forward-looking statements · forward-looking statements 2 • samiller’s russian and ukrainian...

Forward-Looking Statements

2

• SABMiller’s Russian and Ukrainian beer businesses are consolidated into EBI’s financial results (thus into

Anadolu Efes’ as well) starting from March 1, 2012. While reported financials do not include any contribution

from these newly acquired businesses for FY2011, they include ten months contribution in FY2012 (starting from

March 2012). However, for comparison purposes, Anadolu Efes’ and EBI’s operating proforma figures are also

provided for both FY2011 & FY2012, which include the results of SABMiller’s Russian and Ukrainian beer

businesses for these periods in full as if both businesses were operating together with Anadolu Efes’

international beer operations starting from January 1st in both periods. Also, due to one-off transaction and

integration costs, EBI and Anadolu Efes started to report operating performance before such non-recurring

items (BNRI).

• 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.

• .

Anadolu Efes – A Regional Beverage Powerhouse

3

Beer Business

FOCUS IN TURKEY & CIS

18* breweries in 6* Countries

43.7 mhl* Beer Capacity

7 malteries with 293,656 tons Malt Capacity

Coca-Cola Business

FOCUS IN TURKEY, CENTRAL ASIA &

MIDDLE EAST

22 bottling plants in 10 countries

1,198 million unit case capacity

4

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 Anadolu Efes Ltd. 24.0%

SOFT DRINK OPERATIONS

TURKEY BEER OPERATIONS

ANADOLU EFES

5

Rapidly Growing Beverage Company

2005 2006 2007 2008 2009 2010 2011 2012

11 11 12 15 15 15 15 16

25 27 2736 36 36 36 42

297 m 306 m 327 m

494 m 511 m601 m 612 m

658 m

# of Countries # of Plants Population Served

6

Operating Markets

TURKEY

Pop: 75.6 mn*

GDP per cap: $10,364**

RUSSIA

Pop: 141.9 mn

GDP per cap: $13,765

KAZAKHSTAN

Pop: 16.7 mn

GDP per cap: $12,021

MOLDOVA

Pop: 3.6 mn

GDP per cap: $2,136

GEORGIA

Pop: 4.5 mn

GDP per cap: $3,514

PAKISTAN

Pop : 178.9 mn

GDP per cap: $1,288

AZERBAIJAN

Pop: 9.2 mn

GDP per cap: $7,727

KYRGYZSTAN

Pop: 5.6 mn

GDP per cap: $1,109

TURKMENISTAN

Pop: 5.6 mn

GDP per cap: $5,961

JORDAN

Pop: 6.4 mn

GDP per cap: $4,901

IRAQ

Pop: 33.6 mn

GDP per cap: $3,882

Source: IMF, 2012E figures except for Turkey

* 2012 actual figure (TUIK)

** 2011 actual figure (TUIK)

UKRAINE

Pop: 45.4 mn

GDP per cap: $3,971

7

Evolution In Last Five Years:

Our Scorecard Shows A Well Balanced Portfolio of Operations

Sales Volume*

*On a combined basis

Net Sales Revenue*

EBITDA*

2007 2012-Proforma

2007

2007

Turkey Beer22%

International Beer39%

Soft Drinks30%

Turkey Beer32%


Soft Drinks32%

Turkey Beer52%


Soft Drinks22%

2012-Proforma

2012-Proforma

Turkey Beer40%


Soft Drinks25%

EBITDA (BNRI) Breakdown*(Operating Proforma)


Turkey Beer25%


Soft Drinks32%

Sales Revenue Breakdown*(Operating Proforma)


Turkey Beer16%


Soft Drinks45%

Sales Volume Breakdown*(Operating Proforma)


2007 2008 2009 2010 2011 2012 2011 2012

34.637.8 38.9

43.2 44.8

52.7 52.2 53.6

mh

l

Beer Soft Drinks

8

Consolidated Sales Volume Development

CAGR (07-12)

9%

Breakdown of Sales Volume*- FY2012


Turkey Beer16%

Soft Drinks45%


Operating Proforma

Proforma

Turkey Beer16%

Soft Drinks46%


Reported

Reported

2007 2008 2009 2010 2011 2012 2011 2012

3,030.4

3,668.9 3,811.14,168.8

4,761.3

6,416.85,938.0

6,558.7

9

Consolidated Net Sales Revenue*

Consolidated Financial Performance

Breakdown of Net Sales Revenue**-FY2012

**On a combined basis

*Full consolidation of Turkey and international beer, proportionate consolidation of Soft Drinks (CCI)

