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 35. INCOME TAXES, DEFERRED TAX ASSETS AND LIABILITIES (continued)
As of December 31, 2010 and 2009 consolidated deferred tax assets calculated by using effective tax rates
are summarized as below:
200
Asset Liability Net
2010 2009 2010 2009 2010 2009
PPE and intangible assets - - (95.130) (77.733) (95.130) (77.733)
Inventories 2.198 3.923 - - 2.198 3.923
Carry forward losses 52.684 57.149 - - 52.684 57.149
Retirement pay liability and other
employee benefits
13.736 11.018 - - 13.736 11.018
Other (*) 23.677 18.734 - - 23.677 18.734
92.295 90.824 (95.130) (77.733) (2.835) 13.091
(*) Includes the income tax paid regarding the disputed tax receivable from tax authorities which was not
recognized as income.
As of December 31, 2010 and 2009, the movement of deferred tax liability is as follows:
2010 2009
Balance at January 1, 13.091 10.221
Recorded to the consolidated income statement (12.265) 5.778
Recognized in equity (Note 7) (117) (870)
Addition through company acquisition (3.722) (1.699)
Currency translation differences 178 (339)
Balance at December 31 (2.835) 13.091
As a result of the Group management’s assessment that sufficient taxable income will be generated and such
assets will be used in 9 years period, deferred tax asset amounting to TRL52.684 has been recognized.