STRICTLY PRIVATE & CONFIDENTIAL · 2014. 2. 17. · 8 STRICTLY PRIVATE & CONFIDENTIAL Consolidated...

1 STRICTLY PRIVATE & CONFIDENTIAL


Forward-Looking Statements

This presentation 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 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.


A Total Beverage Company Refreshing 660mn Consumers

With A Strong History of Growth...

• A world class brand portfolio

• To a diverse and exciting region with strong GDP growth

• In markets with low per capita consumption

• Through an experienced and financially strong organisation

• Supported through world alliances

Refreshing around 660mn consumers in Turkey, CIS and Middle East 2005 2011

11

16

# of countries

2005 2011

297

654

Population served (mn)

-Turkey: 11 litres of beer, 45 litres of sparkling beverages per capita

-Kazakhstan: 30 litres of beer, 34 litres of sparkling beverages per capita

-Pakistan: 15 litres of sparkling beverages per capita

http://www.google.co.uk/imgres?imgurl=http://www.promotionalitemsbuzz.com/wp-content/uploads/2010/02/CocaCola-Logo.jpg&imgrefurl=http://www.promotionalitemsbuzz.com/tag/cocacola-logo/&usg=__lopQv7siApevtbF_1AJ22JHDkOo=&h=1203&w=1205&sz=585&hl=en&start=45&zoom=1&tbnid=ejihgGeGfSvAFM:&tbnh=150&tbnw=150&ei=oIdPUIGXKcaa1AXQhoHgAw&prev=/search%3Fq%3Dcoca%2Bcola%2Btop%26start%3D40%26um%3D1%26hl%3Den%26safe%3Dactive%26sa%3DN%26gbv%3D2%26tbm%3Disch&um=1&itbs=1


Anadolu Efes’ Structure

BEER OPERATIONS

INTERNATIONAL BEER OPERATIONS

COCA-COLA İÇECEK1

(CCI)

COCA-COLA OPERATIONS

Public

Public 33.0%

25.6%

50.3%

Yazıcılar Holding 23.6% Özilhan Sınai Yatırım 13.5% Anadolu Endüstri Holding 6.0%

(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 4% by Özgörkey Holding.

* Only the major subsidiaries of the Group are presented

SABMiller Harmony Ltd. 24.0%

SOFT DRINK OPERATIONS

TURKEY BEER OPERATIONS

ANADOLU EFES


Operating Model

Beverage Group President and Anadolu Efes CEODamian Gammell

Efes Russia MD

Efes TurkeyMD

Deputy CEO of Beverage GroupHüseyin Akın

Coca-Cola İçecek A.Ş. CEOBurak Başarır

Eastern Europe and CIS Group MD

Commercial Director

Supply Chain Director

Corporate & Regulatory

Affairs Director

Market Development

Director

Chief Audit Executive

Legal Affairs Director

Human Resources Director

Chief Financial Officer

Legal Director

Human Resources Director

Corporate Affairs Director

Supply Chain Services Director

Strategy & Business Development Director

Chief Audit Executive

Central Asia Region Director

Pakistan GM

North Iraq GM

South Iraq GM

Jordan and SyriaGM

Turkey GM

CFO


Where do we operate

Refreshing around 660mn consumers in markets with low per capita consumption...


Our Group Strategy

Maintain our focus on beer and soft drinks brands

Leverage strategic alliances to expand into new markets, categories and brands

Operate through two distinct operating companies to maintain focus, build capability and support investment

In our core beer markets, restore margin and share in Russia and Turkey through cost reduction, premium brand focus and optimizing route to market

In our CCI markets, drive sparkling category in Turkey, expand margins in Pakistan and Iraq, deliver a full beverage portfolio

Improve balance sheet health, FCF, working capital management and a diverse funding strategy


Consolidated Financial Performance V

olu

me*

*On a combined basis

Turkey Beer17%

Soft Drinks57%

InternationalBeer26%

Reven

ue*

TurkeyBeer28%

Soft Drinks55%

International Beer17%

EB

ITD

A (

BN

RI)

*

**Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's

Russian&Ukranian operations amounted to TL3.7 million in 9M2013. 8

millio

n T

RL

Turkey Beer9%

Soft Drinks70%

InternationalBeer21%

Reported FY2013

9M2013

9M2013

2007 2008 2009 2010 2011 2012 9M2012 9M2013 2012 2013

34.6

37.838.9

43.244.8

52.7 65.8 68.8 82.5 85.6

mhl

Beer Soft DrinksReported Proforma Proforma

2007 2008 2009 2010 2011 2012 9M2012 9M2013

3,030.43,668.9 3,811.1

4,168.84,761.3

6,416.8

7,081.7 7,361.1

Proforma Reported

2007 2008 2009 2010 2011 2012 9M2012 9M2013

723.2854.7 916.6

1,019.0 953.4

1,295.9

1,490.61,379.8

marginProforma

Reported

millio

n T

RL



The Leading Brewer in CIS and Turkey

Sources: (1) Nielsen, (2) Retail Zoom Moldova, (3) GAMMA Retail Audit, (4) Canadean Global Beer Trends 2012

Europe’s 5th largest and the World’s 10th largest brewer in terms of sales volume* with No.1 position in most of the markets in which we operate

