Quarterly Report • May 23, 2024
Quarterly Report
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| 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 7-44 | ||
| 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 13 | |
| Note 4 | Segment Reporting 14-15 | |
| Note 5 | Cash and Cash Equivalents 16 | |
| Note 6 | Financial Investments 16 | |
| Note 7 | Short- and Long-Term Borrowings 16-19 | |
| Note 8 | Derivative Instruments 19-23 | |
| Note 9 | Other Receivables and Payables 24 | |
| Note 10 | Investments Accounted for Using Equity Method 24 | |
| Note 11 | Right-of-Use Assets 25 | |
| Note 12 | Property, Plant and Equipment 26 | |
| Note 13 | Other Intangible Assets 27 | |
| Note 14 | Goodwill 28 | |
| Note 15 | Capital Reserves and Other Equity Items 28 | |
| Note 16 | Commitments and Contingencies 29-31 | |
| Note 17 | Prepaid Expenses and Deferred Income 31 | |
| Note 18 | Other Assets and Liabilities 32 | |
| Note 19 | Other Operating Income / Expenses 33 | |
| Note 20 | Income / Expense from Investing Activities 33 | |
| Note 21 | Finance Income / Expenses 34 | |
| Note 22 | Tax Assets and Liabilities 35-36 | |
| Note 23 | Earnings per Share 36 | |
| Note 24 | Related Party Balances and Transactions 37-39 | |
| Note 25 | Financial Instruments and Financial Risk Management 39-42 | |
| Note 26 | Financial Instruments (Fair Value and Hedge Accounting Disclosures) 42-43 | |
| Note 27 | Explanatory Information on Statement of Cash Flows 43-44 | |
| Note 28 | Events After Reporting Period 44 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | March 31, 2024 | December 31, 2023 | |
| ASSETS | |||
| Cash and Cash Equivalents | 5 | 38.739.941 | 47.489.109 |
| Financial Investments | 6 | 652.577 | 432.374 |
| Trade Receivables | 26.068.072 | 17.697.781 | |
| - Trade Receivables from Related Parties | 24 | 1.851.852 | 1.759.821 |
| - Trade Receivables from Third Parties | 24.216.220 | 15.937.960 | |
| Other Receivables | 9 | 748.589 | 529.713 |
| - Other Receivables from Related Parties | 24 | 388.816 | 275.529 |
| - Other Receivables from Third Parties | 359.773 | 254.184 | |
| Derivative Financial Assets | 8 | 197.731 | 190.669 |
| Inventories | 25.758.172 | 28.625.526 | |
| Prepaid Expenses | 17 | 7.356.190 | 4.937.516 |
| - Prepaid Expenses to Third Parties | 7.356.190 | 4.937.516 | |
| Current Tax Assets | 1.225.382 | 1.279.665 | |
| Other Current Assets | 18 | 3.579.615 | 2.522.683 |
| - Other Current Assets from Related Parties | 300.003 | - | |
| - Other Current Assets from Third Parties | 3.279.612 | 2.522.683 | |
| Current Assets | 104.326.269 | 103.705.036 | |
| Financial Investments | 12.520 | 12.520 | |
| Trade Receivables | 1.272 | 1.495 | |
| - Trade Receivables from Third Parties | 1.272 | 1.495 | |
| Other Receivables | 9 | 194.981 | 458.302 |
| - Other Receivables from Related Parties | 24 | 23.055 | 38.286 |
| - Other Receivables from Third Parties | 171.926 | 420.016 | |
| Derivative Financial Assets | 8 | 44.445 | 38.474 |
| Assets Due to Investments Accounted for Using Equity Method |
10 | 15.880 | 564 |
| Property, Plant and Equipment | 12 | 67.675.928 | 66.294.244 |
| Right-of-Use Assets | 11 | 2.569.138 | 2.349.539 |
| Intangible Assets | 118.435.659 | 122.008.148 | |
| - Goodwill | 14 | 13.852.462 | 14.475.333 |
| - Other Intangible Assets | 13 | 104.583.197 | 107.532.815 |
| Prepaid Expenses | 17 | 2.794.398 | 3.299.987 |
| Deferred Tax Asset | 22 | 8.203.289 | 6.990.102 |
| 18 | |||
| Other Non-Current Assets Non-Current Assets |
1.625 199.949.135 |
20.871 201.474.246 |
|
| TOTAL ASSETS | 304.275.404 | 305.179.282 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Unaudited | Audited | ||
|---|---|---|---|
| Notes | March 31, 2024 | December 31, 2023 | |
| LIABILITIES | |||
| Current Borrowings | 16.338.643 | 12.752.430 | |
| - Current Borrowings from Third Parties | 16.338.643 | 12.752.430 | |
| - Banks Loans | 7a | 15.300.314 | 11.282.401 |
| - Lease Liabilities | 7b 7a |
64 | - |
| - Issued Debt Instruments Current Portion of Non-Current Borrowings |
1.038.265 11.911.954 |
1.470.029 13.468.831 |
|
| - Current Portion of Non-Current Borrowings from Third Parties | 11.911.954 | 13.468.831 | |
| - Banks Loans | 7a | 2.385.048 | 1.667.801 |
| - Lease Liabilities | 7b | 648.539 | 736.606 |
| - Issued Debt Instruments | 7a | 8.878.367 | 11.064.424 |
| Other Current Financial Liabilities | 7c | 826.957 | 1.242.728 |
| Trade Payables | 37.602.838 | 38.039.427 | |
| - Trade Payables to Related Parties | 24 | 1.718.119 | 1.425.946 |
| - Trade Payables to Third Parties | 35.884.719 | 36.613.481 | |
| Employee Benefit Obligations | 1.341.963 | 1.025.293 | |
| Other Payables | 9 | 23.264.476 | 19.647.196 |
| - Other Payables to Related Parties | 24 | 3.499.890 | 3.671.968 |
| - Other Payables to Third Parties | 19.764.586 | 15.975.228 | |
| Derivative Financial Liabilities | 8 | 281.902 | 321.567 |
| Deferred Income | 17 | 310.404 | 892.028 |
| Current Tax Liabilities Current Provisions |
1.381.191 2.065.645 |
680.338 2.056.838 |
|
| - Current Provisions for Employee Benefits | 879.886 | 995.314 | |
| - Other Current Provisions | 1.185.759 | 1.061.524 | |
| Other Current Liabilities | 18 | 141.742 | 195.570 |
| Current Liabilities | 95.467.715 | 90.322.246 | |
| Non-Current Long-Term Borrowings | 39.391.625 | 41.744.939 | |
| - Non-current Borrowings from Third Parties | 39.391.625 | 41.744.939 | |
| - Banks Loans | 7a | 3.950.078 | 2.270.140 |
| - Lease Liabilities | 7b | 1.336.328 | 1.227.254 |
| - Issued Debt Instruments | 7a | 34.105.219 | 38.247.545 |
| Other Non-Current Financial Liabilities | 7c | - | 98.269 |
| Trade Payables | 2.102 | 2.452 | |
| - Trade Payables to Third Parties | 2.102 | 2.452 | |
| Employee Benefit Obligations | 66.373 | 97.234 | |
| Other Payables | 9 | 13.660 | 12.421 |
| - Other Payables to Third Parties | 13.660 | 12.421 | |
| Derivative Financial Liabilities | 8 | 5.946 | 3.412 |
| Deferred Income Non-Current Provision |
17 | 37.180 1.082.075 |
51.212 1.142.955 |
| - Non-Current Provision for Employee Benefits | 1.082.075 | 1.142.955 | |
| Deferred Tax Liabilities | 22 | 21.597.409 | 22.260.891 |
| Other Non-Current Liabilities | 18 | 827 | 550 |
| Non-Current Liabilities | 62.197.197 | 65.414.335 | |
| Equity Attributable to Equity Holders of the Parent | 72.837.901 | 74.282.697 | |
| Issued Capital | 1 | 592.105 | 592.105 |
| Inflation Adjustment on Capital | 15 | 9.355.195 | 9.355.195 |
| Share Premium (Discount) | 15 | 1.657.675 | 1.657.675 |
| Other Accumulated Comprehensive Income (Loss) that will not be | (240.924) | (243.420) | |
| Reclassified in Profit or Loss | |||
| - Revaluation and Remeasurement Gain/Loss | (240.924) | (243.420) | |
| Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss |
(12.879.093) | (8.291.265) | |
| - Currency Translation Differences | 24.812.296 | 27.642.040 | |
| - Gains (Losses) on Hedge | (37.691.389) | (35.933.305) | |
| Restricted Reserves Appropriated from Profits | 15 | 4.164.777 | 4.164.777 |
| Prior Years' Profits or Losses | 67.047.630 | 41.585.188 | |
| Current Period Net Profit or Losses | 3.140.536 | 25.462.442 | |
| Non-Controlling Interests | 73.772.591 | 75.160.004 | |
| Total Equity | 146.610.492 | 149.442.701 | |
| TOTAL LIABILITIES | 304.275.404 | 305.179.282 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Notes | Unaudited | |||
|---|---|---|---|---|
| January 1 - March 31 2024 |
January 1 - March 31 2023 |
|||
| Revenue | 4 | 43.561.632 | 41.432.663 | |
| Cost of Sales (-) | (27.961.340) | (27.342.585) | ||
| GROSS PROFIT (LOSS) | 15.600.292 | 14.090.078 | ||
| General Administrative Expenses (-) | (3.721.580) | (3.126.133) | ||
| Sales, Distribution and Marketing Expenses (-) | (8.952.940) | (7.711.260) | ||
| Other Income from Operating Activities | 19 | 1.217.578 | 1.022.276 | |
| Other Expenses from Operating Activities (-) | 19 | (1.429.182) | (1.187.730) | |
| PROFIT (LOSS) FROM OPERATING ACTIVITIES |
4 | 2.714.168 | 3.087.231 | |
| Investment Activity Income | 20 | 51.775 | 56.764 | |
| Investment Activity Expenses (-) | 20 | (29.945) | (24.536) | |
| Share of Loss from Investments Accounted for Using Equity Method |
10 | (11.075) | (95.609) | |
| PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) |
4 | 2.724.923 | 3.023.850 | |
| Finance Income | 21 | 3.354.701 | 3.266.311 | |
| Finance Expenses (-) | 21 | (4.008.001) | (4.191.723) | |
| Monetary Gain / (Loss) | 4.059.905 | 4.866.346 | ||
| PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX |
4 | 6.131.528 | 6.964.784 | |
| Tax (Expense) Income, Continuing Operations | 4 | (986.746) | (1.778.142) | |
| - Current Period Tax Expense (-) | (1.947.940) | (1.823.711) | ||
| - Deferred Tax Income (Expense) | 961.194 | 45.569 | ||
| PROFIT/(LOSS) FROM CONTINUING OPERATIONS |
5.144.782 | 5.186.642 | ||
| PROFIT/(LOSS) | 5.144.782 | 5.186.642 | ||
| Profit/(Loss) Attributable to | 5.144.782 | 5.186.642 | ||
| - Non-Controlling Interest | 2.004.246 | 2.161.575 | ||
| - Owners of Parent | 3.140.536 | 3.025.067 | ||
| Earnings / (Loss) Per Share (Full TRL) | 23 | 5,3040 | 5,1090 | |
| Earnings / (Loss) Per Share From Continuing Operations (Full TRL) |
23 | 5,3040 | 5,1090 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Unaudited | |
|---|---|
| January 1- | January 1- |
| March 31, | March 31, |
| 2024 | 2023 |
| 5.144.782 | 5.186.642 |
| Other Comprehensive Income that will not be Reclassified to Profit or Loss | 4.967 | - |
|---|---|---|
| Gains (Losses) on Remeasurements Defined Benefit Plans | 6.623 | - |
| Taxes Relating to Components of Other Comprehensive Income that will not be Reclassified to Other Profit or Loss |
(1.656) | - |
| - Deferred Tax Income (Expense) | (1.656) | - |
| Other Comprehensive Income that will be Reclassified to Profit or Loss | (7.980.879) | (16.680.315) |
| Currency Translation Differences | (5.501.009) | (16.819.289) |
| Other Comprehensive Income (Loss) Related with Cash Flow Hedge | 68.976 | 1.100.210 |
| Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations (Note 25) |
(3.382.796) | (990.031) |
| Taxes Relating to Components of Other Comprehensive Income that will be Reclassified to Other Profit or Loss |
833.950 | 28.795 |
| - Deferred Tax Income (Expense) | 833.950 | 28.795 |
| OTHER COMPREHENSIVE INCOME (LOSS) | (7.975.912) | (16.680.315) |
| TOTAL COMPREHENSIVE INCOME (LOSS) | (2.831.130) | (11.493.673) |
| Total Comprehensive Income (Loss) Attributable to | ||
| - Non-Controlling Interest | (1.386.334) | (5.789.309) |
| - Owners of Parent | (1.444.796) | (5.704.364) |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Oth er A mul ated ccu Com hen sive Inc pre ome that wil l no t be lass ified rec in P rofi t or Lo ss |
Oth er A ccu Com hen sive pre will be recl assi Los |
mul ated Inc tha t ome fied in P rofi t or s |
aine Ret d E |
ings arn |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issu ed Cap ital |
Infl atio n Adj ustm ent on Cap ital |
Sha re Pre miu m/ (Dis nt) cou |
Rev alua tion and Rem ent Gai n/ easu rem (Lo ss) (*) |
Cur ren cy Tra nsla tion Diff eren ces |
Gai ns (Lo ) on sses Hed ge |
Res tric ted Res erve s App riat ed rop from Pro fits |
Prio r Y ' ears Pro fits or ( Los ses) |
Cur t ren Per iod Net Pro fit o r (Lo ss) |
Equ ity Att ribu tabl e to Equ ity H olde rs of t he P t aren |
Non -Co ntro llin g Inte rest s |
Tot al E quit y |
||
| 3) 02 |
Beg inni ng B alan ces |
592 .105 |
9.35 5.19 5 |
1.65 7.67 5 |
(266 ) .362 |
36.5 80.4 99 |
(25. ) 810 .912 |
4.08 0.38 8 |
30.3 63.4 33 |
17.7 01.6 21 |
74.2 53.6 42 |
80.7 66.2 37 |
155 .019 .879 |
| , 2 d 31 io |
Tran sfer s |
- | - | - | - | - | - | - | 17.7 01.6 21 |
(17. 701 .621 ) |
- | - | - |
| er ch P ar s M |
l Co ehen sive (Lo ss) Tota Inc mpr ome |
- | - | - | - | (8.6 44) 84.5 |
(44. ) 887 |
- | - | 3.02 5.06 7 |
(5.7 64) 04.3 |
(5.7 09) 89.3 |
(11. ) 493 .673 |
| ou 1– vi |
Prof it (L oss) |
- | - | - | - | - | - | - | - | 3.02 5.06 7 |
3. 025 .067 |
2.1 61.5 75 |
5. 186 .642 |
| ry re ua P |
ther ehen (Los s) O Co sive Inc mpr ome |
- | - | - | - | (8.6 44) 84.5 |
(44 ) .887 |
- | - | - | (8.7 31) 29.4 |
(7.9 84) 50.8 |
(16. ) 680 .315 |
| an ( J |
ing End Bal anc es |
592 .105 |
9.35 5.19 5 |
1.65 7.67 5 |
(266 .362 ) |
27.8 95.9 55 |
(25. 855 .799 ) |
4.08 0.38 8 |
48.0 65.0 54 |
3.02 5.06 7 |
68.5 49.2 78 |
74.9 76.9 28 |
143 .526 .206 |
| Beg inni ng B alan ces |
592 .105 |
9.35 5.19 5 |
1.65 7.67 5 |
(243 .420 ) |
27.6 42.0 40 |
(35. 933 .305 ) |
4.16 4.77 7 |
41.5 85.1 88 |
25.4 62.4 42 |
74.2 82.6 97 |
75.1 60.0 04 |
149 .442 .701 |
|
| 4) 02 , 2 |
Tran sfer s |
- | - | - | - | - | - | - | 25.4 62.4 42 |
(25. 462 .442 ) |
- | - | - |
| d 31 io er ch |
l Co ehen sive (Lo ss) Tota Inc mpr ome |
- | - | - | 2.49 6 |
(2.8 29.7 44) |
(1.7 58.0 84) |
- | - | 3.14 0.53 6 |
(1.4 44.7 96) |
(1.3 86.3 34) |
(2.8 31.1 30) |
| P ar nt M re 1– ur ry C ua an (J |
rofi t (L oss) P |
- | - | - | - | - | - | - | - | 3.14 0.53 6 |
3.1 40.5 36 |
2.0 04.2 46 |
5.1 44.7 82 |
| O ther Co ehen (Lo ss) sive Inc mpr ome |
- | - | - | 2.49 6 |
(2.8 29.7 44) |
(1.7 58.0 84) |
- | - | - | (4.5 85.3 32) |
(3.3 90.5 80) |
(7.9 75.9 12) |
|
| Div iden ds |
- | - | - | - | - | - | - | - | - | - | (1.0 79) |
(1.0 79) |
|
| End ing Bal anc es |
592 .105 |
9.35 5.19 5 |
1.65 7.67 5 |
(240 .924 ) |
24.8 12.2 96 |
(37. 691 .389 ) |
4.16 4.77 7 |
67.0 47.6 30 |
3.14 0.53 6 |
72.8 37.9 01 |
73.7 72.5 91 |
146 .610 .492 |
(*) Gains (Losses) on Remeasurements of Defined Benefit Plans.
