Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 3. Quarter 2023 Financial Statements

CONVENIENCE TRANSLATION INTO ENGLISH OF

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

ANADOLU EFES BİRACILIK VE

MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2023
TABLE OF CONTENTS
		Page
Interim Condensed Consolidated Statement of Financial Position	1-2
Interim Condensed Consolidated Statement of Profit or Loss	3
Interim Condensed Consolidated Statement of Other Comprehensive Income	4
Interim Condensed Consolidated Statement of Changes in Equity	5
Interim Condensed Consolidated Statement of Cash Flows	6
Notes to Interim Condensed Consolidated Financial Statements	7-45
Note 1	Group's Organization and Nature of Activities	7-9
Note 2	Basis of Presentation of Interim Condensed Consolidated Financial Statements	9-12
Note 3	Business Combinations	12-13
Note 4	Segment Reporting	14-16
Note 5	Cash and Cash Equivalents	17
Note 6	Financial Investments	17
Note 7	Short- and Long-Term Borrowings	17-20
Note 8	Derivative Instruments	21-24
Note 9	Other Receivables and Payables	25
Note 10	Investments Accounted for Using Equity Method	25
Note 11	Right-of-Use Assets	26
Note 12	Property, Plant and Equipment	27
Note 13	Other Intangible Assets	28
Note 14	Goodwill	29
Note 15	Capital Reserves and Other Equity Items	29
Note 16	Commitments and Contingencies	30-31
Note 17	Prepaid Expenses and Deferred Income	32
Note 18	Other Assets and Liabilities	33
Note 19	Other Operating Income / Expenses	34
Note 20	Income / Expense from Investing Activities	34
Note 21	Finance Income / Expenses	35
Note 22	Tax Assets and Liabilities	36-37
Note 23	Earnings per Share	37
Note 24	Dividends	38
Note 25	Related Party Balances and Transactions	38-40
Note 26	Financial Instruments and Financial Risk Management	40-43
Note 27	Financial Instruments (Fair Value and Hedge Accounting Disclosures)	43-44
Note 28	Explanatory Information on Statement of Cash Flows	44-45
Note 29	Events After Reporting Period	45

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

		Unaudited		Audited
	Notes	September 30, 2023		December 31, 2022
ASSETS
Cash and Cash Equivalents	5	40.641.045	23.867.233
Financial Investments	6	761.465	760.333
Trade Receivables	25	20.737.291	7.883.346
- Trade Receivables from Related Parties	1.955.959	826.663
- Trade Receivables from Third Parties		18.781.332	7.056.683
Other Receivables	9	368.624	776.052
- Other Receivables from Related Parties	25	210.330	716.531
- Other Receivables from Third Parties		158.294	59.521
Derivative Financial Assets	8	639.906	22.133
Inventories		20.894.600	14.095.834
Prepaid Expenses	17	3.648.399	2.141.356
- Prepaid Expenses to Related Parties		-	100.000
- Prepaid Expenses to Third Parties		3.648.399	2.041.356
Current Tax Assets		311.228	522.268
Other Current Assets	18	1.482.279	1.477.035
- Other Current Assets from Related Parties		79.997	-
- Other Current Assets from Third Parties		1.402.282	1.477.035
Current Assets		89.484.837	51.545.590
Financial Investments		822	822
Trade Receivables		2.348	1.914
- Trade Receivables from Third Parties		2.348	1.914
Other Receivables	9	411.135	131.875
- Other Receivables from Related Parties	25	162.768	25.191
- Other Receivables from Third Parties		248.367	106.684
Derivative Financial Assets	8	77.591	15.229
Assets Due to Investments Accounted for Using Equity	10	495	801
Method
Property, Plant and Equipment	12	39.847.446	28.329.449
Right-of-Use Assets	11	1.344.433	781.114
Intangible Assets	14	57.988.015	48.876.909
- Goodwill	9.613.607	9.163.615
- Other Intangible Assets	13	48.374.408	39.713.294
Prepaid Expenses	17	1.729.112	681.802
Deferred Tax Asset	22	4.672.664	2.990.454
Other Non-Current Assets	18	2.933	1.559
Non-Current Assets		106.076.994	81.811.928
TOTAL ASSETS		195.561.831	133.357.518