’07-’12

CAGR 16%

mill

ion T

RL

Reported Proforma

Turkey Beer

16%

Soft Drinks

46%

International

Beer38%

Reported

Turkey Beer25%

Soft Drinks32%


OperatingProforma

Turkey Beer25%

Soft Drinks33%


Reported

23.9% 23.3%24.1% 24.4%

20.0% 20.2% 20.2% 20.3%

2007 2008 2009 2010 2011 2012 2011 2012

723.2854.7

916.61,019.0

953.4

1,295.91,199.4

1,330.8

margin

10

Consolidated Financial Performance

Consolidated EBITDA(BNRI)*

*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian operations amounted to TL40.6 million in FY2012.

*Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI).

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

Breakdown of EBITDA(BNRI)**-FY2012

**On a combined basis

’07-’12

CAGR 12%

mill

ion T

RL

Reported Proforma

Turkey Beer41%


Soft Drinks26%

EBITDA (BNRI) Breakdown*(Reported)


Turkey Beer40%


Soft Drinks25%

EBITDA (BNRI) Breakdown*(Operating Proforma)


11

Net Financial Indebtedness

mill

ion

US

D

1.6 x 0.8 x Net Debt/EBITDA*

Gross Debt

Cash Position

836.2

542.4

313.0

331.9

940.7

340.9

1,639.8

1,049.8

*EBITDA(BNRI) is used for Anadolu Efes and EBI

**50.3% of CCI’s financial debt is consolidated as per Anadolu Efes’ shareholding

1.0 x

293.7

-18.8

599.8 590.0

Turkey Beer EBI CCI** Anadolu EfesConsolidated

12

Debt Maturity & Currency Breakdown

EBI CCI

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

USD86%

EUR7%

Other7%

201314%

201483%

20153%

USD98%

Other2%

201372%

201426% 2015

2%

USD98%

Other2%

201372%

201426% 2015

2%

14

Benefiting From Advantageous Position In A Geography

Highlighted With Strong Growth Potential

Why this geography?

Large population ( ~660 million people)

Room to develop per capita consumption levels

Developing economies & rising disposable incomes

Trends supporting beer consumption like westernization,

urbanization, modernization etc.

Advantageous position of Anadolu Efes in the region due to;

accumulated experience of more than 40 years in beer

business, 15 years of doing business in CIS countries,

geographical proximity,

cultural/historical ties with some of these countries,

management pool;

fully bicultural Turkish expats complemented by

local component

Significant

growth

potential &

opportunities

in the region!

15

Our Success Comes From Managing Diversity

TURKEY RUSSIA

1 lt Pure Alcohol Consumption per Capita* 18 lt

59 % Beer Share in Total Pure Alcohol Consumption* 38 %

13 lt Beer Consumption per Capita** 71 lt

83 %*** Market Share 16 %****

High Advertising Restrictions High

Euromonitor figures represent 2011 data

Company estimate

Nielsen, YTD December 2012

Nielsen, National Urban Russia (over 10 th. İnhab) Retail YTD December 2012

*

**

***

****

16

Our Success Comes From Managing Diversity:

Growth Markets- Low Per Capita Consumption

Source: Canadean Global Beer Trends 2012, Company estimate

Per Capita Consumption (lt)

CA

GR

Gro

wth

20

07

- 2

01

2 (

%)

-10.0%

-7.0%

-4.0%

-1.0%

2.0%

5.0%

8.0%

11.0%

0 20 40 60 80 100 120 140 160

Georgia

China

Turkey

Uzbekistan

Moldova

Greece

Serbia

West Europe BulgariaRomania

Russia

Poland

Germany Czech Republic

Ukraine

Kazakhstan

17

Our Success Comes From Managing Diversity:

Breakdown Of Pure Alcohol Consumption - The Opportunities

Per Capita Consumption (lt) Austria Czech Republic Denmark Finland Germany Ireland Netherlands Poland Spain UK Turkey Russia

Total Pure Alcohol 11 13 9 8 11 10 8 9 8 8 1 18

Beer 109 139 63 88 104 98 71 98 75 73 13 71

Source: Euromonitor, Canadean, Company estimate

18

Strong Positions and Brands

TURKEY RUSSIA

MOLDOVA GEORGIA

#1

#2

#1

#1

#1

UKRAINE #4

KAZAKHSTAN

2007 2008 2009 2010 2011 2012

7.6

8.5

8.58.5 8.4 8.6

20

Sustainable Volume Performance*

*Sales volume including exports

Market Share Development

In Turkey beer operations, total sales volume

increased by 2.1% in 2012 vs. 2011 with a decline of

1.6% in 4Q2012 compared to 4Q2011

Volume growth in 2012 was driven by;