Largest brewer by sales volume in Turkey(1), Kazakhstan(1), Moldova(2), Georgia(3)

4th largest brewer by sales volume & 3rd largest by value in Russia, the World’s 4th largest beer market(4)

4th largest brewer by sales volume in Ukraine


Breakdown Of Pure Alcohol Consumption

Per Capita Consumption* Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK Turkey Russia

Total Pure Alcohol 13 15 8 10 13 13 10 10 9 9 2 12

Beer 119 174 66 103 124 141 81 99 85 77 19 88

*At legal drink ing age except Poland & Denmark

Turkey Russia

1 18

13 71

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Austria Czech Rep. Denmark Finland Germany Ireland Netherlands Poland Spain UK. Turkey Russia

48%

60%

39%

53%48%

56%

42%51%

39%43%

58%

37%

38%20%

47% 21% 30%

25%

41%

10% 36%34%

9%

12%

14%20%

14%

26%22% 19% 17%

38%

25% 24%

33%

51%

Beer Wine Spirits

11

Source: Euromonitor, Canadean, Company estimate * At legal drinking age except Poland & Denmark


Per Capita Beer Consumption in Operating Markets &

in Some Selected Countries

Per Capita Consumption (lt)

CA

GR

Gro

wth

20

08

- 2

01

3 (

%)

Source: Canadean Global Beer Trends 2013, Company estimate

-10.0%

-7.0%

-4.0%

-1.0%

2.0%

5.0%

8.0%

11.0%

20 40 60 80 100 120 140 160

Georgia0.9 mhl

China544 mhl

Turkey8.7 mhl

Uzbekistan2.4 mhl

Moldova1.2 mhl

Greece4 mhl

Serbia4.5 mhl

Bulgaria5.7 mhl

USA 232 mhl

Romania18 mhl

Russia 87.1 mhl

Poland38 mhl

Germany83 mhl

Czech Republic15 mhl

Ukraine25.9 mhl

Kazakhstan4.8 mhl


Long Term Beer Group Strategy

Brands - It’s all about the consumer and delivering choice, innovation and brand love

Execution - Great distribution and activation at the point of sale

Efficiency

Relationship

- Lean and efficient organisation throughout the supply chain and RTM

- with our employees, governments, suppliers, customers...


Beer Group’s Strategy for 2014 - 2016

Expand our brand and package portfolio in the premium and mainstream segments in all countries

Leverage our SABMiller alliance to provide global and regional brand power

Reduce the cost base through capacity reduction, procurement savings and opex reduction in Russia and Turkey

Improve customer service and loyalty through store by store execution solutions and great service

Protect category availability through innovative retail solutions, experiental marketing and a proactive strategy with regulators

Develop profitable new markets for our brands like Ukraine, Central Asia


Key Enablers For 2014-2016

-The best brands -Lean and efficient manufacturing

-Strong route to market -Market leading capabilities in

marketing and sales

-Superior customer relationship -Healthy balance sheet

Net Debt/EBITDA

Beer Group 1.7x

CCI 1.7x

Consolidated 1.8x

-Working with best people

Efes Pilsen Kozel

Bomonti Kruzhka Svezhego

Efes Malt Beliy Medved

Miller Stary Melnik

Chisinau



Developments in Turkey Beer Operations

Volumes were under pressure in 2013,

due to;

• Higher prices to reflect excise tax

increases

• Regulatory changes

• Competition

• Destocking effect

2008 2009 2010 2011 2012 2013

8.5 8.5

8.58.4 8.6

7.3

Historical Volume Performance*

*Sales volume including exports

Market Share Development

Source: Nielsen

* Company estimate

mh

l

1987* 2005 2006 2007 2008 2009 2010 2011 2012 9M2013

60%

83% 86% 86% 88% 88% 88% 87% 83%77%

40%

17% 14% 14% 12% 12% 12% 13% 17%23%

Efes Other


Historical Volume and Sales Price Development

5.95.7

6.06.4

6.87.1 7.1

7.6

8.5 8.5 8.5 8.4 8.6

7.3

0.40.8

0.9

1.31.4

1.7 1.81.9

2.02.1

2.8

3.2

3.7

4.3

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

-0.8

0.2

1.2

2.2

3.2

4.2

5.2

6.2

7.2

8.2

9.2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

mh

l

50

cl re

turn

ab

le b

ottle

pric

e

Shelf price

rose further

to 4.3TRL

as of

January

2014...

50cl returnable bottle shelf price


Turkey Beer Operation’s Strategy

Brands - Efes Malt, Bomonti

- Premiumization strategy

Execution - Ekomini Project

- Cooler placements

- On-trade outlet development

Efficiency

Relationship

- Minimize opex

- Cost reduction initiatives

- Procurement initiatives

- Strong focus on building people capability and engagement


Focus on Brands

Mainstream95%

Economy2%

Premium 3% 100% brand awareness for Efes

Exports to more than 70 countries

# 1 in consumer spending in Food &

Beverage category – 7.4% as of

January- September 2013 (Nielsen)

100% penetration in Turkey

(September 2013, Nielsen)

Through a portfolio for all occasions...

