Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 4. Quarter 2023 Earnings Release

ANADOLU EFES

EARNINGS RELEASE

Istanbul, March 21, 2024

FY2023 CONSOLIDATED HIGHLIGHTS

• Sales volume almost flat versus last year at 122.9 mhl
• Net sales revenue up 3.1% to TL 159,877.2 million
• EBITDA Before Non-Recurring Items (BNRI) up 5.7% to TL 28,573.1 million
• Free Cash Flow up 203.4% to TL 9,262.0 million

Without TAS 29:

• Net sales revenue up 62.7% to TL 147,225.7 million
• EBITDA (BNRI) up 75.4% to TL 30,555.5 million
• Free Cash Flow up 64.2% to TL 10,066.5 million

BEER GROUP PRESIDENT AND ANADOLU EFES CEO ONUR ALTÜRK COMMENTED:

It is my pleasure to close out 2023 leaving behind remarkable accomplishments despite encountering so many challenges throughout the year. We navigated a challenging landscape marked by declining trends in certain operating markets, a persistent inflationary environment necessitating aggressive pricing strategies, and the unfortunate natural disasters in Türkiye and Pakistan, all of which put significant pressure on our business. Yet, we were able to strengthen our positions in most of the operating markets. Our solid topline, coupled with robust profitability, has once again resulted in an outstanding level of Free Cash Flow. These achievements are the testimony to the amazing organization that the team have built. As we move forward, I am committed to ensuring that we emerge even stronger, building upon this success.

In the beer group, our strong performance since the beginning of the year has resulted in a remarkable volume growth, significantly outpacing our initial expectations. This success can be attributed to our enhanced positions in the operating markets, driven by new brand introductions and strong core brand focus.

In 2023, the Russian beer market stabilized, marking a slight increase compared to the previous year. Despite ongoing pricing challenges, we maintained our commitment to a balanced profitability and volume strategy. This allowed us to close another year in line with our longstanding focus on value generation. In Türkiye, building upon the outstanding performance achieved in 2022, we witnessed further growth in volumes, consistently impressing us in each quarter of the year. This growth is particularly important given the challenging operating environment, primarily driven by decreasing purchasing power in the country. Our success can be attributed to a strategic blend of the right product mix, pricing strategies, and excellence in execution.

Our soft drinks operation has just completed the acquisition of Coca-Cola Bangladesh Beverages Limited from The Coca-Cola Company. Bangladesh is a vast geography promising immense potential for growth, which we believe will not only enhance CCI's robust position in the region but will also add substantial value.

Also, I am very pleased to share that our Board of Directors proposed TL 1.4 billion dividends for 2023. Looking into 2024, I am confident that our persistent commitment to winning portfolio, operational excellence, financial discipline coupled with our digitalization strategies and solid teamwork, will result in even greater successes. I am excited to continue building a future of growth, opportunity, and achievements in order to create value for our shareholders this year and beyond.

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KEY FINANCIALS & RATIOS

As stipulated by the decree of the Capital Markets Board, the financial statements for the FY2023 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have been made for prior periods in alignment with the same standard.

In this earnings release, certain financial items and metrics may be presented without inflation adjustment in order to ensure comparability with previous quarters and to facilitate analysis of our performance relative to our FY2023 guidance. It is important to note that the financials presented without the impact of TAS 29 are unaudited. Please refer to our explanations on page 8 regarding the impact of TAS 29 on main P&L and balance sheet items.

Unless explicitly stated otherwise, all financial information disclosed in this release are presented in accordance with TAS 29.

