CREDIt RAtING OF ANADOLU EFES

In addition to the excise tax increase levied at the beginning of the year, ano-
ther hike was affected on October 28, 2010. In order to pass through this 26
percent excise tax rise, we increased our prices on the same date of the tax
increase went into effect by an average rate of 17 percent which was higher
than the required amount. Although the latest excise tax hikes put pressure
on sales volumes in the last two months of 2010, the sales volume of Turkey
beer operations increased by 8.4 percent in the last quarter of 2010 over the
same period of the previous year, thanks to favorable weather conditions in
October and November. Thus, the negative effect of the 17 percent price
increase were more than offset, allowing for the total sales volume of our
Turkey beer operations in to 2010 to remain almost the same compared to
previous year.
BEER - International
Guidance revised upwards several times
Similar to Turkish operations, international beer operations performed above
the expectations which were made at the beginning of the year. The
year 2010 was generally in line with revised expectations which were later
revised upward as a result of a strong performance.
At the beginning of 2010, the sales volume of international beer operations
was forecast to fall by a low single digit percentage over the previous year.
This estimate was based on the fact that a 200 percent hike in excise tax
was adopted in Russia as of January 1, 2010. As a result of the price increases
to pass the hike in excise tax, the Russian market was expected to
contract between 5 percent and 10 percent. Under these difficult conditions
just like previous years, we had planned to keep the contraction in our sales
volume limited compared to the market by outperforming market.
Our brilliant performance from the first quarter onwards allowed us to revise
our estimates upward several times throughout the year and our international
beer operations saw 15.2 percent sales volume growth in 2010.
One of the most important developments for our international beer operations
was Anadolu Efes’ increase of its stake to 100 percent in the Net-
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International Beer Operations
Sales Volume (mhl)
2009
13,6 15,7
2010