Marmara

Gold

Efes Pilsen

Efes Pilsen Fıçı

Bomonti

Efes Dark

Efes Dark Brown

Efes Light

Efes Xtra Efes Malt

Efes Pilsen

Unfiltered

Marmara Kırmızı

M34

Bomonti Unfiltered

Miller

Mariachi

Mariachi

Black

Mojo

Mix

Satsu

Mix

Beck’s

Peroni

Duvel


Efficiency & Relationship

EFFICIENCY Minimize costs through procurement

savings

Minimize opex

RTM optimization

RELATIONSHIP Proactive relationships with

governments

Working with best people

Win-win relationship with suppliers and business partners

Increase cooperation with strategic partners

Transparent and proactive relationship with shareholders


Turkey Beer Financial Performance

2008 2009 2010 2011 2012 2013 9M2012 9M2013

8.5 8.5

8.58.4 8.6

7.3

6.6

5.8

2007 2008 2009 2010 2011 2012 9M2012 9M2013

967.0

1,182.11,264.2 1,293.4

1,390.8

1,604.71,227.7 1,231.5

*Sale

s v

olu

me i

nclu

din

g e

xp

ort

s

Millio

n T

RL

40.3% 41.8% 39.8% 40.1%37.4%

34.3% 35.2%

32.2%

Millio

n T

RL

Vo

lum

e*

Rev

en

ue

E

BIT

DA

Sales revenues are expected to decline

slightly contributed by higher sales prices.

Price increases are expected to cover the

negative impact of the higher input prices,

i.e. barley prices. Gross profitability is

expected to decline slightly in absolute

terms with almost flattish margin.

The ratio of operating expenses to net sales

is expected to remain high due mainly to the

continued investments in on and off trade.

Consequently, EBITDA is expected to be

lower in absolute terms with lower EBITDA

margin at high twenties.

2013 OUTLOOK

20

07

20

08

20

09

20

10

20

11

20

12

9M

20

12

9M

20

13

9M

20

12

9M

20

13

72

3.2

85

4.7

91

6.6

1,0

19

.09

53

.4

1,2

95

.9

80

3.8

1,3

79

.81

,49

0.6

1,3

79

.8

margin

m

hl

2007 2008 2009 2010 2011 2012 9M2012 9M2013

389.8

494.2503.0 519.1 519.9

550.5 432.1396.0



International Beer Operations

Sources: (1) Nielsen, (2) Retail Zoom Moldova, (3) GAMMA Retail Audit, (4) Canadean Global Beer Trends 2012

Strong presence in the CIS region with operations in 5 countries

Largest brewer by sales volume in Kazakhstan(1), Moldova(2), Georgia(3)

4th largest brewer by sales volume & 3rd largest by value in Russia, the World’s 4th largest beer market(4)

4th largest brewer by sales volume in Ukraine

Acquision of SAB’s beer operations in Russia and Ukraine in 2012

Merger process was completed and network optimization programme was initiated in Russia in 2013


Significant challenges in Russia

2007 2008 2009 2010 2011 2012 2013 2012 2013

13.3 14.1 13.6

15.7 14.6

19.8 18.220.7

18.2

Russia64%

Others36%

Volume Development of EBI Breakdown of Sales Volume

(Reported) – FY2013

Proforma Reported

mh

l

1 Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD September 2013

On a proforma basis, EBI’s sales volume in FY2013 declined by 12% to 18.2 mhl.

• Softer volume performance in EBI was led by Russian operations.


Challenging operating environment in Russia

Softer volume performance in EBI was led by Russian operations. Main reasons; • Tightened regulatory environment

Kiosk ban, restrictions on beer selling hours, higher excise taxes, ban on consumption in public places

• Higher prices due to excise tax increases

• Lower than expected economic growth in 2013

• Pricing environment continued to be challenging as price competition has intensified particularly in modern trade

Carlsberg37.4%

InBev15.1%

Heineken14.2%

EFES RUS13.5%

Other19.9%

Market Share by Volume – 9M2013

Numbers may not add up to 100 due to rounding.

*Carlsberg and INBEV breweries shares include Ukrainian brands

** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r

10

th. in

ha

b) R

eta

il YT

D S

ep

tem

be

r

20

13


Opportunities in the world’s 4th largest beer market

PREMIUM UPPER MAINSTR. LOWER MAINSTR.

Highly attractive, valuable and balanced portfolio in Russia...

Brands

Execution

Efficiency

Relationship

-Kozel leading the premium segment

-Relaunches of Zolotoya Bochka, Stariy Melnik, Beliy Medved

-New packages launches for Gold Mine

-Resumed shipments to key accounts

-Increasing distribution in modern trade

-Network optimization program initiated -Procurement initiatives

-Moscow plant closure -Right-sizing of head count

-Rostov plant closure

-Integration was completed.

-Strong focus on building people capability and engagement

.

