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 37. RELATED PARTY BALANCES AND TRANSACTIONS (continued)
b) Transactions with Related Parties (continued)
iv) Director’s remuneration
Dividends paid to Board of Directors of Anadolu Efes are amounting to TRL17.739 and TRL12.324 as of
December 31, 2010 and 2009, respectively. Remuneration and similar benefits received by total executive
members of the Board of Directors and executive directors in the current year are as follows
2010 2009
Short-term employee benefits 12.269 10.688
Post-employment benefits 449 316
Other long term benefits 733 1.130
Termination benefits - -
Share-based payments - -
204
13.451 12.134
NOTE 38. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
The Group’s principal financial instruments comprise bank borrowings, finance leases, cash and short-term
deposits. The main purpose of these financial instruments is to raise funds for the Group’s operations. Besides,
The Group has various other financial instruments such as trade debtors and trade creditors, which arise
directly from its operations.
The main risks arising from the Group’s financial instruments can be identified as foreign currency risk,
credit risk, interest rate risk, price risk and liquidity risk. The board/management reviews and agrees policies
for managing each of these risks. The Group also monitors the market price risk arising from all financial
instruments. Related policies can be summarized as follows:
a) Interest Rate Risk
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing assets and
liabilities. The Group manages interest rate risk by using natural hedges that arise from offsetting interest rate
of assets and liabilities or derivative financial instruments.
The Group manages interest rate risk arising from the interest rate fluctuations on international markets, by
using interest rate swap (IRS) agreements. Total outstanding amount of IRS agreements was USD25,1 million
as of December 31, 2010 (December 31, 2009 – USD25,1 million).
Certain parts of the interest rates related to borrowings are based on market interest rates; therefore the Group
is exposed to interest rate fluctuations on domestic and international markets. The Group’s exposure to market
risk for changes in interest rates relates primarily to the Group’s debt obligations.