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Unaudited | |||
|---|---|---|---|
| Notes | January 1- March 31, 2024 |
January 1- March 31, 2023 |
|
| CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | (3.596.251) | (1.592.167) | |
| Profit/ (Loss) from Continuing Operation for the Period | 5.144.782 | 5.186.642 | |
| Adjustments to Reconcile Profit (Loss) | (183.885) | (94.149) | |
| Adjustments for Depreciation and Amortization Expense | 4 | 2.415.498 | 2.434.084 |
| Adjustments for Impairment Loss (Reversal) | 27 | 64.117 | 41.499 |
| Adjustments for Provisions | 447.267 | 214.423 | |
| - Adjustments for Provision/(Reversal) for Employee Benefits | 27 | 316.114 | 226.344 |
| - Adjustments for Other Provisions/(Reversals) | 131.153 | (11.921) | |
| Adjustments for Interest (Income) Expenses | 27 | 1.949.215 | 1.143.410 |
| Adjustments for Foreign Exchange Losses (Gains) | (1.324.950) | 405.362 | |
| Adjustments for Fair Value (Gains) Losses | 27 | (66.695) | (127.448) |
| Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method |
10 | 11.075 | 95.609 |
| Adjustments for Tax (Income) Expenses | 986.746 | 1.778.142 | |
| Adjustments for Losses (Gains) on Disposal of Non-Current Assets | 20 | (22.857) | (47.163) |
| Other Adjustments to Reconcile Profit (loss) | 2.776 | (9.057) | |
| Adjustments for Monetary (Gain) Loss | (4.646.077) | (6.023.010) | |
| Change in Working Capital | (6.931.721) | (5.117.136) | |
| Adjustments for Decrease (Increase) in Accounts Receivables | (8.464.274) | (6.214.874) | |
| Adjustments for Decrease (Increase) in Other Receivables Related with Operations | (2.933.488) | (1.661.398) | |
| Adjustments for Decrease (Increase) in Inventories | 3.930.997 | 814.003 | |
| Adjustments for Increase (Decrease) in Trade Accounts Payable | (1.937.687) | 1.540.769 | |
| Adjustments for Increase (Decrease) in Other Operating Payables | 2.472.731 | 404.364 | |
| Cash Flows from (used in) Operations | (1.970.824) | (24.643) | |
| Payments Related with Provisions for Employee Benefits | (129.053) | (188.359) | |
| Income Taxes (Paid) Return | (1.496.371) | (1.254.974) | |
| Other Provisions (Paid) | (3) | (124.191) | |
| CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | (3.283.122) | (4.073.056) | |
| Cash Outflows Arising from Purchase of Shares or Capital Increase of | |||
| Associates and/or Joint Ventures | 10 | (16.616) | - |
| Proceeds from Sales of Property, Plant, Equipment | 666.949 | 143.398 | |
| Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets |
12,13 | (3.119.043) | (3.349.050) |
| Cash (Outflows)/Inflows Related to Purchases for Obtaining Control of Subsidiaries | 27 | (814.412) | - |
| Advances and Funds Given to Related Parties | - | (867.404) | |
| CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | (900.059) | 1.902.840 | |
| Proceeds from Borrowings | 7a | 13.573.479 | 9.180.799 |
| Repayments of Borrowings | 7a | (11.391.132) | (6.025.307) |
| Payments of Lease Liabilities | 7b | (261.706) | (158.788) |
| Cash Inflows from Settlement of Derivative Instruments (Trading) | - | 56.402 | |
| Cash Outflows from Settlement of Derivative Instruments (Trading) | (23.938) | - | |
| Dividend Paid | (1.079) | - | |
| Interest Paid | 7a | (2.989.118) | (1.509.963) |
| Interest Received | 577.351 | 312.958 | |
| Other Inflows (Outflows) of Cash | 27 | (383.916) | 46.739 |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | |||
| BEFORE CURRENCY TRANSLATION DIFFERENCES | (7.779.432) | (3.762.383) | |
| Effect of Currency Translation Differences on Cash and Cash Equivalents | (255.697) | (1.858.902) | |
| MONETARY LOSS ON CASH AND CASH EQUIVALENTS | (692.048) | (675.545) | |
| NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (8.727.177) | (6.296.830) | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 5 | 47.399.692 | 45.157.780 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 5 | 38.672.515 | 38.860.950 |
The accompanying notes form an integral part of these interim condensed consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
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 18.770 (December 31, 2023 – 19.051).
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 May 23, 2024. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue.
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, 2023 - 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, 2023 – 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 ten facilities in Türkiye, twenty-one facilities in other countries for sparkling and still beverages production and three facilities for fruit processing. (December 31, 2023 - ten facilities in Türkiye, twenty facilities in other countries and three facilities for fruit processing). 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 healthy snacks in Türkiye and Trendbox Innovative Solutions Inc., which operates in computer programming.
As of March 31, 2024, and December 31, 2023, the composition of shareholders and their respective percentage of ownership can be summarized as follows:
| March 31, 2024 | December 31, 2023 | ||||
|---|---|---|---|---|---|
| Amount (%) |
Amount | (%) | |||
| AG Anadolu Grubu Holding A.Ş. | 254.891 | 43,05 | 254.891 | 43,05 | |
| AB Inbev Harmony Ltd. | 142.105 | 24,00 | 142.105 | 24,00 | |
| Publicly traded and other | 195.109 | 32,95 | 195.109 | 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. 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.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at March 31, 2024 and December 31, 2023 are as follows:
| Effective Shareholding | ||||||
|---|---|---|---|---|---|---|
| Country | Principal Activity | Segment | And Voting Rights % March 31, |
December | ||
| 2024 | 31, 2023 | |||||
| Subsidiaries: | ||||||
| Efes Breweries International B.V. (EBI) | The Netherlands Managing foreign investments in breweries | Beer Group | 100,00 | 100,00 | ||
| JSC FE Efes Kazakhstan Brewery (Efes Kazakhstan) | Kazakhstan | Production and marketing of beer | Beer Group | 100,00 | 100,00 | |
| International Beers Trading LLP (IBT) | Kazakhstan | Marketing of beer | Beer Group | 100,00 | 100,00 | |
| Efes Vitanta Moldova Brewery S.A. (Efes Moldova) | Moldova | Production and marketing of beer and low alcoholic drinks | Beer Group | 96,87 | 96,87 | |
| JSC Lomisi (Efes Georgia) | Georgia | Production and sales of beer and carbonated soft drinks | Beer Group | 100,00 | 100,00 | |
| PJSC Efes Ukraine (Efes Ukraine) | Ukraine | Production and marketing of beer | Beer Group | 99,94 | 99,94 | |
| Efes Trade BY FLLC (Efes Belarus) | Belarus | Marketing and distribution of beer | Beer Group | 100,00 | 100,00 | |
| Efes Holland Technical Management Consultancy B.V. (EHTMC) |
The Netherlands Leasing of intellectual property and similar products | Beer Group | 100,00 | 100,00 | ||
| AB InBev Efes B.V. (AB InBev Efes) | The Netherlands Investment company | Beer Group | 50,00 | 50,00 | ||
| JSC AB Inbev Efes (1) | Russia | Production and marketing of beer | Beer Group | 50,00 | 50,00 | |
| PJSC AB Inbev Efes Ukraine (1) | Ukraine | Production and marketing of beer | Beer Group | 49,36 | 49,36 | |
| LLC Vostok Solod (2) | Russia | Production of malt | Beer Group | 50,00 | 50,00 | |
| LLC Bosteels Trade (2) | Russia | Selling and distribution of beer | Beer Group | 50,00 | 50,00 | |
| LLC Inbev Trade (2) | Russia | Production of malt | Beer Group | 50,00 | 50,00 | |
| Euro-Asien Brauerein Holding GmbH (Euro-Asien) (1) (5) Germany | Investment company | Beer Group | 50,00 | 50,00 | ||
| Bevmar GmbH (Bevmar) (1) (5) | Germany | Investment company | Beer Group | 50,00 | 50,00 | |
| Efes Pazarlama ve Dağıtım Ticaret A.Ş. (Ef-Pa) (3) | Marketing and distribution company of the Group in | |||||
| Türkiye | Türkiye | Beer Group | 100,00 | 100,00 | ||
| Cypex Co. Ltd. (Cypex) | Northern Cyprus Marketing and distribution of beer | Beer Group | 99,99 | 99,99 | ||
| Efes Deutschland GmbH (Efes Germany) | Germany | Marketing and distribution of beer | Beer Group | 100,00 | 100,00 | |
| Blue Hub Ventures B.V. (Blue Hub) | The Netherlands Investment company | Beer Group | 100,00 | 100,00 | ||
| Efes Brewery S.R.L. (Efes Romania) | Romania | Marketing and distribution of beer | Beer Group | 100,00 | 100,00 | |
| Coca-Cola İçecek A.Ş. (CCİ) (4) | Türkiye | Production and sales of fruit juice concentrates and sales of purees and fresh fruit sales |
Soft Drinks | 50,26 | 50,26 | |
| Coca-Cola Satış ve Dağıtım A.Ş. (CCSD) | Türkiye | Production of Coca-Cola products | Soft Drinks | 50,25 | 50,25 | |
| J.V. Coca-Cola Almaty Bottlers LLP (Almaty CC) | Kazakhstan | Distribution and selling of Coca-Cola, Doğadan and Mahmudiye products |
Soft Drinks | 50,26 | 50,26 | |
| Azerbaijan Coca-Cola Bottlers LLC (Azerbaijan CC) | Azerbaijan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,19 | 50,19 | |
| Coca-Cola Bishkek Bottlers CJSC (Bishkek CC) | Krygyzstan | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,26 | |
| CCI International Holland B.V. (CCI Holland) The Coca-Cola Bottling Company of Jordan Ltd. |
Jordan | The Netherlands Production, distribution and selling of Coca Cola products Investment company of CCİ |
Soft Drinks Soft Drinks |
50,26 50,26 |
50,26 50,26 |
|
| (Jordan CC) Turkmenistan Coca-Cola Bottlers Ltd. |
Turkmenistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 29,90 | 29,90 | |
| (Turkmenistan CC) (6) | ||||||
| Sardkar for Beverage Industry Ltd. (SBIL) | Iraq | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,26 | |
| Waha Beverages B.V. | The Netherlands Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,26 | ||
| Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan) |
Tajikistan | Investment company of CCİ | Soft Drinks | 50,26 | 50,26 | |
| Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Caps Production LLC (Al Waha) |
Iraq | Production, distribution and selling of Coca Cola products | Soft Drinks | 50,26 | 50,26 | |
| Coca-Cola Beverages Pakistan Ltd (CCBPL) | Pakistan | Production, distribution and selling of Coca Cola products | Soft Drinks | 49,92 | 49,92 | |
| Coca-Cola Bottlers Uzbekistan Ltd. (CCBU) CCI Samarkand Limited LLC (Samarkand) |
Uzbekistan Uzbekistan |
Production, distribution and selling of Coca Cola products Production, distribution and selling of Coca Cola products |
Soft Drinks Soft Drinks |
50,26 | 50,26 50,26 |
|
| CCI Namangan Limited LLC (Namangan) | Uzbekistan | Production and sales of fruit juice concentrates and sales of purees and fresh fruit sales |
Soft Drinks | 50,26 50,26 |
50,26 | |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. ve Tic. A.Ş. (Anadolu Etap İçecek) |
Türkiye | Production and sales of purees and fresh fruit sales | Soft Drinks | 55,92 | 55,92 | |
| Anadolu Etap Dış Ticaret Anonim Şirketi CCI Bangladesh Limited (CCBB) (Note 3) |
Türkiye Bangladesh |
Production and sales of purees and fresh fruit sales Production, distribution and selling of Coca Cola products |
Soft Drinks Soft Drinks |
55,92 50,26 |
55,92 - |
|
| Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap) |
Türkiye | Production and sales of purees and fresh fruit sales | Other | 78,58 | 78,58 | |
| Joint Ventures: | ||||||
| Syrian Soft Drink Sales & Dist. LLC (SSDSD) | Syria | Distribution and sales of Coca-Cola products | Soft Drinks | 25,13 | 25,13 | |
| Associates: | ||||||
| Malty Gıda A.Ş. (Malty) | Türkiye | Production, distribution and sales of healthy snack | Beer Group | 25,00 | 25,00 | |
| Trendbox Innovative Solutions A.Ş. (Trendbox) (7) | Türkiye | Computer programming | Beer Group | 20,00 | - |
(1) Subsidiaries that AB Inbev Efes B.V. directly participates.
(2) Subsidiaries of JSC AB Inbev Efes. (3) The Company's beer operations in Türkiye form the Türkiye Beer Operations together with Ef-Pa.
(4) Shares of CCİ are currently traded on BIST.
(5) Liquidation process of Euro-Asien and Bevmar initiated with the BOD decision of AB Inbev Efes B.V. dated December 22, 2021.
(6) Turkmenistan CC is controlled by CCI and is fully consolidated in accordance with TFRS as the Company has control over CCI
(7)Blue Hub has acquired a 20,00% stake in Trendbox Innovative Solutions Inc. by participating the capital increase as of January 15, 2024.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Certain countries, in which consolidated subsidiaries and joint ventures operate, have undergone substantial political and economic changes in recent years. Accordingly, such markets do not possess well-developed business infrastructures and the Group's operations in such countries might carry risks, which are not typically associated with those in more developed markets. Uncertainties regarding the political, legal, tax and/or regulatory environment, including the potential for adverse changes in any of these factors, could significantly affect the commercial activities of subsidiaries and joint ventures.
