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Anadolu EfesHSBC’s Fourth Annual Turkey ConferenceHSBC s Fourth Annual Turkey Conference
April 12-13 2010April 12-13, 2010 İstanbul
Forward-Looking Statements
This report may contain certain forward-looking statements concerning our
future performance and should be considered as good faith estimates made
by the Company These forward looking statements reflect managementby the Company. These forward - looking statements reflect management
expectations and are based upon currently available data. Actual results are
subject to future events and uncertainties, which could materially impact the
Company’s actual performance.
Beverage PowerhouseBeverage Powerhouse
Anadolu Efes Production Plants
Beer BusinessFOCUS IN TURKEY & CIS
14* breweries in 5* Countries
35 0 mhl* Beer Capacity35.0 mhl* Beer Capacity
5** malteries with 267,000 tons Malt Capacity
* Does not include Serbian operations, where EBI currently has 28% shareholding** In addition to fully consolidated 3 malteries, EBI also In addition to fully consolidated 3 malteries, EBI also owns 19.98% interest in a maltery in Moscow.
Coca-Cola BusinessFOCUS IN TURKEY, CENTRAL ASIA &
MIDDLE EASTMIDDLE EAST
20 bottling plants in 10 countries
980 million unit case capacity3
Anadolu Efes’ StructureAnadolu Efes’ Structure
Yazıcı Holding 30.9% Özilhan Sınai Yatırım 17.5% Anadolu Endüstri Holding 7.8%
ANADOLU EFESPublic
43.8%
TURKEY BEER OPERATIONS
50.3%99.45%
EFES BREWERIES
INTERNATIONAL (EBI)
INTERNATIONAL BEER
COCA-COLA İÇECEK1
(CCI)Public0.55%
24.6%
PublicINTERNATIONAL BEER
OPERATIONSCOCA-COLA OPERATIONS
•Level 1 ADR Program
(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 5% by Özgörkey Holding.* Only the major subsidiaries of the Group are presented
Level 1 ADR Program
4
Rapidly Growing Beverage Company
494m 511 m
297 m 306 m 327 m
494 m
11 11 12 15 15
25 27 2736 36
2005 2006 2007 2008 2009
5
# of Countries # of Plants Population Served
Operating Markets
TURKEY RUSSIAPop: 72,6 mioGDP per cap: $8,590
Pop: 140.4 mioGDP per cap: $8,874
KAZAKHSTAN MOLDOVAKAZAKHSTANPop: 16.0 mioGDP per cap: $6,876
MOLDOVAPop: 4.2 mioGDP per cap: $1,496
GEORGIAPop: 4.3 mioGDP per cap: $2,496
PAKISTANPop : 168.6 mioGDP per cap: $1,017
AZERBAIJANPop: 8.8 mioGDP $4 864
KYRGYZSTANPop: 5.3 mioGDP $872GDP per cap: $4,864 GDP per cap: $872
TURKMENISTANPop: 4.9 mio
JORDANPop: 6.3 mioPop: 4.9 mio
GDP per cap: $3,489Pop: 6.3 mioGDP per cap: $3,766
6
Consolidated Sales Volume Development
CAGR (05‐09)19%
31 034.6
37.8 38.9
19.4
31.0
mhl
2005* 2006 2007 2008 2009
Beer SoftDrinks* In 2005 Turkey soft drink operations were consolidated by equity pick up basis
Breakdown of Consolidated* Sales Volume-2009Turkey Beer
21.9%
Beer Soft Drinks by equity pick-up basis
International Beer35.0%
Soft Drinks43.1%
7 * Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)
Consolidated Financial Performance
23 3%23 9%27 4%
Consolidated Net Sales Revenue Consolidated EBITDA*
854.7 916 6
22.5 %
23.3%23.9% 24.1%27.4 %
2 594 0
3,030.43,668.9
3,811.1’05-’09
CAGR 24% ’05-’09 CAGR 20%
RL L
443.1583.3
723.2
916.6
1,619.4
2,594.0
Milli
on T
R
milli
on T
RL
2005 2006 2007 2008 20092005 2006 2007 2008 2009
*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.
