3. Quarter 2021 Financial Statements

CONVENIENCE TRANSLATION INTO ENGLISH OF

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

ANADOLU EFES BİRACILIK VE

MALT SANAYİİ ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2021

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

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2021
TABLE OF CONTENTS
		Page
Interim Condensed Consolidated Statement of Financial Position ........................................................................	1-2
Interim Condensed Consolidated Statement of Profit or Loss...................................................................................	3
Interim Condensed Consolidated Statement of Other Comprehensive Income .......................................................	4
Interim Condensed Consolidated Statement of Changes in Equity...........................................................................	5
Interim Condensed Consolidated Statement of Cash Flows ......................................................................................	6
Notes to Interim Condensed Consolidated Financial Statements .........................................................................	7-46
Note 1	Group's Organization and Nature of Activities ................................................................................	7-9
Note 2	Basis of Presentation of Interim Condensed Consolidated Financial Statements...........................	9-15
Note 3	Business Combinations ................................................................................................................	15-16
Note 4	Segment Reporting .......................................................................................................................	17-19
Note 5	Cash and Cash Equivalents ...............................................................................................................	20
Note 6	Financial Investments ........................................................................................................................	20
Note 7	Short- and Long-Term Borrowings ..............................................................................................	20-22
Note 8	Derivative Instruments .................................................................................................................	23-24
Note 9	Other Receivables and Payables ...................................................................................................	24-25
Note 10	Investments Accounted for Using Equity Method ............................................................................	25
Note 11	Right-of-Use Assets...........................................................................................................................	26
Note 12	Property, Plant and Equipment ..........................................................................................................	27
Note 13	Other Intangible Assets .....................................................................................................................	28
Note 14	Goodwill ............................................................................................................................................	29
Note 15	Capital Reserves and Other Equity Items ..........................................................................................	29
Note 16	Commitments and Contingencies .................................................................................................	30-31
Note 17	Prepaid Expenses and Deferred Income ............................................................................................	32
Note 18	Other Assets and Liabilities...............................................................................................................	33
Note 19	Other Operating Income / Expenses ..................................................................................................	34
Note 20	Income / Expense from Investing Activities......................................................................................	35
Note 21	Finance Income / Expenses ...............................................................................................................	35
Note 22	Tax Assets and Liabilities .................................................................................................................	36
Note 23	Earnings per Share.............................................................................................................................	37
Note 24	Dividend Distribution ........................................................................................................................	37
Note 25	Non-current Assets Classified as Held for Sale and Discontinued Operations .................................	38
Note 26	Related Party Balances and Transactions .....................................................................................	38-40
Note 27	Financial Instruments and Financial Risk Management ...............................................................	40-44
Note 28	Financial Instruments (Fair Value and Hedge Accounting Disclosures) ......................................	44-45
Note 29	Explanatory Information on Statement of Cash Flows .................................................................	45-46
Note 30	Events after Reporting Period............................................................................................................	46