The Group is closely following the developments in Russia and Ukraine, where the Group has beer operations. The Group has taken all possible precautions to ensure the safety of its employees, as well as its manufacturing facilities and infrastructure security. Accordingly, as of February 24, 2022, breweries were shut down and the sales operations were halted. In the light of the developments in the region, the brewery facilities in Chernihiv and Mykolayiv, in Ukraine restarted production as of October 2022 and May 2023, respectively.
The Group has evaluated the possible effects of the developments in Russia and Ukraine on the financial statements and reviewed the estimates and assumptions used in the preparation of the interim condensed consolidated financial statements. In this context, the Group has not made any significant changes in the estimates of possible impairment in the values of financial assets, inventories, property, plant and equipment, right-of-use assets, deferred tax assets, goodwill and brands in the interim consolidated financial statements as of March 31, 2024, compared to the end of the year.
The consolidated financial statements are prepared in accordance with the Capital Markets Board (CMB)'s "Communiqué on Financial Reporting in Capital Market" Numbered II-14,1 (Communiqué), promulgated in the Official Gazette numbered 28676 dated June 13, 2013 and Turkish Accounting/Financial Reporting Standards (TAS/TFRS) including amendments and interpretations published by Public Oversight Authority (POA) as prescribed in the CMB Communiqué.
The consolidated financial statements are presented in accordance with the specified format in "TFRS Taxonomy Announcement", issued on October 4, 2022 by the POA, and "the Financial Statements Examples and Guidelines for Use", published by the Capital Markets Board (CMB) of Türkiye.
The Company and its Turkish subsidiaries and joint ventures maintain their books of accounts and prepare their statutory financial statements in accordance with TFRS, Turkish Commercial Code ("TCC"), tax legislation, the Uniform Chart of Accounts issued by the Ministry of Finance. The foreign subsidiaries maintain their books of account in accordance with the laws and regulations in force in the countries in which they are registered. These consolidated financial statements have been prepared under historical cost conventions except for financial assets and financial liabilities which are carried at fair value. The consolidated financial statements are based on statutory records, which are maintained under historical cost conventions in foreign operations and indexed cost conventions in domestic operations based on TAS 29, with the required adjustments and reclassifications reflected for the purpose of fair presentation in accordance with TFRS .
In accordance with the TAS, the entities are allowed to prepare a complete or condensed set of interim financial statements in accordance with TAS 34, "Interim Financial Reporting". In this respect, the Group has preferred to prepare condensed consolidated financial statements in the interim periods and prepared the aforementioned interim condensed consolidated financial statements in compliance with CMB Financial Reporting Standards
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Additionally, in accordance with the Communiqué and its explanatory announcements, the collateral, pledge, and mortgage table, the foreign exchange position table, the total export and import amounts, the tax advantages obtained under the investment incentive system, the R&D incentives, and the portion of the total foreign exchange liability that is hedged are presented in the notes to the condensed financial statements (Notes 16, 22, 25).
The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2023.
With the announcements made by the Public Oversight Accounting and Auditing Standards Authority (POA) on November 23, 2023, entities applying TFRSs have started to apply inflation accounting in accordance with TAS 29 Financial Reporting in Hyperinflation Economies as of financial statements for the annual reporting period ending on or after March 31, 2024. TAS 29 is applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy.
According to the standard, financial statements prepared in the currency of a hyperinflationary economy are presented in terms of the purchasing power of that currency at the balance sheet date. Prior period financial statements are also presented in the current measurement unit at the end of the reporting period for comparative purposes. The Group has therefore presented its consolidated financial statements as of March 31, 2023, and December 31, 2023 on the purchasing power basis as of March 31, 2024.
In accordance with the CMB's decision dated December 28, 2023, and numbered 81/1820, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by applying the provisions of TAS 29 to their annual financial statements for the accounting periods ending on December 31, 2023.
The restatements in accordance with TAS 29 have been made using the adjustment factor derived from the Consumer Price Index ("CPI") in Türkiye published by the Turkish Statistical Institute. As of March 31, 2024, the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows:
| Adjustment | |||
|---|---|---|---|
| Dates | Index | Coefficent | Three-Year Compound Inflation Rate |
| March 31, 2024 | 2.139,47 | 1,00000 | 211% |
| December 31, 2023 | 1.859,38 | 1,15064 | 268% |
| March 31, 2023 | 1.269,75 | 1,68495 | 152% |
The main components of Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows:
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Functional and reporting currency of the Company and its subsidiaries, located in Türkiye is Turkish Lira.
| Functional Currency | ||||
|---|---|---|---|---|
| Subsidiary | Local Currency | 2024 | 2023 | |
| EBI | European Currency (EUR) | USD | USD | |
| JSC AB Inbev Efes | Russian Ruble (RUR) | RUR | RUR | |
| PJSC AB Inbev Efes Ukraine | Ukraine Hryvnya (UAH) | UAH | UAH | |
| AB InBev Efes B.V. | European Currency (EUR) | USD | USD | |
| Efes Kazakhstan | Kazakh Tenge (KZT) | KZT | KZT | |
| Efes Moldova | Moldovan Leu (MDL) | MDL | MDL | |
| Efes Georgia | Georgian Lari (GEL) | GEL | GEL | |
| EHTMC | European Currency (EUR) | USD | USD | |
| Efes Germany | European Currency (EUR) | EUR | EUR | |
| Efes Romania | Romanian Leu (RON) | RON | RON | |
| Efes Belarus | Belarusian Ruble (BYR) | BYR | BYR | |
| Almaty CC | Kazakh Tenge (KZT) | KZT | KZT | |
| Azerbaijan CC | Azerbaijani Manat (AZN) | AZN | AZN | |
| Turkmenistan CC | Turkmenistan Manat (TMT) | TMT | TMT | |
| Bishkek CC | Kyrgyz Som (KGS) | KGS | KGS | |
| TCCBCJ | Jordan Dinar (JOD) | JOD | JOD | |
| SIBL | Iraqi Dinar (IQD) | IQD | IQD | |
| CCBPL | Pakistan Rupee (PKR) | PKR | PKR | |
| CCI Holland | European Currency (EUR) | USD | USD | |
| Waha B.V. | European Currency (EUR) | USD | USD | |
| Al Waha | Iraqi Dinar (IQD) | IQD | IQD | |
| Tacikistan CC | Tajikistani Somoni (TJS) | TJS | TJS | |
| CCBU | Uzbekistan Som (UZS) | UZS | UZS | |
| CCBB | Bangladeshi Taka (BDT) | BDT | - |
Due to higher beverage consumption during the summer season, the interim condensed consolidated financial results may include the effects of the seasonal variations. Therefore, the results of business operations for the first three months up to March 31, 2024 may not necessarily constitute an indicator for the results to be expected for the overall fiscal year.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Preparation of consolidated financial statements requires management to make estimations and assumptions which may affect the reported amounts of assets and liabilities as of the statement of financial position date, the disclosure of contingent assets and liabilities and the reported amounts of income and expenses during the financial period. The accounting assessments, estimates and assumptions are reviewed considering past experiences, other factors, and reasonable expectations about future events under current conditions. Although the estimations and assumptions are based on the best estimates of the management's existing incidents and operations, they may differ from the actual results. There has not been any change in accounting estimates compared to year end.
Standards, amendments, and interpretations applicable as of March 31, 2024:
Amendment to TFRS 16 – Leases on sale and leaseback; effective from annual periods beginning on or after January 1, 2024. These amendments include requirements for sale and leaseback transactions in TFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted.
Amendment to TAS 1 – Non-current liabilities with covenants; effective from annual periods beginning on or after January 1, 2024. These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions.
Amendments to TAS 7 and TFRS 7 on Supplier finance arrangements; effective from annual periods beginning on or after January 1, 2024. These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB's response to investors' concerns that some companies' supplier finance arrangements are not sufficiently visible, hindering investors' analysis.
TFRS S1, 'General requirements for disclosure of sustainability-related financial information; effective from annual periods beginning on or after January 1, 2024. This standard includes the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity's value chain.
TFRS S2, 'Climate-related disclosures'; effective from annual periods beginning on or after January 1, 2024. This is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.
The Group is assessing the implications of these changes on the consolidated financial statements.
Amendments to TFRS 17, 'Insurance Contracts'; effective from annual periods beginning on or after January 1, 2023. This standard replaces TFRS 4, which permited a wide variety of practices in accounting for insurance contracts. TFRS 17 will fundamentally change the accounting by all entities that issue insurance contracts. The implementation date of TFRS 17 has been postponed to January 1, 2025, by POA.
Amendments to TAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after January 1, 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations
These changes are not expected to have a material impact on the consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
As of February 20, 2024, the Group has acquired 100% of the share capital representing CCBB for a total enterprise value of 130 million USD, to be calculated by subtracting the estimated net financial debt as at the finalization of transaction. The share price is subject to a price adjustment mechanism, and it will be recalculated upon the finalization of CCBB's net financial debt as at the transaction date through an independent audit to be conducted.
| CCBB | |
|---|---|
| Net Book Value | |
| Cash and cash equivalents | 91.606 |
| Trade receivables and payables | 15.664 |
| Inventories | 956.550 |
| Property, plant and equipment | 3.725.381 |
| Right-of-use assets | 21.580 |
| Other current and non-current assets | 222.360 |
| Total Assets | 5.033.141 |
| Deferred tax liabilities | 142.648 |
| Borrowings | 2.208.631 |
| Lease liabilities | 21.580 |
| Trade payables | 724.310 |
| Other current and non-current liabilities | 399.469 |
| Total Liabilities | 3.496.638 |
| Net assets / (liabilities) | 1.536.503 |
| Total acqusition cost(*) | (1.821.463) |
| Net assets/(liabilities) attributable to the group's consolidated portion | 1.536.503 |
| Goodwill recognized through business combination | (284.960) |
(*) The purchase price has been calculated as TRL 4.009.044, and after deducting company debt of TRL 2.187.581 from this amount, the acquisition cost has been determined to be TRL 1.821.463.
None.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The management monitors the operating results of its two business units separately for the purpose of making decisions about the resource allocation and performance assessment. The two operating segments are Beer Operations (Beer Group) and Soft Drinks Operations (Soft Drinks).
Segment performance is evaluated based on "EBITDA Before Non-Recurring Items" (EBITDA BNRI) which is calculated excluding profit from discontinued operations and the following effects from profit from continuing operations attributable to our equity holders:
(i) non-controlling interest, (ii) tax (expense)/income, (iii) share of gain/(loss) of investments accounted using equity method, (iv) financial income/(expense), (v) investment activity income/(expense) (vi) foreign exchange gains/(losses) arising from operating activities (vii) depreciation, amortization, and other non- cash items and (viii) non-recurring items associated with Profit/Loss from Operating Activities. Non-recurring items are either income or expenses which do not occur regularly as part of the normal activities of the Group.
EBITDA BNRI is not an accounting measure under TFRS accounting and does not have a standard calculation method however it has been considered as the optimum indicator for the evaluation of the performance of the operating segments by considering the comparability with the entities in the same business.
The Group's segment reporting in accordance with TFRS 8 is disclosed as follows:
| January 1 – March 31, 2024 | Beer | Soft | Other(1)and | |
|---|---|---|---|---|
| Group | Drinks | Eliminations | Total | |
| Net sales | 16.204.191 | 27.229.898 | 133.948 | 43.568.037 |
| Inter-segment sales | - | (473) | (5.932) | (6.405) |
| Revenue | 16.204.191 | 27.229.425 | 128.016 | 43.561.632 |
| EBITDA BNRI | 1.094.711 | 4.463.828 | (46.014) | 5.512.525 |
| Impairment losses | - | (5.482) | - | (5.482) |
| Reversals of impairment losses | - | 4.455 | - | 4.455 |
| Financial Income / (Expense) | 507.279 | (1.145.034) | (15.545) | (653.300) |
| Tax Income / (Expense) | 723.077 | (1.875.246) | 165.423 | (986.746) |
Capital expenditures 832.549 2.232.146 54.348 3.119.043 (1) Presents group consolidation adjustments and the financial statement of Anadolu Etap.
| Beer | Soft | Other(1)and | ||
|---|---|---|---|---|
| January 1 – March 31, 2023 | Group | Drinks | Eliminations | Total |
| Net sales | 14.983.098 | 26.450.424 | - | 41.433.522 |
| Inter-segment sales | - | (859) | - | (859) |
| Revenue | 14.983.098 | 26.449.565 | - | 41.432.663 |
| EBITDA BNRI | 1.601.740 | 4.399.054 | 7 | 6.000.801 |
| Impairment losses | - | (17.117) | - | (17.117) |
| Reversals of impairment losses | - | 2.182 | - | 2.182 |
| Financial Income / (Expense) | (157.497) | (767.884) | (31) | (925.412) |
| Tax Income / (Expense) | (353.292) | (1.431.395) | 6.545 | (1.778.142) |
| Capital expenditures | 1.190.473 | 2.158.640 | (63) | 3.349.050 |
(1) Presents group consolidation adjustments.
As of March 31, 2024, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 32% and 40% respectively (March 31, 2023- 30% and 37% respectively).
As of March 31, 2024, the portion of Russia and Ukraine geographical area in the consolidated net revenue and total assets is 25% and 24% respectively (March 31, 2023- 24% and 26% respectively).
As of March 31, 2024, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 15% and 10% respectively (March 31, 2023- 17% and 10% respectively).
As of March 31, 2024, the portion of Pakistan geographical area in the consolidated net revenue and total assets is 8% and 5% respectively (March 31, 2023- 10% and 4% respectively).
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 | Beer Group |
Soft Drinks |
Other (1)and Eliminations |
Total |
|---|---|---|---|---|
| Segment assets | 116.486.159 | 131.636.585 | 56.152.660 | 304.275.404 |
| Segment liabilities | 63.833.572 | 80.549.201 | 13.282.139 | 157.664.912 |
| Investments Accounted for Using Equity Method |
15.880 | - | - | 15.880 |
| December 31, 2023 | Beer Group |
Soft Drinks |
Other (1)and Eliminations |
Total |
| Segment assets | 121.942.977 | 126.752.183 | 56.484.122 | 305.179.282 |
| Segment liabilities | 67.408.026 | 75.025.416 | 13.303.139 | 155.736.581 |
| Investments Accounted for Using Equity Method |
564 | - | - | 564 |
(1) Presents group consolidation adjustments and the financial statement of Anadolu Etap.