Breakdown of Consolidated* Breakdown of Consolidated* EBITDANet Sales Revenue Breakdown of Consolidated EBITDA
Turkey BeerSoft Drinks
Soft Drinks19%
Turkey Beer33%
International Beer
32%Turkey Beer
53%International Beer28%
8* Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI)
35%
Net Financial IndebtednessNet Financial Indebtedness
2.8 x 1.9 x 0.9 xNet Debt/EBITDA
Gross Debt
Cash Position
98.0
292.6
701.6
219.1
855.9
338.2
1,233.6
713.6
482.5 467.6520.0
500,0
600,0
Cash Position
200,0
300,0
400,0
lion
US
D
0,0
100,0
T k B EBI CCI* A d l Ef
mill
194.6‐300,0
‐200,0
‐100,0 Turkey Beer EBI CCI* Anadolu Efes Consolidated
9 *50.3% of CCI’s financial debt is consolidated as per Anadolu Efes’ shareholding
Debt Maturity & Currency BreakdownDebt Maturity & Currency Breakdown
EBI CCIEBI CC
2010
20134%
2014 and after2%
20126%
20131%
201033%
2011
201246%
201070%
201123%
201115%
Other13% Other
USD65%
EUR22%
USD69%
EUR11%
20%
10
Beer OperationsBeer Operations
High Growth Beer Markets- Low Per Capita Consumption
Uzbekistan
15 0%
20,0%
4 -2
009
(%)
Moldova
Georgia
KazakhstanRomania
10,0%
15,0%
Gro
wth
200
Turkey
ChinaRomania
Russia
BulgariaPoland
5,0%
CA
GR
Turkey
Greece
Serbia
Poland
USA
Czech Rep.
Germany
0,0%
0 20 40 60 80 100 120 140 160 180
Per Capita Consumption (lt)
UKGermanyWest Europe
‐5,0%
Source: Canadean Global Beer Trends-200912
Strong Positions and Brands
TURKEY RUSSIA
#189% market share
#410% market share
KAZAKHSTAN MOLDOVAKAZAKHSTAN MOLDOVA
#235% market share
#169% market share
GEORGIA
#157% k t h57% market share
13
Turkey Beer OperationsTurkey Beer Operations
A Leading Position in theA Leading Position in the Turkish Beer MarketTurkish Beer MarketSteadily Growing and Increasing Market ShareSteadily Growing and Increasing Market Share
Sustainable Volume Growth*
Turkey GDP decreased by 4.7% in FY2009
and 6 0% in 4Q2009 y-o-y’05-’09
CAGR 5%
and 6.0% in 4Q2009 y-o-y
Turkey sales volume reached 8.5 mhl, with
0.5% growth in domestic market,8.5 8.5
supported by;
• initiatives to increase availability and visibility of
beer through effective marketing activities7.1 7.1
7.6
*S
beer through effective marketing activities
Despite;
• high base of 20082005 2006 2007 2008 2009*Sales volume including exports
Market Share Development • effect of the Ramadan being earlier
• price increase to cover excise tax increase in20% 18% 17% 14% 11%
April
• smoking ban
• economic crisis60%
80% 82% 83% 86% 89%
40%20%
Source: Company Estimates
economic crisis
Fourth quarter sales volume down by
1.5%151987 2005 2006 2007 2008 2009
Efes Other
OffOff--Premise Development InitiativesPremise Development InitiativesOTCsOTCs
Before AfterOTCsOTCs
Before After
16
OffOff--Premise Development InitiativesPremise Development InitiativesEfes ShopsEfes Shops
Before After
Efes ShopsEfes Shops
Inside Inside
17
OnOn--Premise Development InitiativesPremise Development Initiatives
18
Turkish Beer Market Turkish Beer Market –– Fundamentals & DynamicsFundamentals & Dynamics