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

1

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

			Unaudited	Audited
		Notes	September 30, 2023	December 31, 2022
LIABILITIES
Current Borrowings		8.598.687	7.414.991
- Current Borrowings from Third Parties		8.598.687	7.414.991
-	Banks Loans	7a	7.403.909	7.414.686
-	Lease Liabilities	7b	80	305
-	Issued Debt Instruments	7a	1.194.698	-
Current Portion of Non-Current Borrowings		11.517.367	4.455.104
- Current Portion of Non-Current Borrowings from Third Parties		11.517.367	4.455.104
-	Banks Loans	7a	1.306.169	780.412
-	Lease Liabilities	7b	536.388	275.525
-	Issued Debt Instruments	7a	9.674.810	3.399.167
Other Current Financial Liabilities	7c	2.060.038	69.875
Trade Payables		32.832.358	20.032.943
- Trade Payables to Related Parties	25	1.035.120	1.228.626
- Trade Payables to Third Parties		31.797.238	18.804.317
Employee Benefit Obligations		659.711	572.793
Other Payables	9	12.674.270	7.129.761
- Other Payables to Related Parties	25	2.967.764	1.911.900
- Other Payables to Third Parties		9.706.506	5.217.861
Derivative Financial Liabilities	8	420.141	305.065
Deferred Income	17	362.920	394.900
Current Tax Liabilities		1.344.139	274.037
Current Provisions		2.144.848	1.308.370
- Current Provisions for Employee Benefits		1.146.184	598.024
- Other Current Provisions		998.664	710.346
Other Current Liabilities	18	151.291	73.579
Current Liabilities		72.765.770	42.031.418
Non-CurrentLong-Term Borrowings		32.288.140	25.702.061
- Non-current Borrowings from Third Parties		32.288.140	25.702.061
-	Banks Loans	7a	1.800.747	1.054.950
-	Lease Liabilities	7b	1.263.371	628.884
-	Issued Debt Instruments	7a	29.224.022	24.018.227
Other Non-Current Financial Liabilities	7c	129.290	-
Trade Payables		2.045	120
- Trade Payables to Third Parties		2.045	120
Employee Benefit Obligations		53.468	-
Other Payables	9	11.790	8.219
- Other Payables to Third Parties		11.790	8.219
Liabilities due to Investments Accounted for Using Equity Method	10	-	649.400
Derivative Financial Liabilities	8	-	545.288
Deferred Income	17	34.090	55.957
Non-Current Provision		906.439	869.918
- Non-Current Provision for Employee Benefits		906.439	869.918
Deferred Tax Liabilities	22	8.167.696	6.907.713
Other Non-Current Liabilities	18	1.418	5.579
Non-Current Liabilities		41.594.376	34.744.255
Equity Attributable to Equity Holders of the Parent		38.144.593	25.595.961
Issued Capital	15	592.105	592.105
Inflation Adjustment on Capital	15	63.583	63.583
Share Premium (Discount)		-	-
Other Accumulated Comprehensive Income (Loss) that will not be		(226.687)	(195.134)
Reclassified in Profit or Loss
	(226.687)
- Revaluation and Remeasurement Gain/Loss		(195.134)
Other Accumulated Comprehensive Income (Loss) that will be		21.266.229	15.178.454
Reclassified in Profit or Loss
	35.626.454
- Currency Translation Differences		24.745.810
- Gains (Losses) on Hedge		(14.360.225)	(9.567.356)
Restricted Reserves Appropriated from Profits	15	426.080	374.805
Prior Years' Profits or Losses		8.010.966	6.153.080
Current Period Net Profit or Losses		8.012.317	3.429.068
Non-Controlling Interests		43.057.092	30.985.884
Total Equity		81.201.685	56.581.845
TOTAL LIABILITIES		195.561.831	133.357.518