Reconciliation of EBITDA BNRI to the consolidated Profit from Continuing Operations and its components as of March 31, 2024 and 2023 are as follows:
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| EBITDA BNRI | 5.512.525 | 6.000.801 |
| Depreciation and amortization expenses | (2.415.498) | (2.434.084) |
| Provision for retirement pay liability | (82.632) | (65.275) |
| Provision for vacation pay liability | (176.598) | (106.266) |
| Foreign exchange gain/loss from operating activities | (34.477) | (273.606) |
| Rediscount income/expense from operating activities | (10.974) | (30) |
| Non-recurring items | (24.877) | - |
| Other | (53.301) | (34.309) |
| PROFIT (LOSS) FROM OPERATING ACTIVITIES | 2.714.168 | 3.087.231 |
| Investment Activity Income | 51.775 | 56.764 |
| Investment Activity Expenses (-) | (29.945) | (24.536) |
| Income/(Loss) from Associates | (11.075) | (95.609) |
| PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) |
2.724.923 | 3.023.850 |
| Finance Income | 3.354.701 | 3.266.311 |
| Finance Expenses (-) | (4.008.001) | (4.191.723) |
| Monetary Gain/ (Loss) | 4.059.905 | 4.866.346 |
| PROFIT (LOSS) FROM CONTINUING OPERATIONS | 6.131.528 | 6.964.784 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 |
December 31, 2023 |
|
|---|---|---|
| Cash on hand | 30.044 | 38.149 |
| Bank accounts | ||
| - Time deposits | 31.122.489 | 39.714.028 |
| - Demand deposits | 7.343.399 | 7.393.157 |
| Cheques | 79.503 | - |
| Other | 97.080 | 254.358 |
| Cash and cash equivalents in cash flow statement | 38.672.515 | 47.399.692 |
| Expected credit loss (-) | (203) | (234) |
| Interest income accrual | 67.629 | 89.651 |
| 38.739.941 | 47.489.109 |
As of March 31, 2024, annual interest rates of the TRL denominated time deposits are between 42,00% and 50,00% and have maturity between 1-62 days (December 31, 2023 - 38,00% - 45,00%; maturity between 2-12 days). Annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency denominated time deposits vary between 0,50% and 20,50% and have maturity between 1-220 days (December 31, 2023– annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency time deposits vary between 0,01% - 20,50%; maturity between 1-79 days).
As of March 31, 2024, other items contains credit card receivables amounting to TRL 97.080 (December 31, 2023 – TRL 253.804). As of March 31, 2024, the Group has designated its bank deposits amounting to TRL 1.157.917, equivalent of thousands USD 35.000 and thousands EUR 745 for the future raw material purchases, operational and interest expense related payments. (December 31, 2023 – TRL 1.241.768, equivalent of thousands USD 35.000, thousands EUR 1.500).
| March 31, | December 31, | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Currency linked deposits | 339.205 | 353.150 | |
| Time deposits with maturity more than three months | 97 | 102 | |
| Restricted cash | 283.131 | 79.122 | |
| Investment funds | 30.144 | - | |
| 652.577 | 432.374 |
The interest rate of currency linked deposit is 35,00%. (December 31, 2023 –35,00%).
As of March 31, 2024, time deposits with maturities over 3 months are composed of USD with 88 days' remaining maturity and have 2,25% interest rate for USD (As of December 31, 2023, time deposits with maturities over 3 months are composed of USD with 179 day's remaining maturity and have 2,25% interest rate for USD).
The restricted bank balance is the blocked amount held in banks for the purpose of securing letters of credit in Uzbekistan and Pakistan and for offsetting withholding tax in the Netherlands.
The fair value differences of investment funds are recognized in the consolidated statement of profit or loss.
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Current Bank Loans (Third Parties) | 15.300.314 | 11.282.401 |
| Current Issued Debt Instruments (Third Parties) | 1.038.265 | 1.470.029 |
| Current Portion of Bank Loans (Third Parties) | 2.385.048 | 1.667.801 |
| Current Portion of Issued Debt Instruments (Third Parties) | 8.878.367 | 11.064.424 |
| Non-current Bank Loans (Third Parties) | 3.950.078 | 2.270.140 |
| Non-current Issued Debt Instruments (Third Parties) | 34.105.219 | 38.247.545 |
| 65.657.291 | 66.002.340 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
As of March 31, 2024, total borrowings consist of principal amounting to TRL 63.841.913 (December 31, 2023 – TRL 63.703.127) and interest expense accrual amounting to TRL 1.815.378(December 31, 2023 – TRL 2.299.213). As of March 31, 2024, and December 31, 2023, total amount of borrowings and the effective interest rates are as follows:
| 31 202 4 Ma rch , |
ber 31 202 3 De cem , |
|||||
|---|---|---|---|---|---|---|
| Am nt ou |
ig We hte d a ver age fix ed rat e |
We ig hte d a ver age flo ati rat ng e |
A m t oun |
We ig hte d a ver age fix ed rat e |
ig hte d a flo atin We ate ver age g r |
|
| Cu nt Bo win rre rro gs |
||||||
| TR L d min d b ing ate eno orr ow s |
1 1. 4 6 6. 8 1 1 |
4 6, 25 % |
- | 9. 0 0 9. 9 6 1 |
3 3 9 % 7, |
- |
| For eig den ina ted bo win ( US D) n c urr enc y om rro gs |
3 17 0 6 6 |
% 6, 4 8 |
- | 1. 5 6 8 |
% 3, 0 0 |
- |
| For eig den ina ted bo win ( EU R) n c urr enc y om rro gs |
8 4 1. 3 4 6 |
% 7, 1 2 |
- | 1. 5 1 6. 45 4 |
7, 25 % |
- |
| Fo rei den ina ted bo win ( Oth er) gn cur ren cy om rro gs |
3. 7 1 3. 3 5 6 |
1 2, 3 1 % |
K ibo 0, 0 4 % r- |
2. 2 2 4. 4 47 |
1 6, 6 1 % |
i bo K 0, 0 % r+ |
| 1 6. 3 3 8. 5 7 9 |
1 2. 7 5 2. 4 3 0 |
|||||
| Cu Po rtio f N t B ing nt rre n o on- cur ren orr ow s |
||||||
| L d min d b ing TR ate eno orr ow s |
5. 25 4. 0 8 3 |
2 2, 3 5 % |
- | 5. 6 5 1. 2 8 8 |
1 9, 7 4 % |
- |
| eig den ina ted bo win ( D) For US n c urr enc om rro gs y |
5. 0 9 1. 0 5 0 |
4, 25 % |
L ibo 2, 5 0 % r+ |
5. 5 4 6. 7 5 1 |
4, 2 9 % |
L i bo 2, 5 0 % r+ |
| eig den ina ted bo win ( R) For EU n c urr enc om rro gs y |
8 7 3. 7 1 9 |
- | Eu ibo 1, 7 4 % r+ r |
1. 4 47 8 9 1 |
- | Eu i bo 2, 1 2 % r+ r |
| eig den ina ted bo win ( Oth er) For n c urr enc om rro gs y |
4 4. 5 6 3 |
1 4, 2 6 % |
- | 8 6. 2 9 5 |
% 1 4, 27 |
- |
| 1 1. 2 6 3. 4 15 |
1 2. 7 3 2. 2 25 |
|||||
| To tal |
27 6 0 1. 9 9 4 |
25 4 8 4. 6 5 5 |
||||
| No Bo win ent n-c urr rro gs |
||||||
| TR L d min d b ing ate eno orr ow s |
4. 3 0 3. 9 9 7 |
4 6, 6 6 % |
- | 4. 6 4 4. 15 8 |
4 6, 7 8 % |
- |
| Fo rei den ina ted bo win ( US D) gn cur ren cy om rro gs |
3 2. 27 4. 9 8 4 |
3, 9 7 % |
- | 3 3. 8 3 8. 9 2 2 |
3, 9 7 % |
- |
| rei den ina ted bo win ( R) Fo EU gn cur ren cy om rro gs |
1. 0 7 8. 6 8 1 |
Eu ibo 1, 6 0 % r+ r - |
1. 6 1 9. 2 3 8 |
- | Eu i bo 1, 7 1 % r+ r |
|
| Oth er |
3 9 7. 6 3 5 |
1 3, 2 1 % |
- | 4 15 3 6 7 |
1 3, 2 1 % |
- |
| To tal |
3 8. 0 5 5. 2 9 7 |
4 0. 5 17 6 8 5 |
||||
| Gr and To tal |
6 5. 6 5 7. 2 9 1 |
6 6. 0 0 2. 3 4 0 |
As of March 31, 2024 and December 31, 2023, the Group has fulfilled its financial commitments arising from its borrowings.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Maturity of non-current borrowings are scheduled as follows:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Between 1-2 years | 5.009.117 | 5.640.070 |
| Between 2-3 years | 519.587 | 793.122 |
| Between 3-4 years | 345.490 | 301.328 |
| Between 4-5 years | 32.142.656 | 16.987.364 |
| 5 years and more | 38.447 | 16.795.801 |
| 38.055.297 | 40.517.685 |
The movement of borrowings as of March 31, 2024 and 2023 is as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance at January 1 | 66.002.340 | 69.519.249 |
| Addition through subsidiary acquired (Note 3) | 2.208.631 | - |
| Proceeds from Borrowings | 13.573.479 | 9.180.799 |
| Repayments of Borrowings (-) | (11.391.132) | (6.025.307) |
| Interest and Borrowing Expense (Note 21) | 2.483.202 | 1.552.051 |
| Interest Paid (-) | (2.989.118) | (1.509.963) |
| Foreign exchange (gain)/loss | 3.867.016 | 1.608.703 |
| Currency Translation Differences | (772.122) | (1.022.473) |
| Monetary (gain)/loss | (7.325.006) | (7.154.815) |
| Balance at March 31 | 65.657.291 | 66.148.244 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Current Lease Liabilities (Third Parties) | 64 | - |
| Current Portion of Lease Liabilities (Third Parties) | 648.539 | 736.606 |
| Non-current Lease Liabilities (Third Parties) | 1.336.328 | 1.227.254 |
| 1.984.931 | 1.963.860 |
The movement of lease liabilities as of March 31, 2024 and 2023 is as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance at January 1 | 1.963.860 | 1.715.284 |
| Additions | 24.177 | 218.179 |
| Repayments (-) | (261.706) | (158.788) |
| Disposals (-) | (1.716) | (8.143) |
| Interest expense (Note 21) | 81.549 | 63.083 |
| Amendments to leasing | 389.660 | (5.239) |
| Foreign exchange (gain)/loss | 1.563 | 11.178 |
| Addition through subsidiary acquired (Note 3) | 21.580 | - |
| Currency translation differences | (85.975) | (218.108) |
| Monetary (gain)/loss | (148.061) | (51.969) |
| Balance at March 31 | 1.984.931 | 1.565.477 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Current Credit Card Payables | 826.957 | 1.242.728 |
| Non-current Credit Card Payables | - | 98.269 |
| 826.957 | 1.340.997 |
The book values of derivative instruments as of March 31, 2024, and December 31, 2023, are as follows:
| Beer Group | Soft Drinks | Other | Total | |
|---|---|---|---|---|
| March 31, 2024 | (52.658) | 9.895 | (2.909) | (45.672) |
| December 31, 2023 | 27.932 | (122.532) | (1.236) | (95.836) |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The details of derivatives instruments for Beer Operations as of March 31, 2024 is as follows:
| No mi nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in the St of the nt ate nt cou me Fin ial siti Po anc on |
He dg e I nef fec tiv ene ss niz in ofi Re ed Pr t o r L cog oss |
ity Ma tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : |
||||||
| Cu for rds rre ncy wa : |
||||||
| -US D/ TR L |
1.04 4.4 33 |
32, 4 m illio SD n U |
1.6 17 |
iva tive Der Ins trum ent s |
- | Ap ril- Au t 20 24 gus |
| R/T -EU RL |
549 .87 6 |
15,8 mi llio n E UR |
( 2.5 89) |
Ap ril - Au t 20 24 gus |
||
| -US D/R UR |
5.6 00. 730 |
illio 173 ,5 m n U SD |
( ) 53. 180 |
iva tive Der Ins trum ent s |
- | ril – ber Ap De 20 24 cem |
| R/R -EU UR |
1.73 40 7.7 |
49, 9 m illio n E UR |
942 | iva tive Der Ins trum ent s |
- | Ap ril - ber 20 24 De cem |
| Co odi ty s mm wap s: |
||||||
| - A lum iniu m |
439 .14 1 |
5.9 92 ton s |
2.6 26 |
iva tive Der Ins trum ent s |
- | ril – Ap Au t 20 24 gus |
| De riv ati t h eld fo r h edg ing ves no : Cu fo ard rre ncy rw s: |
||||||
| -US D/R UR |
134 .93 9 |
mi llio 4,2 n U SD |
( 0) 1.59 |
iva tive Der Ins trum ent s |
- | Ap ril – De ber 20 24 cem |
| R/R -EU UR |
673 .58 1 |
19,4 mi llio n E UR |
( 484 ) |
Der iva tive Ins trum ent s |
- | Ap ril – ber De 20 24 cem |
| 10. 180 .44 0 |
( 52. 658 ) |
|||||
| De riv ati he ld for he dg ing ves : t in he dge Ne tm ent ves |
- | 50 0 m illio n U SD |
( 16. 171 .80 0) |
Bor ing row s |
- | Jun e 20 28 |
| Ca sh flo w h edg e ed h De sig nat cas - U SD /TR L /M - E UR DL |
- - |
mil lion 35 US D 0,7 mi llio n E UR |
1.12 9.9 89 25. 928 |
Cas h an d C ash Eq uiv alen ts h an d C ash uiv alen Cas Eq ts |
- - |
ber mb Sep – D er 2 024 tem ece Ap ril – Jul 202 4 y |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The details of derivatives instruments for Soft Drink Operations as of March 31, 2024 is as follows:
| No mi nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in the St nt ate nt cou me of the Fi nci al P osi tio na n |
He dg e I nef fec tiv ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : |
||||||
| sh flo w h edg Ca e |
||||||
| odi Co ty s mm wap s: |
||||||
| lum - A iniu m |
1.79 4.8 81 |
23. 427 to n |
( 1.16 4) |
riv ativ De e In stru nts me |
- | ril ber Ap 202 4 - De 20 25 cem |
| - S uga r |
1.38 9.3 00 |
91. 650 ton |
142 .53 6 |
riv ativ De e In stru nts me |
- | ril ber Ap 202 4 - De 20 25 cem |
| x f ard ( hed ing cha e ri sk) F rat orw g ex nge |
3.2 28. 540 |
100 mi llio SD n U |
906 77. |
riv ativ De e In stru nts me |
- | ber Sep 20 24 tem |
| Fai alu e h edg / ( liab ilit ies ) ets r v e re ser ve ass |
4.8 42. 810 |
15 0 m illio n U SD |
( 209 .38 3) |
De riv ativ e In stru nts me |
- | Sep ber 20 24 tem |
| 11. 255 .53 1 |
9.8 95 |
|||||
| De riv ati he ld for he dg ing ves : |
||||||
| Ne t in he dge tm ent ves |
- | 500 mi llio n U SD |
( 16. 171 .80 0) |
Bo win rro gs |
- | Jan 202 9 uar y |
| Ne t in he dge tm ent ves |
- | 150 mi llio SD n U |
( 4.8 51. 540 ) |
Bo win rro gs |
- | Sep ber 20 24 tem |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The details of derivatives instruments for Beer Operations as of December 31, 2023 is as follows:
| mi No nal Va lue |
Co ntr act Am nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
in St of Ac nt the ate nt the cou me Fin ial Po siti anc on |
nef fec tiv He dg e I ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : Ca sh flo w h edg e |
||||||
| for rds Cu rre ncy wa : |
||||||
| -EU R/T RL |
1.8 19.6 95 |
48, 6 m illi EU R on |
24. 270 |
De riv ativ e In stru nts me |
- | Jan M 202 4 uar y - ay |
| D/ -US TR L |
1.5 37. 823 |
illi 45, 4 m US D on |
( 19.9 65) |
riv ativ De e In stru nts me |
- | Jan Au t 20 24 uar gus y – |
| Co odi ty s mm wap s: |
||||||
| lum - A iniu m |
616 .02 8 |
7.7 87 ton s |
23. 627 |
riv ativ De e In stru nts me |
- | ber Jan De 20 24 uar y - cem |
| 3.9 73. 546 |
27. 932 |
|||||
| De riv ati he ld for he dg ing ves : Ne t in he dge tm ent ves |
- | 500 mi llio n U SD |
( 16.9 66. 935 ) |
Bo win rro gs |
- | Jun e 2 028 |
| Ca sh flo w h edg e ed h De sig nat cas - U SD /TR L /M - E UR DL |
- - |
35 mi llio n U SD illi 1, 5 m EU R on |
1.18 5.5 47 56. 221 |
Ca sh and Ca sh Eq uiv ale nts sh and sh uiv ale Ca Ca Eq nts |
- - |
Sep ber - D mb er 2 024 tem ece rch uly Ma – J 20 24 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The details of derivatives instruments for Soft Drink Operations as of December 31, 2023 is as follows:
| No mi nal Va lue |
Co Am ntr act nts ou or Qu itie ant s |
Ca ing Am nt rry ou As /( Lia bil ity ) set |
Ac in St nt the ate nt cou me of the Fi nci al P osi tio na n |
nef fec tiv He dg e I ene ss Re niz ed in Pr ofi r L t o cog oss |
Ma ity tur |
|
|---|---|---|---|---|---|---|
| De riv ati he ld for he dg ing ves : |
||||||
| Ca sh flo w h edg e |
||||||
| Co odi ty s mm wap s: |
||||||
| - A lum iniu m |
1.8 23. 507 |
22. 580 ton s |
31. 677 |
De riv ativ e In stru nts me |
- | Jan 202 4 - De ber 20 25 uar y cem |
| - S uga r |
1.4 15. 139 |
89. 650 ton s |
131 .97 4 |
De riv ativ e In stru nts me |
- | Jan 202 4 - De ber 20 25 uar y cem |
| x f ard ( hed ing cha e ri sk) F rat orw g ex nge |
1.6 93. 639 |
50 mi llio SD n U |
14. 754 |
riv ativ De e In stru nts me |
- | Sep ber 20 24 tem |
| Fai alu e h edg / ets r v e re ser ve ass ( liab ilit ies ) |
5.0 80. 916 |
150 mi llio n U SD |
( 300 .93 7) |
De riv ativ e In stru nts me |
- | Sep ber 20 24 tem |
| 10. 013 .20 1 |
( 122 .53 2) |
|||||
| riv ati ing De he ld for he dg ves : |
||||||
| Ne t in he dge tm ent ves |
- | US D 5 00 mi llio n |
( 16. 171 .80 0) |
Bo win rro gs |
- | Jan 202 9 uar y |
| Ne t in he dge tm ent ves |
- | US D 150 mi llio n |
( 4.8 51. 540 ) |
Bo win rro gs |
- | Sep ber 20 24 tem |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Receivables from related parties (Note 24) | 240.445 | 115.942 |
| Sublease receivables from related parties (1) (Note 24) | 148.371 | 159.587 |
| Due from personnel | 124.231 | 99.336 |
| Receivables from government institution | 119.287 | 48.312 |
| Deposits and guarantees given | 9.767 | 9.847 |
| Other | 106.488 | 96.689 |
| 748.589 | 529.713 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deposits and guarantees given | 156.138 | 155.774 |
| Sublease receivables from related party (Note 24) (1) | 23.055 | 38.286 |
| Receivables from government institution | 15.788 | 264.242 |
| 194.981 | 458.302 |
(1) Subleases from related parties has been recorded according to TFRS 16 which are related with the management building and leased on behalf of the parent company AG Anadolu Group A.Ş. and the subsidiaries.