Sales Volume by Package Type (2009)Sales Volume by Consumption Channel (2009)
On‐Premise25.4%
Off‐premise74 6%
Can26.6%
Keg12.0%
Non‐returnable Bottle6.4%
Maltey
H P i
74.6%Returnable Bottle
55.0%
Consolidated market - top 2 players represent c. 99% of the
Hops Processing
DYNAMICS OF THE TURKISH BEER MARKETSales Volume by Distribution Channel (2009)
Distributor29.5%
p p y pmarket
lack of sizeable acquisition targetsconsolidated distribution structure
Returnable market Bottles & kegs amount to over 60% of the
Key Account12.8%
Dealer57.6%
Returnable market - Bottles & kegs amount to over 60% of themarket
additional initial investment requirement for containersrequirement to set-up two way distribution system
TV& Radio advertisement fully restricted since 1984High level of excise taxesLimited presence of organized retail- supermarkets account forca.11% share of Efes sales volumes19
Strong Brand PortfolioStrong Brand Portfoliosignificant share of “Efes” brandsignificant share of “Efes” brandgg
Premium 3%Economy 1%100% brand awareness for Efes
Exports to more than 60 countries
# 1 in consumer spending in Food &
Mainstream 96%
Beverage category – 6.9 % as of
December 2009 (The Nielsen Company)
97.7% penetration in Turkey97.7% penetration in Turkey
20
Unmatched Brand Equity Unmatched Brand Equity
TURKEY
ber 2
009
Food & Beverage %Total Trade %
Top Brands – % of spending-
y YT
D D
ecem
b Food & Beverage %Total Trade %
1. Marlboro (tobacco) 6.02. Winston (tobacco) 5.13 P li t 4 8
1. EFES PILSEN 6.92. Coca-Cola 4.43 Ulk 4 3
sen
Com
pany 3. Parliament (tobacco) 4.8
4. Lark(tobacco) 3.55. Tekel 2001 (tobacco) 3.56. EFES PİLSEN 3.1
3. Ulker 4.34. Eti 3.25. Pınar 2.86. Yeni Rakı 2.8
rce.
The
Nie
ls
7. Viceroy (tobacco) 2.98. L&M (tobacco) 2.59. Muratti(tobacco) 2.110 C C l 2 0
7. Çaykur 2.58. Sütaş 1.79. İçim 1.610 F t 1 4
Sour 10. Coca-Cola 2.0
11. Coca-Cola 1.810. Fanta 1.4
21
Turkish Beer Market Turkish Beer Market –– Vertical IntegrationVertical Integration
ANADOLU EFES
TWO MALTERIES100% self sufficiency
ANADOLU EFES
•Patented barley seeds•Fertilizer
•Malting Barley at a pre-determinedg
Rel
atio
nshi
ps
ONE HOPS FACILITYpartly self sufficient
Malt + Hops
Maltey
H P i
Brewery & Capacity
FARMERS
Fertilizer•Technology & know-how
a pre determined price
Long
Sta
ndin
g
Hops Processing
COGS Breakdown (2009)
•Long standing relations with packaging suppliers• ca. 70% returnable
Packaging
36.9%23.5% Malt & Other Raw
MaterialsVertical integration is a key factor in
39.6%
Packaging & Auxilary Materials
Overhead
g yefficient production cost management
22
Turkey Beer Operations’ Financial Performance
Net Sales Revenue EBITDA*’05-’09 ’05-’09
37.6 %
40.3%
37.3%
41.8%
39.8%
967.0
1,182.1 1,264.2
CAGR 13% CAGR 15%
TRL
lion
TRL
286.8 308.0389.8
494.2 503.0763.2
825.6
Milli
on TMill
2005 2006 2007 2008 20092005 2006 2007 2008 2009
*Previously reported EBITDA figures for 2005, 2006 and 2007 are adjusted by excluding other income/expense arising from Anadolu Efes’ holding nature for comparison purposes.