Redd’s

Miller

Essa

V. Kozel

Bavaria

Zolotoya Bochka

Stary Melnik

Stary Melnik Iz Bochonka

Efes Pilsener

Beliy Medved

Gold Mine Beer


Other Operating Countries

EBI58.0%

Carlsberg27.8%

Other7.9%

Shymkent Pivo5.5%

InBev0.8%

Mo

ldo

va

K

aza

kh

sta

n

Nielsen , YTD September 2013

#1 brewer

Capacity: 1.1 mhl

EBI entered the Georgian beer market following the acquisition of the leading brewer in the market, JSC Lomisi (“Lomisi”), in February 2008

#1 brewer

Capacity: 2.6 mhl

#1 brewer

Capacity: 1.3 mhl

Market Share by Volume

Ge

org

ia

Ukra

ine

#4 brewer

Capacity: 2.9 mhl

EBI entered the Ukranian beer market following the acquisition of the SABMiller’s Ukrainian beer operations in March 2012

Growing operation through brand focus


Strongly Positioned in All Markets

Moldova

PREMIUM

Georgia

Ukraine

Kazakhstan

MAINSTREAM SUPER PREMIUM

PREMIUM MAINSTREAM ECONOMY SUPER PREMIUM

PREMIUM MAINSTREAM

MAINSTREAM PREMIUM SUPER PREMIUM ECONOMY

Miller

Efes

V. Kozel

Beliy Medved

Karagandinskoe

Kruzhka Svezhego

Stary Melnik

Miller

Zolotoya Bochka

V. Kozel

Beliy Medved

Sarmat

Efes Pilsener

V. Kozel

Miller

Stary Melnik

Timisoreana

Chisinau

Beliy Medved

Efes Pilsener

V. Kozel

Natakhtari

Mtieli

Kaiser

SUPER PREMIUM

Miller


International Beer Financial Performance

2008 2009 2010 2011 2012 2013 9M2012 9M2013 2012 2013

14.113.6

15.7 14.6

19.8

18.2 16.8

14.5

20.7

18.2

20

07

20

08

20

09

20

10

20

11

20

12

9M

20

12

9M

20

13

9M

20

12

9M

20

13

72

3.2

85

4.7

91

6.6

1,0

19

.09

53

.4

1,2

95

.9

80

3.8

1,3

79

.81

,49

0.6

1,3

79

.8

margin

Proforma Reported

Vo

lum

e

Rev

en

ue

E

BIT

DA

* (B

NR

I)

2007 2008 2009 2010 2011 2012 9M20129M2013 9M20129M2013

836.21,038.0

857.3 976.8 976.0

1,505.9

1,200.61,037.1

1,279.8

1,037.1

millio

n U

SD

Reported Proforma

2007 2008 2009 2010 2011 2012 9M2012 9M2013 9M2012 9M2013

156.0 153.5 170.1

213.7

143.0

248.3215.1

128.0

235.3

128.0

18.7% 14.8%19.8% 21.9%

14.7% 16.5% 17.9%12.3%

18.4%12.3%

millio

n U

SD

On an operating proforma basis,

• Sales revenues are expected to decline at

a rate of high-teens due to phased

reflection of higher excise taxes into prices

as well as the change in channel mix.

• Gross profit is expected to be lower in

absolute terms with around 7pps lower

gross margin.

• EBITDA (BNRI) is expected to decline in

absolute terms, leading to more than 5pps

lower margin.

• For 2013, the expected cost synergies are

estimated to be around USD70 million.

2013 OUTLOOK

Proforma Reported

m

hl

2007 2008 2009 2010 2011 2012 9M20129M2013 9M20129M2013

836.21,038.0

857.3 976.8 976.0

1,505.9

1,200.61,037.1

1,279.8

1,037.1

2007 2008 2009 2010 2011 2012 9M20129M2013 9M20129M2013

836.21,038.0

857.3 976.8 976.0

1,505.9

1,200.61,037.1

1,279.8

1,037.1

Proforma



Soft Drinks Business Strategy

Grow the sparkling category

overall and per capita in Turkey

Continue to build and enhance

our reputation

Build a world class

organization

Accelerate revenue and margin

growth in international

operations

Improve balance sheet health

every year, with commitment to

a highly conservative financial

structure in line with an

investment grade rating


CCI at a glance

Shareholder Structure

(1) Anadolu Efes and its fully-owned subsidiaries

(2) TCCC and its fully-owned subsidiaries

(3) Listed on Borsa Istanbul

Operating in one of the world’s most

dynamic and exciting markets

A gateway to Turkey, Pakistan, Central

Asia and The Middle East

Serving more than 360 million people;

60% of our population is below 30

years of age

2004-2012 CAGR:

Sales volume: 15% Net Sales: 19% EBITDA: 22%


Future Opportunities

CCI territory total population: over 360 million

Sparkling Beverage Consumption vs. GDP (2012)

Kyrgyzstan

Afghanistan

Egypt

Pakistan

Turkmenistan

Iraq

Syria

Azerbaijan

Kazakhstan Russia

Turkey

Jordan

Italy

Oman

PolandGreece

South Africa

Saudi Arabia

Hungary

U.A.E.

KuwaitUKSpain

Germany

Bulgaria

Argentina

USA

Mexico

Tajikistan

0

50

100

150

0 10,000 20,000 30,000 40,000 50,000

#4

Per Cap Consumption (liters)

GDP per Capita (USD)

Sources: IMF (GDP) and TCCC and CCI best estimates based on Nielsen and own market intelligence.

Notes: Bubbles represent market size.


