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 23. COMMITMENTS AND CONTINGENCIES (continued)
EBI and Its Subsidiaries
Put Options
The put option granted to European Bank for Reconstruction and Development (EBRD) by EBI that may be
exercisable between the 7 th and the 10 th anniversaries of the date of EBRD’s first subscription in the share
capital of Efes Moscow has been restructured and the exercisable period of the put option has been revised
as between 2011 and 2015. By such put option, EBRD will be entitled to sell its Efes Moscow shares to EBI
at an option price determined by an independent valuation. The liability for the put option has been measured
by applying a weighting of different valuation techniques based on best estimates currently available, and the
fair value of liability for put option amounting to TRL126.279 has been presented in “other current liabilities”
in the consolidated balance sheet (December 31, 2009 – the fair value of liability for put option amounting
to TRL90.425 has been presented in “other non-current liabilities” in the consolidated balance sheet). The
valuation difference between current year fair value and prior year fair value amounting to TRL6.147 has been
disclosed as “put option fair value change” in goodwill in accordance with IFRS 3 (Revised) (December 31,
2009 –(TRL10.532)).
CCİ, Its Subsidiaries and Joint Ventures
a) Put Options
A put option has been granted to Day Investments Ltd. by CCİ that may be exercisable in 2012. By such option,
Day Investments Ltd. will have right to sell its shares in Turkmenistan CC to CCİ at the price of USD2.360
thousand. Group’s portion of the liability for the put option amounting to TRL1.834 has been presented in
“other non-current liabilities” (December 31, 2009 – TRL1.785).
b) Letters of Guarantee
As of December 31, 2010, CCİ’s letters of guarantee given to various enterprises are amounting to TRL63.901
(December 31, 2009 – TRL56.013).
Operational Lease
As of December 31, 2010, Group’s contingent liability for the following periods resulting from the noncancellable
operational lease agreements is amounting to TRL14.681 (December 31, 2009 – TRL14.642).
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