Net Profit’05-’09
CAGR 22%
162 7213.6
293.2
341.7 363.1CAGR 22%
Milli
on T
RL
2005 2006 2007 2008 2009
162.7M
23
TURKEY BEER OPERATIONS TURKEY BEER OPERATIONS 2010 2010 OutlookOutlook
• Low single digit decline in sales volume in Turkey,• Volumes to be effected more in the 1Q2010 due to high base of 1Q2009, in addition to;
• Average price increase of 14% to pass the effect of 35% hike in excise taxes onJanuary 1, 2010•Full effect of smoking‐ban
•Milder decline in total Turkey Beer sales volume by the contribution of higher exportsales
• Slight improvement in gross profit margin on the back of lower commodity prices, partlymuted by higher wages and energy prices• Contraction in EBITDA margin due to;
l l•lower volumes•lack of price increase to cover CPI negatively impacting the G&A and Sales &Distribution expense margins
• Focus on working capital management and cashflow generation
24
Efes Breweries InternationalEfes Breweries International
Challenges Prevalent In International MarketsChallenges Prevalent In International Markets
Volume Developmentp• Consolidated sales volume down 3.1% in 2009
compared to the same period of previous year
• Decline was 2.2% on an organic basis(1)
’05-’09 CAGR 11%
11.7 11.713.3 14.1 13.6
g
mhl
(1) By excluding i) January – February 2009 sales volume of JSC Lomisi in Georgia, which EBI acquired in February 2008 and started full consolidation starting from March 1st 2008, ii) the sales volume of Efes Serbia, which is excluded from EBI’s financials after the end of 1H2008
2005 2006 2007 2008 2009
Breakdown of Sales VolumeK kh Moldova
• Consolidated sales volume in the last quarter of 2009decreased slightly by 0.6% compared to the same periodof the previous year
Georgia5.0%
Kazakhstan11.2%
Moldova5.6%
•Pressures on consumer demand continued but EBI wasable to limit the sales volume decline, contributed by;
•focused, innovative and memorable but cost effective
Russia78.5%
Numbers may not add up to 100 due to rounding.26
marketing activities leading EBI to outperform the operatingmarkets,
•low base of the last quarter of 2008
Outperforming The Market In Outperforming The Market In RussiaRussia
Volume Development Market Share by Volume
BBH39 5%
Sabmiller6.8%
Other14.2%
10 4 11.1l
The Nielsen C
YTD
Decem
b
’05-’09 CAGR 15%
39.5%
InBev15.8%
Heineken14.2%
EBI9.6%
6.0
8.7
10.4 11.110.7m
h
Com
pany, Total er 2009
2005 2006 2007 2008 2009
National U
rban
N b t dd t 100 d t di2005 2006 2007 2008 2009 , Numbers may not add up to 100 due to rounding.
• GDP declined by 7.9% in 2009
• Beer market is estimated to have contracted by 8% in 2009
• EBI’s sales volume down by 3.6% with improved market share to 9.6%
• Net sales revenue in USD terms declined by 21.4% in 2009 due to;
D l ti f R bl USD i 2009 hi h tl d i th l t t
27
• Devaluation of average Ruble vs. USD in 2009, which was partly recovered in the last quarter
•Negative mix effect
•Despite 7.3% average price increase y-o-y
Strongly Positioned in All MarketsStrongly Positioned in All Markets
Russia
PREMIUM UPPER MAINSTR. LOWER MAINSTR. DISCOUNT
Russia
PREMIUM UPPER MAINSTR LOWER MAINSTR ECONOMY
Kazakhstan
PREMIUM UPPER MAINSTR. LOWER MAINSTR. ECONOMY
PREMIUM MAINSTREAM ECONOMY
Moldova
Georgia
28
Russian Russian Beer Market Beer Market –– Fundamentals & DynamicsFundamentals & Dynamics
Market Packaging Split (2009)Outlet Split (2009)Keg2%
Open Markets
ny
Can6%
Glass Bottle29%
2%
Food Stores
Kiosks17%
Hyper/ Supermarkets
12%
2%
H P in C
ompa
n
PET63%
50%Minimarkets
13%
Hops Processing
Market Segment Development *he N
iels
en
Pavillions5%
23.3% 24.4% 26.0% 24.9%
4.8% 5.9% 6.6% 6.4%3.4% 4.1% 4.3% 3.7%
Market Segment Development
Sou
rce:
Th
• Shift between brands is not very
high, but within each brand shift
%
39.0% 38.1% 38.7% 41.0%
S g ,
towards cheaper packaging is visible
FY2006 FY2007 FY2008 FY2009
29.5% 27.5% 24.4% 24.0%
Discount Lower Mainstream Upper Mainstream Premium Super Premium29
* In order to reflect the market structure in a better way, the presentation of the Russian Beer Market segment breakdown has been changed as of 2009. For comparison purposes, the adjusted segment data is also provided for the last four years.