Geographic and Category Split of Business

Volume split (uc) – International Operations

Volume split (uc) – Consolidated

FY2013

FY2013

Still21.0%

Sparkling69.6%

Tea9.4%

4Q12

Still19.8%

Sparkling72.6%

Tea7.6%

2013Still

18.4%

Sparkling

72.2%

Tea

9.4%

4Q13

Consolidated Volume Split

Q/Q

Consolidated Volume Split

Y/Y

Still20.1%

Sparkling72.6%

Tea7.2%

2012

Kazakhstan18.9%

Kyrgyzstan3.3%

Azerbaijan10.5%

Turkmenistan5.2%

Tajikistan0.1%

Jordan3.7%

Iraq12.0%

Syria 0.3%

Pakistan46.0%

2012

Kazakhstan17.8%

Kyrgyzstan2.9%

Azerbaijan8.4%

Turkmenistan4.8%

Tajikistan0.5%

Jordan2.9%

Iraq20.1%

Syria 0.0%

Pakistan42.6%

2013

International Volume Split


Strong Brand Positioning and Offering in Our Key Markets

Turkey Azerbaijan Kazakhstan Pakistan

67%*#1

59%*#1

42%*#1

29%*#2

25%#1

13%#2

18%#1

2%#8

7%#2

50%#1

10%#3

8%#3

Spar

klin

g B

eve

rage

sJu

ice

sW

ate

r

Sources: Nielsen Retail Panel, 2012.

Notes: (*) Percentage volume share.


2008 2009 2010 2011 2012 9M2012 9M2013 2012 2013

113.0 147.6171.0

215.0

282.0

286.7

391.7 367.6

484.2

2008 2009 2010 2011 2012 2013 9M2012 9M2013

420.8 438.9494.4

546.8568.5 573.6

459.6 462.5

Soft Drinks Financial Performance

1,925.9

2,258.1 2,407.5 2,753.2

3,408.6

4,132.43,031.5

4,183.9

3,545.5

4,183.9

329.8375.3

368.7435.0

486.9

685.5

573.8

786.8

648.8

786.8

17.1% 16.6% 15.3% 15.8%14.3%

16.6%18.9% 18.8% 18.3% 18.8%

mu

/c

Proforma

*Restatement Explanation: Restated financials were adjusted according to new «IFRS 10

Consolidated Financial Statements» and «IFRS 11 Joint Arrangements» standards, in which

9M2012 Pakistan and Syria operations were consolidated with equity pick-up versus Pakistan

was full consolidated and Syria was consolidated with equity pick-up in 9M2013.

**Proforma Explanation: Pro-forma financial statements were adjusted to include full

consolidated Pakistan operations both in 9M2012 and 9M2013 for comparison purposes.

Tu

rke

y

Vo

lum

e

Re

ve

nu

e

EB

ITD

A

mil

lio

n T

RL

m

illi

on

T

RL

37

Net revenue growth > volume growth

Flat EBITDA margin

20072008

20092010

20112012

9M2012

9M2013

9M2012

9M2013

723.2854.7

916.61,019.0

953.4

1,295.9

803.8

1,379.81,490.6

1,379.8

margin

Reported

1,925.9

2,258.1 2,407.5 2,753.2

3,408.6

4,132.43,031.5

4,183.9

3,545.5

4,183.9

17.1% 16.6% 15.3% 15.8%14.3%

16.6%18.9% 18.8% 18.3% 18.8%

1,925.9

2,258.1 2,407.5 2,753.2

3,408.6

4,132.43,031.5

4,183.9

3,545.5

4,183.9

2013 OUTLOOK

Proforma

mu

/c

Inte

rna

tio

na

l

Vo

lum

e



Summary 2013 was an another year with solid performance for CCI

2013 was another challenging year for beer operations

In the short-term, we remain cautious for our operations in Turkey both for beer & soft drinks

In beer business, headwinds are slowing us down but we are taking short-term required actions while executing our long-term strategy;

optimized

Brands

Execution

Efficiency

Relationship

-Focus on brands, portfolio optimization, new brand launches

-RTM & supply chain optimization

-Rightsizing of the beer business

- Strong focus on building people capability and engagement

Improve balance sheet health

Maintain financially conservative stance

Financial and organizational capability remain a core focus



2012/9

2013/9

resta

ted

rep

ort

ed

SA

LE

S V

OL

UM

E (

mil

lion

hecto

lite

rs)

22.6

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LE

S3,3

94.4

7,3

61.1

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of S

ale

s (-

)-1

,531.4

-4,0

86.7

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OS

S P

RO

FIT

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OM

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ER

AT

ION

S1,8

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ettin

g, S

elli

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nd D

istr

ibution E

xpense

s (-

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41.6

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l and A

dm

inis

trative E

xpense

s (-

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-577.0

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er

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ting I

ncom

e

35.1

48.1

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er

Opera

ting E

xpense

(-)

-39.6

-61.6

PR

OF

IT F

RO

M O

PE

RA

TIO

NS

(B

NR

I)*

528.7

846.0

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e F

rom

Invest

ing A

ctivitie

s6.2

2,7

97.5

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s F

rom

Invest

ing A

ctivitie

s (-

)-1

.8-4

.5

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e / (

Loss

) fr

om

Ass

ocia

tes

183.5

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OP

ER

AT

ING

PR

OF

IT B

EF

OR

E F

INA

NC

E E

XP

EN

SE

685.8

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27.8

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ance I

ncom

e164.9

203.1

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ance E

xpense

(-)