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

2

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

		Unaudited		Unaudited
	Notes	January 1-	July 1-	January 1-	July 1-
	September 30,	September 30,	September 30,	September 30,
		2023	2023	2022	2022
Revenue	4	112.358.548	49.790.434	68.053.082	29.755.166
Cost of Sales (-)		(67.174.645)	(28.815.050)	(42.979.610) (18.286.128)
GROSS PROFIT (LOSS)		45.183.903	20.975.384	25.073.472	11.469.038
General Administrative Expenses (-)		(6.886.241)	(2.795.975)	(4.026.201)	(1.584.550)
Sales, Distribution and Marketing Expenses (-)		(17.656.654)	(7.501.335)	(10.530.954)	(4.277.080)
Other Income from Operating Activities	19	2.791.604	893.556	3.362.914	1.056.594
Other Expenses from Operating Activities (-)	19	(3.286.606)	(1.134.217)	(3.100.317)	(1.210.362)
PROFIT (LOSS) FROM OPERATING	4	20.146.006	10.437.413	10.778.914	5.453.640
ACTIVITIES
Investment Activity Income	20	1.203.094	29.078	268.325	56.737
Investment Activity Expenses (-)	20	(50.927)	(22.913)	(608.900)	(9.151)
Share of Loss from Investments Accounted for	10	(138.192)	(3.601)	(23.328)	38.980
Using Equity Method
PROFIT (LOSS) BEFORE FINANCING	4	21.159.981	10.439.977	10.415.011	5.540.206
INCOME (EXPENSE)
Finance Income	21	8.004.032	2.919.103	4.105.454	1.259.057
Finance Expenses (-)	21	(9.704.227)	(3.467.121)	(6.109.700)	(2.207.511)
PROFIT (LOSS) FROM CONTINUING	4	19.459.786	9.891.959	8.410.765	4.591.752
OPERATIONS BEFORE TAX
Tax (Expense) Income, Continuing Operations	4	(5.854.630)	(2.333.800)	(2.983.700)	(1.423.616)
- Current Period Tax Expense (-)		(4.140.261)	(1.793.265)	(2.293.445)	(890.407)
- Deferred Tax Income (Expense)		(1.714.369)	(540.535)	(690.255)	(533.209)
PROFIT/(LOSS) FROM CONTINUING		13.605.156	7.558.159	5.427.065	3.168.136
OPERATIONS
PROFIT/(LOSS)		13.605.156	7.558.159	5.427.065	3.168.136
Profit/(Loss) Attributable to		13.605.156	7.558.159	5.427.065	3.168.136
- Non-Controlling Interest		5.592.839	2.826.432	2.051.425	1.086.422
- Owners of Parent		8.012.317	4.731.727	3.375.640	2.081.714
Earnings / (Loss) Per Share (Full TRL)	23	13,5319	7,9914	5,7011	3,5158
Earnings / (Loss) Per Share
From Continuing Operations (Full	23	13,5319	7,9914	5,7011	3,5158
TRL)

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

3

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

	Unaudited		Unaudited
	January 1-	July 1-	January 1-	July 1-
	September 30,	September 30,	September 30,	September 30,
	2023	2023	2022	2022
PROFIT/(LOSS)	13.605.156	7.558.159	5.427.065	3.168.136
OTHER COMPREHENSIVE INCOME

Other Comprehensive Income that will not be Reclassified to Profit or Loss

Gains (Losses) on Remeasurements Defined Benefit Plans

Taxes Relating to Components of Other Comprehensive Income that will not be Reclassified to Other Profit or Loss

- Deferred Tax Income (Expense)

Other Comprehensive Income that will be Reclassified to Profit or Loss

Currency Translation Differences

Currency Translation Differences Reclassified to Profit or Loss

Other Comprehensive Income (Loss) Related with Cash Flow Hedge

Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations (Note 26)

Taxes Relating to Components of Other Comprehensive Income that will be Reclassified

(62.785)	-	-	-
(78.481)	-	-	-
15.696	-	-	-
15.696	-	-	-
11.883.588	(536.903)	17.680.945	1.586.183
18.855.781	317.390	23.713.567	3.332.669
(425.266)	-	-	-
1.344.646	125.636	(269.584)	374.250
(10.257.066)	(1.826.887)	(7.161.773)	(2.666.675)
2.365.493	846.958	1.398.735	545.939

- Deferred Tax Income (Expense)	2.365.493	846.958	1.398.735	545.939
OTHER COMPREHENSIVE INCOME (LOSS)	11.820.803	(536.903)	17.680.945	1.586.183
TOTAL COMPREHENSIVE INCOME (LOSS)	25.425.959	7.021.256	23.108.010	4.754.319
Total Comprehensive Income (Loss) Attributable	11.357.420	2.300.239
- Non-Controlling Interest	12.807.969	1.995.327
- Owners of Parent	14.068.539	4.721.017	10.300.041	2.758.992

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

4

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

Previous Period	January 1- September 30, 2022)
	(

Current Period

(January 1- September 30, 2023)

