Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi : 1. Quarter 2025 Financial Statements

About this update from Anadolu Efes Biracilik Ve Malt Sanayii A.s.

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 MARCH 31, 2025 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2025 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 Inc ome 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 7-47 Note 1 Group's Organization and Nature of Activities 7-9 Note 2 Basis of Presentation of Interim Condensed Consolidated Financial Statements 9-13 Note 3 Business Combinations 14 Note 4 Segment Reporting 15-16 Note 5 Cash and Cash Equivalents 17 Note 6 Financial Investments 17-18 Note 7 Short- and Long-Term Borrowings 18-21 Note 8 Derivative Instruments 21-25 Note 9 Other Receivables and Payables 26 Note 10 Investments Accounted for Using Equity Method 26 Note 11 Right-of-Use Assets 27 Note 12 Property, Plant and Equipment 28 Note 13 Other Intangible Assets 29 Note 14 Goodwill 30 Note 15 Capital Reserves and Other Equity Items 30 Note 16 Commitments and Contingencies 31-32 Note 17 Prepaid Expenses and Deferred Income 33 Note 18 Other Assets and Liabilities 34 Note 19 Other Operating Income / Expenses 35 Note 20 Income / Expense from Investing Activities 35 Note 21 Finance Income / Expenses 36 Note 22 Tax Assets and Liabilities 37-38 Note 23 Earnings per Share 38 Note 24 Related Party Balances and Transactions 39-40 Note 25 Financial Instruments and Financial Risk Management 41-44 Note 26 Financial Instruments (Fair Value and Hedge Accounting Disclosures) 45 Note 27 Explanatory Information on Statement of Cash Flows 45-46 Note 28 Monetary Gain / (Loss) 47 Note 29 Events After Reporting Period 47 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Unaudited Audited Notes March 31, 2025 December 31, 2024 ASSETS Cash and Cash Equivalents 5 27.667.374 59.690.307 Financial Investments 6 480.180 249.347 Trade Receivables 31.316.112 23.977.370 - Trade Receivables from Related Parties 24 2.160.488 2.336.549 - Trade Receivables from Third Parties 29.155.624 21.640.821 Other Receivables 9 2.018.739 1.396.926 - Other Receivables from Related Parties 24 424.192 408.242 - Other Receivables from Third Parties 1.594.547 988.684 Derivative Financial Assets 8 177.774 73.344 Inventories 23.995.237 33.248.655 Prepaid Expenses 17 9.330.762 8.160.129 - Prepaid Expenses to Third Parties 9.330.762 8.160.129 Current Tax Assets 2.207.138 2.513.768 Other Current Assets 18 2.716.711 4.192.949 - Other Current Assets from Related Parties 92.500 203.617 - Other Current Assets from Third Parties 2.624.211 3.989.332 Current Assets 99.910.027 133.502.795 Financial Investments 6 48.152.415 20.261 Trade Receivables 1.250 330 - Trade Receivables from Third Parties 1.250 330 Other Receivables 9 352.426 390.556 - Other Receivables from Related Parties 24 154.196 186.407 - Other Receivables from Third Parties 198.230 204.149 Assets Due to Investments Accounted for Using Equity Method 10 20.120 21.700 Property, Plant and Equipment 12 75.264.337 89.419.001 Right-of-Use Assets 11 3.799.647 3.410.962 Intangible Assets 115.083.766 145.311.440 - Goodwill 14 8.324.485 15.212.454 - Other Intangible Assets 13 106.759.281 130.098.986 Prepaid Expenses 17 4.991.474 5.164.743 Deferred Tax Asset 22 10.220.139 10.421.287 Other Non-Current Assets 18 927 1.928 Non-Current Assets 257.886.501 254.162.208 TOTAL ASSETS 357.796.528 387.665.003 The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Unaudited Audited Notes March 31, 2025 December 31, 2024 LIABILITIES Current Borrowings 34.059.164 25.121.017 - Current Borrowings from Third Parties 34.059.164 25.121.017 - Banks Loans 7a 29.128.109 21.115.351 - Issued Debt Instruments 7a 4.931.055 4.005.666 Current Portion of Non-Current Borrowings 9.843.872 10.150.515 - Current Portion of Non-Current Borrowings from Third Parties 9.843.872 10.150.515 - Banks Loans 7a 4.448.261 4.141.699 - Lease Liabilities 7b 977.368 1.040.167 - Issued Debt Instruments 7a 4.418.243 4.968.649 Other Current Financial Liabilities 7c - 225.563 Trade Payables 35.442.471 54.501.119 - Trade Payables to Related Parties 24 806.967 3.582.018 - Trade Payables to Third Parties 34.635.504 50.919.101 Employee Benefit Obligations 1.113.823 1.284.235 Other Payables 9 17.923.003 21.982.840 - Other Payables to Related Parties 24 3.850.009 3.958.578 - Other Payables to Third Parties 14.072.994 18.024.262 Derivative Financial Liabilities 8 23.037 3.219 Deferred Income 17 433.885 815.456 Current Tax Liabilities 712.982 842.380 Current Provisions 1.258.600 3.032.421 - Current Provisions for Employee Benefits 1.004.328 1.593.635 - Other Current Provisions 254.272 1.438.786 Other Current Liabilities 18 142.069 168.177 Current Liabilities 100.952.906 118.126.942 Non-Current Long-Term Borrowings 50.372.074 51.329.222 - Non-current Borrowings from Third Parties 50.372.074 51.329.222 - Banks Loans 7a 9.926.219 9.718.115 - Lease Liabilities 7b 1.844.644 1.744.208 - Issued Debt Instruments 7a 38.601.211 39.866.899 