-129.2

-590.7

PR

OF

IT B

EF

OR

E T

AX

FR

OM

CO

NT

INU

ING

OP

ER

AT

ION

S721.6

3,2

40.2

Continuin

g O

pera

tions

Tax E

xpense

(-)

-116.3

-78.7

- C

urr

ent P

eriod T

ax E

xpense

(-)

/ I

ncom

e-1

38.6

-124.3

- D

efe

rred T

ax E

xpense

(-)

/ I

ncom

e22.2

45.6

PR

OF

IT F

OR

TH

E P

ER

IOD

605.3

3,1

61.5

Attributa

ble

to:

Min

ority

Inte

rest

21.0

287.0

Net In

com

e A

ttributa

ble

to E

quity H

old

ers

of th

e P

are

nt

584.2

2,8

74.5

EB

ITD

A (

BN

RI)

*803.8

1,3

79.8

Note

3:R

est

ate

ment

Expla

nation:F

inancia

lsw

ere

adju

sted

accord

ing

to(i)

new

«IF

RS

10

Conso

lidate

dF

inancia

lS

tate

ments

»

and

«IF

RS

11

Join

tA

rrangem

ents

»st

andard

s,in

whic

h9M

2012

CC

Iopera

tions

were

conso

lidate

dw

ith

equity

pic

k-u

p

vers

us

full

conso

lidation

in9M

2013,

and

(ii)

new

CM

Bcom

muniq

ue

num

bere

dII

-14,1

“Com

muniq

ué

on

the

Princip

les

of

Fin

ancia

l R

eport

ing I

n C

apital M

ark

ets

".

AN

AD

OL

U E

FE

S

Consolidate

d I

ncom

e S

tate

ments

For

the N

ine-M

onth

s P

eri

od E

nded 3

0.0

9.2

012 a

nd 3

0.0

9.2

013

Pre

pare

d in a

ccord

ance w

ith I

FR

S a

s p

er

CM

B R

egula

tions

(million T

RL

)

Note

1:

Accord

ing

toth

eS

hare

hold

er’

sA

gre

em

ent

regard

ing

the

govern

ance

of

Coca-C

ola

İçecek

A.Ş

.(“

CC

I”),

with

effect

from

01.0

1.2

013,

Anadolu

Efe

sst

art

ed

tofu

llyconso

lidate

CC

I,w

here

as

CC

Ihas

been

conso

lidate

din

toA

nadolu

Efe

s’

financia

lre

sults

by

usi

ng

pro

port

ionate

conso

lidation

meth

od

until

31.1

2.2

012.

Conse

quently,

CC

Iis

fully

conso

lidate

din

to

Anadolu

Efe

s’financia

lsin

9M

2013,

while

,as

per

IFR

S,

report

ed

financia

lsfo

r9M

2012

are

rest

ate

dby

usi

ng

equity

pic

k-u

p

meth

od.

Note

2:

EB

ITD

Acom

prise

sof

Pro

fit

from

Opera

tions,

depre

cia

tion

and

oth

er

rele

vant

non-c

ash

item

sup

toP

rofit

Fro

m

Opera

tions.

*N

on-r

ecurr

ing

item

slik

eone-o

fftr

ansa

ction

and

inte

gra

tion

cost

sre

late

dto

the

acquis

itio

nof

SA

BM

iller's

Russ

ian

and

Ukra

nia

n o

pera

tions

am

ounte

d to T

L3.7

mill

ion in 9

M2013.


2012/12 2013/9 2012/12 2013/9

restated reported restated reported

Cash & Cash Equivalents 1,394.6 925.3 Short-term Borrowings 749.7 1,837.6

Financial Investments 170.7 8.2 Derivative Financial Instruments - 0.2

Derivative Financial Instruments - - Trade Payables 324.1 773.9

Trade Receivables 633.2 1,419.0 Due to Related Parties 23.1 29.2

Due from Related Parties - 17.5 Other Payables 427.5 612.2

Other Receivables 16.6 62.1 Provision for Corporate Tax 15.5 35.7

Inventories 551.1 1,026.8 Provisions 54.5 94.2

Other Current Assets 199.3 628.6 Other Liabilities 119.7 7.7

Total Current Assets 2,965.6 4,087.6 Total Current Liabilities 1,714.0 3,462.0

Other Receivables 1.0 4.2 Long-term Borrowings 1,302.4 1,949.6

Investments in Securities 0.8 0.8 Other Payables 198.3 218.1

Investments in Associates 1,215.8 64.4 Provision for Employee Benefits 51.3 93.2

Biological Assets - - Deferred Tax Liability 332.9 425.8

Property, Plant and Equipment 2,582.4 5,249.0 Other Liabilities 10.2 176.0

Other Intangible Assets 1,632.1 2,506.9

Goodwill 1,783.2 4,954.7

Deferred Tax Assets 74.3 127.2 Total Non-Current Liabilities 1,895.2 2,862.7

Other Non-Current Assets 126.3 300.3

Total Non-Current Assets 7,415.9 13,207.5 Total Equity 6,772.4 10,970.3

Total Assets 10,381.6 17,295.1 Total Liabilities and Shareholders' Equity 10,381.6 17,295.1

Note 2: "Financial Investments" in Current Assets mainly includes the time deposits with a maturity more than three months.