					Other Accumulated
					Comprehensive Income	Other Accumulated
					that will not be reclassified	Comprehensive Income that will		Retained Earnings
					in Profit or Loss	be reclassified in Profit or Loss
								Restricted		Current	Equity
			Inflation	Share	Revaluation and	Currency		Reserves		Period Net	Attributable to
		Issued	Adjustment on	Premium/	Remeasurement Gain/	Translation	Gains (Losses)	Appropriated	Prior Years'	Profit or	Equity Holders	Non-Controlling
		Capital	Capital	(Discount)	(Loss) (*)	Differences	on Hedge	from Profits	Profits or (Losses)	(Loss)	of the Parent	Interests	Total Equity
	Beginning Balances	592.105	63.583	204.017	(54.642)	15.628.030	(5.160.120)	372.939	6.000.867	1.068.303	18.715.082	20.617.411	39.332.493
	Transfers	-	-	-	-	-	-	78.755	989.548	(1.068.303)	-	-	-
	Total Comprehensive Income (Loss)	-	-	-	-	11.346.241	(4.421.840)	-	-	3.375.640	10.300.041	12.807.969	23.108.010
	Profit (Loss)	-	-	-	-	-	-	-	-	3.375.640	3.375.640	2.051.425	5.427.065
	Other Comprehensive Income	-	-	-	-	11.346.241	(4.421.840)	-	-	-	6.924.401	10.756.544	17.680.945
	(Loss)
	Dividends (Note 24)	-	-	(204.017)	-	-	-	(76.886)	(837.338)	-	(1.118.241)	(299.506)	(1.417.747)
	Transactions with Owners of Non-	-	-	-	-	-	-	-	-	-	-	354.220	354.220
	Controlling Interest
	Ending Balances	592.105	63.583	-	(54.642)	26.974.271	(9.581.960)	374.808	6.153.077	3.375.640	27.896.882	33.480.094	61.376.976
	Beginning Balances	592.105	63.583	-	(195.134)	24.745.810	(9.567.356)	374.805	6.153.080	3.429.068	25.595.961	30.985.884	56.581.845
	Transfers	-	-	-	-	-	-	-	3.429.068	(3.429.068)	-	-	-
	Total Comprehensive Income (Loss)	-	-	-	(31.553)	10.880.644	(4.792.869)	-	-	8.012.317	14.068.539	11.357.420	25.425.959
	Profit (Loss)	-	-	-	-	-	-	-	-	8.012.317	8.012.317	5.592.839	13.605.156
	Other Comprehensive Income	-	-	-	(31.553)	10.880.644	(4.792.869)	-	-	-	6.056.222	5.764.581	11.820.803
	(Loss)
	Dividends (Note 24)	-	-	-	-	-	-	51.275	(1.380.685)	-	(1.329.410)	(408.160)	(1.737.570)
	Addition Through Subsidiary	-	-	-	-	-	-	-	-	-	-	(25.237)	(25.237)
	Acquired Achieved in Stages (Note 3)
	Transactions with Owners of Non-	-	-	-	-	-	-	-	-	-	-	956.688	956.688
	Controlling Interest
	Increase (decrease) Through Changes
	in in ownership interests in	-	-	-	-	-	-	-	(190.497)	-	(190.497)	190.497	-
	Subsidiaries that do not result in
	loss of control (Note 3)
	Ending Balances	592.105	63.583	-	(226.687)	35.626.454	(14.360.225)	426.080	8.010.966	8.012.317	38.144.593	43.057.092	81.201.685

(*) Gains (Losses) on Remeasurements of Defined Benefit Plans.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