• our successful sales & marketing initiatives

• new launches

• improved availability of our products via

investments in both on and off-premise channel

despite higher prices

Turkish beer market grew in 2012 after several years

of flattish volumes, while our underperfomance was due

to increased availability of competitor products

Source: Nielsen * Company estimate

In Turkey, EFES Was Able to Grow its Volumes in 2012

Despite Higher Prices

’07-’12

CAGR 3%

1987* 2005 2006 2007 2008 2009 2010 2011 2012

60%

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

40%

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

Efes Other

6.0%

49.7%

9.2%

69.2%

20.5%

17.0%

1.6%

9.4%7.7%

9.7% 8.4%10.1%

6.5%

6.4%

10.4%

6.2%

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013Excise tax increases CPI

0.072

0.15 0.16

0.24 0.24 0.24 0.240.26

0.44

0.53

0.62 0.63

BeforeOct. 03

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013

... significantly above inflation

Exponential rise in excise tax in Turkey ...

*Excise tax for beer per one degree of alcohol (TL)

21

Coming From Exponential Rise In Excise Tax For

Beer In Turkey In The Last Few Years

0.061 0.057 0.058 0.059 0.061 0.063 0.063 0.067 0.069 0.069

0.09

0.140.13 0.13

0.13 0.12

0.220.23

0.27 0.27

2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013

*per one degree of alcohol (EUR)

Source: European Commission

TURKEY

EU

Average

22

Now Beer Excise Tax is Almost 4x Of The European

Average...

5.9 5.76.0

6.46.8

7.1 7.17.6

8.5 8.5 8.5 8.4 8.6

0.40.8

0.9

1.31.4

1.7 1.81.9

2.02.1

2.8

3.2

3.7

0

0.5

1

1.5

2

2.5

3

3.5

4

-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

Despite significant price increases to reflect excise tax hikes, we were able to

maintain our volumes

23

mh

l

50

cl re

turn

able

bottle

pric

e

... But Resilient Volume Performance Despite Significant Price Increases

Shelf price

rose further

to 3.8TRL

as of

January

2013...

24

Because Of The Strategic Initiatives Implemented To Generate

Volume Growth...

Strategic initiatives to increase

availability, visibility and

perception of beer

Increasing the number of beer

selling outlets...

Developing places not just for

beer consumption but for the

enjoyment of beer...

Increase the relevance of

beer...

25

Number of beer selling outlets per 1,000 people

Source: The Company

Limited Availability Of Beer In Off-Premise Channel

Mainstream96%

Economy1%

Premium 3%

100% brand awareness for Efes

Exports to more than 70 countries

# 1 in consumer spending in Food &

Beverage category – 7.8% as of

December 2012 (Nielsen)

99% penetration in Turkey

(December 2012, Nielsen)

26

The Third Element:

Increasing The Relevance Of Beer

Through a portfolio for all occasions...

27

Turkish Beer Market – Fundamentals & Dynamics

Consolidated market - top 2 players represent

more than 99% of the market

lack of sizeable acquisition targets

consolidated distribution structure

Returnable market - Bottles & kegs amount to

ca.64%

additional initial investment requirement for

containers

requirement to set-up two way

distribution system

TV& Radio advertisement fully restricted since

1984

High level of excise taxes

Limited presence of organized retail-

supermarkets account for ca.15% share of

Efes sales volumes

Maltey

Hops Processing

Sales Volume by Package Type (2012)

Sales Volume by Consumption Channel (2012) DYNAMICS OF THE TURKISH BEER MARKET

On-Premise 23.2%

Off-premise 61.5%

Key account 15.2%

Returnable Bottle50.4%

Can28.6%

Keg13.7%

Non-returnable Bottle7.3%

1. Winston (tobacco)

2. Parliament (tobacco)

3. Marlboro (tobacco)

4. Lark (tobacco)

5. EFES PILSEN

6. L&M (tobacco)

7. Muratti (tobacco)

8. Coca-Cola

9. Tekel 2000 (tobacco)

10. Eti

28

Unmatched Brand Equity S

ou

rce

: N

iels

en

YT

D D

ece

mb

er

201

2

Food & Beverage % Total Trade %

TURKEY

Top Brands – % of spending

1. EFES PILSEN

2. Coca-Cola

3. Eti

4. Yeni Rakı

5. Ülker

6. Pınar

7. Çaykur

8. Sütaş

9. Tuborg Gold

10. Fanta

6.7

4.8

4.7

4.3

3.7

3.0

2.8

2.1

2.0

1.8

7.8

4.4

3.8

3.4

3.1

2.6

2.1

1.9

1.3

1.2

29

Turkish Beer Market – Vertical Integration

Maltey

Hops Processing

Brewery & Capacity

COGS Breakdown (2012)