Trade Payables 1.602 1.803 - Trade Payables to Third Parties 1.602 1.803 Employee Benefit Obligations 79.458 90.226 Other Payables 9 29.147 17.376 - Other Payables to Third Parties 29.147 17.376 Deferred Income 17 315 439 Non-Current Provision 1.409.591 1.400.176 - Non-Current Provision for Employee Benefits 1.409.591 1.400.176 Deferred Tax Liabilities 22 23.020.655 29.847.062 Other Non-Current Liabilities 18 11.875 922 Non-Current Liabilities 74.924.717 82.687.226 Equity Attributable to Equity Holders of the Parent 88.554.141 92.498.184 Issued Capital 1 592.105 592.105 Inflation Adjustment on Capital 15 13.145.429 13.145.429 Share Premium (Discount) 15 2.289.302 2.289.302 (349.652) (373.312) (349.652) (373.312) (41.936.425) (36.244.114) Other Accumulated Comprehensive Income (Loss) that will not be Reclassified in Profit or Loss - Revaluation and Remeasurement Gain/Loss Other Accumulated Comprehensive Income (Loss) that will be Reclassified in Profit or Loss - Currency Translation Differences 16.108.914 20.453.110 - Gains (Losses) on Hedge (58.045.339) (56.697.224) Restricted Reserves Appropriated from Profits 15 5.941.838 5.941.838 Prior Years' Profits or Losses 107.146.389 92.709.871 Current Period Net Profit or Losses 1.725.155 14.437.065 Non-Controlling Interests 93.364.764 94.352.651 Total Equity 181.918.905 186.850.835 TOTAL LIABILITIES 357.796.528 387.665.003 The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of 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 THREE-MONTH PERIOD ENDED MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Unaudited Current Period January 1 - March 31 2025 Previous Period January 1- March 31 2024 Notes Revenue 4 44.345.847 60.160.356 Cost of Sales (-) (30.272.679) (38.615.729) GROSS PROFIT (LOSS) 14.073.168 21.544.627 General Administrative Expenses (-) (3.811.789) (5.139.651) Sales, Distribution and Marketing Expenses (-) (9.501.540) (12.364.368) Other Income from Operating Activities 19 1.212.452 1.681.524 Other Expenses from Operating Activities (-) 19 (1.093.739) (1.973.758) PROFIT (LOSS) FROM OPERATING ACTIVITIES 4 878.552 3.748.374 Investment Activity Income 20 3.109.225 71.503 Investment Activity Expenses (-) 20 (71.018) (41.355) Share of Gain / (Loss) from Investments Accounted for Using Equity Method 10 3.723 (15.295) PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 4 3.920.482 3.763.227 Finance Income 21 1.297.114 4.632.976 Finance Expenses (-) 21 (5.311.653) (5.535.210) Monetary Gain / (Loss) 28 4.595.325 5.606.891 PROFIT (LOSS) FROM CONTINUING OPERATIONS, BEFORE TAX 4 4.501.268 8.467.884 Tax (Expense) Income, Continuing Operations 4 (790.975) (1.362.736) - Current Period Tax Income (Expense) (1.220.293) (2.690.183) - Deferred Tax Income (Expense) 429.318 1.327.447 PROFIT/(LOSS) FROM CONTINUING OPERATIONS 3.710.293 7.105.148 PROFIT/(LOSS) 3.710.293 7.105.148 Profit/(Loss) Attributable to: 3.710.293 7.105.148 - Non-Controlling Interest 1.985.138 2.767.944 - Owners of Parent 1.725.155 4.337.204 Earnings / (Loss) Per Share (Full TRL) 23 2,9136 7,3251 Earnings / (Loss) Per Share From Continuing Operations (Full TRL) 23 2,9136 7,3251 The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Unaudited Current Period January 1- March 31 2025 Previous Period January 1- March 31 2024 PROFIT/(LOSS) 3.710.293 7.105.148 OTHER COMPREHENSIVE INCOME z Other Comprehensive Income that will not be Reclassified to Profit or Loss - 6.860 Gains (Losses) on Remeasurements of Defined Benefit Plans - 9.147 Taxes Relating to Components of Other Comprehensive Income that will not be reclassified to profit or loss - (2.287) - Deferred Tax Income (Expense) - (2.287) Other Comprehensive Income that will be Reclassified to Profit or Loss (8.639.297) (11.021.914) Currency Translation Differences Reclassified to Profit or Loss (6.636.237) (7.597.113) Other Comprehensive Income (Loss) on Cash Flow Hedge 75.181 95.234 Other Comprehensive Income (Loss) Related with Hedges of Net Investment in Foreign Operations (Note 25) Taxes Relating to Components of Other Comprehensive Income that will be reclassified to profit or loss (2.736.435) (4.671.753) 658.194 1.151.718 - Deferred Tax Income (Expense) 658.194 1.151.718 OTHER COMPREHENSIVE INCOME (LOSS) (8.639.297) (11.015.054) TOTAL COMPREHENSIVE INCOME (LOSS) (4.929.004) (3.909.906) Total Comprehensive Income Attributable to - Non-Controlling Interest (984.961) (1.914.583) - Owners of Parents (3.944.043) (1.995.323) The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Other Accumulated Comprehensive Income that will not be reclassified Other Accumulated Comprehensive Income that will in Profit or Loss be reclassified in Profit or Loss Retained Earnings Issued Capital Inflation Adjustment on Capital Share Premium/ (Discount) Revaluation and Remeasurement Gain/ (Loss) (*) Currency Translation Differences Gains (Losses) on Hedge Restricted Reserves Appropriated from Profits Prior Years' Profits or (Losses) Current Period Net Profit or (Loss) Equity Attributable to Equity Holders of the