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Taxes other than income taxes | 8.909.056 | 6.595.709 |
| Other current payables to related parties (Note 24) | 3.499.890 | 3.671.968 |
| Deposits and guarantees taken | 3.056.048 | 2.273.678 |
| Dividends payable | 265.053 | 318.524 |
| Payables related to acquisitions at obtaining control of subsidiaries | 915.441 | - |
| Payables related to share changes in subsidiaries that do not result in loss of control |
6.457.080 | 6.774.554 |
| Other | 161.908 | 12.763 |
| 23.264.476 | 19.647.196 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deposits and guarantees taken | 13.660 | 12.421 |
| 13.660 | 12.421 |
| March 31, 2024 | December 31, 2023 | ||||
|---|---|---|---|---|---|
| Ownership | Carrying Value | Ownership | Carrying Value | ||
| SSDSD (1) | 25,13% | - | 25,13% | - | |
| Malty Gıda A.Ş. | 25,00% | 477 | 25,00% | 564 | |
| Trendbox | 20,00% | 15.403 | - | - | |
| 15.880 | 564 |
The movement of investments accounted for using equity method as of March 31, 2024 and 2023 are as follows:
| 2024 | 2023 | |
|---|---|---|
| Balance at January 1 | 564 | 508.196 |
| Gain/(loss) from equity method investment | (11.075) | (95.609) |
| Share acquisition | 16.616 | - |
| Other | 9.775 | 15.899 |
| Balance at March 31 | 15.880 | 428.486 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
For the three-month periods ended March 31, 2024 and 2023, movement on right use of asset are as follows:
| Ad d it ion hr h t ou g |
||||||||
|---|---|---|---|---|---|---|---|---|
| Ne t Bo k V lue o a |
Am dm ts en en |
id iar ire bs d su ac q y u |
Cu ion tra lat rre nc ns y |
Ne t Bo k V lue o a |
||||
| Cu nt rre ea r y |
1, 2 0 2 4 Ja nu ary |
Ad it ion d s |
ing to Le as |
isp D ls, t osa ne |
Am iza ion ort t |
( 3 ) No te |
i f fer d et en ces , n |
3 1, 2 0 2 4 M h ar c |
| La nd |
1. 1 3 3. 6 7 6 |
5. 0 6 8 |
3 8 2. 5 2 9 |
( 1. 3 4 3 ) |
( 1 3. 5 0 3 ) |
- | ( 2. 0 8 7 ) |
1. 5 0 4. 3 4 0 |
| Bu ild ing s |
6 8 9. 7 2 0 |
3. 8 4 6 |
7. 1 3 1 |
- | ( 4 1. 2 0 6 ) |
2 1. 5 8 0 |
( 4 7. 3 6 8 ) |
6 3 3. 7 0 3 |
| M h ine d e ip nt ac ry an q u me |
4 6. 8 1 6 |
- | - | - | ( 9. 2 5 9 ) |
- | ( 2. 8 3 8 ) |
3 4. 7 1 9 |
| Ve h ic les |
4 7 8. 5 2 5 |
1 5. 2 6 3 |
- | ( 5 2 3 ) |
( 7 0. 7 0 2 ) |
- | ( 2 6. 8 5 7 ) |
3 9 5. 7 0 6 |
| Ot he r |
8 0 2 |
- | - | - | ( 8 5 ) |
- | ( 4 7 ) |
6 7 0 |
| 2. 3 4 9. 5 3 9 |
2 4. 1 7 7 |
3 8 9. 6 6 0 |
( 1. 8 6 6 ) |
( 1 3 4. 7 5 5 ) |
2 1. 5 8 0 |
( 7 9. 1 9 7 ) |
2. 5 6 9. 1 3 8 |
| Ne Bo k V lue t o a |
Am dm ent en s |
A d d it ion hro h t ug |
Cu lat ion tra rre nc ns y |
Ne Bo k V lue t o a |
||||
|---|---|---|---|---|---|---|---|---|
| iou Pre s y ear v |
1, 2 0 2 3 Jan ua ry |
A d d it ion s |
ing Le to as |
isp ls, D t osa ne |
Am iza ion ort t |
bs i d iar ire d su acq y u |
d i f fer t enc es, ne |
h 3 1, 2 0 2 3 Ma rc |
| d La n |
2 2 2. 5 9 7 |
5 9. 6 6 6 |
- | - | ( 3. 0 5 5 ) |
- | ( 3 2. 2 3 9 ) |
2 4 6. 9 6 9 |
| Bu i l d ing s |
6 3 1. 9 3 8 |
1 3 9. 6 4 7 |
9. 1 2 7 |
( 1. 3 0 ) 5 |
( 3 3 0 8 ) 7. |
- | ( 9. 4 2 1 ) 7 |
6 6 3. 2 1 8 |
| h ine d e ip Ma nt c ry an qu me |
6 2. 5 1 5 |
- | - | - | ( 8. 9 5 9 ) |
- | ( 9. 4 6 9 ) |
4 4. 0 8 7 |
| Ve h ic les |
7 3 0. 9 8 1 |
1 8. 8 6 6 |
( ) 1 4. 9 5 1 |
( ) 6 6 4 |
( ) 7 5. 5 9 5 |
- | ( ) 4 8. 0 8 3 |
6 1 0. 5 5 4 |
| he Ot r |
( 6. 4 1 9 ) |
- | - | - | ( 2 0 8 ) |
- | ( 3 1 ) |
( 6. 6 5 8 ) |
| 1. 6 4 1. 6 1 2 |
2 1 8. 1 7 9 |
( ) 5. 2 3 9 |
( ) 2. 0 1 4 |
( ) 1 2 5. 1 2 5 |
- | ( ) 1 6 9. 2 4 3 |
1. 5 5 8. 1 7 0 |
Interest income from sub-leases is TRL 16.231 (2023: TRL 4.733) (Note 24).
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
For the three-month periods ended March 31, 2024 and 2023, movement on property, plant and equipment are as follows:
| Ad d it ion hr h t ou g |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| bs id iar su y |
Cu rre nc y |
Im irm / t p a en |
|||||||
| Ne Bo k V lue t o a |
D isp ls, osa |
ire d ac q u |
lat ion tra ns |
( Im irm t p a en |
Tr fer an s s, |
Ne Bo k V lue t o a |
|||
| Cu nt rre y ea r |
Ja 1, 2 0 2 4 nu ary |
Ad d it ion s |
De iat ion p rec |
t ne |
( No 3 ) te |
d i f fer et en ces , n |
l ), t rev ers a ne |
t ne |
M h 3 1, 2 0 2 4 ar c |
| La nd d lan d im ts an p rov em en |
4. 5 1 9. 6 6 3 |
5 5 |
( 2 7. 4 1 3 ) |
( 2 3 2. 7 0 9 ) |
1 6 8. 5 8 1 |
( 1 5 6. 2 4 3 ) |
- | 2 2. 0 8 1 |
4. 2 9 4. 0 1 5 |
| ild ing Bu s |
1 2 6 2 8. 5 7. 5 |
9. 3 0 0 |
( 2 0 0 ) 7. 5 5 |
( 2 2 6. 0 3 ) 5 |
4 9. 4 0 1 5 |
( 6 6. 6 4 ) 7 5 |
- | 2 4 1. 3 9 3 |
1 9 4 1 6 7. 7. 5 |
| M h ine d e ip nt ac ry an q u me |
2 2. 6 0 0. 7 5 6 |
2 7 2. 0 6 4 |
( 8 5 8. 2 4 9 ) |
( 1 1 3. 1 1 6 ) |
8 9 6. 8 8 2 |
( 8 1 3. 4 9 8 ) |
2. 0 3 4 |
1. 2 1 9. 0 2 4 |
2 3. 2 0 5. 8 9 7 |
| Ve h ic les |
6 2 4. 6 4 2 |
2 6. 8 4 0 |
( 3 9. 7 3 7 ) |
( 1 4 2 ) |
- | ( 3 3. 7 8 3 ) |
- | 1. 9 0 1 |
5 7 9. 7 2 1 |
| Ot he ib les ( *) r t an g |
1 3. 4 0 2. 4 9 2 |
5 1 0. 8 4 7 |
( 9 9 8. 1 3 2 ) |
( 7 2. 0 7 2 ) |
6 6 7. 5 8 7 |
( 4 0 1. 5 7 9 ) |
2. 4 2 1 |
7 8. 2 0 4 |
1 3. 1 8 9. 7 6 8 |
| io ica B log l a ts sse |
1. 3 3 4. 1 5 7 |
3 0 1 5. 7 |
( 3 4 ) 7. 7 5 |
- | - | 3 0. 2 3 7 |
- | - | 1. 3 6 2. 3 0 5 |
| Le ho ld im ts ase p rov em en |
3 1. 2 9 4 |
3. 7 2 3 |
( 1. 2 8 6 ) |
- | 1. 7 1 9 |
( 3. 5 6 1 ) |
- | - | 3 1. 8 8 9 |
| Co ion in nst ct ru p ro g res s |
5. 5 2 3. 2 5 5 |
2. 1 2 3. 5 4 4 |
- | - | 1. 4 4 1. 2 1 1 |
( 4 1. ) 5 8 8 8 |
( 5. 4 8 2 ) |
( 1. 5 6 5. 8 6 8 ) |
7. 0 6 4. 7 7 2 |
| 6 6. 2 9 4. 2 4 4 |
2. 9 8 1. 4 4 4 |
( 2. 1 6 9. 7 9 7 ) |
( 6 4 4. 0 9 2 ) |
3. 7 2 5. 3 8 1 |
( 2. 5 0 6. 9 6 0 ) |
( 1. 0 2 7 ) |
( 3. 2 6 5 ) |
6 7. 6 7 5. 9 2 8 |
| A d d it ion hro h t ug |
Cu rre nc y |
irm / Im ent p a |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Ne Bo k V lue t o a |
isp ls, D osa |
bs i d iar su y |
lat ion tra ns |
( irm Im ent p a |
fer Tr an s s, |
k V lue Ne Bo t o a |
|||
| iou Pre s y ear v |
1, 2 0 2 3 Jan ua ry |
A d d it ion s |
iat ion De p rec |
t ne |
ire d acq u |
d i f fer t enc es, ne |
l ), t rev ers a ne |
t ne |
h 3 1, 2 0 2 3 Ma rc |
| d a d lan d im La ent n n p rov em s |
3. 7 0 3. 9 3 3 |
2 7. 3 1 5 |
( 2 4. 2 1 8 ) |
( 3 9 ) |
- | ( 3 1 3. 0 6 0 ) |
- | ( 1. 8 8 2 ) |
3. 3 9 2. 0 4 9 |
| Bu i l d ing s |
1 9. 7 0 8. 7 6 4 |
1 1. 7 6 9 |
( ) 2 1 1. 6 9 9 |
( ) 1. 4 4 2 |
- | ( ) 2. 2 4 1. 4 0 1 |
- | 2 0 2. 6 6 7 |
1 7. 4 6 8. 6 5 8 |
| h ine d e ip Ma nt c ry an qu me |
2 4. 8 8 6. 3 9 1 |
5 3 0. 4 9 8 |
( 9 0 1. 1 3 0 ) |
( 1 1. 3 8 4 ) |
- | ( 2. 9 3 6. 2 3 9 ) |
- | ( 2 9 0. 0 6 8 ) |
2 1. 2 7 8. 0 6 8 |
| Ve h ic les |
4 9 8. 1 0 3 |
6 0. 1 7 8 |
( ) 3 5. 5 5 6 |
( ) 2. 1 8 7 |
- | ( ) 5 0. 9 5 3 |
2 8 0 |
1. 3 4 8 |
4 7 1. 2 1 3 |
| (*) he i b les Ot r ta ng |
1 3. 1 3 3. 9 4 3 |
9 2 4. 6 5 5 |
( 9 9 4. 2 6 0 ) |
( 7 8. 2 2 9 ) |
- | ( 1. 0 2 4. 7 2 1 ) |
( 1 5. 2 1 5 ) |
4 9 1. 8 3 9 |
1 2. 4 3 8. 0 1 2 |
| B io log ica l a ts sse |
- | - | - | - | - | - | - | - | - |
| ho l d im Le ent ase p rov em s |
1 3. 5 8 2 |
- | ( 2. 2 8 8 ) |
- | - | 8. 0 7 4 |
- | 1 9 0 |
1 9. 5 5 8 |
| Co ion in nst t ruc p rog res s |
3. 5 8 1. 9 4 9 |
1. 7 1 3. 7 9 1 |
- | ( ) 2. 9 5 4 |
- | ( ) 4 8 4. 6 7 1 |
- | ( ) 1. 1 9 2. 0 4 3 |
3. 6 1 6. 0 7 2 |
| 6 5. 5 2 6. 6 6 5 |
3. 2 6 8. 2 0 6 |
( ) 2. 1 6 9. 1 5 1 |
( ) 9 6. 2 3 5 |
- | ( ) 7. 0 4 2. 9 7 1 |
( ) 1 4. 9 3 5 |
( ) 7 8 7. 9 4 9 |
5 8. 6 8 3. 6 3 0 |
(*) Other tangibles consist of coolers, returnable containers, and their complementary assets.
