Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 2. 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 JUNE 30, 2023

CONVENIENCE TRANSLATION INTO ENGLISH OF INDEPENDENT

AUDITOR'S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED

FINANCIAL INFORMATION

To the General Assembly of Anadolu Efes Biracılık ve Malt Sanayii A.Ş.

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (the "Company") and its subsidiaries (collectively referred as the "Group") as at 30 June 2023 and the related condensed consolidated statements of profit or loss, other comprehensive income, changes in equity and cash flows for the six-month period then ended. The management of the Group is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with Turkish Accounting Standard 34 ("TAS 34") "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.

Scope of review

We conducted our review in accordance with the Standard on Review Engagements ("SRE") 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and the objective of which is to express an opinion on the consolidated financial statements. Consequently, a review on the interim condensed consolidated financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to conclude that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with TAS 34.

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş.

BJK Plaza, Süleyman Seba Caddesi No:48 B Blok Kat:9 Akaretler Beşiktaş 34357 İstanbul-Turkey

T: [phone], F: [phone], www.pwc.com.tr

Mersis Numaramız: 0-1460-0224-0500015

Additional explanation for convenience translation into English

Turkish Financial Reporting Standards differ from International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board with respect to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies as of 30 June 2023. Accordingly, the accompanying consolidated financial statements are not intended to present fairly the consolidated financial position and results of operations of the Group in accordance with IFRS.

PwC Bağımsız Denetim ve

Serbest Muhasebeci Mali Müşavirlik A.Ş.

Salim Alyanak, SMMM

Partner

Istanbul, 8 August 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 JUNE 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 JUNE 30, 2023

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

		Reviewed		Audited
	Notes	June 30, 2023		December 31, 2022
ASSETS
Cash and Cash Equivalents	5	34.714.177	23.867.233
Financial Investments	6	1.459.561	760.333
Trade Receivables	25	21.528.751	7.883.346
- Trade Receivables from Related Parties	1.437.450	826.663
- Trade Receivables from Third Parties		20.091.301	7.056.683
Other Receivables	9	185.379	776.052
- Other Receivables from Related Parties	25	43.867	716.531
- Other Receivables from Third Parties		141.512	59.521
Derivative Financial Assets	8	536.477	22.133
Inventories		20.948.960	14.095.834
Prepaid Expenses	17	3.623.156	2.141.356
- Prepaid Expenses to Related Parties		-	100.000
- Prepaid Expenses to Third Parties		3.623.156	2.041.356
Current Tax Assets		218.802	522.268
Other Current Assets	18	1.706.973	1.477.035
- Other Current Assets from Related Parties		256.777	-
- Other Current Assets from Third Parties		1.450.196	1.477.035
Current Assets		84.922.236	51.545.590
Financial Investments		822	822
Trade Receivables		4.110	1.914
- Trade Receivables from Third Parties		4.110	1.914
Other Receivables	9	185.115	131.875
- Other Receivables from Related Parties	25	21.315	25.191
- Other Receivables from Third Parties		163.800	106.684
Derivative Financial Assets	8	50.537	15.229
Assets Due to Investments Accounted for Using Equity	10	573	801
Method
Property, Plant and Equipment	12	37.845.003	28.329.449
Right-of-Use Assets	11	1.230.889	781.114
Intangible Assets	14	58.785.492	48.876.909
- Goodwill	10.148.880	9.163.615
- Other Intangible Assets	13	48.636.612	39.713.294
Prepaid Expenses	17	1.337.221	681.802
Deferred Tax Asset	22	4.288.486	2.990.454
Other Non-Current Assets	18	1.849	1.559
Non-Current Assets		103.730.097	81.811.928
TOTAL ASSETS		188.652.333	133.357.518

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

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