AEFES	FY2022	FY2023	Change %
Consolidated (TL mn)
Volume (mhl)	123.5	122.9	-0.5%
Net Sales Revenue	155,060.1	159,877.2	3.1%
Gross Profit	53,555.6	59,000.2	10.2%
EBIT (BNRI)	17,710.9	19,651.4	11.0%
EBITDA (BNRI)	27,020.9	28,573.1	5.7%
Net Income/(Loss)*	15,384.2	22,128.9	43.8%
FCF	3,052.3	9,262.0	203.4%
			Change (bps)
Gross Profit Margin	34.5%	36.9%	236
EBIT (BNRI) Margin	11.4%	12.3%	87
EBITDA (BNRI) Margin	17.4%	17.9%	45
Net Income Margin*	9.9%	13.8%	392
Beer Group (TL mn)	FY2022	FY2023	Change %
Volume (mhl)	34.0	35.7	5.0%
Net Sales Revenue	61,872.4	58,003.5	-6.3%
Gross Profit	25,103.2	26,022.9	3.7%
EBIT (BNRI)	6,345.1	5,614.6	-11.5%
EBITDA (BNRI)	11,073.3	10,671.1	-3.6%
Net Income/(Loss)*	9,095.8	12,293.4	35.2%
FCF	2,916.2	4,984.4	70.9%
			Change (bps)
Gross Profit Margin	40.6%	44.9%	429
EBIT (BNRI) Margin	10.3%	9.7%	-58
EBITDA (BNRI) Margin	17.9%	18.4%	50
Net Income Margin*	14.7%	21.2%	649
CCI (TL mn)	FY2022	FY2023	Change %
Volume (mn u/c)	1,576.8	1,535.4	-2.6%
Net Sales Revenue	93,189.6	101,042.4	8.4%
Gross Profit	28,478.6	33,039.7	16.0%
EBIT	11,473.9	14,474.9	26.2%
EBITDA	15,941.2	18,126.9	13.7%
Net Income/(Loss)*	13,876.7	20,579.8	48.3%
FCF	-483.0	3,862.7	n.m.
			Change (bps)
Gross Profit Margin	30.6%	32.7%	214
EBIT Margin	12.3%	14.3%	201
EBITDA Margin	17.1%	17.9%	83
Net Income Margin*	14.9%	20.4%	548

* Net income attributable to shareholders

Anadolu Etap Tarım financial results started to be consolidated in Anadolu Efes' financials as of April 11, 2023. FY2023 consolidated P&L, as well as the balance sheet as of 31.12.2023 incorporate Anadolu Etap Tarım financials. Likewise, Anadolu Etap İçecek financial results started to be consolidated in soft drink operations' as of April 19, 2023. FY2023 consolidated P&L along with the balance sheet as of 31.12.2023 include Anadolu Etap İçecek figures. All operational performance metrics presented in this earnings release are on a reported basis (including Anadolu Etap Tarım and Anadolu Etap İçecek), except indicated otherwise.

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OPERATIONAL PERFORMANCE - ANADOLU EFES CONSOLIDATED

AEFES Consolidated (TL mn)		FY2022	FY2023	change %
Volume (mhl)		123.5	122.9	-0.5%
Net Sales Revenue		155,060.1	159,877.2	3.1%
Gross Profit		53,555.6	59,000.2	10.2%
EBIT (BNRI)		17,710.9	19,651.4	11.0%
EBITDA (BNRI)		27,020.9	28,573.1	5.7%
Net Income/(Loss)*		15,384.2	22,128.9	43.8%
FCF		3,052.3	9,262.0	203.4%
				Change (bps)
Gross Profit Margin		34.5%	36.9%	236
EBIT (BNRI) Margin		11.4%	12.3%	87
EBITDA (BNRI) Margin	17.4%	17.9%	45
Net Income Margin*		9.9%	13.8%	392

* Net income attributable to shareholders

Anadolu Efes' consolidated sales volume reached 122.9 mhl in FY2023 staying flattish compared to the previous year. The beer group notably recorded a robust 5.0% growth, driven by strong performances in both Türkiye and international beer operations. However, the volume performance of the soft drinks segment was relatively softer, impacted by the challenges faced in Türkiye and Pakistan.

Consolidated net sales revenue was recorded at TL 159,877.2 million in FY2023; marking a 3.1% year-on-year increase, mainly attributed to the price adjustments made during the year. Excluding the impact of TAS 29, the revenue growth was realized at 62.7% in FY2023 with constant currency increase of 39.4%. This performance exceeded our guidance of low-thirties growth in constant currency basis.

Consolidated EBITDA (BNRI) grew by 5.7% to TL 28,573.1 million in FY2023. The EBITDA margin in FY2023 was realized at 17.9%; showing an improvement of 45 bps compared to last year. Despite a slight increase in the ratio of operational expenses to revenue, particularly in the beer group due to the low base of last year, our effective management of cost resulted in superior performance in gross profitability, which was reflected on the EBITDA performance. Excluding the impact of TAS 29, EBITDA (BNRI) expanded by 75.4% to TL 30.555.5 million while EBITDA (BNRI) margin reached 20.8%; marking a substantial increase of 150 bps; significantly surpassing the guidance of flat margin.