Note 3: Restatement Explanation: Restated financials were adjusted according to (i) new «IFRS 10 Consolidated Financial Statements» and «IFRS 11 Joint Arrangements» standards,

in which 9M2012 CCI operations were consolidated with equity pick-up versus full consolidation in 9M2013, and (ii) new CMB communique numbered II-14,1 “Communiqué on the

Principles of Financial Reporting In Capital Markets".

Note 1: According to the Shareholder’s Agreement regarding the governance of Coca-Cola İçecek A.Ş. (“CCI”), with effect from 01.01.2013, Anadolu Efes started to fully

consolidate CCI, whereas CCI has been consolidated into Anadolu Efes’ financial results by using proportionate consolidation method until 31.12.2012. Consequently, CCI is fully

consolidated into Anadolu Efes’ financials in 9M2013, while, as per IFRS, reported financials for 9M2012 are restated by using equity pick-up method.

ANADOLU EFES

Consolidated Balance Sheets as of 30.09.2013 and 31.12.2012

Prepared In Accordance with IFRS as per CMB Regulations

(million TRL)

Note 3: Restatement Explanation: Financials were adjusted according to (i) new «IFRS 10 Consolidated Financial Statements» and «IFRS 11 Joint Arrangements» standards, in which

9M2012 CCI operations were consolidated with equity pick-up versus full consolidation in 9M2013, and (ii) new CMB communique numbered II-14,1 “Communiqué on the

Principles of Financial Reporting In Capital Markets".


20

12

/92

01

3/9

rest

ate

dre

po

rted

Sa

les

Vo

lum

e (

mil

lio

n h

ect

oli

tres)

6.6

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SA

LE

S

1,2

27

.71

,23

1.5

GR

OS

S P

RO

FIT

FR

OM

OP

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AT

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S8

55

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al I

nco

me

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se

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visi

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es-6

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te: A

nad

olu

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s su

bsi

dia

ries

, ex

clud

ing

bre

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g an

d m

alt

pro

duc

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sub

sid

iari

es in

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key

, ar

e st

ated

on

cost

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is in

ord

er t

o p

rovi

de

mo

re c

om

pre

hens

ive

pre

sent

atio

n.

Res

tate

men

t ex

pla

natio

n: R

esta

ted

fin

anci

als

wer

e ad

just

ed a

cco

rdin

g to

new

CM

B c

om

mun

ique

num

ber

ed I

I-1

4,1

“C

om

mun

iqué

on

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Pri

ncip

les

of

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anci

al R

epo

rtin

g In

Cap

ital M

ark

ets"

.

Pre

pa

red

In

Acc

ord

an

ce w

ith

IF

RS

as

per

CM

B R

eg

ula

tio

ns

(m

illi

on

TR

L)

No

te:

EB

ITD

Aco

mp

rise

so

fP

rofit

fro

mO

per

atio

ns(e

xclu

din

go

ther

op

erat

ing

inco

me/

exp

ense

aris

ing

fro

mA

nad

olu

Efe

s'ho

ldin

gna

ture

),

dep

reci

atio

n an

d o

ther

rel

evan

t no

n-ca

sh it

ems

up t

o P

rofit

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m O

per

atio

ns.

Hig

hli

gh

ted

Ba

lan

ce S

heet

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s a

s o

f 3

0.0

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01

3 a

nd

31

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12

TU

RK

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BE

ER

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ER

AT

ION

S

Hig

hli

gh

ted

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com

e S

tate

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t It

em

s F

or

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ine-M

on

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od

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ded

30

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12

an

d 3

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01

3

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pa

red

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Acc

ord

an

ce w

ith

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RS

as

per

CM

B R

eg

ula

tio

ns

(mil

lio

n T

RL

)

TU

RK

EY

BE

ER

OP

ER

AT

ION

S

Res

tate

men

t ex

pla

natio

n: F

inan

cial

s w

ere

adju

sted

acc

ord

ing

to n

ew C

MB

com

mun

ique

num

ber

ed I

I-14,1

“C

om

mun

iqué

on

the

Princ

iple

s of

Fin

anci

al R

eport

ing

In C

apita

l Mar

ket

s".


20

12

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3/9

rest

ate

dre

po

rted

Vo

lum

e (

mil

lio

n h

ect

oli

ters

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14

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T S

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ES

1

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0.6

1,0

37

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OS

S P

RO

FIT

55

9.3

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0.8

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OF

IT F

RO

M O

PE

RA

TIO

NS

(B

NR

I)*

10

8.6

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anci

al I

nco

me

/ (E

xpen

se)

2.7

-15

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(LO

SS

)/P

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FO

RE

TA

X1

03

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me

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-27

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(LO

SS

)/P

RO

FIT

AF

TE

R T

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76

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rib

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om

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t A

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69

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nt a

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ity

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tate

men

t ex

pla

natio

n: R

esta

ted

fin

anci

als

wer

e ad

just

ed a

cco

rdin

g to

new

CM

B c

om

mun

ique

num

ber

ed I

I-1

4,1

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mm

uniq

ué o

n th

e P

rinc

iple

s o

f F

inan

cial

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ort

ing

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apita

l Mar

ket

s".