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

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2021

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

		Unaudited	Audited
			Reclassified (Note 2)
	Notes	September 30, 2021	December 31, 2020
ASSETS
Cash and Cash Equivalents	5	9.339.568	8.524.950
Financial Investments	6	2.176	23.164
Trade Receivables		4.942.393	2.745.025
- Trade Receivables Due from Related Parties	26	508.181	322.831
- Trade Receivables Due from Third Parties		4.434.212	2.422.194
Other Receivables	9	269.604	162.530
- Other Receivables from Related Parties	26	204.037	115.371
- Other Receivables from Third Parties		65.567	47.159
Derivative Financial Assets	8	130.607	135.109
Inventories		3.735.777	2.708.747
Prepaid Expenses	17	911.309	660.555
Current Tax Assets		306.583	289.661
Other Current Assets	18	540.264	457.722
- Other Current Assets from Related Parties		45.000	-
- Other Current Assets from Third Parties		495.264	457.722
Subtotal		20.178.281	15.707.463
Non-current Assets Classified as Held for Sale	25	-	15.095
Current Assets		20.178.281	15.722.558
Financial Investments		804	799
Trade Receivables		2.142	1.792
- Trade Receivables Due from Third Parties		2.142	1.792
Other Receivables	9	85.734	67.529
- Other Receivables from Related Parties	26	17.409	19.266
- Other Receivables from Third Parties		68.325	48.263
Derivative Financial Assets	8	13.379	8.279
Property, Plant and Equipment	12	14.734.393	12.592.066
Right-of-Use Assets	11	316.569	327.253
Intangible Assets		25.616.647	20.466.958
- Goodwill	14	5.796.238	3.299.250
- Other Intangible Assets	13	19.820.409	17.167.708
Prepaid Expenses	17	317.192	430.999
Deferred Tax Asset	22	1.379.451	942.314
Other Non-Current Assets	18	841	821
Non-Current Assets		42.467.152	34.838.810
TOTAL ASSETS		62.645.433	50.561.368

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

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

Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2021

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

			Unaudited	Audited
				Reclassified (Note 2)
		Notes	September 30, 2021	December 31, 2020
LIABILITIES
Current Borrowings	7	1.865.952	2.327.687
- Current Borrowings from Third Parties		1.865.952	2.327.687
-	Banks Loans	7a	1.865.751	2.327.494
-	Lease Liabilities	7b	201	193
Current Portion of Non-Current Borrowings	7	768.483	656.805
- Current Portion of Non-Current Borrowings from Third Parties		768.483	656.805
-	Banks Loans	7a	631.135	513.660
-	Lease Liabilities	7b	81.333	112.362
-	Issued Debt Instruments	7a	56.015	30.783
Trade Payables		9.846.499	6.196.323
- Trade Payables to Related Parties	26	592.456	569.046
- Trade Payables to Third Parties		9.254.043	5.627.277
Employee Benefit Obligations		154.015	113.117
Other Payables	9	2.856.870	2.305.485
- Other Payables to Third Parties		2.856.870	2.305.485
Derivative Financial Liabilities	8	236.546	78.280
Deferred Income	17	120.328	130.976
Current Tax Liabilities		231.203	127.950
Current Provisions		358.420	174.542
- Current Provisions for Employee Benefits		284.366	139.468
- Other Current Provisions		74.054	35.074
Other Current Liabilities	18	490.316	430.938
Current Liabilities		16.928.632	12.542.103
Long-Term Borrowings	7	11.931.158	9.180.122
- Long-term Borrowings from Third Parties		11.931.158	9.180.122
-	Banks Loans	7a	1.974.458	1.816.654
-	Lease Liabilities	7b	280.747	257.907
-	Issued Debt Instruments	7a	9.675.953	7.105.561
Trade Payables		92.463	49.528
- Trade Payables to Third Parties		92.463	49.528
Employee Benefit Obligations		1.155	1.155
Other Payables	9	5.989	4.417
- Other Payables to Third Parties		5.989	4.417
Liabilities due to Investments Accounted for Using Equity Method	10	161.928	57.241
Derivative Financial Liabilities	8	262.962	213.420
Deferred Income	17	15.333	7.531
Non-Current Provision		258.332	230.367
- Non-Current Provision for Employee Benefits		258.332	230.367
Deferred Tax Liabilities	22	3.650.532	3.257.472
Other Non-Current Liabilities	18	3.681	3.284
Non-Current Liabilities		16.383.533	13.004.537
Equity Attributable to Equity Holders of the Parent		14.162.355	12.805.764
Issued Capital	15	592.105	592.105
Inflation Adjustment on Capital	15	63.583	63.583
Share Premium (Discount)		204.017	1.364.733
Put Option Reserve Related with Non-controlling Interests		6.773	6.773
Other Accumulated Comprehensive Income (Loss) that will not be		(31.923)	(32.151)
	Reclassified in Profit or Loss
-Revaluation and Remeasurement Gain/Loss		(31.923)	(32.151)
Other Accumulated Comprehensive Income (Loss) that will be		5.660.325	4.409.983
	Reclassified in Profit or Loss
- Currency Translation Differences		8.601.761	6.481.026
- Gains (Losses) on Hedge		(2.941.436)	(2.071.043)
Restricted Reserves Appropriated from Profits	15	372.939	372.939
Prior Years' Profits or Losses		6.027.799	5.213.040
Current Period Net Profit or Losses		1.266.737	814.759
Non-Controlling Interests		15.170.913	12.208.964
Total Equity		29.333.268	25.014.728
TOTAL LIABILITIES		62.645.433	50.561.368