Consolidated net profit increased from TL 15,384.2 million in FY2022 to TL 22,128.9 million in FY2023; increasing by 43.8%. This robust bottomline is mainly driven by the net monetary gain recorded due to TAS 29 accounting. Excluding the impact of TAS 29, net income was recorded as TL 7,779.9 million; representing the highest level of net profit ever achieved.

Anadolu Efes' Free Cash Flow generation amounted to TL 9,262.0 million in FY2023 representing a significant increase compared to TL 3,052.3 million generated in FY2022. Both the beer group and soft drinks contributed positively to this result. This increase in Free Cash Flow can be primarily attributable to better working capital management and the application of TAS 29. Thus, Consolidated Net Debt to EBITDA (BNRI) was at 0.7x as of December 31, 2023.

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OPERATIONAL PERFORMANCE - BEER GROUP

Beer Group (TL mn)		FY2022	FY2023	change %
Volume (mhl)		34.0	35.7	5.0%
Net Sales Revenue		61,872.4	58,003.5	-6.3%
Gross Profit		25,103.2	26,022.9	3.7%
EBIT (BNRI)		6,345.1	5,614.6	-11.5%
EBITDA (BNRI)		11,073.3	10,671.1	-3.6%
Net Income/(Loss)*		9,095.8	12,293.4	35.2%
FCF		2,916.2	4,984.4	70.9%
				Change (bps)
Gross Profit Margin		40.6%	44.9%	429
EBIT (BNRI) Margin		10.3%	9.7%	-58
EBITDA (BNRI) Margin		17.9%	18.4%	50
Net Income Margin*		14.7%	21.2%	649

*Net income attributable to shareholders

Beer group consolidated volume reached 35.7 mhl in FY2023, marking a 5.0% year-on-year increase. The growth in volumes came particularly from Türkiye and Russia while Georgia also contributed. The consolidated sales volume of the International Beer Operations increased by 4.3% and was reported at 29.5 mhl in FY2023. Russian beer operations recorded full-year growth of low-single digit percentages. The competitive landscape remained challenging particularly in terms of pricing, however our long-standing focus on maintaining a balance between profitability and volume performance remained consistent throughout the year. In Ukraine, the production continued in two breweries. However, Ukranian beer market continued to be under pressure. Across CIS countries, volume was down by low-single digit percentage on average. On the other hand, it was a highly successful year for Türkiye beer operations achieving a full-year growth of 9.1%; totaling 6.2 mhl.

Beer Group concluded the year with a consolidated revenue of TL 58,003.5 million, 6.3% below previous year. The revenue from international beer operations declined by 14.7% year-on-year to TL 41,906.0 million in FY2023; due to mismatch between the inflation rate and the devaluation/appreciation rate of international operation's reporting currencies against TL. The sales revenue from Türkiye beer operations was recorded at 15,959.3 million in FY2023; implying a growth of 27.8%.

Excluding the impact of TAS 29, beer group revenue was recorded at 55,501.2 million in FY2023, marking a strong yearly growth of 50.2% while international beer operations' revenue displayed a strong growth of 40.5%. Türkiye beer revenue was at 13,403.4 million registering a growth of 92.3%; thanks to strong volume momentum throughout the year together with timely and effective implementation of pricing.

Beer Group gross profit expanded by 3.7% to 26,022.9 million in FY2023, yielding a margin improvement of 429 bps to 44.9% as a result of effective pricing strategies and efficient cost management. Excluding the impact of TAS 29, gross margin expansion was 488 bps.

Beer group EBITDA (BNRI) declined by 3.6% to TL 10,671.1 million while the margin expansion was recorded at 50 bps; reaching 18.4%. Excluding the impact of TAS 29, EBITDA (BNRI) expansion was 126 bps; significantly beating guidance of flat margin; attributable to the robust profitability margin achieved both in Türkiye and Russia.

Beer Group net income was reported at TL 12,293.4 million versus TL 9,095.8 million. The increase is mainly due to higher monetary gain recorded as a result of implementation of TAS 29 while the net financial expenses were lower; positively affecting net profitability. Excluding the impact of TAS 29, beer group net income was reported as TL 3,698.3 million.

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OPERATIONAL PERFORMANCE - SOFT DRINKS GROUP

COCA-COLA ICECEK CEO KARIM YAHI COMMENTED:

We are proud to have exceeded the $4 billion mark in consolidated revenue for the first time. As always, we remained committed to delivering quality value by growing our operating profit ahead of revenue, leading the way to a 201 bps EBIT margin expansion. Our EBIT margin expansion before implementation of inflation accounting was 300 bps, significantly beating our guidance at the beginning of the year.