Other Operating CountriesOther Operating CountriesMarket Share by Volume
BBH44.3%
Shymkent Pivo7.4%
InBev3.8%
Other9.1%
hsta
n
#2 brewer
Market Share by Volume
EBI35.4%
Kaz
akh
Capacity: 2.4 mhl
InBev4.7%
Oboloni1.9%
Beermaster2.8%
Other1.4%
a
The Nielsen Company, YTD December 2009
EBI68.7%
BBH20.5%
Mol
dova #1 brewer
Capacity: 1.7 mhl
M
MEMRB, YTD December 2009
orgi
a #1 brewerCapacity: 0.7 mhlEBI entered the Georgian beer market by the acquisition of the leading brewer in the market, JSC Lomisi
Ge
g y q g(“Lomisi”), in February 2008 and included this operation in its financials starting from March 2008Market share up to 57% in YTD December 2009 vs 47% in YTD December 2008
30
International Beer OperationsInternational Beer OperationsFinancial Performance Financial Performance
18 7%
Net Sales Revenue EBITDA’05 ’09
156.0 153.5 170 1
19.8 % 14.8%17.6%
18.7%19.8%
836.2
1,038.0
857.3
’05-’09 CAGR 16%
05- 09 CAGR 16%
n U
SD
USD
95.1112.6
170.1
481.2638.9
milli
on
milli
on
2005 2006 2007 2008 20092005 2006 2007 2008 2009
N t P fitNet Profit
37.5
lion
USD
2005 2006 2007 2008 2009
20.1 20.60.4
mil
31
‐57.4
EFES BREWERIES INTERNATIONAL EFES BREWERIES INTERNATIONAL 20102010 O tl kO tl k2010 2010 OutlookOutlook
•5%‐10% volume contraction for the Russian beer market overall in FY2010, mainly due to;• Higher beer prices in 2010 to reflect the significant excise tax increase• Higher beer prices in 2010 to reflect the significant excise tax increase• Unfavorable economic conditions
•We expect to limit our volume decline to low single digits & outperform the Russian beer market onceagain by expanding our reach and increasing visibility of our products through;
• Focus on innovation of strategic brands• Increased penetration
•Slight increase in consolidated net sales revenue through revenue management and stronger currenciesversus USDversus USD
• Earnings expected to be skewed towards the second half of the year•Gross margin will be lower by approximately 100 bps, despite lower commodity prices, due to;
• negative effect of tax hike in Russia• higher fixed costs per liter due to lower volumes
• Contraction in the EBITDA margin will outpace the decline in gross margin, as a result of inflation andlocal currency appreciation
• Working capital improvement remains to be on the top of priorities along with capex optimization
•We expect to once again generate positive free cash flows in this challenging year
32
p g g p g g y
Soft Drink Operations
Operating GeographyOperating Geography Soft Drinks BusinessSoft Drinks BusinessCoca Cola Business*
RussiaRussia
BelarusBelarus
Russia
Belarus
Coca-Cola Business*
# of markets 10 # of facilities 20Cap. (mu/c) 980
Kazakhstan16m
Kazakhstan16m
UkraineUkraine
RomaniaRomaniaMoldovaMoldova
CCICCI
CCHCCHKazakhstan
16mUkraine
RomaniaMoldova
CCI
CCH
Black SeaBlack Sea
ChinaChina
Uzbekistan27m
Uzbekistan27m
Turkmenistan5m
Turkmenistan5m
Turkey73m
Turkey73m TajikistanTajikistan
Kyrgyzstan5m
Kyrgyzstan5m
Georgia4m
Georgia4m
Azerbaijan9m
Azerbaijan9m
BulgariaBulgaria
GreeceGreece
OtherOtherBlack Sea
China
Uzbekistan27m
Turkmenistan5m
Turkey73m Tajikistan
Kyrgyzstan5m
Georgia4m
Azerbaijan9m
Bulgaria
Greece
Other
Iraq31mIraq31m
Iran74mIran74m
ChinaChina5m5m
Afghanistan27m
Afghanistan27m
73m73m j8m
j8m
Syria22mSyria22m
Lebanon4m
Lebanon4m Jordan
6mJordan
6m