Parent Non-Controlling Interests Total Equity Previous Period (January 1- March 31, 2024) Beginning Balances 592.105 13.145.429 2.289.302 (336.171) 38.174.526 (49.625.024) 5.751.688 57.430.452 35.164.433 102.586.740 103.798.327 206.385.067 Transfers - - - - - - - 35.164.433 (35.164.433) - - - Total Comprehensive Income (Loss) - - - 3.446 (3.907.989) (2.427.984) - - 4.337.204 (1.995.323) (1.914.583) (3.909.906) -Profit (Loss) - - - - - - - - 4.337.204 4.337.204 2.767.944 7.105.148 -Other Comprehensiv Income (Loss) - - - 3.446 (3.907.989) (2.427.984) - - - (6.332.527) (4.682.527) (11.015.054) Dividends - - - - - - - - - - (1.490) (1.490) Ending Balances 592.105 13.145.429 2.289.302 (332.725) 34.266.537 (52.053.008) 5.751.688 92.594.885 4.337.204 100.591.417 101.882.254 202.473.671 Current Period (January 1- March 31, 2025) Beginning Balances 592.105 13.145.429 2.289.302 (373.312) 20.453.110 (56.697.224) 5.941.838 92.709.871 14.437.065 92.498.184 94.352.651 186.850.835 Transfers - - - - - - - 14.437.065 (14.437.065) - - - Total Comprehensive Income (Loss) - - - 23.660 (4.344.196) (1.348.115) - (547) 1.725.155 (3.944.043) (984.961) (4.929.004) -Profit (Loss) - - - - - - - - 1.725.155 1.725.155 1.985.138 3.710.293 -Other Comprehensive Income (Loss) - - - 23.660 (4.344.196) (1.348.115) - (547) - (5.669.198) (2.970.099) (8.639.297) Dividends - - - - - - - - - - (2.926) (2.926) Ending Balances 592.105 13.145.429 2.289.302 (349.652) 16.108.914 (58.045.339) 5.941.838 107.146.389 1.725.155 88.554.141 93.364.764 181.918.905 (*) Gains (Losses) on Remeasurements of Defined Benefit Plans. The accompanying notes form an integral part of these consolidated financial statements. Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) Unaudited Notes January 1- March 31, 2025 January 1- March 31, 2024 CASH FLOWS FROM OPERATING ACTIVITIES (8.855.151) (4.262.856) Profit/ (Loss) from Continuing Operation for the Period 3.710.293 7.105.148 Adjustments to Reconcile Profit (Loss) (1.113.124) 449.759 Adjustments for Depreciation and Amortization Expense 4 2.817.758 3.335.899 Adjustments for Impairment Loss (Reversal) 27 17.950 88.548 Adjustments for Provisions 719.645 617.694 - Adjustments for Provision/(Reversal) for Employee Benefits 27 389.037 436.566 - Adjustments for Other Provisions/(Reversals) 330.608 181.128 Adjustments for Interest (Income) Expenses 27 3.938.106 3.395.654 Adjustments for Foreign Exchange Losses (Gains) 159.793 (1.829.809) Adjustments for Fair Value (Gains) Losses on Derivative Financial Instruments 27 (26.963) (92.108) Adjustments for Undistributed Profits of Investments Accounted for Using Equity Method 10 (3.723) 15.295 Adjustments for Tax (Income) Expenses 790.975 1.362.736 Adjustments for Losses (Gains) on Disposal of Non-Current Assets Adjustments Arising from the Disposal of Associates, Joint Ventures, and Financial Investments or Changes Their Shares 20 33.999 (3.089.214) (31.566) - Other Adjustments to Reconcile Profit (Loss) 142.805 3.834 Adjustments for Monetary (Gain) Loss (6.614.255) (6.416.418) Change in Working Capital (9.733.821) (9.572.984) Adjustments for Decrease (Increase) in Trade Accounts Receivables (12.379.486) (11.689.501) Adjustments for Decrease (Increase) in Other Receivables Related with Operations (317.160) (4.051.264) Adjustments for Decrease (Increase) in Inventories 1.514.801 5.428.864 Adjustments for Increase (Decrease) in Trade Accounts Payable 3.031.090 (2.676.023) Adjustments for Increase (Decrease) in Other Operating Payables (1.583.066) 3.414.940 Cash Flows from (used in) Operations (7.136.652) (2.018.077) Payments Related with Provisions for Employee Benefits (120.596) (178.227) Income Taxes (Paid) Return (1.030.197) (2.066.548) Other Provisions (Paid) (567.706) (4) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES (30.489.350) (4.534.124) Cash Outflows Arising From Purchase of Shares or Capital Increase of Associates and/or Joint Ventures 10 - (22.947) Proceeds from Sales of Property, Plant, Equipment and Intangible Assets 81.985 921.083 Cash Outflows Arising from Purchase of Property, Plant, Equipment and Intangible Assets 12, 13 (3.938.388) (4.307.524) Cash Outflows Related to Purchases for Obtaining Control of Subsidiaries Adjustments Arising from Changes in Consolidation Scope 27 - (26.632.947) (1.124.736) - CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES 6.400.194 (1.946.728) Proceeds from Borrowings 7a 27.319.845 18.745.517 Repayments of Borrowings 7a (16.419.113) (15.731.609) Payments of Lease Liabilities Cash Inflows from Settlement of Derivative Instruments 7b (421.637) - (361.426) - Cash Outflows from Settlement of Derivative Instruments 209 (33.059) Dividends Paid (1.698) (1.490) Interest Paid, Bank Commission and Fees 7a (4.310.164) (4.831.803) Interest Received 606.148 797.345 Other Inflows (Outflows) of Cash 27 (373.396) (530.203) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS BEFORE CURRENCY TRANSLATION DIFFERENCES (32.944.307) (10.743.708) Effect of Currency Translation Differences on Cash and Cash Equivalents 1.413.668 (353.126) MONETARY LOSS ON CASH AND CASH EQUIVALENTS (364.264) (955.746) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (31.894.903) (12.052.580) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5 59.536.192 65.460.871 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 5 27.641.289 53.408.291 The accompanying notes form an integral part of these consolidated financial statements. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES General Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (Anadolu Efes, the Company) was established in İstanbul in 1966. Certain shares of Anadolu Efes are listed on the Borsa İstanbul (BIST). The registered office of the Company is located at the address "Fatih Sultan Mehmet Mahallesi, Balkan Caddesi No:58, Buyaka E Blok, Tepeüstü, Ümraniye - İstanbul". The Company, its subsidiaries and joint ventures will be referred to as the "Group". The average number of permanent personnel employed in the Group is 15.075 (December 31, 2024 - 19.907). The 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 7, 2025. General Assembly and specified regulatory bodies have the right to make amendments to statutory financial statements after issue. Nature of Activities of the Group The operations of the Group consist of production, bottling, selling and distribution of beer under a number of trademarks and also production, bottling, distribution and selling of sparkling and still beverages with The Coca- Cola Company (TCCC) trademark. The Group owns and operates ten breweries; three in Türkiye, and seven in other countries (December 31, 2024 -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 (December 31, 2024 - 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". Additionally, the Group's operations in Russia include eleven beer factories and three malt processing plants, which are being accounted as financial investment. The Group operates ten facilities in Türkiye, twenty three facilities in other countries for sparkling and still beverages production and three facilities for fruit processing. (March 31, 2024 - ten facilities in Türkiye, twenty facilities in other countries for sparkling and still beverages production and three facilities 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 malt bars in Türkiye, Trendbox Innovative Solutions A.Ş., which conducts computer programming activities, and Neone Teknoloji A.Ş., which engages in information technology activities. List of Shareholders As of March 31, 2025, and December 31, 2024, the composition of shareholders and their respective percentage of ownership can be summarized as follows: March 31, 2025 December 31, 2024 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. is a management company, which is ultimately managed by the Süleyman Kamil Yazıcı Family and Özilhan Family in accordance with equal representation and equal management principle and manages AG Anadolu Grubu Holding A.Ş.'s subsidiaries. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) List of Subsidiaries, Joint Ventures and Associates The subsidiaries, joint ventures and associates included in the consolidation and their effective shareholding rates at March 31, 2025 and 31 December, 2024 are as follows: Effective Shareholding And Voting Rights % Country Principal Activity Segment March 31, 2025 December 31, 2024 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 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) (7) Russia Production and marketing of beer Beer Group - 50,00 PJSC AB Inbev Efes Ukraine (1) Ukraine Production and marketing of beer Beer Group 49,36 49,36 LLC Vostok Solod (2) (7) Russia Production of malt Beer Group - 50,00 LLC Bosteels Trade (2) (7) Russia Selling and distribution of beer Beer Group - 50,00 LLC Inbev Trade (2) (7) Russia Production of malt Beer Group - 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) Türkiye Marketing and distribution company of the Group in 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. (Romania) Romania Marketing and distribution of beer Beer Group 100,00 100,00 Anadolu Efes Uluslararası Alkollü İçecek Yatırımları A.Ş. (AE Uluslararası Alkollü İçecek) Türkiye Anadolu Efes Alkollü İçecekler Yatırım ve Ticaret A.Ş. (AE Alkollü Türkiye İçecek) Anadolu Efes Shanghai Beer Company Limited China Marketing and distribution of beer Beer Group 100,00 100,00 Coca-Cola İçecek A.Ş. (CCİ) (4) Türkiye Production of Coca-Cola products Soft Drinks 50,26 50,26 Invetment company Beer Group 100,00 100,00 Invetment company Beer Group 100,00 100,00 Coca-Cola Satış ve Dağıtım A.