As of March 31, 2024, there is a pledge on property, plant, and equipment of TRL 97.766 (March 31, 2023– TRL 97.725) for loans of Soft Drink Operations. This amount is disclosed in Commitments and Contingencies note under guarantees, pledges, and mortgages (GPMs) table (Note 16).
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
For the three-month periods ended March 31, 2024 and 2023, movement on other intangible assets are as follows:
| Cu nt rre y ea r |
Ne Bo k V lue t o a Ja 1, 2 0 2 4 nu ary |
Ad d it ion s |
Am iza ion ort t |
D isp ls, ne osa t |
Ad d it ion hr h t ou g bs id iar su y ire d ac q u ( No 3 ) te |
Cu rre nc y lat ion tra ns d i f fer et en ces , n |
Im irm / t p a en ( Im irm t p a en l ), t rev ers a ne |
Tr fer et an s s, n |
Ne Bo k V lue t o a M h 3 1, 2 0 2 4 ar c |
|---|---|---|---|---|---|---|---|---|---|
| ing Bo tt l ntr act co s |
8 1. 1 1 0. 1 3 9 |
- | - | - | - | ( 1. 25 8. 8 9 ) 7 |
- | - | 9. 8 1. 3 0 7 5 5 |
| ice L nts nc e a g ree me |
2 0. 9 6. 47 9 5 |
- | - | - | - | ( 1. 3 3. 6 6 3 ) 5 |
- | - | 1 9. 0 6 2. 8 1 6 |
| Br ds an |
3. 0 9 1 2 9 7. |
- | - | - | - | ( 2 15 9 2 0 ) |
- | - | 2. 8 8 1. 2 0 9 |
| ig R hts |
3 1. 27 7 7 |
15 6 |
( 3 8. 4 8 0 ) |
- | - | ( 1 3. 9 0 1 ) |
- | 25 1 0 6 |
3 4 4. 6 0 8 |
| Co ion in nst ct ru p ro g res s |
5 0 6. 7 4 1 |
7 8. 9 7 0 |
- | - | - | - | - | ( 8 6. 3 1 6 ) |
4 9 9. 3 9 5 |
| Ot he int ib le ets r an g ass |
1. 8 5 0. 6 0 0 |
5 8. 47 3 |
( 7 4. 8 9 4 ) |
- | - | 4 4. 8 0 4 |
- | 6 4. 8 3 6 |
1. 9 4 3. 8 1 9 |
| 1 0 7. 5 3 2. 8 15 |
1 3 7. 5 9 9 |
( 1 1 3. 3 7 4 ) |
- | - | ( 2. 9 7 7. 4 6 9 ) |
- | 3. 6 2 6 |
1 0 4. 5 8 3. 1 9 7 |
| Pre iou v s y ear |
Ne Bo k V lue t o a Jan 1, 2 0 2 3 ua ry |
A d d it ion s |
Am iza ion ort t |
D isp ls, ne osa t |
A d d it ion hro h s bs i d iar t ug u y acq ire d u |
Cu y tra rre nc lat ion ns d i f fer t enc es, ne |
Im irm / ent p a ( Im irm ent p a l ), t rev ers a ne |
Tr fer et an s s, n |
Ne Bo k V lue t o a Ma h 3 1, 2 0 2 3 rc |
|---|---|---|---|---|---|---|---|---|---|
| Bo l ing tt ntr act co s |
8 2. 6 3 0. 9 2 9 |
- | - | - | - | ( 2. 7 1 2. 6 5 3 ) |
- | - | 7 9. 9 1 8. 27 6 |
| ice L nts nc e a g ree me |
27 4 8 3. 4 6 0 |
- | - | - | - | ( 4. 6 3. 2 0 3 ) 5 |
- | - | 2 2. 8 3 0. 25 7 |
| ds Br an |
3. 9 6 3. 2 47 |
- | - | - | - | ( 9 3. 2 0 ) 5 5 |
- | - | 3. 3 0. 0 4 2 7 |
| ig hts R |
4 1. 5 7 7 7 |
- | ( 6 1. 4 8 ) 5 |
- | - | ( 1. 2 4 4 ) 5 |
- | 6. 6 7 5 7 |
0 2 5 5. 5 5 |
| Co ion in nst t ruc p rog res s |
1 4 9. 27 0 |
2 3. 0 6 7 |
- | - | - | - | - | ( 1 6. 6 6 2 ) |
15 6. 3 1 4 |
| he int i b le Ot ets r an g ass |
1. 7 4 8. 7 6 7 |
5 7. 1 3 8 |
( ) 6 2. 7 8 8 |
- | - | ( ) 1 2 9. 1 9 2 |
- | ( ) 6 0. 0 45 |
1. 5 5 3. 8 8 0 |
| 1 1 6. 5 17 45 0 |
8 0. 8 4 4 |
( ) 1 2 4. 3 3 6 |
- | - | ( ) 8. 1 3 9. 4 9 7 |
- | ( ) 1 4 0 |
1 0 8. 3 3 4. 3 2 1 |
As of March 31, 2024, there is no pledge on intangible assets (March 31, 2023: None).
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
For the three-month period ended March 31, 2024 and 2023, movements of the goodwill during the period are as follows:
| 2024 | 2023 | |
|---|---|---|
| At January 1 | 14.475.333 | 18.911.200 |
| Additions (Note 3) | 284.960 | - |
| Currency translation differences | (907.831) | (3.149.055) |
| At March 31 | 13.852.462 | 15.762.145 |
The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory net income at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company's issued capital. The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company's issued capital. The legal reserves are not available for distribution unless they exceed 50% of the issued capital, other than that legal reserves cannot be used.
Public companies distribute dividends in accordance with the Dividend Communiqué No. II-19.1 of the Capital Markets Board, which came into effect on February 1, 2014, and the announcement made pursuant to the decision of the Board's Decision-Making Body dated March 7, 2024, and numbered 14/382.
Companies distribute dividend within the framework of the profit distribution policies determined by the general assemblies and in accordance with the related legislation by the decision of the general assembly. Within the scope of the communiqué, a minimum distribution ratio has not been determined. Companies pay dividends as specified in articles of incorporation and in profit distribution policies.
The positive differences from the inflation adjustment of the paid-in capital can be used in bonus issue of shares. Restricted reserves appropriated from profits and extraordinary reserves can be used in bonus issue of shares, cash dividend distributions, or offsetting losses.
For March 31, 2024, nominal amounts, equity index differences and indexed value of equity are as follows:
| March 31, 2024 | |||
|---|---|---|---|
| Statutory Amounts Indexed per PPI |
Statutory Amounts Indexed per CPI |
Amounts Presented in Prior Years' Profits |
|
| Inflation Adjustments on Capital | 13.839.314 | 9.355.195 | 4.484.119 |
| Share Premium (Discount) | - | 1.657.675 | (1.657.675) |
| Restricted Reserves Appropriated from Profits | 6.305.362 | 4.164.777 | 2.140.585 |
| Extraordinary reserves | 83.203 | 211.167 | (127.964) |
As of March 31, 2023, the amount of Prior Years' Profits or Losses without inflation accounting applied was TRL9.582.148, while the amount of Prior Years' Profits or Losses with inflation accounting applied was TRL48.065.054.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
As of March 31, 2024, and December 31, 2023 guarantees, pledges, and mortgages (GPMs) given in favor of the parent company and subsidiaries included in full consolidation are as follows:
| March 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Total TRL Equivalent |
Original Currency TRL |
Original Currency Thousand USD |
Original Currency Thousand EUR |
Original Currency Thousand UAH |
Original Currency Thousand PKR |
Other Foreign Currency TRL Equivalent |
|
| A. GPMs given on behalf of the Company's legal personality |
2.844.793 | 2.134.894 | 8.385 | 6.823 | 57.468 | 162.152 | 135.595 |
| B. GPMs given in favor of subsidiaries included in full consolidation (1) |
10.758.382 | 829.006 | 76.263 | 54.667 | - | 16.800.000 | 3.613.121 |
| C. GPMs given by the Company for the liabilities of 3rd parties in order to run ordinary course of business |
- | - | - | - | - | - | - |
| D. Other GPMs | - | - | - | - | - | - | - |
| i. GPMs given in favor of parent company | - | - | - | - | - | - | - |
| ii. GPMs given in favor of group companies not in the scope of B and C above |
- | - | - | - | - | - | - |
| iii. GPMs given in favor of third party companies not in the scope of C above |
- | - | - | - | - | - | - |
| Total | 13.603.175 | 2.963.900 | 84.648 | 61.490 | 57.468 | 16.962.152 | 3.748.716 |
| Ratio of other GPMs over the Company's equity (%) | - |
| December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Original | Original | Original | Original | ||||
| Original | Currency | Currency | Currency | Currency | Other Foreign | ||
| Total TRL | Currency | Thousand | Thousand | Thousand | Thousand | Currency TRL | |
| Equivalent | TRL | USD | EUR | UAH | PKR | Equivalent | |
| A. GPMs given on behalf of the Company's legal personality |
2.518.071 | 1.770.973 | 9.573 | 5.879 | 49.343 | 162.152 | 138.994 |
| B. GPMs given in favor of subsidiaries included in full consolidation (1) |
11.925.496 | 272.212 | 76.263 | 79.195 | 400.000 | 16.800.000 | 3.725.885 |
| C. GPMs given by the Company for the liabilities of | |||||||
| 3rd parties in order to run ordinary course of | - | - | - | - | - | - | - |
| business | |||||||
| D. Other GPMs | - | - | - | - | - | - | - |
| i. GPMs given in favor of parent company | - | - | - | - | - | - | - |
| ii. GPMs given in favor of group companies not in | |||||||
| the scope of B and C above | - | - | - | - | - | - | - |
| iii. GPMs given in favor of third party companies | |||||||
| not in the scope of C above | - | - | - | - | - | - | - |
| Total | 14.443.567 | 2.043.185 | 85.836 | 85.074 | 449.343 | 16.962.152 | 3.864.879 |
| Ratio of other GPMs over the Company's equity (%) | - |
(1) Consists of the GPMs given in favor of subsidiaries included in full consolidation for their borrowings. These financial liabilities are included in short-term and long-term borrowings in consolidated financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
CCBPL has signed Murabaha facility agreements with Habib Bank Limited and Standard Chartered Bank (Banks). Based on these agreements, the Banks and CCBPL agree that they shall enter into a series of sugar and resin purchase transactions from time to time on the dates and in the amounts to be agreed between them subject to the terms of this agreement. As of March 31, 2024, CCBPL have USD 77,9 million and USD 42,9 million purchase commitments to the banks for sugar and resin until June 30, 2024 and until September 30, 2024, respectively (December 31, 2023- USD 74,1 million sugar and resin until March 31, 2024 and USD 37,6 million sugar and resin until June 30, 2024).
Legislation and regulations regarding taxation and foreign currency transactions in most of the territories in which the Group operates out of Türkiye continue to evolve as a result of the transformation from command to market oriented economy managed by the government. The various legislation and regulations are not always clearly written and the interpretation related with the implementation of these regulations is subject to the opinions of the local, regional and national tax authorities, the Central Bank and Ministry of Finance. Tax declarations, together with other legal compliance areas (as examples, customs and currency control) are subject to review and investigation by a number of authorities, who are enabled by law to impose significant fines, penalties and interest charges. These facts may create tax risks in the territories in which the Group operates substantially more so than typically found in countries with more developed tax systems.
As of March 31, 2024, according to the legal opinion obtained by the management in response to the 103 lawsuits filed against Beer Operations, in the event of loss the estimated compensation will be million TRL 80.202. In the opinion given by the legal counsel of the Group, it is stated that there is low probability of losing the cases and so no provision has been made in the financial statements. (December 31, 2023 - estimated compensation TRL76.432).
CCİ and subsidiaries in Türkiye are involved on an ongoing basis in 231 litigations arising in the ordinary course of business as of March 31, 2024 with an amount of TRL 31.853. (December 31, 2023 – TRL22.171). According to the legal opinion obtained by the management no court decision has been granted yet as of March 31, 204.
As of March 31, 2024, CCBPL has various tax litigations. If the claims are resulted against CCBPL, the tax liability would be TRL92.839 (PKR 839 million) (December 31, 2023 – TRL 96.249 (PKR 839 million)).
As per the change in governing law in Pakistan, "Capacity Tax" was started to be applied as of July 9, 2013, replacing "Sales and Excise Tax". CCBPL fulfilled all the obligations as per the new law and change in regulations.
As of May 2014, "Capacity Tax" application was cancelled by the constitutional court and the law has been reverted to "Sales and Excise Tax". After this withdrawal, CCBPL fulfilled all the obligations again according to "Sales and Excise Tax" system.
The Pakistan tax authority, citing the cancellation decision, has requested additional taxes from CCBPL (Coca-Cola Beverages Pakistan Limited) by arguing for the retrospective application of the "Sales and Excise Taxes" system before its cancellation. The company management, based on the principle of non-retroactivity of constitutional court decisions and also asserting that the obligations under the "Capacity Tax" regime in force during the relevant period were fully complied with, has objected to this request and taken the matter to court. As of March 31, 2024, the issue has been resolved between the company and the tax authority. (December 31, 2023 – TRL 461.380 (PKR 3.389 million)).
Group management does not expect any adverse consequences related with these litigations that would materially affect Group's operation results or financial status.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Advances given to suppliers | 2.462.946 | 1.680.411 |
| Prepaid sales expenses | 3.598.733 | 2.309.321 |
| Prepaid insurance expenses | 227.110 | 275.639 |
| Prepaid rent expenses | 40.448 | 12.686 |
| Prepaid other expenses | 1.026.953 | 659.459 |
| 7.356.190 | 4.937.516 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Prepaid sales expenses | 1.193.921 | 1.775.050 |
| Advances given to suppliers | 886.935 | 1.176.956 |
| Prepaid rent expenses | 489 | 621 |
| Prepaid other expenses | 713.053 | 347.360 |
| 2.794.398 | 3.299.987 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Advances taken | 228.308 | 845.242 |
| Deferred income | 82.096 | 46.786 |
| 310.404 | 892.028 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deferred income | 37.180 | 51.212 |
| 37.180 | 51.212 |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Value Added Tax (VAT) deductible or to be transferred | 2.728.806 | 2.000.624 |
| Other Current Assets from related parties (Anadolu Efes Spor Kulübü) |
300.003 | - |
| Deferred VAT and other taxes | 41.309 | 45.944 |
| Prepaid taxes (other than income tax and VAT) | 92.583 | 67.594 |
| Other | 416.914 | 408.521 |
| 3.579.615 | 2.522.683 |
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deferred VAT and other taxes | 1.019 | 1.673 |
| Other | 606 | 19.198 |
| 1.625 | 20.871 |
As of March 31, 2024, and December 31, 2023, other current liabilities are as follows:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Put option liability | 76.194 | 79.940 |
| Deferred VAT and other taxes | 46.034 | 51.542 |
| Other | 19.514 | 64.088 |
| 141.742 | 195.570 |
As of March 31, 2024, and December 31, 2023, other non- current liabilities are as follows:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deferred VAT and other taxes | 802 | 522 |
| Other | 25 | 28 |
| 827 | 550 |
As of March 31, 2024, the obligation of TRL 76.194 results from the put option carried, for the purchase of %12,5 of Turkmenistan CC shares from Day Investment Ltd., with a consideration of USD 2.360 thousand. USD amount is converted with the official USD purchase rate announced by Central Bank of Republic of Türkiye and resulting TRL amount is reflected under other current liabilities (December 31, 2023 – TRL 79.940).