Iraq31m
Iran74m
China5m
Afghanistan27m
73m j8m
Syria22m
Lebanon4m Jordan
6m
IndiaIndia
Pakistan169m
Pakistan169m
Saudi Arabia25m
Saudi Arabia25m
NepalNepalKuwaitKuwait
Egypt79m
Egypt79m
Libya6m
Libya6m
AlgeriaAlgeria
6m6m
OmanOman
U.A.E.5m
U.A.E.5m
QatarQatar
India
Pakistan169m
Saudi Arabia25m
NepalKuwait
Egypt79m
Libya6m
Algeria
6m
Oman
U.A.E.5m
Qatar
Yemen24m
Yemen24m
Oman3m
Oman3m
Source: EIU & TUIKNote: 2009E PopulationSource: EIU & TUIKNote: 2009E Population
Yemen24m
Oman3m
Source: EIU & TUIKNote: 2009E Population
34
Note: 2009E PopulationNote: 2009E PopulationNote: 2009E Population
3434
2008 Sparkling Beverages Consumption
40
45
Italy PolandGreece
UKSpain Bulgaria
Germany
35
40Russia
HungaryUK
USA
dian
Age 30
Azerbaijan
KazakhstanTurkey
UAE
Qatar
Argentina
Med
20
25
TajikistanPakistan
Kyrgyzstan
SyriaTurkmenistan
EgyptJordan
Saudi Arabia
South Africa
Kuwait Mexico
15
20Afghanistan
OmanIraq
Yemen
PerCap Consumption (lt)
0 20 40 60 80 100 120 140 160 180
35
Strong Positions in Operating Markets (2009)
Sparkling Beverages Still Beverages
MarketShare Position
68.2% #1
Water Fruit Juices & Nectars
Market Sh Position Market
Sh Position
27.8% #2
34.2% #1
Share Position Share Position
8.5% #3 29.3% #1
52.6% #1
#1
7.6% #3 1.6% #8
4.6% #4 8.0% #3n.a. #1
13.3% #248.9% #1 4.9% #6
10.5% #2
Source: The Nielsen Company,(1) The Nielsen Company Database Adjustment(2) CCI Estimate
Source: The Nielsen Company(1) The Nielsen Company Database Adjustment
36
(2) CCI Estimate(3) MEMRB
Geographic and Category Split of Business Volume split (uc) Geography Volume split (uc) International OperationsVolume split (uc) - Geography
(2009)Volume split (uc) – International Operations
(2009)
InternationalKazakhstan
22%
Pakistan36%
TurkeyInternational
International25%
22%
Turkey
Turkey75%
Kyrgyzstan5%
Azerbaijan18%Turkmenistan
4%
Jordan10%
Iraq3%
Syria2%
Volume split (uc) – Consolidated (2009)Still
4%
Still Beverages
26%
Sparkling Beverages
37
74%
Turkey Alcohol Free Beverage(AFB) Market - 2008
AFB Market 5.2 billion uc
RTD AFB Market1.2 billion uc
HOD
Cofee2.3%
Milk5.9%
Powder&Concentrate
0.4%RTD AFB Sparkling
Ayran10.9%
Sparkling Water4.1%
Other0.9%
HOD22.4%
RTD AFB23.4%
Sparkling Beverages
44.9%Fruit Juices&
Nectars12.7%
Bottled WaterTea45.7%
Source: Canadean Estimates
•RTD= Ready to Drink Beverages•HOD= Home and Office Delivery Water
Bottled Water26.5%
y
Hot tea category constitutes 46% of alcohol-free beveragesSparkling Beverages is almost half of ready-to-drink alcohol-free beverages
38
Dynamic Growth in All MarketsDynamic Growth in All MarketsTURKEY SOFT DRINKS VOLUME DEVELOPMENTTURKEY SOFT DRINKS VOLUME DEVELOPMENT
’05-’09 CAGR 9%
382.4420.8
438.9
mu/
c312.0
343.8382.4
2005 2006 2007 2008 2009
INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT
’05-’09 CAGR 32% 147.6
mu/
c
80.197.9
113.0
2005 2006 2007 2008 2009
49.3
3939
2005 2006 2007 2008 2009
World-leading Brand PortfolioSparkling Beveragesp g g
Turkey Pakistan Kazakhstan Azerbaijan Kyrgyzstan Jordan Iraq Syria
Sparkling
4040
World-leading Brand PortfolioStill Beveragesg
Turkey Pakistan Kazakhstan Azerbaijan Kyrgyzstan Jordan Iraq Syria
Fruit Juices & Nectars
Bottled water
Sports Drinks Ice tea
Tea
Ice tea
Tea
4141
Soft Drink Operations’ Financial Performance*Soft Drink Operations’ Financial Performance*
17.1%16.1%
16.6%15.3%