FARMERS

ANADOLU EFES

•Patented barley seeds

•Fertilizer

•Technology & know-how

•Malting Barley at

a pre-determined

price

TWO MALTERIES100% self sufficiency

Long S

tandin

g R

ela

tionsh

ips

ONE HOPS FACILITYpartly self sufficient

•Long standing relations with packaging suppliers

• ca. 64% returnable

Malt + Hops

Packaging

Vertical integration is a key factor in

efficient production cost management

Numbers may not add up to 100 due to rounding.

34.4%

42.3%

23.3% Malt & Other RawMaterials

Packaging & AuxilaryMaterials

Overhead

40.3% 41.8% 39.8% 40.1%37.4%

34.3%

2007 2008 2009 2010 2011 2012

389.8

494.2503.0 519.1 519.9 550.5

2007 2008 2009 2010 2011 2012

293.2

341.7363.1 368.5

336.5

382.6

2007 2008 2009 2010 2011 2012

967.0

1,182.11,264.2 1,293.4

1,390.8

1,604.7

30

Turkey Beer Operations’ Financial Performance

Net Sales Revenue

Net Profit

EBITDA*

Mill

ion

TR

L

Mill

ion

TR

L

Mill

ion

TR

L

*Previously reported EBITDA figures for 2007 is adjusted by excluding other income/expense

arising from Anadolu Efes’ holding nature for comparison purposes.

’07-’12

CAGR 11%

’07-’12

CAGR 5%

40.3% 41.8% 39.8% 40.1%37.4%

34.3%

2007 2008 2009 2010 2011 2012

389.8

494.2503.0 519.1 519.9 550.5

’07-’12

CAGR 7%

31

FY2013 OUTLOOK

TURKEY BEER OPERATIONS

We expect Turkey beer market to grow at low-single digits. Consequently, our beer sales in

Turkey is expected to grow in line with the market in 2013.

Sales revenues are expected to grow ahead of volumes, at a rate of high-teens, contributed by

higher sales prices.

Price increases are expected to cover the negative impact of the higher input prices, i.e. barley

prices.

In absolute terms, higher gross and operating profitability are expected to lead to a higher

EBITDA in absolute terms with an almost flat EBITDA margin in 2013 compared to the previous

year. The ratio of operating expenses to net sales is expected to remain high as well due mainly

to the continued investments in on and off trade, which is the underlying reason for the expected

market growth.

2007 2008 2009 2010 2011 2012 2011 2012

13.3 14.1 13.6

15.7 14.6

19.8

22.1

20.7

33

Developments In International Operations

Volume Development


’07-’12

CAGR 8%

Lower volumes on an operating proforma basis in 2012

was mainly driven by weaker volumes in Russia, where

our performance was negatively impacted by;

• the integration issues

• relatively high pricing

All operating countries other than Russia achieved

significant growth rates in 2012, ranging between mid-

single to low-teens levels.

Breakdown of Sales Volume

(Reported) – 2012

Proforma

Russia69%

Others31%

Reported

Carlsberg36.9%

Inbev15.6%

Heineken13.5%

EFES Rus16.0%

Others18.0%

Carlsberg37.2%

Inbev16.8%

Heineken12.1%

EFES Rus17.9%

Others16.0%

Volume Development In Russia

34

Market Share by Volume – 2012


Market Share by Volume – 2011

Nie

lse

n, N

atio

na

l Urb

an

Russia

(ove

r 10

th. in

ha

b) R

eta

il YT

D D

ece

mb

er 2

01

1

*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 D

ece

mb

er 2

01

2

•According to Nielsen, beer market sales volumes in Urban Russia1;

grew by 1.1% in 2012 versus 2011

grew by 2.2% in the fourth quarter of 2012 versus the same quarter of 2011

•According to Nielsen, EFES RUS’ market share2 declined to 16.0% in 2012 compared to 17.9% in

2011

*Carlsberg and INBEV breweries shares include Ukrainian brands

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

1 Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD December 2012

2 EFES RUS includes ex-Efes Russia and ex-SABMiller portfolios

Carlsberg37.4%

Inbev16.4%

Heineken11.7%

SABMILLER7.2%

EFES RUSSIA10.9%

Others14.7%

Carlsberg37.4%

Inbev19.4%

Heineken15.0%

SABMILLER6.8%

EFES RUSSIA8.8%

Others12.7%

35

The Need For A Strategic Partner In Russia...