In 2023, we faced difficulties in our operations due to natural disasters, economic challenges, and political unrest in neighboring countries. These issues affected how much consumers could spend, which in turn impacted our business. Therefore, our sales volume was softer than our initial expectations with a 2.6% decline on a consolidated basis. This was mostly mitigated by our revenue growth management strategy, which includes dynamic pricing and discount management as well as effective mix management. Accordingly, our NSR/uc before implementation of inflation accounting grew by 21.7% in USD terms and reached $2.5, the highest mark in the last 10 years. The pre-inflation accounting FX Neutral NSR growth was 44.7%, meeting our guidance.

As an important milestone, we recently completed the acquisition of Coca-Cola Bangladesh Beverages Limited from The Coca-Cola Company. Together with Bangladesh, the 12th country in our operating geography, we have solidified our position as one of the leading bottlers in the Coca-Cola system with more than 10,000 people across 31 bottling plants, offering a diverse portfolio of beverages to 600 million people. This acquisition makes CCI's operating region the third-largest population served by a Coke bottler. Bangladesh has a bright future ahead, and we are looking forward to capturing growth and creating value by deploying our capabilities.

Our operating model's strength allows us to navigate many challenging environments. We remain committed to balancing volume growth and value generation in 2024 as well, while continuing to generate sustainable returns for our shareholders.

I am proud of the commitment of our team and humbled by the support of our business partners, and shareholders who are standing by us in this journey. As a result of this amazing collaboration, CCI has reached $1.4 EPS without TAS29, which is the highest level in the last 10 years. The strength and resilience of our business and our people are also clear. We are excited about building on our momentum going forward, delivering another year of profitable growth.

Coca-Cola Içecek (mn TL)		FY2022	FY2023	change %
Volume (m u/c)		1,576.8	1,535.4	-2.6%
Net Sales Revenue		93,189.6	101,042.4	8.4%
Gross Profit		28,478.6	33,039.7	16.0%
EBIT (BNRI)		11,473.9	14,474.9	26.2%
EBITDA (BNRI)		15,941.2	18,126.9	13.7%
Net Income/(Loss)*		13,876.7	20,579.8	48.3%
FCF		-483.0	3,862.7	n.m.
				Change (bps)
Gross Profit Margin		30.6%	32.7%	214
EBIT (BNRI) Margin		12.3%	14.3%	201
EBITDA (BNRI) Margin		17.1%	17.9%	83
Net Income Margin*		14.9%	20.4%	548

*Net income attributable to shareholders

For the full text of Coca-Colaİçecek's FY2023 Earnings Release, please refer to the link below:

https://www.cci.com.tr/en/investor-relations/financial-information-and-presentations

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KEY FINANCIALS & RATIOS (without TAS 29 impact & unaudited)

The financial information provided below excludes the impacts of TAS 29 and is presented solely for analysis purposes. These figures are not aligned with Anadolu Efes' financial report for the period 01.01.2023- 31.12.2023 and have not undergone an independent audit.

Without the impact of TAS 29 in 4Q2023,

Anadolu Efes;

• Net revenue increased by 55.5% to TL 34,867.1 million
• Gross profit rose by 70.0% to TL 13,423.7 million with a margin expansion of 329 bps to 38.5%
• EBITDA (BNRI) expanded by 57.7% to TL 5,508.5 million with a margin increase of 22 bps to 15.8%
• Net Income declined to a loss of TL 232.5 million from TL 53.4 million profit in 4Q2022

Beer Group:

• Net revenue increased by 46.1% to TL 14,125.3 million
• Gross profit grew by 59.7% to TL 6,244.7 million with a margin increase of 377 bps to 44.2%
• EBITDA (BNRI) grew by 16.6% TL 2,266.8 million with a margin decline of 406 bps
• Net Income was a loss of TL 483.3 million compared to a loss of TL 269.0 million in 4Q2022

