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 38. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (continued) e) Credit Risk (continued) Prior Year 212 Receivables Trade Receivables Other Receivables Due from Due from Due from Due from related third related third parties parties parties parties Deposits Derivative Instruments Other Maximum exposure to credit risk at the end of reporting period (A+B+C+D+E) 810 421.539 - 6.771 1.071.525 - 65.750 - Maximum credit risk secured by guarantees - 245.455 - 74 - - - A. Net carrying amount of financial assets that are neither past due nor impaired B. Carrying amount of financial assets whose 810 371.686 - 6.771 1.071.525 - - term has been renegotiated, otherwise past due or impaired - - - - - - - C. Net carrying amount of financial assets past due but not impaired - 48.007 - - - - - - Under guarantee 6.908 - - - - - D. Net carrying amount of financial assets impaired - 1.846 - - - - - - past due (gross carrying value) - 15.713 - - - - - - impaired (-) - (13.867) - - - - - - Net carrying amount of financial assets under guarantee - 1.846 - - - - - - not past due (gross carrying value) - - - - - - - - impaired (-) - - - - - - - - Net carrying amount of financial assets under guarantee - - - - - - - E. Off- balance sheet items which include credit risk - - - - - - 65.750 Prior Year Trade Receivables Other Receivables Deposits Derivative Instruments Other Past due between 1-30 days 21.425 - - - - Past due between 1-3 months 13.411 - - - - Past due between 3-12 months 6.901 - - - - Past due for more than 1 year 6.270 - - - -
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 38. NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (continued) f) Capital Risk Management The Group’s policy is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. NOTE 39. FINANCIAL INSTRUMENTS Fair Value Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm’s length transaction. The optimum fair value of a financial instrument is the quoted market value, if any. The financial assets and liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing on the date of balance sheet which approximate to market rates. The following methods and assumptions were used to estimate the fair value of each class of financial instrument of the Group for which it is practicable to estimate a fair value: i) Financial Assets The fair values of certain financial assets carried at cost in the consolidated financial statements, including cash and cash equivalents plus the respective accrued interest and other financial assets are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses. The carrying value of trade receivables along with the related allowance for unearned income and uncollectibility are estimated to be their fair values. ii) Financial Liabilities Trade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and bank borrowings. The fair value of bank borrowings are considered to state their respective carrying values since the interest rate applied to bank loans and borrowings are updated periodically by the lender to reflect active market price quotations. The carrying value of trade payables along with the related allowance for unrealized cost is estimated to be their fair values. ANADOLU EFES ANNUAL REPORT 2010 213
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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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