Ş. (CCSD) Türkiye Distribution and selling of Coca-Cola, Doğadan and Mahmudiye products Soft Drinks 50,25 50,25 J.V. Coca-Cola Almaty Bottlers LLP (Almaty CC) Kazakhstan Production, distribution and selling of Coca Cola 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 Jordan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Turkmenistan Production, distribution and selling of Coca Cola products Soft Drinks 29,90 29,90 CCI International Holland B.V. (CCI Holland) The Netherlands Investment company of CCİ Soft Drinks 50,26 50,26 The Coca-Cola Bottling Company of Jordan Ltd. (Jordan CC) Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Turkmenistan Coca-Cola Bottlers Ltd. (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 Investment company of CCİ Soft Drinks 50,26 50,26 Coca-Cola Beverages Tajikistan LLC (Coca Cola Tacikistan) Tajikistan Al Waha for Soft Drinks, Juices, Mineral Water, Plastics, and Plastic Iraq Caps Production LLC (Al Waha) 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) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Samarkand Limited LLC (Samarkand) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Namangan Limited LLC (Namangan) Uzbekistan Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 CCI Bangladesh Limited (CCBB) (Note 3) Bangladesh Production, distribution and selling of Coca Cola products Soft Drinks 50,26 50,26 Anadolu Etap Penkon Gıda ve İçecek Ürünleri San. Türkiye Production, sale, and distribution of fruit juice concentrate, puree, Soft Drinks 50,26 50,26 ve Tic. A.Ş. (Anadolu Etap İçecek) and fresh fruits. Türkiye Selling fruit juice concentrate and puree Soft Drinks 50,26 50,26 Türkiye Production and distribution and sales of fresh fruits. Other 83,23 83,23 Anadolu Etap Dış Ticaret Anonim Şirketi Anadolu Etap Penkon Gıda ve Tarım Ürünleri San. ve Tic. A.Ş. (Anadolu Etap) Joint Ventures Syrian Soft Drink Sales & Dist. LLC (SSDSD) Syria Distribution and sales of Coca-Cola products Soft Drinks 25,13 25,13 İştirakler: Malty Gıda A.Ş. (Malty) Türkiye Productiın, distrubution and sale of snacks Beer Group 25,00 25,00 Trendbox Innovative Solutions A.Ş. (Trendbox) Türkiye Comuputer Programming Beer Group 20,00 20,00 Neoone Teknoloji A.Ş. (Neoone) Türkiye Information Technology Beer Group 20,00 20,00 Subsidiaries that AB Inbev Efes B.V. directly participates. Subsidiaries of JSC AB Inbev Efes. The Company's beer operations in Türkiye form the Türkiye Beer Operations together with Ef-Pa. Shares of CCİ are currently traded on BIST. Liquidation process of Euro-Asien and Bevmar initiated with the BOD decision of AB Inbev Efes B.V. dated December 22, 2021, and the process was completed in April 2025. Turkmenistan CC is controlled by CCI and is fully consolidated in accordance with TFRS as the Company has control over CCI. Although the Group's current ownership in JSC AB Inbev Efes and its subsidiaries remains at 50% as in previous periods, they have been excluded from the scope of consolidation in the financial statements as of January 1, 2025, in accordance with TFRS 10, and have started to be accounted for as financial investment. NOTE 1. GROUP'S ORGANIZATION AND NATURE OF ACTIVITIES (continued) Work Environments and Economic Conditions of Subsidiaries and Joint Ventures in Foreign Countries 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. Developments in Russia and Ukraine 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. Accordingly, as of February 24, 2022, breweries were shut down and the sales operations were halted and in the light of the developments in the region, the brewery facility in Chernihiv, Ukraine restarted production as of October 2022 and the brewery facility in Mikolayiv, Ukraine restarted production as of May 2023. Throughout 2024, the Chernihiv and Mikolayiv factories continued production. On January 28, 2025, an explosion occurred in Mikolayiv, Ukraine, causing damage to the Mikolayiv brewery, which is owned by PJSC AB InBev Efes. Accordingly, impairment losses have been recognized on property, plant and equipment and on inventories, and have been reflected in the consolidated financial statements as of March 31, 2025. Production activities at the brewery have been temporarily halted, and it is planned that production loss is planned to be mitigated through adjustments at the Chernihiv brewery. On December 30, 2024, it was announced that temporary management have been appointed to the Group's beer operation in Russia in accordance with the Presidential Decree of the Russian Federation. Following this development, the Group's management determined that control over the operation was effectively held by the Group as of December 31, 2024, in accordance with TFRS 10, and accordingly, the relevant subsidiaries were included in the consolidation scope in the financial statements as of December 31, 2024. As a result of the Group's assessments, the relevant company, while still part of the Group as of January 1, 2025, was excluded from the consolidation scope in the financial statements under TFRS 10. The beer operation in Russia, excluded from the consolidation scope in the financial statements as of March 31, 2025, has been accounted as a financial investment in the consolidated financial statements. The Group has evaluated the potential impact of developments in Russia and Ukraine on its financial statements while preparing the consolidated financial statements as of March 31, 2025, and has reviewed the estimates and assumptions used in the preparation of the consolidated financial statements. In this context, the group has not made any significant changes to its estimates regarding potential impairment as of year-end. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Basis of Preparation and Presentation of Interim Condensed Consolidated Financial Statements Statement of Compliance to TFRS 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 July 3, 2024 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 have been prepared based on historical cost for foreign operations, and on indexed cost in accordance with TAS 29 for domestic operations, with the exception of financial assets and liabilities shown at fair value. Adjustments and classifications necessary for accurate presentation in accordance with TFRS have been reflected in the legal records. NOTE 2. BASIS OF PRESENTATION OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Basis of Preparation and Presentation of Interim Condensed Consolidated Financial Statements (continued) In accordance with the Turkish Accounting Standard (TAS) 34 'Interim Financial Reporting,' companies are free to prepare their interim financial statements either as a complete set or in summary form. Within this framework, the Group has opted to prepare summary consolidated interim financial statements during interim periods. The interim summary consolidated financial statements and notes have been presented, including the information mandated by the Capital Markets Board (CMB). 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, 2024. Adjustment of financial statements in hyperinflationary periods 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 December 31, 2023. 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, 2024, and December 31, 2024 on the purchasing power basis as of March 31, 2025. 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, 2025, the indexes and adjustment factors used in the restatement of the consolidated financial statements are as follows: Dates Index Adjustment Coefficent Three-Year Compound Inflation Rate March 31, 2025 2954,69 1,00000 250% December 31, 2024 2684,55 1,10063 291% March 31, 2024 2139,47 1,38104 309% The main components of Company's restatement for the purpose of financial reporting in hyperinflationary economies are as follows: The consolidated financial statements for the current period presented in TRL are expressed in terms of the purchasing power at the balance sheet date and the amounts for the previous reporting periods are restated in accordance with the purchasing power at the end of the reporting period. Monetary assets and liabilities are not restated as they are currently expressed in terms of the purchasing power at the reporting period. Where the inflation-adjusted amounts of non-monetary items exceed the recoverable amount or net realizable value, the provisions of TAS 36 and TAS 2 have been applied, respectively. Non-monetary assets, liabilities and equity items that are not expressed in the current purchasing power at the reporting period are restated by applying the relevant conversion factors. All items in the statement of comprehensive income, except for the effects of non-monetary items in the statement of financial position on the statement of comprehensive income, are indexed using the coefficients calculated based on the periods in which the income and expense accounts were initially recognized in the financial statements. The effect of inflation on the Group's net monetary asset position in the current period is recognized in the consolidated statement of profit or loss in the net monetary position loss account. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Functional and Reporting Currency Functional and reporting currency of the Company and its subsidiaries, joint ventures located in Türkiye is Turkish Lira. Functional Currency of Significant Subsidiaries Located in Foreign Countries Functional Currency Subsidiary / Joint Venture Local Currency 2025 2024 EBI Europian Currency (EUR) USD USD PJSC AB Inbev Efes Ukraine Ukraine Hryvnya (UAH) UAH UAH AB InBev Efes B.V. Europian 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 Romania Romenian 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 BDT 2.3 Seasonality of Operations 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, 2025 may not necessarily constitute an indicator for the results to be expected for the overall fiscal year. Significant Accounting Estimates and Decisions 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. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) Changes in Accounting Policies Adoption of new and revised Turkish Financial Reporting Standards Standards, amendments, and interpretations applicable as of March 31, 2025: Amendments to TAS 21 - Lack of Exchangeability; effective from annual periods beginning on or after 1 January 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 The Group does not expect a material impact on its financial statements and performance. Standards, amendments, and interpretations that are issued but not effective as of March 31, 2025: Amendment to TFRS 9 and TFRS 7 - Contracts Referencing Nature-dependent Electricity; effective from annual periods beginning on or after 1 January 2026 but can be early adopted subject to local endorsement where required. These amendments change the 'own use' and hedge accounting requirements of TFRS 9 and include targeted disclosure requirements to TFRS 7. These amendments apply only to contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather). These are described as 'contracts referencing nature-dependent electricity'. TFRS 18 Presentation and Disclosure in Financial Statements; effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in TFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are -reported outside an entity's financial statements (that is, management-defined performance measures); and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. TFRS 19 Subsidiaries without Public Accountability: Disclosures; effective from annual periods beginning on or after 1 January 2027. This new standard works alongside other TFRS Accounting Standards. An eligible subsidiary applies the requirements in other TFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in TFRS 19. TFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. TFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if: it does not have public accountability; and it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with TFRS Accounting Standards. NOTE 2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) 2.5 Changes in Accounting Policies (continued) Adoption of new and revised Turkish Financial Reporting Standards (continued) Standards, amendments, and interpretations applicable as of March 31, 2025:(continued) Amendment to TFRS 9 and TFRS 7 - Classification and Measurement of Financial Instruments ; effective from annual reporting periods beginning on or after 1 January 2026 (early adoption is available). These amendments: clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). Annual improvements to TFRS - Volume 11; effective from annual periods beginning on or after 1 January 2026 (earlier application permitted). Annual improvements are limited to changes that either clarify the wording in an Accounting Standard or correct relatively minor unintended consequences, oversights or conflicts between the requirements in the Accounting Standards. The 2024 amendments are to the following standards: TFRS 1 First-time Adoption of International Financial Reporting Standards; TFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing TFRS 7; TFRS 9 Financial Instruments; TFRS 10 Consolidated Financial Statements; and TAS 7 Statement of Cash Flows. The Group does not expect a material impact on its financial statements and performance. NOTE 3. BUSINESS COMBINATIONS Transactions related to the three-month period ended on March 31, 2025 None. Transactions related to the three-month period ended on March 31, 2024 Purchase for Obtaining Control of Subsidiaries As of February 20, 2024, the Group acquired 100% of the shares representing the capital of CCBB for a purchase price of USD 45 million, following the deduction of net financial debt from the enterprise value of USD 130 million as of the closing date. CCBB February 20, 2024 Net Book Value Cash and Cash Equivalents 126.512 Trade Receivables 21.633 Inventories 1.321.034 Property, Plant and Equipment 5.144.900 Right of Use Asset 29.803 Other Current and Fixed Assets 307.088 Total Assets 6.950.970 Defered tax and tax provision 197.003 Borrowings 3.080.011 Trade Payables 1.000.301 Other current and non-current liabilities 551.683 Total Liabilities 4.828.998 Net value of assets / (liabilities) 2.121.972 Total Purchase Cost (*) (2.515.513) Net Value of et assets/(liabilities) consolidated by the group 2.121.972 Bargain Purchase Gain (393.541) (*) The company's acquisition cost has been recorded as TRL2.515.513. NOTE 4. SEGMENT REPORTING The management monitors the operating results of its two business units separately for the purpose of making decisions about 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: Beer Group Soft Drinks Other (1) and Eliminations Total January 1 - March 31, 2025 Net sales 7.851.823 36.157.897 340.975 44.350.695 Inter-segment sales (3.825) (817) (206) (4.848) Revenue 7.847.998 36.157.080 340.769 44.345.847 EBITDA BNRI (485.943) 4.676.110 (62.036) 4.128.131 Impairement losses - (20.929) - (20.929) Reversals of impairment losses - 3.921 - 3.921 Financial Income / (Expense) (1.518.164) (2.473.094) (23.281) (4.014.539) Tax Income / (Expense) 243.397 (1.323.905) 289.533 (790.975) Capital expenditures 867.980 3.020.872 49.536 3.938.388 January 1 - March 31, 2024 Beer Group Soft Drinks Other (1) and Eliminations Total Net sales 22.378.636 37.605.578 184.988 60.169.202 Inter-segment sales - (653) (8.193) (8.846) Revenue 22.378.636 37.604.925 176.795 60.160.356 EBITDA BNRI 1.511.840 6.164.725 (63.547) 