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te 1

: EB

ITD

A h

ere

mea

ns e

arni

ngs

bef

ore

inte

rest

(fin

anci

al in

com

e/(e

xpen

se)

— n

et),

tax

, sh

are

of

net

loss

of

asso

ciat

es,

dep

reci

atio

n an

d a

mo

rtis

atio

n, m

inus

min

ori

ty in

tere

st,

and

as

app

licab

le,

min

us g

ain

on

hold

ing

activ

ities

, p

lus

loss

/(ga

in)

on

sale

of

PP

E d

isp

osa

ls,

pro

visi

ons

, re

serv

es a

nd im

pai

rmen

t.

No

te 2

: Fig

ures

fo

r E

BI

are

ob

tain

ed f

rom

co

nso

lidat

ed f

inan

cial

sta

tem

ents

pre

par

ed in

acc

ord

ance

with

IF

RS

.

No

te 1

: Fig

ures

fo

r E

BI

are

ob

tain

ed f

rom

co

nso

lidat

ed f

inan

cial

sta

tem

ents

pre

par

ed in

acc

ord

ance

with

IF

RS

.

INT

ER

NA

TIO

NA

L B

EE

R O

PE

RA

TIO

NS

(E

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hli

gh

ted

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nso

lid

ate

d B

ala

nce

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eet

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s o

f 3

0.0

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3 a

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.12

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12

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pa

red

In

Acc

ord

an

ce w

ith

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RS

(m

illi

on

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D)

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fun

ctio

nal c

urre

ncy

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rnat

iona

l bee

r o

per

atio

ns is

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In o

rder

to

pre

sent

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rel

evan

t nu

mb

ers

in t

erm

s o

f T

L in

30

.09

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13

co

nso

lidat

ed f

inan

cial

sta

tem

ents

, b

alan

ce s

heet

item

s w

ere

conv

erte

d u

sing

the

per

iod

-end

exc

hang

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te a

nd

inco

me

stat

emen

t ite

ms

wer

e co

nver

ted

usi

ng t

he n

ine

mo

nths

ave

rage

exc

hang

e ra

te.

INT

ER

NA

TIO

NA

L B

EE

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PE

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NS

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ted

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com

e S

tate

men

t It

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lio

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-off

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and

inte

grat

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cost

s re

late

d t

o t

he a

cqui

sitio

n o

f S

AB

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Rus

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nian

op

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oun

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illio

n in

9M

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.

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tate

men

t exp

lana

tion:

Fin

anci

als

wer

e ad

just

ed a

ccor

ding

to n

ew C

MB

com

mun

ique

num

bere

d II

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1 “C

omm

uniq

ué o

n th

e

Prin

cipl

es o

f Fin

anci

al R

epor

ting

In C

apita

l Mar

kets

".


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rest

ate

dre

port

ed

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s V

olu

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illion U

nit

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)608.1

854.1

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es (

net)

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83.9

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of S

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new

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olid

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ated

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ated

with

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pin

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(ii)

new

CM

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mm

uniq

uenu

mber

edII

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mun

iqué

on

the

Princ

iple

sof

Fin

anci

alR

eport

ing

In

Cap

ital M

arket

s".

Note

2:

Fig

ures

for

CC

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eobta

ined

from

cons

olid

ated

finan

cial

resu

ltspre

par

edin

acco

rdan

cew

ithIF

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FT

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INK

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ER

AT

ION

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nco

me S

tate

ment

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s F

or

the N

ine M

onth

s P

eri

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nded 3

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nd 3

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pare

d I

n A

ccord

ance

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h I

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s per

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mprise

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om

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atio

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eroper

atin

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pen

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atio

nan

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er

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vant

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AT

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of

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nd 3

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n A

ccord

ance

wit

h I

FR

S a

s per

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illi

on

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L)

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1:

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ures

for

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eobta

ined

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ated

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cial

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ltspre

par

edin

acco

rdan

cew

ithIF

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olid

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ange

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ds

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and

with

equi

typic

k-u

pm

etho

das

of

30.0

9.2

012.

The

afore

-men

tione

d

30.0

9.2

012

finan

cial

sar

epre

sent

edfo

rco

mpar

ison

pur

pose

sw

ith2013,

and

are

not

incl

uded

inth

eco

nsolid

ated

inco

me

stat

emen

t of A

nadolu

Efe

s fo

r th

e ni

ne m

ont

h per

iod a

s of 3

0.0

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012.

Res

tate

men

tE

xpla

natio

n:F

inan

cial

sw

ere

adju

sted

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gto

(i)

new

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olid

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anci

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and

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ents

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ds,

inw

hich

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ista

nan

dS

yria

oper

atio

nsw

ere

cons

olid

ated

with

equi

ty

pic

k-u

pve

rsus

Pak

ista

nw

asfu

llco

nsolid

ated

and

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iaw

asco

nsolid

ated

with

equi

typic

k-u

pin

9M

2013

and

(ii)

new

CM

B

com

mun

ique

num

ber

ed I

I-14,1

“C

om

mun

iqué

on

the

Princ

iple

s of F

inan

cial

Rep

ort

ing

In C

apita

l Mar

ket

s".

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