	AEFES	FY2022	FY2023	Change %
	Consolidated (TL mn)
	Volume (mhl)	123.5	122.9	-0.5%
	Net Sales Revenue	90,482.1	147,225.7	62.7%
	Gross Profit	32,969.5	58,607.6	77.8%
	EBIT (BNRI)	12,956.9	23,884.8	84.3%
	EBITDA (BNRI)	17,418.2	30,555.5	75.4%
	Net Income/(Loss)*	3,429.1	7,779.9	126.9%
				Change (bps)
	Gross Profit Margin	36.4%	39.8%	337
	EBIT (BNRI) Margin	14.3%	16.2%	190
	EBITDA (BNRI) Margin	19.3%	20.8%	150
	Net Income Margin*	3.8%	5.3%	149
	Beer Group (TL mn)	FY2022	FY2023	Change %
	Volume (mhl)	34.0	35.7	5.0%
	Net Sales Revenue	36,953.8	55,501.2	50.2%
	Gross Profit	15,587.8	26,121.0	67.6%
	EBIT (BNRI)	4,966.2	7,678.6	54.6%
	EBITDA (BNRI)	7,317.4	11,688.2	59.7%
	Net Income/(Loss)*	1,570.8	3,698.3	135.4%
				Change (bps)
	Gross Profit Margin	42.2%	47.1%	488
	EBIT (BNRI) Margin	13.4%	13.8%	40
	EBITDA (BNRI) Margin	19.8%	21.1%	126
	Net Income Margin*	4.3%	6.7%	241
	CCI (TL mn)	FY2022	FY2023	Change %
	Volume (mn u/c)	1,576.8	1,535.4	-2.6%
	Net Sales Revenue	53,529.5	91,015.7	70.0%
	Gross Profit	17,373.7	32,336.2	86.1%
	EBIT	8,006.5	16,347.6	104.2%
	EBITDA	10,096.9	18,939.4	87.6%
	Net Income/(Loss)*	4,331.1	8,306.0	91.8%
				Change (bps)
	Gross Profit Margin	32.5%	35.5%	307
	EBIT Margin	15.0%	18.0%	300
	EBITDA Margin	18.9%	20.8%	195
	Net Income Margin*	8.1%	9.1%	103
	* Net income attributable to shareholders
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TAS 29 Impact on Certain Balance Sheet & Cash Flow Items:

Anadolu Efes

(TL mn)	FY2023	FY2023
without TAS 29	with TAS 29
Trade Receivables	15,382.1	15,382.1
Inventories	23,540.7	24,877.9
Trade Payables	33,061.5	33,061.5
Capex	-9,558.7	-10,222.5
Tax Paid	-4,793.4	-4,922.9
Free Cash Flow	10,066.5	9,262.0

Beer Group

FY2023	FY2023
without TAS 29	with TAS 29
6,387.8	6,387.8
11,333.5	11,824.9
20,230.3	20,230.3
-3,952.1	-4,211.4
-1,553.4	-1,559.3
7,532.0	4,984.4

ANADOLU EFES CONSOLIDATED FINANCIAL PERFORMANCE

EBITDA (TL mn)	FY2022	FY2023
Profit/loss from Operations	17,179.6	19,564.6
Depreciation and amortization	8,611.7	7,571.4
Provision for retirement pay liability	403.7	442.6
Provision for vacation pay liability	94.4	152.6
Foreign exchange gain/loss from operating activities	137.7	749.3
Rediscount interest income/expense from operating activities	0.6	7.3
Other	61.8	-1.5
EBITDA	26,489.6	28,486.4
EBITDA (BNRI*)	27,020.9	28,573.1

*Non-recurring items amounted to TL 531.3 million in FY2022 and TL 86.7 million in FY2023.

Financial Income / (Expense) Breakdown (TL mn)	FY2022		FY2023
Interest income		1,138.3		2,111.3
Interest expense		-5,462.6		-6,724.2
Foreign exchange gain /(loss)		1,555.1		433.0
Other financial expenses (net)		-553.1		-1,496.9
Gain/(loss) on derivative transactions	-1,603.1		483.1
Net Financial Income /(Expense)		-4,925.5		-5,193.8
Free Cash Flow (TL mn)		FY2022	FY2023
EBITDA (BNRI)		27,020.9	28,573.1
Change in Working Capital		-6,865.0	-2,948.2
Income Taxes & Employee Benefits Paid & Other Provision	-4,570.0	-5,650.5
Payments of Lease Liabilities		-343.2	-487.5
CAPEX, net		-8,321.8	-10,222.5
Net Financial Income /(Expense)		-1,139.3	-3,099.8
Monetary Gain/Loss		-2,198.1	3,184.1
Non-Recurring Items		-531.3	-86.7
FCF		3,052.3	9,262.0
Other investing activities		-1,400.8	-675.7
(Acquisitions, Disposals and Share Capital Increases)
FCF (after investing activities)		1,652.2	8,586.3
Consolidated Gross Debt Cash & Cash Equivalents	Net Cash/(Debt) Position
AEFES Consolidated (TL mn)	60,233.6	41,647.7		-18,585.9
Beer Group (TL mn)	22,613.2	19,465.6		-3,147.6
Türkiye Beer (TL mn)	22,030.8	2,060.7		-19,970.1
EBI (TL mn)	582.3	17,338.9		16,756.5
CCI (TL mn)	37,010.4	22,130.4		-14,880.0
Net Debt / EBITDA (BNRI)	FY2022	FY2023
Anadolu Efes Consolidated	0.8	0.7
Beer Group	1.0	0.3