Challenge in Russia to have a critical mass...

Carlsberg37.4%

Inbev16.4%

Heineken11.7%

SABMILLER7.2%

EFES RUSSIA10.9%

Others14.7%

Carlsberg37.4%

Inbev19.4%

Heineken15.0%

SABMILLER6.8%

EFES RUSSIA8.8%

Others12.7%

36

SABMiller: The Best Possible Partner in Russia

Synergies Geographical

Synergies

Almost no canibalization

b/w brand portfolios

Evolution of brand

portfolio; heavily

mainstream to a more

balanced one

Logistic &

Sales Force

Synergies

Complementary

Brand Portfolio

Enlarged

geographical reach

in production

Achieve higher

penetration, market

share and position in

key regions like

Moscow

Cross brewing

opportunities

Advantages due to

existing common

distributors for both

parties; better terms

with distributors can

be achieved

Joint on-premise

strength

37

Acquisition of SABMiller Beer Operations

Total international beer capacity rose from 25.2 mhl to

33.3 mhl following the acquisition of 4 Breweries from

SABMiller

38

Transfer of SABMiller’s Russian and Ukrainian beer businesses to Anadolu Efes completed in early March 2012 and significant part of the integration process has already been completed ... SABMiller’s Russian and Ukranian beer businesses started to be consolidated under Anadolu Efes’ financial results starting from March 1, 2012... Following the acquisition of SABMiller’s beer operations in Russia, we captured;

Immediate Benefits of the Strategic Alliance

#2 position

in

Russia

#1 position in

Premium

Segment

#1 position in

Moscow**

Combined market

share of 16.0%*

* Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD December 2012

** For Value Share

* Based on combined figures, **Based on combined figures and including twelve months results of SABMiller’s Russian and Ukranian operations

TO

TA

L B

EE

R –

FY

20

11

rep

ort

ed

fig

ure

s*

REVENUE EBITDA (BNRI) VOLUME

TO

TA

L B

EE

R –

FY

20

12

op

era

tin

g p

rofo

rma

fig

ure

s**

A More Balanced Contribution of International Operations In

Consolidated Results

39

Turkey46%EBI

54%

Turkey36%

EBI64%

Turkey69%

EBI31%

Turkey53%

EBI47%

Turkey37%EBI

63%

Turkey29%

EBI71%

40

With An Improved Profitability For Our International Beer Operations

66.7

76.5

NET SALES GROSS PROFITMARGIN

EBITDA (BNRI)MARGIN

2011 reported 2012 proforma

42%

46%

15%17%

$/HL

41

PREMIUM UPPER MAINSTR. LOWER MAINSTR.

A More Balanced Porfolio in Russia

Be

fore

ac

qu

isit

ion

of

SA

B R

us

sia

Cu

rre

nt

Bra

nd

Po

rtfo

lio

Combined Russian business achieved a strong #2 position, with a highly attractive,

valuable and balanced portfolio of international and local brands across key market

segments...

42

Successful Integration In Russia;

Our Challenge and Opportunities

1 + 1 =

2 + $120MILLION*

*To be achieved in full in the third year of the deal.

Moldova

PREMIUM UPPER MAINSTREAM ECONOMY

Georgia

Strongly Positioned in All Markets

43

Ukraine

Kazakhstan

LOWER MAINSTREAM SUPER PREMIUM

PREMIUM MAINSTREAM ECONOMY SUPER PREMIUM

PREMIUM SUPER PREMIUM MAINSTREAM

MAINSTREAM PREMIUM SUPER PREMIUM ECONOMY

Off-Premise Outlet Split (2012)

Russian Beer Market – Fundamentals & Dynamics

Hops Processing

Packaging Split (2012)

Market Segment Development

So

urc

e: N

iels

en

Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.

44

* In order to reflect the market structure in a

better way, the presentation of the Russian

Beer Market segment breakdown has been

changed by Nielsen as of June 2012. For

comparison purposes, the adjusted segment

data is also provided for the last three years.