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| January 1 – | January 1 – | |
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Foreign exchange gains arising from operating activities | 628.097 | 595.532 |
| Income from scrap and other materials | 299.262 | 70.252 |
| Reversal of provision for inventory obsolescence | 97.526 | 47.291 |
| Insurance compensation income | 11.763 | 4.485 |
| Rent income | 9.181 | 8.657 |
| Reversal of provision for expected credit loss | 5.791 | 7.417 |
| Other | 165.958 | 288.642 |
| Provision for expected credit loss | 1.217.578 | 1.022.276 |
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Foreign exchange losses arising from operating activities | (662.574) | (869.138) |
| Expense from scrap and other materials | (187.687) | (2.268) |
| Provision for expected credit loss | (129.529) | (4.716) |
| Provision for inventory obsolescence | (36.878) | (76.556) |
| Donations | (347) | (28.394) |
| Other | (412.167) | (206.658) |
| (1.429.182) | (1.187.730) |
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Gain on disposal of PPE Provision for impairment on PPE no longer required |
47.320 4.455 |
54.582 2.182 |
| 51.775 | 56.764 |
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Loss on disposal of PPE Provision for impairment on intangible assets |
(24.463) (5.482) |
(7.419) (17.117) |
| (29.945) | (24.536) |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Foreign exchange gain | 2.635.520 | 2.130.847 |
| Interest income | 599.305 | 466.991 |
| Gain on derivative transactions | 103.477 | 654.549 |
| Interest income from sub-lease receivables | 16.231 | 4.733 |
| Gain arising from the termination of lease agreements | 168 | 6.327 |
| Other | - | 2.864 |
| 3.354.701 | 3.266.311 |
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Interest and borrowing expense | (2.483.202) | (1.552.051) |
| Foreign exchange loss | (889.261) | (1.945.967) |
| Bank commission and fees | (509.551) | (177.255) |
| Interest expenses related to leases | (81.549) | (63.083) |
| Loss on derivative transactions | (44.423) | (453.339) |
| Gain arising from the termination of lease agreements | (15) | (28) |
| (4.008.001) | (4.191.723) |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The Group is subject to taxation in accordance with the tax regulations and the legislation effective in the countries in which the Group companies operate.
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Türkiye | 25% | 25% |
| The Netherlands | 25% | 25% |
| Russia | 20% | 20% |
| Kazakhstan | 20% | 20% |
| Moldova | 12% | 12% |
| Georgia | - | - |
| Ukraine | 18% | 18% |
| Azerbaijan | 20% | 20% |
| Krygyzstan | 10% | 10% |
| Pakistan | 39% | 39% |
| Iraq | 15% | 15% |
| Jordan | 21% | 20% |
| Turkmenistan | 8% | 8% |
| Tajikistan | 18% | 18% |
| Uzbekistan | 15% | 15% |
| Bangladesh | 27,5% | - |
In Türkiye, with the law titled "Law on the Introduction of Additional Motor Vehicle Tax to Compensate for the Economic Losses Caused by the Earthquakes on February 6, 2023, and on the Amendment of Some Laws and Decree Law No. 375" published in the Official Gazette dated July 15, 2023, and numbered 32249, the Corporate Tax rate increased from 20% to 25%.
As of March 31, 2024 and December 31, 2023 consolidated deferred tax assets and liabilities calculated by using effective tax rates are summarized as below:
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Deferred tax asset | 8.203.289 | 6.990.102 |
| Deferred tax liability | (21.597.409) | (22.260.891) |
| (13.394.120) | (15.270.789) |
| Asset | Liability | Net | ||||
|---|---|---|---|---|---|---|
| March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
|
| PP&E and intangible assets and right of use assets |
- | - | (20.677.670) | (20.640.710) | (20.677.670) | (20.640.710) |
| Inventories | 156.226 | - | - | (79.130) | 156.226 | (79.130) |
| Carry forward losses | 3.650.301 | 3.840.405 | - | - | 3.650.301 | 3.840.405 |
| Retirement pay liability and other employee benefits |
191.233 | 268.111 | - | - | 191.233 | 268.111 |
| Other provisions and accruals |
2.279.674 | 479.601 | - | - | 2.279.674 | 479.601 |
| Unused investment discounts | 950.384 | 1.042.907 | - | - | 950.384 | 1.042.907 |
| Derivative financial instruments |
55.732 | - | - | (181.973) | 55.732 | (181.973) |
| 7.283.550 | 5.631.024 | (20.677.670) | (20.901.813) | (13.394.120) | (15.270.789) |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The Group's earnings from investments tied to an incentive certificate are subject to corporate tax at discounted rates, starting from the accounting period in which the investment is partially or fully operational, until the investment contribution amount is reached. In this context, tax advantage amounting to TRL 950.384 (December 31, 2023: TRL 1.042.907) that the Group's will benefit from in the foreseeable future as of March 31, 2024 is reflected in the consolidated financial statements as a deferred tax asset. As a result of the recognition of the said tax advantage as of March 31, 2024, deferred tax income / (expense) amounting to TRL (92.523) has been realized in the consolidated profit or loss statement for the period from January to March 31, 2024.
According to the tax incentive certificates summarized above, the current period corporate tax provision TRL 1.832 (March 31, 2023: None) discounted corporate tax advantage has been used and this amount has been deducted from the deferred tax asset.
Deferred tax assets are recognized when it is determined that taxable income is likely to occur in the coming years. In cases where taxable income is likely to occur, deferred tax assets are calculated over deductible temporary differences, tax losses and tax advantages vested in indefinite-lived investment incentives that allow reduced corporate tax payments. In this context, the Group's bases the reflection of deferred tax assets arising from investment incentives in the consolidated financial statements on long-term plans and evaluates the recoverability of deferred tax assets related to these investment incentives as of each balance sheet date, based on business models that include taxable profit estimations. It is foreseen that the deferred tax assets in question will be recovered within 5 years from the balance sheet date.
In the sensitivity analysis carried out as of March 31, 2024, when the inputs in the basic macroeconomic and sectoral assumptions that make up the business plans are increased/decreased by 10%, the recovery period of deferred tax assets regarding investment incentives, which is foreseen as 5 years, has not changed.
The Group capitalizes the R&D expenditures it has made within the scope of the law numbered 5746 in its tax books. The Group makes calculations over the R&D expenditures in accordance within the framework of the relevant legislation and take benefits from the R&D discount according to law's permission. As of March 31, 2024, the Group took advantage of R&D deduction amounting to TRL 1.484 (March 31, 2023: None).
Basic earnings per share is calculated by dividing the net income for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Weighted average number of shares represents the number of shares as a result of capital increase and adjusted number of shares at the beginning period multiplied with the time-weighting factor. Time weighting factor is calculated by dividing the number of days that the shares are available by the total number of days of the period. The Group has no dilutive instruments.
Following table illustrates the net income and share figures used in earnings per share calculation:
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|
| Weighted average number of shares (full value) | 592.105.263 | 592.105.263 |
| Profit/ (loss) for the owners of parent | 3.140.536 | 3.025.067 |
| Earnings/ (losses) per share (full TRL) | 5,3040 | 5,1090 |
| Profit/ (loss) for the owners of parent | 3.140.536 | 3.025.067 |
| Profit/ (loss) from continuing operations | 3.140.536 | 3.025.067 |
| Earning/ (losses) per share from continuing operations (full TRL) | 5,3040 | 5,1090 |
There have been no other transactions involving ordinary shares or potential ordinary shares between the financial statement date and the date of approval of these financial statements.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Trade Receivables | Other Receivables | |||
|---|---|---|---|---|
| March 31, 2024 | December 31,2023 | March 31, 2024 December 31,2023 | ||
| Migros Group Companies(2) | 1.464.828 | 1.349.492 | 106.170 | - |
| AB InBev Group Companies(3) | 335.732 | 360.142 | 134.275 | 115.942 |
| (1) (*) AG Anadolu Grubu Holding A.Ş. |
1.344 | 55 | 171.426 | 197.873 |
| Other | 49.948 | 50.132 | - | - |
| 1.851.852 | 1.759.821 | 411.871 | 313.815 |
(*) As of March 31, 2024, TRL 171.426 accounted for in accordance with TFRS 16 includes other receivables related to sublease (December 31, 2023 – TRL 197.873).
| Trade Payables | Other Payables | ||||
|---|---|---|---|---|---|
| March 31, 2024 | December 31,2023 | March 31, 2024 December 31,2023 | |||
| AB InBev Group Companies (3) | 1.353.916 | 1.269.938 | 3.499.890 | 3.671.968 | |
| Anadolu Efes Spor Kulübü | 300.003 | - | - | - | |
| Oyex Handels GmbH (2) | 18.093 | 47.851 | - | - | |
| (1) AG Anadolu Grubu Holding A.Ş. |
30.746 | 101.474 | - | - | |
| Other | 15.361 | 6.683 | - | - | |
| 1.718.119 | 1.425.946 | 3.499.890 | 3.671.968 |
(1) The shareholder of the Group
(2) Related party of AG Anadolu Grubu Holding A.Ş. (a shareholder)
(3) Related parties of AB Inbev Harmony Ltd. (a shareholder)
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| Nature of transaction | January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|---|
| AB InBev Group Companies (3) | Service and Purchase of Trade Goods | 648.108 | 786.942 |
| Anadolu Efes Spor Kulübü | Service | 112.933 | 193.734 |
| Oyex Handels GmbH (2) | Purchase of Materials and Fixed Assets | 48.790 | 85.907 |
| AG Anadolu Grubu Holding A.Ş. (1) | Consultancy Service | 51.294 | 35.792 |
| Anadolu Eğitim ve Sosyal Yardım Vakfı (2) Travel and Accommodation | - | 227 | |
| Other | 1.953 | 1.004 | |
| 863.078 | 1.103.606 |
| Nature of transaction | January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|---|
| AG Anadolu Grubu Holding A.Ş. (1) | Interest income from subleases | 16.231 | 4.733 |
| 16.231 | 4.733 |
| Nature of transaction | January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
|
|---|---|---|---|
| Migros Group Companies (2) | Sales Income | 1.107.236 | 1.104.486 |
| AB Inbev Group Companies (3) | Other Income | 24.105 | 11.870 |
| Other | Other Income | 617 | 1.601 |
| 1.131.958 | 1.117.957 |
(1) The shareholder of the Group
(2) Related party of AG Anadolu Grubu Holding A.Ş. (a shareholder)
(3) Related parties of AB Inbev Harmony Ltd. (a shareholder)
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
As of March 31, 2024 and 2023, total benefits to Anadolu Efes Board of Directors, remuneration and similar benefits received by total executive members of the Board of Directors and executive directors are as follows:
| January 1 – March 31, 2024 |
January 1 – March 31, 2023 |
||||
|---|---|---|---|---|---|
| Board of | Executive | Board of | Executive | ||
| Directors | Directors | Directors | Directors | ||
| Short-term employee benefits | 504 | 103.084 | 425 | 101.468 | |
| Post-employment benefit plans | - | - | - | - | |
| Other long-term benefits | - | 9.678 | - | 4.539 | |
| Termination benefits | - | 3.057 | - | - | |
| Share based payments | - | - | - | - | |
| 504 | 115.819 | 425 | 106.007 |
The Group's principal financial instruments comprise bank borrowings, leases, cash and short-term deposits. The main purpose of these financial instruments is to raise funds for the Group's operations. Besides, The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
The main risks arising from the Group's financial instruments can be identified as interest rate risk, foreign currency risk, foreign currency hedge risk of net investments in foreign operations, liquidity risk, price risk, credit risk and capital risk. The Group management reviews and agrees policies for managing each of these risks. The Group also monitors the market price risk arising from all financial instruments.
The Group is exposed to interest rate risk through the impact of rate changes on interest bearing assets and liabilities. The Group manages interest rate risk by using natural hedges that arise from offsetting interest rate of assets and liabilities or derivative financial instruments.
Some of the interest rates associated with financial liabilities are based on prevailing market interest rates. Therefore, the Group is affected by changes in interest rates in national and international markets. The Group's exposure to market risk arising from changes in interest rates is primarily related to its debts and liabilities. The Group makes foreign currency swap transactions to hedge interest rate risk as stated in Note 8.