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EFFECTS OF TAS 29 ON P&L AND BALANCE SHEET MAIN ITEMS:

	2022 figures are indexed to 2023 using the Consumer Price Index (CPI) rate for the
	comparison purposes with 2023.
CASH AND CASH	The amount resulting from the indexation difference in 2022 is recorded as a
EQUIVALENTS /
monetary loss in the income statement. 2023 figures are presented in the financial
TRADE RECEIVABLES:	statements at their nominal value as of December 31, 2023, without any
	indexation.
	Each cash/trade receivables transaction occurring in 2023 is indexed to the year-
	end value using the Consumer Price Index (CPI) rate. The difference between the
	transaction date value and indexed value is recorded as a monetary loss in the
	income statement.
	Amount recorded for fixed assets acquired before 2004 is indexed and increased
	using the Consumer Price Index (CPI) rate from 2004 to 2023.
INVENTORY/FIXED	For fixed assets acquired after 2004, the recorded amount is first indexed to 2023
ASSETS:
using the CPI rate from the date of recording.
	Stocks recorded in both previous period (2022) and current period (2023) are
	indexed from the date of recording to December 31, 2023, using the CPI rate.
	2022 figures are indexed to 2023 using the Consumer Price Index (CPI) rate for the
	comparison purposes with 2023..
TRADE	The amount resulting from the indexation difference in 2022 is recorded as a
PAYABLES/FINANCIAL
monetary gain in the income statement. 2023 figures are presented in the financial
DEBT:	statements at their nominal value as of December 31, 2023, without any
	indexation.
	Each trade payable/financial debt transaction occurring in 2023 is indexed to the
	year-end value using the Consumer Price Index (CPI) rate. The difference between
	the transaction date value and indexed value is recorded as a monetary gain in
	the income statement.
	Paid-in capital before 2004 is indexed to 2023 using the CPI rate.
EQUITY:	The amount related to capital transactions (e.g., capital increases) recorded in
	capital accounts after 2004 is indexed from the date of recording to the year 2023.
GROSS SALES:	Every sales transaction recorded in the previous period (2022) and current period
	(2023) is indexed from the date of recording to December 31, 2023, using the CPI
	rate.
COST OF GOODS	For the previous period (2022) and the current period (2023), production materials
SOLD:	entering inventory are indexed from their date of entry into stock until December
	31, 2023, using the CPI rate.
OPERATIONAL	Every product and service purchased previous period (2022) and the current
EXPENSES:	period (2023) is indexed from the date of purchase until December 31, 2023, using
	the CPI rate.
FINANCIAL INCOME /	Every interest income/expense and exchange rate income/expense recorded in the
(EXPENSE):	previous period (2022) and the current period (2023) is indexed from the relevant
	date until December 31, 2023, using the CPI rate.
MONETARY	The inflation/indexing effects on the company's monetary position, comprising Cash
GAIN/LOSS:	and cash equivalents, financial debts, trade receivables, and trade payables, are
	reflected as monetary gain or loss.
REGARDING THE CONSOLIDATION OF INTERNATIONAL OPERATIONS:
Each item in the 2022 financial statements, prepared in local currency for international operations, is converted to
the reporting unit, Turkish Lira (TL), using the 2022 exchange rate, in accordance with the principle of
comparability. These items are then indexed using the 2023 Consumer Price Index rate to be presented on the basis
of purchasing power as of 31.12.2023.
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PLEASE CLICK TO ACCESS ALL TABLES IN EXCEL FORMAT

