CREDIt RAtING OF ANADOLU EFES

MANAGEMENT’S FINANCIAL REVIEw AND
EXPECtAtIONS
We are pleased to report 9 percent growth in our beer volumes in a very
challenging year with significant excise tax increases in all operating markets.
Consolidation Principles
The 2010 audited and consolidated financial statements of Anadolu Efes,
prepared in accordance with International Financial Reporting Standards
(IFRS) as per Turkish Capital Markets Board (“CMB”) Legislation, consist of
the financial statements of Anadolu Efes, its subsidiaries and joint ventures
as of the same date.
The consolidated financial statements comprise the financial statements of
the parent company, Anadolu Efes and its subsidiaries and joint ventures
drawn up to the reporting date. The purchase method of accounting is
used for acquired businesses. Subsidiaries, joint ventures or investment in
associates, acquired or disposed of during the year are included in the consolidated
financial statements from the date of acquisition or to the date of
disposal.
Subsidiaries are companies in which Anadolu Efes has the power to exercise
more than 50 percent of the voting rights relating to the shares in the
companies as a result of shares owned directly and/or indirectly by itself or
although not having the power to exercise more than 50 percent of the voting
rights, exercises control in order to make profit from the operations of
companies through the exercise of actual dominant influence over the financial
and operating policies. Among the subsidiaries are EFPA (marketing,
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