5

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

		Unaudited
		January 1-	January 1-
	Notes	September 30,	September 30,
		2023	2022
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES		18.885.626	11.451.803
Profit/ (Loss) from Continuing Operation for the Period		13.605.156	5.427.065
Adjustments to Reconcile Profit (Loss)		11.759.526	8.857.316
Adjustments for Depreciation and Amortization Expense	4	3.875.486	2.943.392
Adjustments for Impairment Loss (Reversal)	28	83.235	740.761
Adjustments for Provisions		652.754	247.931
- Adjustments for Provision/(Reversal) for Employee Benefits	28	380.026	208.687
- Adjustments for Other Provisions/(Reversals)		272.728	39.244
Adjustments for Interest (Income) Expenses	28	2.368.230	1.702.537
Adjustments for Foreign Exchange Losses (Gains)		315.386	(444.819)
Adjustments for Fair Value (Gains) Losses	28	(399.579)	851.836
Adjustments for Undistributed Profits of Investments Accounted for Using Equity	10	138.192	23.328
Method
	5.854.630
Adjustments for Tax (Income) Expenses		2.983.700
Adjustments for Losses (Gains) on Disposal of Non-Current Assets	20	(29.255)	(185.138)
Transfer of Currency Translation Differences Previously Accounted as Other	20	(425.266)	-
Comprehensive Income
	(674.287)	(6.212)
Other Adjustments to Reconcile Profit (loss)
Change in Working Capital		(3.344.837)	(959.588)
Adjustments for Decrease (Increase) in Accounts Receivables		(12.469.024)	(6.273.675)
Adjustments for Decrease (Increase) in Other Receivables Related with Operations		(2.230.294)	(499.508)
Adjustments for Decrease (Increase) in Inventories		(5.589.283)	(6.999.845)
Adjustments for Increase (Decrease) in Trade Accounts Payable		11.273.564	9.781.699
Adjustments for Increase (Decrease) in Other Operating Payables		5.670.200	3.031.741
Cash Flows from (used in) Operations		22.019.845	13.324.793
Payments Related with Provisions for Employee Benefits		(143.943)	(64.559)
Income Taxes (Paid) Return		(2.990.276)	(1.808.431)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES		(6.987.044)	(3.863.290)
Cash Outflows Arising from Purchase of Shares or Capital Increase of		-	(1.000)
Associates and/or Joint Ventures
	450.551
Proceeds from Sales of Property, Plant, Equipment		363.993
Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible	12,13	(6.965.181)	(3.509.973)
Assets
	97.196
Cash (Outflows)/Inflows Related to Purchases for Obtaining Control of Subsidiaries	28	(243.310)
Advances and Funds Given to Related Parties		(569.610)	(473.000)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES		(2.387.070)	5.525.681
Proceeds from Borrowings	7a	16.072.700	17.966.860
Repayments of Borrowings	7a	(18.653.453)	(10.222.523)
Payments of Lease Liabilities	7b	(338.202)	(167.089)
Cash Inflows from Settlement of Derivative Instruments (Trading)		524.056	203.191
Cash Outflows from Settlement of Derivative Instruments (Trading)		(29.610)	(128.596)
Dividend Paid		(1.666.261)	(1.420.688)
Interest Paid	7a	(2.882.755)	(1.517.840)
Interest Received		1.195.658	384.612
Cash Outflows Related to Changes in Share of Subsidiaries that will not Result in	28	-	(78.873)
Loss of Control
	3.390.797
Other Inflows (Outflows) of Cash	28	506.627
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS		9.511.512	13.114.194
BEFORE CURRENCY TRANSLATION DIFFERENCES
Effect of Currency Translation Differences on Cash and Cash Equivalents		7.229.163	3.010.586
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS		16.740.675	16.124.780
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	5	23.818.156	10.253.584
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	5	40.558.831	26.378.364

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

6

Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES

General

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes, the Company) was established in İstanbul in 1966. Certain shares of Anadolu Efes are listed on the Borsa İstanbul (BIST).

The registered office of the Company is located at the address "Fatih Sultan Mehmet Mahallesi, Balkan Caddesi No:58, Buyaka E Blok, Tepeüstü, Ümraniye - İstanbul".

The Company, its subsidiaries and joint ventures will be referred to as the "Group". The average number of permanent personnel employed in the Group is 18.437 (December 31, 2022 - 18.460).

The interim condensed consolidated financial statements of the Group approved by the Board of Directors of the Company and signed by the Chief Financial Officer, Gökçe Yanaşmayan and Finance Director, Kerem İşeri were issued on November 1, 2023. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue.

Nature of Activities of the Group

The operations of the Group consist of production, bottling, selling and distribution of beer under a number of trademarks and also production, bottling, distribution and selling of sparkling and still beverages with The Coca- Cola Company (TCCC) trademark.

The Group owns and operates twenty-one breweries; three in Türkiye, eleven in Russia and seven in other countries (December 31, 2022 - twenty-one breweries; three in Türkiye, eleven in Russia and seven in other countries). The Group makes production of malt in two locations in Türkiye and three locations in Russia (December 31, 2022 - production of malt in two locations in Türkiye and three locations in Russia). Entities carrying out the relevant activities will be referred as "Beer Operations".