ANADOLU EFES

Consolidated Income Statements for the Twelve-Months Period Ended 31.12.2022 and 31.12.2023

Prepared in accordance with TAS/TFRS as per CMB Regulations

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2022/12	2023/12
SALES VOLUME (mhl)	123.5	122.9
SALES REVENUE	155,060.1	159,877.2
Cost of Sales (-)	-101,504.4	-100,877.0
GROSS PROFIT FROM OPERATIONS	53,555.6	59,000.2
Selling, Distribution and Marketing Expenses (-)	-28,166.4	-28,145.7
General and Administrative Expenses (-)	-12,643.4	-11,380.4
Other Operating Income /Expense (net)	463.4	90.5
EBIT (BNRI)	17,710.9	19,651.4
Income /Expense from Investing Activities (net)	-454.9	470.8
Income / (Loss) from Associates	445.5	-143.8
OPERATING PROFIT BEFORE FINANCE INCOME/(EXPENSE)	17,170.2	19,891.6
Financial Income / Expense (net)	-4,925.5	-5,193.8
Monetary Gain / Loss	17,577.3	26,754.9
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS	29,822.0	41,452.8
Continuing Operations Tax Income/(Expense)
- Current Period Tax Expense (-) / Income	-4,277.2	-4,981.5
- Deferred Tax Expense (-) / Income	-2,541.2	-2,929.5
INCOME/(LOSS) FOR THE PERIOD	23,003.6	33,541.8
Attributable to:
Non-Controlling Interest	7,619.4	11,412.9
EQUITY HOLDERS OF THE PARENT	15,384.2	22,128.9
EBITDA (BNRI)*	27,020.9	28,573.1
*Non-recurring items amounted to TL 531.3 million in 2022 and TL 86.7 million in 2023

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

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ANADOLU EFES

Consolidated Balance Sheets as of 31.12.2022 and 31.12.2023

Prepared in accordance with TAS/TFRS as per CMB Regulations

TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented

(TL mn)

	2022/12	2023/12
Cash & Cash Equivalents	39,326.8	41,271.9
Financial Investments	1,252.8	375.8
Derivative Instruments	36.5	165.7
Trade Receivables from Third Parties	11,627.5	13,851.4
from Related Parties	1,362.1	1,529.4
Other Receivables	1,278.7	460.4
Inventories	23,545.9	24,877.9
Other Current Assets	7,395.9	7,595.7
TOTAL CURRENT ASSETS	85,826.2	90,128.1
Trade Receivables	3.2	1.3
Financial Investments	11.0	10.9
Investments in Associates	441.8	0.5
Property, Plant and Equipment (incl. inv properties)	56,948.2	57,615.1
Right of Use Assets	1,426.7	2,041.9
Other Intangible Assets	101,263.5	93,454.8
Goodwill	16,435.4	12,580.2
Deferred Tax Assets	4,029.6	6,075.0
Derivative Instruments	25.1	33.4
Other Non-Current Assets	1,834.0	3,284.4
TOTAL NON-CURRENT ASSETS	182,418.3	175,097.6
TOTAL ASSETS	268,244.6	265,225.7
	2022/12	2023/12
Short-term Borrowings	12,333.0	12,162.9
Current portion of long term borrowings	6,886.8	11,065.3
Current portion of term lease obligations (IFRS 16)	454.0	640.2
Derivative Instruments	502.7	279.5
Current Trade Payables to Third Parties	30,984.4	31,820.1
to Related Parties	2,024.4	1,239.3
Other Current Payables	11,748.0	17,054.2
Provision for Corporate Tax	451.5	591.3
Provisions	2,155.8	1,787.6
Other Liabilities	1,718.2	1,857.1
TOTAL CURRENT LIABILITIES	69,259.0	78,497.4
Long-term Borrowings	41,313.8	35,213.2
Long term lease obligations (IFRS 16)	1,036.2	1,066.6
Non Current Trade Payables	0.2	2.1
Deferred Tax Liability	19,464.7	19,346.5
Derivative Instruments	898.5	3.0
Other Non Current Liabilities	1,546.9	1,219.0
TOTAL NON-CURRENT LIABILITIES	64,260.4	56,850.4
TOTAL EQUITY	134,725.2	129,877.9
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY	268,244.6	265,225.7

Note 1: "Financial Investments" in Current Assets includes the time deposits with a original maturity more than three months.

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