Food Stores45%

Pavillions6%

Superettes18%

Kiosks12%

Hyper/ Supermarkets

17%

Open Markets2%

Can 18%

Glass Bottle 33%

PET 47%

Keg 3%

2009 2010 2011 2012

12.4% 13.1% 12.3%

38.6% 39.0% 38.4% 38.9%

18.0% 18.2% 19.2% 19.4%

20.0% 19.3% 19.0% 18.4%

5.6% 5.5% 5.5% 5.5%2.7% 2.5% 3.2% 3.7%

2.7% 2.5% 2.5% 2.6%

DISCOUNT LOWER MAINSTREAM LOW UPPER MAINSTREAM HIGH UPPER MAINSTREAM

LOW PREMIUM MID PREMIUM HIGH PREMIUM

EBI55.3%

Carlsberg29.1%

Other9.1%

Shymkent Pivo6.6%

InBev0.7%

45

Other Operating Countries M

old

ova

K

aza

kh

sta

n*

Nielsen , YTD December 2012

#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

Georg

ia

Ukra

ine

#4 brewer

Capacity: 2.3 mhl

EBI entered the Ukranian beer

market following the acquisition of

the SABMiller’s Ukrainian beer

operations in March 2012

* Due to changes in Nielsen’s retail audit database in Kazakhstan as of June 2012, the market share data for the previous periods has been revised for comparison purposes

18.7%14.8%

19.8% 21.9%

14.7% 16.5% 16.7% 16.9%

2007 2008 2009 2010 2011 2012 2011 2012

156.0 153.5 170.1

213.7

143.0

248.3280.3 268.2

2007 2008 2009 2010 2011 2012 2011 2012

836.21,038.0

857.3 976.8 976.0

1,505.9

1,680.31,585.1

46

Net Sales Revenue

Net Profit

EBITDA (BNRI)*

International Beer Operations

Financial Performance

mill

ion

US

D

mill

ion

US

D

mill

ion

US

D

’07-’12

CAGR 12%

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

SABMiller's Russian&Ukranian operations amounted to TL10.6 million in FY2012.

’07-’12

CAGR 10%

Reported Proforma Reported Proforma

2007 2008 2009 2010 2011 2012

37.5

-57.4

0.4

54.2

-8.0

58.4

47

FY2013 OUTLOOK

INTERNATIONAL BEER OPERATIONS

Russian beer market is expected to decline at a rate of mid-single digits in 2013 mainly due to the negative impact of the

regulatory changes. Except for the flattish volumes forecasted for the Ukranian beer market, we expect our operating beer

markets in other CIS and Eastern Europe countries to grow at a rate of mid-single digits.

On a reported basis, our sales volumes are expected to grow at a rate of mid-single digits.

• On an operating proforma basis, our sales volumes are expected to grow at a rate of low-single digits.

On a reported basis, sales revenues are expected to grow at a rate of high-single digits.

• On an operating proforma basis, sales revenues are expected to grow at a rate of low-to-mid single digits contributed by the

planned price increases in operating countries.

On a reported basis, gross profit is expected to grow at a rate of mid-to-high single digits with slightly lower gross margin.

• On an operating proforma basis, gross profit is expected to grow at a rate of low-single digits with slight decline on gross

margin.

On a reported basis, operating profit (BNRI) is expected to grow at a rate of mid-teens level in absolute terms with a flattish

operating profit (BNRI) margin.

• On an operating proforma basis, operating profit (BNRI) is expected to grow at a rate of mid-single digit level in absolute

terms, leading to an almost flattish operating profit margin (BNRI), contributed by the cost synergies to be achieved in

Russia.

On a reported basis, EBITDA (BNRI) is expected to grow at a rate of low double-digit level in absolute terms, indicating flattish

EBITDA (BNRI) margin.

• On an operating proforma basis, EBITDA (BNRI) is expected to grow at a rate of low-single digit levels in absolute terms,

leading to a flattish margin.

For 2013, the expected cost synergies are estimated to be around USD70 million.

49

Soft Drinks Business - Operating Geography

Kazakhstan

India

Iraq Iran

Russia

China

Uzbekistan

Turkmenistan

Pakistan

S.Arabia

Turkey Tajikistan

Kyrgyzstan

Syria

Azerbaijan

Bulgaria

Greece

Egypt

Jordan

U.A.E.

