OFFERING MEMORANDUM CONFIDENTIAL - Coca Cola İçecek

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Current....................................................................................... (22,497) (27,398) (24,808)Deferred..................................................................................... (4,286) (22,999) 38,543Income tax................................................................................ (26,783) (50,397) 13,735Minority interest ..................................................................... (768) — —Net income ............................................................................... 78,880 23,699 115,022Other Operating Data:Unit case sales volume (in thousands) (unaudited).................. 317,590 275,422 222,075EBITDA (unaudited) ................................................................ 193,464 148,253 145,521Reconciliation of Profit from Operations to EBITDA:Profit from operations............................................................... 116,622 74,446 53,577Depreciation and amortization.................................................. 72,670 72,884 75,231Retirement and vacation pay .................................................... 3,332 4,006 7,800Impairment loss on property, plant and equipment.................. 3,111 2,330 10,915Gain (loss) on disposal of fixed assets ..................................... (2,271) (5,413) (2,002)EBITDA (unaudited) ................................................................ 193,464 148,253 145,521Share and Per Share Data:Weighted average ordinary shares outstanding........................ 22,649,439,955 22,368,152,900 22,368,152,900Basic and diluted net income per weighted average ordinaryshare ....................................................................................... 0.0034 0.0011 0.0051Cash dividends declared per ordinary share............................. 0.0032 0.0018 0.0008Cash Flow Data:Net cash provided by operating activities ................................ 146,105 70,076 147,371Net cash provided by (used in) investing activities ................. (421,777) 10,936 (88,301)Net cash (used in) provided by financing activities................. 284,733 (120,181) (130,758)
2005 2004 2003(audited)(in thousands of YTL)As of December 31,Balance Sheet Data:Current Assets:Cash and cash equivalents ........................................................ 44,136 45,764 61,108Trade receivables ...................................................................... 121,424 88,516 78,754Investments in securities........................................................... 4,415 1,140 46,647Inventories................................................................................. 103,985 90,570 97,252Prepayments and other current assets....................................... 21,280 8,355 8,467Prepaid income taxes ................................................................ 20,737 6,691 98Total current assets................................................................. 315,977 241,036 292,326Investment in associate ............................................................. 2,643 — —Property, plant and equipment.................................................. 613,753 481,084 518,437Intangible assets........................................................................ 286,562 2,495 4,127Prepayments and other non-current assets ............................... 15,261 16,423 14,635Deferred tax asset...................................................................... — — 9,364Total assets............................................................................... 1,234,196 741,038 838,889Current Liabilities:Short-term borrowings.............................................................. 320,498 49,506 118,557Current portion of long-term borrowings................................. 10,807 15,158 24,775Trade and other payables.......................................................... 107,693 69,348 61,868Income tax payable ................................................................... 9,057 11,396 16,384Provisions.................................................................................. 3,017 3,243 2,308Total current liabilities........................................................... 451,072 148,651 223,892Long-term borrowings 8,722 10,874 30,632Deferred tax liability................................................................. 23,903 24,372 12,719Provisions.................................................................................. 17,153 14,440 13,528Equity:Issued capital............................................................................. 250,752 224,889 224,889Share premium.......................................................................... 169,882 — —Treasury shares ......................................................................... (58,556) — —Legal reserves and retained earnings........................................ 316,921 317,812 333,229Minority interest........................................................................ 54,347 — —Total equity ............................................................................... 733,346 542,701 558,118Total liabilities and equity...................................................... 1,234,196 741,038 838,889UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATIONThe following unaudited pro forma consolidated financial information has been derived by the application of pro formaadjustments to our consolidated income statements for the year ended December 31, 2005, which was prepared in accordancewith IFRS.The unaudited pro forma consolidated financial information gives effect to the following transactions as if they hadoccurred on January 1, 2005: (i) the acquisition by CCI of 87.63% of Efes Invest; and (ii) the incurrence of debt in connectionwith such acquisitions.We believe that the assumptions used provide a reasonable basis for presenting the significant effects directlyattributable to the acquisitions noted above. The unaudited pro forma consolidated financial information is provided forillustrative purposes only and, because of its nature, addresses a hypothetical situation. It does not purport to represent what ourresults of operations or financial position would actually have been if these transactions had in fact occurred on such dates and isnot necessarily indicative of our future financial position or results of operations. This information should be read in connectionwith, and is qualified by reference to the information contained in "Management's Discussion and Analysis of FinancialCondition and Results of Operations" and the consolidated financial statements of CCI and Efes Invest and related notesincluded elsewhere in this offering memorandum.Unaudited Pro Forma Consolidated Income Statement for the Year Ended December 31, 2005
Page 1 and 2: OFFERING MEMORANDUM CONFIDENTIAL5,0
Page 4 and 5: Neither we, the selling shareholder
Page 7 and 8: ENFORCEABILITY OF CIVIL JUDGMENTSCC
Page 9 and 10: PRESENTATION OF FINANCIAL AND OTHER
Page 11 and 12: FORWARD-LOOKING STATEMENTSThis offe
Page 13 and 14: market in Europe for products of Th
Page 15 and 16: The OfferingThe International Offer
Page 17 and 18: corresponding figures for previous
Page 19 and 20: 2004 and 2005, respectively, and 32
Page 21 and 22: Sales of alcohol-free beverages are
Page 23 and 24: Our principal shareholders have the
Page 25 and 26: integration into the European Union
Page 27 and 28: part of governmental authorities; a
Page 29 and 30: of all of the companies with equity
Page 31 and 32: • the remainder of the net profit
Page 33 and 34: In February 2005, the SIS substitut
Page 35: statutory books is slightly lower t
Page 39 and 40: Minority share ownership...........
