of the total borrowings are secured by the Group with the followings: Related with CCİ, its subsidiaries and joint ventures; • Certain property, plant and equipment amounting to TRL22.350 (December 31, 2009 – TRL13.701). • There is no cash collateral under the provision of loan agreements (December 31, 2009 – TRL11.161). Lessee - Finance Lease Properties leased by the Group include buildings, machinery and equipment, motor vehicles and furniture and fixtures. The most significant obligations assumed under the lease terms, other than rental payments, are the upkeep of the facilities, insurance and property taxes. Lease terms generally range from 3 to 25 years with options to renew at varying terms. As of December 31, 2010 and 2009, the costs of the property plant and equipment obtained by finance lease are TRL65.544 and TRL64.037, respectively whereas net book values are TRL7.387 and TRL9.086, respectively. Lessee - Operating Lease One of the production facilities of Efes Moscow and the production facility of Mutena Maltery are situated on a site leased from the Moscow City Government under a 49-year lease contract. Furthermore, the Group has operational leasing agreements with Çelik Motor Ticaret A.Ş., a related party. NOTE 9. OTHER FINANCIAL LIABILITIES None (December 31, 2009 – None).
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 10. TRADE RECEIVABLES AND PAYABLES a) Short-Term Trade Receivables 2010 2009 Trade receivables 518.819 419.310 Notes and cheques receivables 14.498 16.096 Provision for doubtful accounts (-) (15.066) (13.867) 518.251 421.539 The movement of provision for doubtful accounts as of December 31, 2010 and 2009 is as follows: 2010 2009 Balance at January 1 13.867 21.148 Current year provision 4.620 2.581 Unused provisions (3.556) (1.083) Write-offs from doubtful receivables (127) (8.538) Currency translation differences 262 (241) Balance at December 31 15.066 13.867 b) Short-Term Trade Payables 2010 2009 Trade payables 253.332 234.879 NOTE 11. OTHER RECEIVABLES AND PAYABLES a) Other Current Receivables 2010 2009 Due from personnel 3.492 2.368 Other receivables 4.427 3.459 b) Other Non-Current Receivables 7.919 5.827 2010 2009 Deposits and guarantees given 508 418 Other 817 526 1.325 944 <strong>ANADOLU</strong> <strong>EFES</strong> ANNUAL REPORT 2010 181
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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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stakeholders is one of the key poli
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career and financial means granted,
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of the Company’s management. In a
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systems are being made against any
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Page 141 and 142: Opinion 4. In our opinion, the acco
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CREDIt RAtING OF ANADOLU EFES

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