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 28. SALES AND COST OF SALES
Revenues 2010 2009
Domestic revenues 2.361.655 2.193.184
Foreign revenues 1.807.138 1.617.883
Total Sales, net 4.168.793 3.811.067
Cost of Sales (-)
Net change in inventory 1.581.174 1.488.821
Depreciation and amortisation expense on PP&E and intangible assets 157.794 134.821
Personnel expenses 108.967 101.978
Utility expenses 89.797 88.407
Provision for retirement pay liability 3.954 1.859
Other expenses 109.662 92.048
Total cost of sales 2.051.348 1.907.934
Gross Operating Profit 2.117.445 1.903.133
As of January 1- December 31, 2010 and 2009, the amount of excise tax accrued over beer sales by the Group
in Turkey are TRL1.470.821 and TRL1.042.193, respectively.
NOTE 29. OPERATING EXPENSES
a) Selling, Distribution and Marketing Expenses
196
2010 2009
Advertising, selling and marketing expenses 449.321 405.857
Personnel expenses 194.726 168.543
Transportation and distribution expenses 181.399 148.208
Depreciation and amortization expense on PP&E and intangible assets 126.365 114.286
Utilities and communication expenses 19.498 17.359
Rent expenses 10.490 9.183
Repair and maintenance expenses 8.292 7.372
Provision for retirement pay liability 2.651 2.761
Obsolete inventory provision, net 941 3.409
Other expenses 66.805 51.072
1.060.488 928.050