CREDIt RAtING OF ANADOLU EFES

herlands-based EBI, which conducts its international operations. Having
upped its shareholding in EBI to 73.5 percent in the previous year, Anadolu
Efes acquired approximately 25.98 percent of the issued share capital of
EBI as of March 30, 2010. This allowed Anadolu Efes to control 100 percent
of EBI following the transfer of the remaining shares.
12.6 % growth in Russia
Russia, the largest market of the Company’s international beer operations in
terms of sales volume, is also one of the world’s leading beer markets with
annual consumption of 99.6 mhl according to 2010 retail sales data from
Rosstat. The Russian beer market, which had grown by an average rate
of 10 percent per annum until 2010 in the last five years, has the potential
for continued rapid growth although it has been negatively affected by the
global economic crisis and excise tax increases in recent years. Russian
beer market is forecasted to keep its growth trend in the coming years and
per-capita beer consumption expected to rise from 73 liters to 87 liters over
the next five years.
EBI is one of the largest players in this important market. Five large international
producers including EBI account for 83 percent of the total sales
volume in the Russian beer market in 2010.
The Russian beer market continued to decline in 2010. Adversely affected
by the hike in excise tax enacted at the beginning of 2010, Russian beer
market contracted by 7 percent in 2010 compared to 2009 (The Nielsen
Company). In spite of this contraction, EBI realized a sales volume of 12.0
mhl in the country in 2010, a 12.6 percent increase over the previous year.
EBI’s strong performance was assisted by its focused, innovative, memorable
and cost effective marketing initiatives. As a result, EBI strengthened
its fourth position in the market, and came very close to placing the third.
EBI’s product portfolio consists of many brands which are highly successful
in their respective segments.
EBI’s flagship brand in the Russian market is “Stary Melnik,” one of the highest
volume generators. “Stary Melnik” is exported to more than 15 countries and
is the fourth best-selling brand in the upper mainstream segment in Russia.
Our brilliant performance
from the first quarter
onwards allowed us
to revise our estimates
upwards several times
throughout the year and
our international beer
operations recorded 15.2
percent sales volume
growth in 2010 period.
ANADOLU EFES ANNUAL REPORT 2010 55