10 countries

22 production facilities

50

Future Opportunities

2011 Sparkling Beverages Consumption vs Median Age

Median Age

Pe

rCa

p C

on

su

mp

tio

n (

L)

Source: CCI and United Nations

CCI territory total population: over 360 million

51

Country Data

Sources: TUIK (1), IMF Estimate (2), UN Estimate (3), CCI & TCCC Estimates (4), Nielsen (5), TUİK 2011 (6), CCI Estimate (7)

Population

(mn) in

2012 (2)

% of

population

below 30

years (3)

GDP per capita

in 2012

($) (2)

Per capita

consumption

of sparkling

bev. (L) in 2012 (4)

CCI’s market

share in

sparkling

bev. in 2012 (5)

CCI’s 2012

Volume

Breakdown

Turkey 75.6(1) 51% 10,364(6) 45 67% 66.8%

Pakistan 178.9 64% 1,288 15 29% 9.8%

Kazakhstan 16.7 51% 12,021 34 42% 8.2%

Azerbaijan 9.2 49% 7,727 25 59% 4.5%

Iraq 33.6 70% 3,882 43 - 5.2%

Jordan 6.4 66% 4,901 46 - 1.6%

Turkmenistan 5.6 58% 5,961 43 - 2.3%

Kyrgyzstan 5.6 60% 1,109 24 - 1.4%

Syria 21.3 (3) 64% 4,814 (7) 12 - 0.1%

Tajikistan 8.0 68% 912 11 - 0%

http://flagspot.net/images/k/kg.gif

https://www.cia.gov/library/publications/the-world-factbook/flags/sy-flag.html

52

Geographic and Category Split of Business

Volume split (uc) – International Operations

Volume split (uc) – Consolidated

Turkey

Still22.6%

Sparkling

67.2%

Tea10.3%

4Q12

Still20.9%

Sparkling

70.8%

Tea

8.3%

2011Still

20.0%

Sparkling70.3%

Tea

9.7%

4Q11

Consolidated Volume Split

Q/Q

Consolidated Volume Split

Y/Y

Still21.8%

Sparkling70.3%

Tea

7.9%

2012

Kazakhstan25%

Kyrgyzstan4%

Azerbaijan14%

Turkmenistan7%

Jordan5%

Iraq15%

Tajikistan0%

Syria 0%

Pakistan30%

2012

2007 2008 2009 2010 2011 2012

382.4 420.8 438.9

494.4

546.8568.5

2007 2008 2009 2010 2011 2012

97.9 113.0

147.6

171.0

215.0

282.0

53

Dynamic Growth in All Markets

’07-’12

CAGR 24%

mu

/c

TURKEY SOFT DRINKS VOLUME DEVELOPMENT

’07-’12

CAGR 8% m

u/c

INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT

54

Leading Brands and Market Positions

17.1% 16.6% 15.3% 15.8%14.3%

16.6%

2007 2008 2009 2010 2011 2012

329.8375.3

368.7435.0

486.9

685.5

2007 2008 2009 2010 2011 2012

153.7

81.4

169.6 197.7

140.3

380.1

2007 2008 2009 2010 2011 2012

1,925.9

2,258.12,407.5

2,753.2

3,408.6

4,132.4

55

Net Sales Revenue

Net Profit

EBITDA*

Soft Drink Operations’ Financial Performance*

* International Coca-Cola business fully

consolidated starting from 2006 mill

ion

TR

L

mill

ion

T

RL

mill

ion

T

RL

*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.

’07-’12

CAGR 20%

’07-’12

CAGR 16%

’07-’12

CAGR 16%

58

2011/12 2012/12

SALES VOLUME (million hectoliters) 44.8 52.7

SALES 4,761.3 6,416.8

Cost of Sales (-) (2,479.6) (3,278.2)

GROSS PROFIT FROM OPERATIONS 2,281.7 3,138.7

Marketting, Selling and Distribution Expenses (-) (1,262.8) (1,728.3)

General and Administrative Expenses (-) (414.8) (635.9)

Other Operating Income 43.1 45.7

Other Operating Expense (-) (42.1) (54.5)

PROFIT FROM OPERATIONS (BNRI)* 605.1 806.3

Loss from Associates (6.8) (6.0)

Financial Income 240.7 316.0

Financial Expense (-) (374.0) (272.0)

PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 465.0 803.7

Continuing Operations Tax Expense (-) (105.5) (173.5)

PROFIT FOR THE PERIOD 359.5 630.3

Attributable to:Minority Interest 18.3 23.4 Net Income Attributable to Equity Holders of the Parent 341.2 606.9

EBITDA (BNRI)* 953.4 1,295.9

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

operations amounted to TL40.6 million in FY2012.

Note 1: CCI's consoliated results are proportionately consolidated in Anadolu Efes' financial results as per its 50.3% shareholding.

ANADOLU EFES

Consolidated Income Statements For the Year Ended 31.12.2011 and 31.12.2012

Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.