Page 41 and 42: on the consolidated balance sheets.
Page 43 and 44: "Package mix" refers to the relativ
Page 45 and 46: to the total amount of qualifying c
Page 47 and 48: Xpress in April 2005. These increas
Page 49 and 50: We had net other expense of YTL12.3
Page 51 and 52: Marketing and advertising expense i
Page 53 and 54: Net cash used in investing activiti
Page 55 and 56: In 2004, the increase in net workin
Page 57 and 58: upon with the bank on a case-by-cas
Page 59 and 60: Interest Rate RiskOur interest rate
Page 61 and 62: We record a valuation allowance to
Page 63 and 64: Attractive Growth MarketsWe operate
Page 65 and 66: In June 1996, The Coca-Cola Company
Page 67 and 68: The following table compares the pe
Page 69 and 70: have received special authorization
Page 71 and 72: 2005 2004 2003Unit CaseSales Volume
Page 73 and 74: The sports drinks segment is a rela
Page 75 and 76: Indirect DistributionIn addition to
Page 77 and 78: CC Kazakhstan was established in 19
Page 79 and 80: CC Kazakhstan's share of the bottle
Page 81 and 82: We believe that Azerbaijan's demogr
Page 83 and 84: Piko (2) ..........................
Page 85 and 86: consolidation in recent years and,
Page 87 and 88:
The following table shows the packa
Page 89 and 90:
"Peak season production capacity" i
Page 91 and 92:
Turkey:Ankara......................
Page 93 and 94:
We intend to explore possible syner
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and producers and distributors, whi
Page 97 and 98:
We have implemented systems that we
Page 99 and 100:
(2) These properties are not curren
Page 101 and 102:
Our senior management is responsibl
Page 103 and 104:
Group, Mr. Zorlu worked for Turkish
Page 105 and 106:
Consistent with our commitment to l
Page 107 and 108:
Anadolu EfesEstablished in 1966, An
Page 109 and 110:
Coca-Cola Company may, in its sole
Page 111 and 112:
distribution or sale of any product
Page 113 and 114:
certain approved containers of The
Page 115 and 116:
Resolution the Trade RegistryGazett
Page 117 and 118:
Class B Shareholders pursuant to wh
Page 119 and 120:
Notices covering general meetings (
Page 121 and 122:
In the event any party or parties a
Page 123 and 124:
AuditorsPursuant to our articles of
Page 125 and 126:
implementation of the New Turkish L
Page 127 and 128:
Insider TradingInsider trading is d
Page 129 and 130:
The Republic of TurkeyThe following
Page 131 and 132:
Gains from the sale, exchange, or o
Page 133 and 134:
• certain former citizens or long
Page 135 and 136:
Subject to the discussion below und
Page 137 and 138:
In addition, until 40 days after th
Page 139 and 140:
(1) The purchaser acknowledges that
Page 141 and 142:
In our opinion, the consolidated fi
Page 143 and 144:
Coca-Cola İçecek Anonim Şirketi
Page 145 and 146:
Coca-Cola İçecek Anonim Şirketi
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a) the restatement for changes in t
Page 149 and 150:
• Non-monetary assets and liabili
Page 151 and 152:
The functional currency of Efes Sı
Page 153 and 154:
Goodwill arising from acquisitions
Page 155 and 156:
Financial assets and liabilities ar
Page 157 and 158:
121,424 88,516 78,7545. INVESTMENTS
Page 159 and 160:
Accumulated Impairment .... (8,123)
Page 161 and 162:
Management premium /bonus accrual f
Page 163 and 164:
The legal reserves are not availabl
Page 165 and 166:
The Group is subject to taxation in
Page 167 and 168:
The Group's objective is to maintai
Page 169 and 170:
OtherBeverage Partners Worldwide...
Page 171 and 172:
Cash and cash equivalents .........
Page 173 and 174:
Efes Sınai Yatırım Holding Anoni
Page 175 and 176:
1. CORPORATE INFORMATIONGeneralEfes
Page 177 and 178:
Trade receivables—net ...........
Page 179 and 180:
Investments classified as available
Page 181 and 182:
arising from the business combinati
Page 183 and 184:
differences will reverse in the for
Page 185 and 186:
Less impairment for ACCB and Kuban
Page 187 and 188:
2005 2004Trade accounts payable....
Page 189 and 190:
2005 2004Net profit attributable to
Page 191 and 192:
Total depreciation and amortization
Page 193 and 194:
For the purposes of consolidated fi
Page 195 and 196:
Political and Economic Environment
Page 197 and 198:
Credit risk arises from the possibi
Page 199 and 200:
2004Domestic Foreign Elimination Co
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Dış Ticaret Ltd. Şti.)(*) The li
Page 207 and 208:
activities. The equity and net inco
Page 209 and 210:
The Group presents assets subject t
Page 211 and 212:
Deferred income tax is provided, us
Page 213 and 214:
2004 2003ACCB......................
Page 215 and 216:
The effective interest rates at the
Page 217 and 218:
There have been no other transactio
Page 219 and 220:
Major components of income tax expe
Page 221 and 222:
Balances with related parties as of
Page 223 and 224:
Bishkek CC is subject to corporate
Page 225 and 226:
The Group does not hedge its foreig
Page 227 and 228:
ANNEX ASUMMARY OF CERTAIN SIGNIFICA
Page 229 and 230:
As to U.S. LawAs to Turkish LawWhit
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OFFERING MEMORANDUM CONFIDENTIAL - Coca Cola İçecek

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