The Group operates thirteen facilities in Türkiye, twenty facilities in other countries for soft drinks production (December 31, 2022 - ten facilities in Türkiye, twenty facilities in other countries). Entities carrying out the relevant activities will be referred as "Soft Drink Operations".

The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD), which undertakes distribution and sales of sparkling and still beverages in Syria. In addition, the Company participates in Malty Gıda A.Ş., which produces, distributes, and sells malt bars in Türkiye.

List of Shareholders

As of September 30, 2023, and December 31, 2022, the composition of shareholders and their respective percentage of ownership can be summarized as follows:

		September 30, 2023	December 31, 2022
		Amount	(%)	Amount	(%)
AG Anadolu Grubu Holding A.Ş.	254.892	43,05	254.892	43,05
AB Inbev Harmony Ltd.	142.105	24,00	142.105	24,00
Publicly traded and other	195.108	32,95	195.108	32,95
		592.105	100,00	592.105	100,00

The Company is controlled by AG Anadolu Grubu Holding A.Ş., the parent company. AG Anadolu Grubu Holding A.Ş. is controlled by AG Sınai Yatırım ve Yönetim A.Ş. and AG Sınai Yatırım ve Yönetim A.Ş. is a management company, which is ultimately managed by the Süleyman Kamil Yazıcı Family and the Özilhan Family in accordance with equal representation and equal management principle and manages AG Anadolu Grubu Holding A.Ş.'s subsidiaries.

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Convenience Translation into English of Interim Condensed Consolidated Financial Statements Originally Issued in Turkish

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2023

(Currency- Unless otherwise indicated thousands of Turkish Lira (TRL))

NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) List of Subsidiaries, Joint Ventures, and Associates

The subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at September 30, 2023 and December 31, 2022 are as follows:

Effective Shareholding

And Voting Rights %

Country	Principal Activity	Segment	September	December
30, 2023	31, 2022

Subsidiaries:

Efes Breweries International B.V. (EBI)

JSC FE Efes Kazakhstan Brewery (Efes Kazakhstan) International Beers Trading LLP (IBT)

Efes Vitanta Moldova Brewery S.A. (Efes Moldova) JSC Lomisi (Efes Georgia)

PJSC Efes Ukraine (Efes Ukraine)

Efes Trade BY FLLC (Efes Belarus)

Efes Holland Technical Management Consultancy B.V. (EHTMC)

AB InBev Efes B.V. (AB InBev Efes) JSC AB Inbev Efes (1)

PJSC AB Inbev Efes Ukraine (1) LLC Vostok Solod (2)

LLC Bosteels Trade (2) LLC Inbev Trade (2)

Euro-Asien Brauerein Holding GmbH (Euro-Asien)(1) (5) Bevmar GmbH (1) (5)

Efes Pazarlama ve Dağıtım Ticaret A.Ş. (Ef-Pa)(4)

Cypex Co. Ltd. (Cypex)

Efes Deutschland GmbH (Efes Germany) Blue Hub Ventures B.V.

Efes Brewery S.R.L. (Romania)

Anadolu Etap Penkon Gıda ve Tarım Ürünleri San ve Tic. A.Ş. (Anadolu Etap) (Note 3)

Coca-Cola İçecek A.Ş. (CCİ) (3) Coca-Cola Satış ve Dağıtım A.Ş. (CCSD)

J.V. Coca-Cola Almaty Bottlers LLP (Almaty CC) Azerbaijan Coca-Cola Bottlers LLC (Azerbaijan CC) Coca-Cola Bishkek Bottlers CJSC (Bishkek CC) CCI International Holland B.V. (CCI Holland)

The Coca-Cola Bottling Company of Jordan Ltd. (Jordan CC)

Turkmenistan Coca-Cola Bottlers Ltd. (Turkmenistan CC) (6)

Sardkar for Beverage Industry Ltd. (SBIL) Waha Beverages B.V.

Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan)

Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Caps Production LLC (Al Waha)

Coca-Cola Beverages Pakistan Ltd (CCBPL) (6) Coca-Cola Bottlers Uzbekistan Ltd. (CCBU) Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi

ve Ticaret A.Ş (Note 3)

Anadolu Etap Dış Ticaret Anonim Şirketi (Note 3) CCI Samarkand Limited LLC (Samarkand) (7)

The Netherlands	Managing foreign investments in breweries	Beer Group
Kazakhstan	Production and marketing of beer	Beer Group
Kazakhstan	Marketing of beer	Beer Group
Moldova	Production and marketing of beer and low alcoholic drinks	Beer Group
Georgia	Production and sales of beer and carbonated soft drinks	Beer Group
Ukraine	Production and marketing of beer	Beer Group
Belarus	Marketing and distribution of beer	Beer Group
The Netherlands	Leasing of intellectual property and similar products	Beer Group
The Netherlands	Investment company	Beer Group
Russia	Production and marketing of beer	Beer Group
Ukraine	Production and marketing of beer	Beer Group
Russia	Production of malt	Beer Group
Russia	Selling and distribution of beer	Beer Group
Russia	Production of malt	Beer Group
Germany	Investment company	Beer Group
Germany	Investment company	Beer Group
Türkiye	Marketing and distribution company of the Group in	Beer Group
Türkiye
Northern Cyprus Marketing and distribution of beer	Beer Group
Germany	Marketing and distribution of beer	Beer Group
The Netherlands	Investment company	Beer Group
Romania	Marketing and distribution of beer	Beer Group
Türkiye	Production and sales of fruit juice concentrates and sales of	Other
purees and fresh fruit sales
Türkiye	Production of Coca-Cola products	Soft Drinks
Türkiye	Distribution and selling of Coca-Cola, Doğadan and	Soft Drinks
Mahmudiye products
Kazakhstan	Production, distribution and selling of Coca Cola products	Soft Drinks
Azerbaijan	Production, distribution and selling of Coca Cola products	Soft Drinks
Krygyzstan	Production, distribution and selling of Coca Cola products	Soft Drinks
The Netherlands	Investment company of CCİ	Soft Drinks
Jordan	Production, distribution and selling of Coca Cola products	Soft Drinks
Turkmenistan	Production, distribution and selling of Coca Cola products	Soft Drinks
Iraq	Production, distribution and selling of Coca Cola products	Soft Drinks
The Netherlands	Investment company of CCİ	Soft Drinks
Tajikistan	Production, distribution and selling of Coca Cola products	Soft Drinks
Iraq	Production, distribution and selling of Coca Cola products	Soft Drinks
Pakistan	Production, distribution and selling of Coca Cola products	Soft Drinks
Uzbekistan	Production, distribution and selling of Coca Cola products	Soft Drinks
Türkiye	Production and sales of fruit juice concentrates and sales of	Soft Drinks
	purees and fresh fruit sales
Türkiye	Soft Drinks
Production and sales of purees and fresh fruit sales
Uzbekistan	Production, distribution and selling of Coca Cola products	Soft Drinks

100,00 100,00

100,00 100,00

100,00 100,00

96,87 96,87

100,00 100,00

99,94 99,94

100,00 100,00

100,00 100,00

50,00 50,00

50,00 50,00

49,36 49,36

50,00 50,00

50,00 50,00

50,00 50,00

50,00 50,00

50,00 50,00

100,00 100,00

99,99 99,99

100,00 100,00

100,00 100,00

100,00 100,00

78,58 78,58

50,26 50,26

50,25 50,25

50,26 50,26

50,19 50,19

50,26 50,26

50,26 50,26

50,26 50,26

29,90 29,90

50,26 50,26

50,26 50,26

50,26 50,26

50,26 50,26

24,96 24,96

50,26 50,26

55,92 78,58

55,92 78,58

50,26-

Joint Ventures:

Syrian Soft Drink Sales & Dist. LLC (SSDSD) Syria Distribution and sales of Coca-Cola productsSoft Drinks25,13 25,13

Associates:

Malty Gıda A.Ş. (Malty)

Türkiye

Distribution and sales of malt bars

Beer Group

25,00

25,00

1. Subsidiaries that AB Inbev Efes B.V. directly participates.
2. Subsidiaries of JSC AB Inbev Efes.
3. Shares of CCİ are currently traded on BIST.
4. The Company's beer operations in Türkiye form the Türkiye Beer Operations together with Ef-Pa.
5. Liquidation process of Euro-Asien and Bevmar initiated with the BOD decision of AB Inbev Efes B.V. dated December 22, 2021.
6. CCBPL and Turkmenistan CC are controlled by CCI and are fully consolidated in accordance with TFRS as the Company has control over CCI.
7. CCİ Samarkand Limited company has been established as of April 18, 2023.

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