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 27. EQUITY (continued) a) Issued Capital and Adjustments to Share Capital and Equity Investments (continued) As of December 31, 2010 and 2009, there is not a privileged share representing the capital. According to the articles of association, foundation shares that do not represent the share capital receives 2% of the profit that remains after 10% of the paid in capital is deducted from the distributable profit. 5% of the remaining profit after deducting the portion of the foundation shares is distributed to the members of the Board of Directors equally. b) Restricted Reserves Allocated from Net Profit, Revaluation Fund and Accumulated Profits The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory net income (inflation-restated income in accordance with CMB) at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company’s issued capital (inflation-restated issued capital in accordance with the communiqués and announcements of CMB). The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company’s issued capital (inflation-restated capital in accordance with CMB). The legal reserves are not available for distribution unless they exceed 50% of the issued capital, other than that legal reserves cannot be used. Quoted companies are subject to dividend requirements regulated by the CMB as follows: Based on the CMB Decree 1/6, dated January 9, companies that take their consolidated financial statements as basis for their distributable profit, shall consider the profits of their subsidiaries, joint ventures and associates to the extent that such profits do not exceed the amount recorded in the statutory financial statements of these companies and without considering whether a profit distribution resolution is taken at their annual general meetings. Such profits as reported in the financial statement as per Communiqué. In accordance with the CMB decision dated January 27, 2010, it’s decided to remove the obligation related with the minimum dividend distribution rate for publicly traded companies. Inflation adjustment to shareholders’ equity and carrying amount of extraordinary reserves can only be nettedoff against prior years’ losses and used as an internal source for capital increase where extraordinary reserves can be netted-off against prior years’ loss and used in the distribution of bonus shares and dividends to shareholders. However, when inflation adjustment to shareholders’ equity is used for cash dividend distribution, it is subject to income tax. Net income for the year and other statutory resources treated for dividend distribution are TRL1.161.584 as of December 31, 2010. (December 31, 2009 – TRL1.055.588) Anadolu Efes distributed dividend in 2010, related with the year ended as of December 31, 2009, for a gross amount of full TRL0,32 per share, amounting to a total of TRL168.979 including the payments to founders and members of board of directors (2009 – gross amount full TRL0,258 per share, total amount TRL133.454 including the payments to founders and member of board of directors). 194
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 27. EQUITY (continued) b) Restricted Reserves Allocated from Net Profit, Revaluation Fund and Accumulated Profits (continued) For December 31, 2010 and 2009, nominal amounts, equity restatement differences and restated value of equity are as follows: December 31, 2010 Nominal Amount Equity Restatement Differences <strong>ANADOLU</strong> <strong>EFES</strong> ANNUAL REPORT 2010 Restated Amount Issued capital 450.000 63.583 513.583 Legal reserves 138.442 74.697 213.139 Extraordinary reserves 444.119 26.091 470.210 1.032.561 164.371 1.196.932 Fair value reserve 19.569 Currency translation differences (4.085) Other reserves (5.736) Accumulated profits (Including net income) 1.560.407 Equity attributable to equity holders of the parent 2.767.087 December 31, 2009 Nominal Amount Equity Restatement Differences Restated Amount Issued capital 450.000 63.583 513.583 Legal reserves 108.217 74.697 182.914 Extraordinary reserves 348.976 26.091 375.067 907.193 164.371 1.071.564 Fair value reserve 17.339 Currency translation differences (18.016) Other reserves 4.916 Accumulated profits (Including net income) 1.351.114 Equity attributable to equity holders of the parent 2.426.917 195
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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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conducts studies for building up a
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C. NET REVENUES Turkey Beer Interna
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at Anadolu Efes. Mr. Cüceloğlu ap
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REPORT OF THE BOARD OF AUDITORS Com
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ANADOLU EFES BİRACILIK VE MALT SAN
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Opinion 4. In our opinion, the acco
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Anadolu Efes Biracılık ve Malt Sa
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CREDIt RAtING OF ANADOLU EFES

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