Prepared in accordance with IFRS as per CMB Regulations

(million TRL)

59

2011/12 2012/12 2011/12 2012/12

Cash & Cash Equivalents 917.6 1,641.4 Short-term Borrowings 795.6 885.2

Financial Investments 22.6 229.9 Derivative Financial Instruments - -

Derivative Financial Instruments - 0.1 Trade Payables 307.6 393.7

Trade Receivables 578.4 823.0 Due to Related Parties 9.2 24.0

Due from Related Parties 0.1 0.2 Other Payables 342.8 506.8

Other Receivables 16.9 25.8 Provision for Corporate Tax 9.4 16.8

Inventories 546.2 722.1 Provisions 28.0 64.5

Other Current Assets 246.1 359.0 Other Liabilities 136.0 228.6

Total Current Assets 2,328.0 3,801.5 Total Current Liabilities 1,628.6 2,119.4

Other Receivables 1.6 2.2 Long-term Borrowings 1,303.8 2,037.9

Investments in Securities 25.2 0.8 Other Payables 165.7 198.3

Investments in Associates 18.4 - Provision for Employee Benefits 54.0 68.0

Biological Assets 6.5 12.2 Deferred Tax Liability 52.3 363.4

Property, Plant and Equipment 2,525.5 3,572.7 Other Liabilities 9.3 70.9

Intangible Assets 447.0 1,929.7

Goodwill 912.6 2,095.8

Deferred Tax Assets 62.4 75.3 Total Non-Current Liabilities 1,585.2 2,738.6

Other Non-Current Assets 93.4 154.6

Total Non-Current Assets 4,092.7 7,843.3 Total Equity 3,206.9 6,786.8

Total Assets 6,420.7 11,644.8 Total Liabilities and Shareholders' Equity 6,420.7 11,644.8

Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Financial Investments'' in Current Assets part of the balance sheet.

Note 3: "Financial Investments" in Current Assets mainly includes the time deposits with a maturity more than three months.

(million TRL)

ANADOLU EFES

Consolidated Balance Sheets as of 31.12.2012 and 31.12.2011

Prepared In Accordance with IFRS as per CMB Regulations

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.

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/ (E

xpen

se)

(net

)

(1

44

.9)

8.4

INC

OM

E B

EF

OR

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RIT

Y I

NT

ER

ES

T &

TA

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1

83

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48

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me

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es

(41

.9)

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7.6

)

INC

OM

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OR

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14

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3

80

.1

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86

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Cas

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in S

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3

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.0

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itie

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are

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lders

' E

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pa

red

In

Acc

ord

an

ce w

ith

IF

RS

as

per

CM

B R

eg

ula

tio

ns

(m

illi

on

TR

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No

te 1

: Fig

ures

fo

r C

CI

are

ob

tain

ed f

rom

co

nso

lidat

ed f

inan

cial

res

ults

pre

par

ed in

acc

ord

ance

with

IF

RS

as

per

CM

B r

egul

atio

ns.

Hig

hli

gh

ted

Ba

lan

ce S

heet

Item

s a

s o

f 3

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01

2 a

nd

31

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11

SO

FT

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INK

OP

ER

AT

ION

S (

CC

I)

Hig

hli

gh

ted

In

com

e S

tate

men

t It

em

s F

or

the Y

ea

r E

nd

ed

31

.12

.20

11

an

d 3

1.1

2.2

01

2

No

te 1

: EB

ITD

A c

om

pri

ses

of

pro

fit f

rom

op

erat

ions

, d

epre

ciat

ion

and

oth

er r

elev

ant

non-

cash

item

s up

to

EB

IT.

SO

FT

DR

INK

OP

ER

AT

ION

S (

CC

I)

Pre

pa

red

In

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

)

No

te 2

: Fig

ures

fo

r C

CI

are

ob

tain

ed f

rom

co

nso

lidat

ed f

inan

cial

res

ults

pre

par

ed in

acc

ord

ance

with

IF

RS

as

per

CM

B r

egul

atio

ns.

63

Turkey AFB Market

RTD AFB Market (exc. milk)

1.3 billion uc

AFB Market (exc. milk)

5.2 billion uc

Hot tea category constitutes 46% of alcohol-free beverages

Source: Canadean, 2011

Tea46%

RTD AFB26%

HOD25%

Hot Coffee3%

Powder&Concentrate

0%

Sparkling Beverages

44%

Bottled Water35%

Fruit Juices&Still

Drinks12%

Ayran2%

Sparkling Water

5%

Other2%

forward-looking statements · forward-looking statements 2 • samiller’s russian and ukrainian...

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