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

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

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021

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

				Restated (Note 2)
		Unaudited		Unaudited
	Notes	1 January -	1 July -	1 January -	1 July -
	30 September	30 September	30 September	30 September
		2021	2021	2020	2020
Revenue	4	28.333.587	11.787.025	20.323.648	8.739.913
Cost of Sales (-)		(18.094.195)	(7.418.898)	(12.798.355)	(5.217.982)
GROSS PROFIT (LOSS)		10.239.392	4.368.127	7.525.293	3.521.931
General Administrative Expenses (-)		(1.821.078)	(649.982)	(1.440.804)	(509.566)
Sales, Distribution and Marketing Expenses (-)		(5.105.151)	(1.972.759)	(3.756.343)	(1.446.696)
Other Income from Operating Activities	19	499.256	163.685	474.979	145.066
Other Expenses from Operating Activities (-)	19	(438.531)	(131.772)	(687.214)	(259.577)
PROFIT (LOSS) FROM OPERATING	4	3.373.888	1.777.299	2.115.911	1.451.158
ACTIVITIES
Investment Activity Income	20	770.859	170.764	407.708	20.493
Investment Activity Expenses (-)	20	(244.170)	(217.252)	(51.744)	(23.140)
Share of Loss from Investments Accounted for	10	(195.132)	(22.804)	(223.967)	(153.806)
Using Equity Method
PROFIT (LOSS) BEFORE FINANCING	4	3.705.445	1.708.007	2.247.908	1.294.705
INCOME (EXPENSE)
Finance Income	21	1.483.452	469.866	1.375.998	519.319
Finance Expenses (-)	21	(2.012.129)	(844.450)	(1.837.218)	(592.470)
PROFIT (LOSS) FROM CONTINUING		3.176.768	1.333.423	1.786.688	1.221.554
OPERATIONS BEFORE TAX	4
Tax (Expense) Income, Continuing Operations	4	(751.211)	(244.073)	(512.521)	(276.686)
- Current Period Tax Expense (-)		(817.199)	(299.773)	(494.948)	(259.924)
- Deferred Tax Income (Expense)		65.988	55.700	(17.573)	(16.762)
PROFIT/(LOSS) FROM
CONTINUING OPERATIONS		2.425.557	1.089.350	1.274.167	944.868
PROFIT/(LOSS) FROM
DISCONTINUED OPERATIONS	25	-	-	(4.422)	201
PROFIT/(LOSS)		2.425.557	1.089.350	1.269.745	945.069
Profit/(Loss) Attributable to		2.425.557	1.089.350	1.269.745	945.069
- Non-Controlling Interest		1.158.820	532.907	580.910	496.083
- Owners of Parent		1.266.737	556.443	688.835	448.986
Earnings / (Loss) Per Share (Full TRL)	23	2,1394	0,9398	1,1634	0,7583
Earnings / (Loss) Per Share	23	2,1394	0,9398	1,1708	0,7579
From Continuing Operations (Full TRL)
Earnings / (Loss) Per Share From	23	-	-	(0,0075)	0,0003
Discontinued Operations (Full TRL)

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

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