CREDIt RAtING OF ANADOLU EFES

in Russia in 2010. Consequently, EBI’s net sales revenues grew by 13.9
percent and reached USD 976.8 million in FY2010 compared to FY2009.
In line with higher sales revenues, gross profit increased by 7.0 percent
in absolute terms to USD 90.2 million in 4Q2010 vs 4Q2009. Resulting
from the slightly lower net selling price per liter in USD terms due to the
factors stated above, gross margin realized as 44.9 percent in 4Q2010
vs. 45.6 percent in 4Q2009. Nevertheless, both favorable input prices
and higher volumes in 2010 contributed to a consolidated gross profit
margin improvement of 104 bps to 47.9 percent compared to previous
year. Hence, EBI’s gross profit rose by 16.5 percent to USD 468.3 million
in FY2010 compared to FY2009.
Resulting from lower operating expenses on per liter basis due to
economies of scale, operating profit rose significantly from USD 1.8 million
in 4Q2009 to USD 12.1 million in 4Q2010, despite a slight decline in gross
margin in the period. On a consolidated basis, operating profit reached
USD 112.7 million in FY2010, up by 36.6 percent. Consequently, EBI’s
consolidated operating margin rose by 191 bps to 11.5 percent in FY2010.
In the last quarter of 2010, EBI generated an EBITDA of USD 39.1 million,
up by 64.4 percent compared to the same quarter of 2009, indicating
a 661 bps improvement in EBITDA margin to 19.5 percent. Hence, in
FY2010, consolidated EBITDA increased by 25.6 percent to USD 213.7
million compared to the previous year, with a margin improvement of 203
bps to 21.9 percent.
In 2010, in addition to lower interest expenses due to reduced debt level
and favorable F/X rates, net income attributable to shareholders increased
significantly from USD 0.4 million to USD 54.2 million.
In November 2010, EBI exercised the early payment option in its
Syndication Loan Facility, amounting USD 150.2 million USD plus
Euro 107.0 million with a maturity of July 2012 and respective costs of
LIBOR+300 bps per annum and EURIBOR+300 bps per annum. The
prepayment was done without any penalty nor any additional costs was
involved. The amount has been partially provided from EBI’s existing cash
resources, while remaining part is refinanced through bilateral loans from
92
International Beer Operations
Consolidated Net Sales Revenue
(USD million)
2009
857.3 976.8
2009
170.1 213.7
2010
International Beer Operations
Consolidated EBItDA
(USD million)
2010