2 258 12,407.5
Net Sales Revenue EBITDA*
L
’05-’09 CAGR 19%
’05-’09 CAGR 18%
268.3329.8
375.3368.7
15.8 %
1,183.9
1,667.2
1,925.9
2,258.1
milli
on T
RL
Milli
on T
RL
2005 2006 2007 2008 2009
187.4
2005 2006 2007 2008 2009
Net Profit
*Full year EBITDA is as previously reported, not restated as per CMB’s newreporting format.
153.7169.6
n TR
L
’05-’09 CAGR 18%
87.3 86.7 81.4
*International Coca-Cola business fully consolidated starting from 2006
milli
o
422005 2006 2007 2008 200942
Thank You !Thank You !
Q t Pl43
Questions Please...
Appendi44
Appendix
ANADOLU EFES Consolidated Income Statements For the Periods Ended 31.12.2009 and 31.12.2008
Prepared In Accordance with IFRS as per CMB Regulations
2008/12 2009/12
SALES VOLUME (million hectolitre) 37,8 38,9
SALES 3.668,9 3.811,1
p p g(million TRL)
Cost of Sales (-) (1.860,7) (1.907,9)
GROSS PROFIT FROM OPERATIONS 1.808,2 1.903,1
Marketting, Selling and Distribution Expenses (-) (913,0) (928,1)General and Administration Expenses (-) (306,9) (322,1)Other Operating Income 82,4 41,5p g , ,Other Operating Expense (-) (43,2) (46,5)
PROFIT FROM OPERATIONS 627,5 648,0
Loss from Associates (5,7) (10,9)Financial Income 187,4 375,1Financial Expense (-) (454,3) (468,4)
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 355,0 543,8
Continuing Operations Tax Expense (-) (66,3) (121,5)
PROFIT FOR THE YEAR 288,7 422,3
Attributable to:Minority Interest (21,0) (0,3)Net Income attributable to Equity Holders of the Parent 309,7 422,6
EBITDA 854,7 916,6
45
Note 1: CCI's consoliated results are proportionately consolidated in Anadolu Efes' financial results as per its 50.3% shareholding.
Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.
ANADOLU EFES Consolidated Balance Sheets as of 31 12 2009 and 31 12 2008
2008/12 2009/12 2008/12 2009/12Cash & Cash Equivalents 690,2 1053,3 Short-term Borrowings 799,2 949,3Investment in Securities 2,7 21,2 Trade Payables 203,5 234,9Trade Receivables 421,2 421,5 Due to Related Parties 16,6 15,0Due from Related Parties 3 9 0 8 Other Payables 174 4 202 3
(million TRL)
Consolidated Balance Sheets as of 31.12.2009 and 31.12.2008Prepared In Accordance with IFRS as per CMB Regulations
Due from Related Parties 3,9 0,8 Other Payables 174,4 202,3Other Receivables 9,8 5,8 Provision for Corporate Tax 9,9 16,5Inventories 490,6 412,4 Provisions 18,2 20,3Other Current Assets 156,6 141,6 Other Liabilities 189,9 50,3
Total Current Assets 1.775,0 2.056,7 Total Current Liabilities 1.411,8 1.488,6
O h R i bl 1 7 0 9 L B i 1029 8 908 1Other Receivables 1,7 0,9 Long-term Borrowings 1029,8 908,1Investments in Securities 23,4 40,1 Other Payables 103,1 126,6Investments in Associates 54,9 45,4 Provision for Employee Benefits 30,3 40,1Property, Plant and Equipment 1.996,8 1.981,6 Deferred Tax Liability 27,9 33,8Intangible Assets 341,2 357,0 Other Liabilities 5,0 98,6Goodwill 866,5 855,6Deferred Tax Assets 38,1 46,9Other Non-Current Assets 25,9 45,9 Total Non-Current Liabilities 1.196,1 1.207,2
Total Non-Current Assets 3.348,5 3.373,4 Total Equity 2.515,7 2.734,2
Total Assets 5.123,5 5.430,0 Total Liabilities and Shareholders' Equity 5.123,5 5.430,0
Note 1: CCI's consolidated financial results are consolidated in Anadolu Efes' financial results by proportionate consolidation method as per Anadolu Efes' 50.3% shareholding in CCI.
Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Investment in Securities'' in Non-Current Assets part of the balance sheet.
46
/12
8,5
4,2
0,2
6,9
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5,7 ,6)
3,1
3,0
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ntno
n-
2009
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st b
asis
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ON
S31
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2009
and
31.
12.2
diar
ies i
n Tu
rkey
, are
s
com
e/ex
pens
e),d
epre
ci
ON
S9
and
31.1
2.20
08
B R
egul
atio
ns
B R
egul
atio
ns
XEE
R O
PER
AT
IOr t
he P
erio
ds E
nded
3
mal
t pro
duct
ion
subs
id
ding
othe
rope
ratin
ginc
EE
R O
PER
AT
IOte
ms
as o
f 31
.12.
2009
with
IFR
S as
per
CM
Bm
illio
n TR
L)
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S as
per
CM
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illio
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TIO
NS
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FIT
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tin
secu
rities
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tyTU
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ncom
e St
atem
ents
For
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pre
sent
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rom
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RK
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ance
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et It
ared
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ared
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TH
E YE
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47
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ash
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ther
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p to
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R
ON
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and
31.1
2.20
08
d in
acco
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ce w
ith IF
R
ON
S (E
BI)
.12.
2009
and
31.
12.2
00
—ne
t),ta
x,sh
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non
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ase
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atio
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ncial
stat
emen
ts pr
epar
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BE
ER
OPE
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TIO
tem
s as
of
31.1
2.20
09
Acc
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with
IFR
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illio
n U
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ncial
stat
emen
ts pr
epar
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ER
OPE
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TIO
r the
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iods
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ancia
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ense
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Acc
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nce
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d fro
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ted
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et It
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ared
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ES
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(m
NET
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Fina
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EBde
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gula
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.
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CM
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cord
ance
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CM
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ns
cord
ance
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S as
per
2009
and
31.
12.2
008
RIN
K O
PE
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s Fo
r th
e Pe
riod
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udin
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m B
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ue to
Rel
a tPa
yabl
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n fo
r Cor
pora
te T
axsio
ns fo
r Em
ploy
ee B
enef
itsC
urre
nt L
iabi
litie
sC
urre
nt L
iabi
litie
s
term
Bor
row
ings
sions
for E
mpl
oyee
Ben
efits
red
Tax
Liab
ilitie
s
Non
-Cur
rent
Lia
bilit
ies
Equ
ity
Lia
bilit
ies
and
Shar
ehol
d
Con
so
1: E
BIT
DA
com
prise
s of
pIT
.
2: F
igur
es fo
r CC
I are
obt
a
1: F
igur
es fo
r CC
I are
obt
a
49
Sale
s
Sale
s (
Cos
t oG
RO
SO
pera
Oth
er
EB
ITG
ain
/ Fi
nan c
INC
OIn
com
INC
OA
ttrib
uM
inor
Net
I n
EB
ITD
Cas
h a
Inve
stm
Trad
e In
ven t
Oth
er
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er
Tot
al
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stm
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erIn
tang
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fer
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er
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al
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al
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t -Tr
ade
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er
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ovis
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er
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al
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ovis
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fer
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al
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al
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al
Not
e 1
to E
BI
Not
e 2
Not
e 1