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 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.
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 36. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net income for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Following table illustrates the net income and share figures used in earnings per share calculation: 2010 2009 Net income 503.640 422.588 Weighted average number of shares 450.000.000 450.000.000 Earnings per share (full TRL) 1,1192 0,9391 There have been no other transactions involving ordinary shares or potential ordinary shares between the financial statement date and the date of approval of these consolidated financial statements. NOTE 37. RELATED PARTY BALANCES AND TRANSACTIONS a) Balances with Related Parties i) Bank and Available-For-Sale Securities Balances With Related Parties 2010 2009 Alternatifbank (2) (4) 202.200 218.315 Alternatif Yatırım A.Ş. (4) 1.260 1.945 ii) Due from Related Parties 203.460 220.260 2010 2009 Anadolu Restoran İşletmeleri Ltd. Şti. (4) - 127 Other 337 683 337 810 (1) Related party of Yazıcılar Holding A.Ş., a shareholder (2) Non-current financial investment of the Group (3) The shareholder of the Group (4) Related party of AEH, a shareholder (5) Included in the consolidation by using the full consolidation method starting from August 2010. <strong>ANADOLU</strong> <strong>EFES</strong> ANNUAL REPORT 2010 201
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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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