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 39. FINANCIAL INSTRUMENTS (continued) Fair value hierarchy table The Group classifies the fair value measurement of each class of financial instruments according to the source, using the three-level hierarchy, as follows Level 1: Market price valuation techniques for the determined financial instruments traded in markets Level 2: Other valuation techniques includes direct or indirect observable inputs Level 3: Valuation techniques does not contains observable market inputs Current Year Level 1 Level 2 Level 3 Financial assets at fair value Share certificates 36.702 - - Investment funds 1.260 - - Financial liabilities at fair value Interest rate swap - 596 - Options - - 128.113 Prior Year Level 1 Level 2 Level 3 Financial assets at fair value Share certificates 34.240 - 5.075 Investment funds 1.753 - - Financial liabilities at fair value Interest rate swap - 1.488 - Options - - 90.425 Derivative Financial Instruments, Risk Management Objectives and Policies Derivative financial instruments are initially measured at cost. After initial recognition, derivatives are measured at fair value. Structured forward buy-sell contracts and interest rate swap agreements are the main derivative financial instruments of the Group, which are effective to avoid the occurrence of foreign currency and interest rate risks from the operational and financial activities. Since the conditions for the hedge accounting in accordance with IAS 39 “Financial Instruments: Recognition and Measurement” are not met, hedge accounting is not applicable for these 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). The fair value difference related to the agreement amounting to TRL224 (December 31, 2009 – TRL587) has been recorded in consolidated income statement as loss from derivative financial instruments. 214
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 40. SUBSEQUENT EVENTS a) In accordance with the amendment in the Articles of Association, in Extraordinary General Meeting of EBI held on February 10, 2011, it has been decided to release each member of the Supervisory Board from his duties as member of the Supervisory Board of EBI and to discharge each member of the Supervisory Board from his respective liability for his supervision on the EBI’s management. b) CCİ has applied for the cancellation of the admission of its Global Depository Receipts to listing on the Official List and trading on the London Stock Exchange’s main market for listed securities due to limited trading volumes in recent years. The last day of listing and trading will be April 1, 2011 and Global Depository Receipts will continue to be traded on Over the Counter basis starting from April 2, 2011. c) In January 2010, CCİ’s Board of Directors approved the refinancing of USD360 million existing Club Loan maturing in March 2013 and refinancing the maturing facilities of CCİ and its subsidiaries in 2011 as well as to finance new borrowing needs by 3 year USD600 million financing, which has a bullet payment at maturity. USD425 million of the loan will be utilised by CCİ and the remaining part will be utilised by CCİ’s fully consolidated subsidiaries, The Coca-Cola Bottling Company of Jordan Ltd, J.V. Coca-Cola Almaty Bottlers LLP and CCI International Holland BV. CCİ will guarantee the subsidiary facilities. d) CCİ’s Board of Directors approved the purchase of 100% shares of SSG Investment Limited (SSG), who owns 40% shares of CC Beverage Limited (CCBL) that produces, sells and distributes Coca-Cola products in Northern Iraq and 50% share of JV Dubai who owns 60% shares of CCBL from The Coca Cola Export Corporation (TCCEC) by CCI Holland. In accordance with the regulations in relevant countries, upon payment of a total of USD36.90 million, the referred SSG and JV Dubai shares have been registered to CCI Holland as of March 9, 2011. Consequently, the Group’s share in JV Dubai and CCBL has been increased to 50,26%. <strong>ANADOLU</strong> <strong>EFES</strong> ANNUAL REPORT 2010 215
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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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