Foreign currency risk generally arises from the EUR and USD denominated assets and liabilities of the Group. The Group has transactional currency exposures. Such exposures arise from sales or purchases of goods and services or borrowings of the Group in currencies other than the functional currency. The Group manages short term foreign currency risk by balancing foreign currency denominated assets and liabilities. The Group designates certain part of its bank deposits for the future raw material purchases, operational expense and interest related payments Note 5 Group's foreign currency liability consists of mainly long term liabilities. The Group also conducts foreign exchange forward transactions and cross currency swap transactions in order to hedge its foreign currency risk as stated in Note 8. Accordingly, in the short term foreign currency risk that may arise from fluctuation of foreign currencies are relatively limited.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Net foreign currency exposure for the consolidated Group companies as of March 31, 2024 and December 31, 2023 are presented below:
| Foreign Currency Position Table | ||||||
|---|---|---|---|---|---|---|
| March 31, 2024 | ||||||
| Total TRL | Thousand | Total TRL | Thousand | Total TRL | Other Foreign | |
| Equivalent | USD | Equivalent | EUR | Equivalent | Currency TRL | |
| 1. Trade Receivables and Due from Related Parties | 14.621.994 | 438.846 | 14.168.336 | 12.934 | 450.145 | 3.513 |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) | 15.920.337 | 404.082 | 13.045.945 | 52.721 | 1.834.812 | 1.039.580 |
| 2b. Non- monetary Financial Assets | 5.919 | - | - | 170 | 5.919 | - |
| 3. Other | 33.266 | 1.030 | 33.266 | - | - | - |
| 4. Current Assets (1+2+3) | 30.581.516 | 843.958 | 27.247.547 | 65.825 | 2.290.876 | 1.043.093 |
| 5. Trade Receivables and Due from Related Parties | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - | - | - |
| 7. Other | 563.169 | 752 | 24.279 | 15.484 | 538.878 | 12 |
| 8. Non-Current Assets (5+6+7) | 563.169 | 752 | 24.279 | 15.484 | 538.878 | 12 |
| 9. Total Assets (4+8) | 31.144.685 | 844.710 | 27.271.826 | 81.309 | 2.829.754 | 1.043.105 |
| 10.Trade Payables and Due to Related Parties | (10.184.828) | (214.054) | (6.910.823) | (89.821) | (3.125.978) | (148.027) |
| 11.Short- term Borrowings and Current Portion of Long- term Borrowings | (7.124.194) | (167.509) | (5.408.093) | (49.310) | (1.716.101) | - |
| 12a. Monetary Other Liabilities | (204.597) | (6.072) | (196.036) | (246) | (8.561) | - |
| 12b. Non-monetary Other Liabilities | (44.794) | (1.387) | (44.794) | - | - | - |
| 13. Current Liabilities (10+11+12) | (17.558.413) | (389.022) | (12.559.746) | (139.377) | (4.850.640) | (148.027) |
| 14. Trade Payables and Due to Related Parties | (198) | - | - | (5) | (183) | (15) |
| 15. Long-Term Borrowings | (33.574.064) | (1.004.329) | (32.425.170) | (33.012) | (1.148.894) | - |
| 16 a. Monetary Other Liabilities | - | - | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | (33.574.262) | (1.004.329) | (32.425.170) | (33.017) | (1.149.077) | (15) |
| 18. Total Liabilities (13+17) | (51.132.675) | (1.393.351) | (44.984.916) | (172.394) | (5.999.717) | (148.042) |
| 19. Off Statement of Financial Position Derivative Items' Net Asset/(Liability) | 37.425.236 | 1.159.200 | 37.425.236 | - | - | - |
| Position (19a+19b) | ||||||
| 19a. Total Hedged Assets (*) | 37.425.236 | 1.159.200 | 37.425.236 | - | - | - |
| 19b. Total Hedged Liabilities | - | - | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) Position (9+18+19) | 17.437.246 | 610.559 | 19.712.146 | (91.085) | (3.169.963) | 895.063 |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position | (20.545.550) | (549.036) | (17.725.841) | (106.739) | (3.714.760) | 895.051 |
| (1+2a+5+6a+10+11+12a+14+15+16a) | ||||||
| 22. Total Fair Value of Financial Instruments Used to Manage the Foreign Currency Position |
24.441 | 823 | 26.572 | (61) | (2.131) | - |
| 23.Total value of Hedged Foreign Currency Assets | - | - | - | - | - | - |
| Foreign Currency Position Table | ||||||
|---|---|---|---|---|---|---|
| December 31, 2023 | ||||||
| Total TRL | Thousand | Total TRL | Thousand | Total TRL | Other Foreign | |
| Equivalent | USD | Equivalent | EUR | Equivalent | Currency TRL | |
| 1. Trade Receivables and Due from Related Parties | 16.727.676 | 481.193 | 16.299.345 | 11.420 | 428.046 | 285 |
| 2a. Monetary Financial Assets (Cash and cash equivalents included) | 16.668.055 | 415.857 | 14.086.231 | 41.066 | 1.539.188 | 1.042.636 |
| 2b. Non- monetary Financial Assets | 3.101 | - | - | 83 | 3.101 | - |
| 3. Other | 695.691 | 5.274 | 178.655 | 13.574 | 508.765 | 8.271 |
| 4. Current Assets (1+2+3) | 34.094.523 | 902.324 | 30.564.231 | 66.143 | 2.479.100 | 1.051.192 |
| 5. Trade Receivables and Due from Related Parties | - | - | - | - | - | - |
| 6a. Monetary Financial Assets | - | - | - | - | - | - |
| 6b. Non-monetary Financial Assets | - | - | - | - | - | - |
| 7. Other | 88.716 | 170 | 5.758 | 2.211 | 82.870 | 88 |
| 8. Non-Current Assets (5+6+7) | 88.716 | 170 | 5.758 | 2.211 | 82.870 | 88 |
| 9. Total Assets (4+8) | 34.183.239 | 902.494 | 30.569.989 | 68.354 | 2.561.970 | 1.051.280 |
| 10.Trade Payables and Due to Related Parties | (12.143.735) | (217.601) | (7.370.758) | (124.183) | (4.654.473) | (118.504) |
| 11.Short- term Borrowings and Current Portion of Long- term Borrowings | (8.187.008) | (164.628) | (5.576.393) | (69.652) | (2.610.615) | - |
| 12a. Monetary Other Liabilities | (15.254) | (266) | (8.995) | (167) | (6.259) | - |
| 12b. Non-monetary Other Liabilities | (75.535) | (2.230) | (75.535) | - | - | - |
| 13. Current Liabilities (10+11+12) | (20.421.532) | (384.725) | (13.031.681) | (194.002) | (7.271.347) | (118.504) |
| 14. Trade Payables and Due to Related Parties | (251) | - | - | (6) | (235) | (16) |
| 15. Long-Term Borrowings | (35.757.944) | (1.003.603) | (34.065.084) | (45.166) | (1.692.860) | - |
| 16 a. Monetary Other Liabilities | - | - | - | - | - | - |
| 16 b. Non-monetary Other Liabilities | - | - | - | - | - | - |
| 17. Non-Current Liabilities (14+15+16) | (35.758.195) | (1.003.603) | (34.065.084) | (45.172) | (1.693.095) | (16) |
| 18. Total Liabilities (13+17) | (56.179.727) | (1.388.328) | (47.096.765) | (239.174) | (8.964.442) | (118.520) |
| 19. Off Statement of Financial Position Derivative Items' Net Asset/(Liability) | ||||||
| Position (19a+19b) | 39.265.315 | 1.159.200 | 39.265.315 | - | - | - |
| 19a. Total Hedged Assets (*) | 39.265.315 | 1.159.200 | 39.265.315 | - | - | - |
| 19b. Total Hedged Liabilities | - | - | - | - | - | - |
| 20. Net Foreign Currency Asset / (Liability) Position (9+18+19) | 17.268.827 | 673.366 | 22.738.539 | (170.820) | (6.402.472) | 932.760 |
| 21. Monetary Items Net Foreign Currency Asset / (Liability) Position | ||||||
| (1+2a+5+6a+10+11+12a+14+15+16a) | (22.708.461) | (489.048) | (16.635.654) | (186.688) | (6.997.208) | 924.401 |
| 22. Total Fair Value of Financial Instruments Used to Manage the Foreign | 17.804 | (191) | (6.466) | 648 | 24.270 | - |
| Currency Position | ||||||
| 23.Total value of Hedged Foreign Currency Assets | - | - | - | - | - | - |
(*) In order to hedge foreign exchange risk arising from the translation of net investments in the subsidiaries operating in the Netherlands to Turkish Lira, the USD denominated bonds have been designated as hedges of net investment risk.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
The information regarding the export and import figures realized as of March 31, 2024 and 2023 is as follows:
| January 1 – | January 1 – | |
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Total Export | 2.051.151 | 1.159.679 |
| Total Import | 8.319.859 | 8.735.418 |
The following table demonstrates the sensitivity analysis of foreign currency as of March 31, 2024 and 2023:
| Foreign Currency Position Sensitivity Analysis | ||||
|---|---|---|---|---|
| March 31, 2024(*) | March 31, 2023(*) | |||
| Income / (Loss) | ||||
| Increase of | Decrease of the | Increase of | Decrease of | |
| the foreign | foreign | the foreign | the foreign | |
| currency | currency | currency | currency | |
| Increase / decrease in USD by 10%: | ||||
| USD denominated net asset / (liability) | (1.772.584) | 1.772.584 | (3.796.993) | 3.796.993 |
| USD denominated hedging instruments (-) | 3.742.524 | (3.712.821) | 4.257.346 | (4.257.346) |
| Net effect in USD | 1.969.940 | (1.940.237) | 460.353 | (460.353) |
| Increase / decrease in EURO by 10%: | ||||
| EURO denominated net asset / (liability) | (371.476) | 371.476 | (339.932) | 339.932 |
| EURO denominated hedging instruments (-) | - | - | - | - |
| Net effect in EURO | (371.476) | 371.476 | (339.932) | 339.932 |
| Increase / decrease in other foreign currencies by 10%: | ||||
| Other foreign currency denominated net asset / (liability) | 89.505 | (89.505) | 12.020 | (12.020) |
| Other foreign currency hedging instruments (-) | - | - | - | - |
| Net effect in other foreign currency | 89.505 | (89.505) | 12.020 | (12.020) |
| TOTAL | 1.687.969 | (1.658.266) | 132.441 | (132.441) |
(*) Monetary assets and liabilities eliminated in scope of consolidation are not included except for the ones which have foreign currency gain/(loss) effects to the statement of consolidated profit or loss.
The Beer Group has designated an instrument which is amounting to USD 500 million out of USD 500 million bond issued as of June 29, 2021 to hedge its foreign currency risk arising from the translation of net assets of its subsidiary located in Netherlands, Efes Breweries International (whose main activity is facilitating foreign investments in breweries).
Soft Drink has designated two instruments, the first one amounting to USD 150 million out of USD 500 million bond issued as of September 19, 2017, and the second one amounting to USD 500 million out of USD 500 million bond issued as of January 20, 2022 as a hedging instrument in order to hedge its foreign currency risk arising from the translation of net assets of its subsidiary located in Netherlands, CCI Holland and Waha B.V.
The effective part of the change in the value of the bonds and loans designated as hedging of net investments amounting to TRL 3.382.796 (TRL 2.537.097 - including deferred tax effect) is recognized as "Gains (Losses) on Hedge" under Equity and to "Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations" under Other Comprehensive Income (December 31, 2023 – TRL 18.835.268 (TRL 14.126.451 - including deferred tax effect), March 31, 2023 – TRL 990.031 (TRL 742.524 - including deferred tax effect)).
Liquidity risk is the risk that an entity will be unable to meet its net funding requirements. The risk is mitigated by matching the cash in and out flow volume supported by committed lending limits from qualified credit institutions. The Group also reduces the risk by preferring long-term debt.
This is a combination of currency, interest and market risks which the Group manages through natural hedges that arise from offsetting the same currency receivables and payables, interest bearing assets and liabilities. Market risk is closely monitored by the management using the available market information and appropriate valuation methods.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group attempts to control credit risk by limiting transactions with specific counterparties and assessing the creditworthiness of the counterparties.
Concentrations of credit risk arise when a number of counterparties are engaged in similar business activities or activities in the same geographic region or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of the Group's performance to developments affecting a particular industry or geographic location.
The Group seeks to manage its credit risk exposure through diversification of sales activities to avoid undue concentrations of risks with individuals or groups of customers in specific locations or businesses. The Group keeps guarantees for a part of its receivables by means of DDS (Direct Debit System), and clearing the credit card receivables of dealers and distributors from banks. The Group also obtains guarantees from the customers when appropriate and keep considerable portion of the receivables secured with guarantees or receivable insurance.
The credit risks of the banks in which the Group has deposits are evaluated by taking into account independent data, and no significant credit risk is expected apart from the expected loss provision presented in Note 5.
The Group's policy is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Group periodically measures Net Debt to EBITDA BNRI ratio to maintain capital risk management. Net Debt is calculated by deducting cash and cash equivalents and deposits over three months from total borrowing.
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable, willing parties in an arm's length transaction. The optimum fair value of a financial instrument is the quoted market value, if any.
The financial assets and liabilities which are denominated in foreign currencies are evaluated by the foreign exchange rates prevailing on the date of balance sheet which approximate to market rates. The following methods and assumptions were used to estimate the fair value of each class of financial instrument of the Group for which it is practicable to estimate a fair value:
The fair values of certain financial assets carried at cost in the consolidated financial statements, including cash and cash equivalents plus the respective accrued interest and other financial assets are considered to approximate their respective carrying values due to their short-term nature and negligible credit losses. The carrying value of trade receivables along with the related allowance for unearned income and uncollectibility are estimated to be their fair values.
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
Trade payables and other monetary liabilities are considered to approximate their respective carrying values due to their short-term nature. The bank borrowings are stated at their amortized costs and transaction costs are included in the initial measurement of loans and bank borrowings. The fair value of bank borrowings are considered to state their respective carrying values since the interest rate applied to bank loans and borrowings are updated periodically by the lender to reflect active market price quotations. The carrying value of trade payables along with the related allowance for unrealized cost is estimated to be their fair values.
Derivative instruments and hedging transactions are explained in Note 5, Note 8 and Note 25.
| January 1 – | January 1 – March 31, |
|
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Adjustments for impairment loss (reversal of impairment) of inventories (Note 19) | (60.648) | 29.265 |
| Adjustments for impairment loss (reversal of impairment) of property, plant, and equipment (Note 20) |
1.027 | 14.935 |
| Adjustments for impairment loss (reversal of impairment) of receivables (Note 19) | 123.738 | (2.701) |
| 64.117 | 41.499 |
| January 1 – | ||
|---|---|---|
| March 31, | March 31, | |
| 2024 | 2023 | |
| Provision for vacation pay liability | 176.598 | 106.266 |
| Provision for retirement pay liability | 82.632 | 65.275 |
| Provision for seniority bonus | 56.884 | 54.803 |
| 316.114 | 226.344 |
| January 1 – | January 1 – | ||
|---|---|---|---|
| March 31, | March 31, | ||
| 2024 | 2023 | ||
| Adjustments for interest expenses (Note 21) | 2.483.202 | 1.552.051 | |
| Adjustments for interest expense related to leases (Note 21) | 81.549 | 63.083 | |
| Adjustments for interest income (Note 21) | (599.305) | (466.991) | |
| Adjustments for interest income income sub-lease receivables (Note 21) | (16.231) | (4.733) | |
| 1.949.215 | 1.143.410 |
| January 1 – March 31, |
January 1 – March 31, |
|
|---|---|---|
| 2024 | 2023 | |
| Adjustments for fair value (gains) losses on derivative financial instruments | (66.695) | (127.448) |
| (66.695) | (127.448) |
(Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2024 unless otherwise indicated)
| January 1 – | January 1 – | |
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Cash and cash equivalents in acquired businesses (Note 3) (*) | 91.606 | - |
| Payment for business acquisition (**) | (906.018) | - |
| (814.412) | - |
(*) Cash and cash equivalents as of February 20, 2024, when control of Bangladesh was obtained.
(**) The amount paid on February 20, 2024, is the first installment towards the purchase of Bangladesh. The remaining payment will be made later.
| January 1 – | January 1 – | |
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Income / (loss) from cash flow hedge | 99.993 | 61.319 |
| Change in time deposits with maturity more than three months | 134.309 | (115.337) |
| Change in currency linked deposits | 7.731 | (786.411) |
| Change in restricted cash | (204.010) | 116.032 |
| Change in credit cards payables | (421.939) | 771.136 |
| (383.916) | 46.739 |
The Company's profit distribution of gross 235% on its issued capital as of the end of the accounting period for January-December 2023, based on a share capital of TRL 592.105, to ensure a gross profit distribution of full TRL 2,35 (net full TRL 2,1150) per each fully paid nominal share, amounting to a total profit of TRL 1.391.447, to be paid in cash from May 28, 2024, onwards, was approved at the General Assembly held on April 17, 2024.
According to the consolidated financial statements of Soft Drink prepared in accordance with TFRS, the net profit for the year 2023 amounted to TRL 20.579.818. For fully taxable corporations and non-resident corporations obtaining dividend income through a permanent establishment or representative office in Türkiye, a gross profit of full TRL 7,8626 (net full TRL 7,8626) per each full TRL 1 nominal value share, equivalent to 100 shares, and for other shareholders, a gross profit of full TRL 7,8626 (net full TRL 7,07634) per share, totaling TRL 2.000.016, to be paid in cash from May 27, 2024, onwards, was approved at the General Assembly held on April 5, 2024.
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