7.613.018 Impairement losses - (7.571) - (7.571) Reversals of impairment losses - 6.153 - 6.153 Financial Income / (Expense) 700.573 (1.581.338) (21.469) (902.234) Tax Income / (Expense) 998.598 (2.589.790) 228.456 (1.362.736) Capital expenditures 1.149.783 3.082.682 75.059 4.307.524 (1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap. As of March 31, 2025, the portion of Türkiye geographical area in the consolidated net revenue and total assets is 40% and 47% respectively (March 31, 2024- 32% and 44% respectively). As of March 31, 2025, the portion of Russia geographical area in the consolidated net revenue and total assets is 0% and 12% respectively (March 31, 2024- 23% and 24% respectively). As of March 31, 2025, the portion of Kazakhstan geographical area in the consolidated net revenue and total assets is 17% and 9% respectively (March 31, 2024- 15% and 11% respectively). As of March 31, 2025, the portion of Pakistan geographical area in the consolidated net revenue and total assets is 10% and 5% respectively (March 31, 2024- 8% and 5% respectively). NOTE 4. SEGMENT REPORTING (continued) Beer Group Soft Drinks Other (1) and Eliminations Total March 31, 2025 Segment assets 114.739.300 169.784.021 73.273.207 357.796.528 Segment liabilities 54.277.941 102.704.965 18.894.717 175.877.623 Investments Accounted for Using 20.120 Equity Method - - 20.120 March 31, 2024 Beer Group Soft Drinks Other (1) and Eliminations Total Segment assets 151.885.614 163.253.138 72.526.251 387.665.003 Segment liabilities 87.053.372 95.395.794 18.365.002 200.814.168 Investments Accounted for Using Equity Method 21.700 - - 21.700 (1) Includes adjustment journals in the consolidation of the Group and the financial statements of Anadolu Etap. Reconciliation of EBITDA BNRI to the consolidated Profit/Loss from Continuing Operations and its components as of March 31, 2025, and 2024 are as follows: January 1 - March 31, 2025 January 1 - March 31, 2024 EBITDA BNRI 4.128.131 7.613.018 Depreciation and amortization expenses (2.817.758) (3.335.899) Provision for retirement pay liability (114.761) (114.118) Provision for vacation pay liability (187.655) (243.889) Foreign exchange gain/(loss) from operating activities (21.039) (47.614) Rediscount income/(expense) from operating activities (12.392) (15.156) Non-recurring items (33.676) (34.356) Other (62.298) (73.612) PROFIT (LOSS) FROM OPERATING ACTIVITIES 878.552 3.748.374 Investment Activity Income 3.109.225 71.503 Investment Activity Expenses (-) (71.018) (41.355) Share of Gain / (Loss) from Investments Accounted for Using Equity Method 3.723 (15.295) PROFIT (LOSS) BEFORE FINANCING INCOME (EXPENSE) 3.920.482 3.763.227 Finance Income 1.297.114 4.632.976 Finance Expenses (-) (5.311.653) (5.535.210) Monetary Gain/ (Loss) 4.595.325 5.606.891 PROFIT (LOSS) FROM CONTINUING OPERATIONS 4.501.268 8.467.884 NOTE 5. CASH AND CASH EQUIVALENTS March 31, 2025 December 31, 2024 Cash on hand 75.503 12.514 Bank accounts - Time deposits 18.492.198 45.103.059 - Demand deposits 9.054.455 9.476.743 Investment Funds 6.549 4.910.213 Other 12.584 33.663 Cash and cash equivalents in cash flow statement 27.641.289 59.536.192 Expected Credit Loss (-) (203) (595) Interest income accrual 26.288 154.710 27.667.374 59.690.307 As of March 31, 2025, annual interest rates of the TRL denominated time deposits vary between 38,00% and 50,50% and have maturity between 2 - 3 days (December 31, 2024 - 39,00% and 46,00%; maturity between 1 - 6 days). Annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency denominated time deposits vary between 0,45% and 14,25% and have maturity between 1 - 88 days (December 31, 2024 - annual interest rates of the US Dollars (USD) and, Euro (EUR), and other currency time deposits vary between 0,15% and 22,75%; maturity between 1 - 76 days). As of March 31, 2025, other item contains credit card receivables amounting to TRL12.584 (December 31, 2024 -TRL33.546). The fair value differences of investment funds are recognized in the consolidated statement of profit or loss. As of March 31, 2025, the Group holds no money market funds. (as of December 31, 2024 - TRL4.910.213). NOTE 6. FINANCIAL INVESTMENTS a) Short-Term Financial Investments March 31, 2025 December 31, 2024 Time deposits with maturity more than three months 55.775 117 Restricted cash 424.405 249.230 480.180 249.347 As of March 31, 2025, time deposits with maturities over 3 months are composed of USD and have 2,25% and 3,25% interest rate for USD. (As of December 31, 2024, time deposits with maturities over 3 months, denominated in USD, an interest rate of 2,25%). Restricted bank balance is the blocked amount in the bank for collateral of letters of credit in Uzbekistan and Pakistan and for withholding tax offsets in the Netherlands. NOTE 6. FINANCIAL INVESTMENTS (continued) b) Long-Term Financial Investment Financial assets measured at fair value through other comprehensive income March 31, 2025 December 31, 2024 48.132.182 - Other 20.233 20.261 48.152.415 20.261 As of January 1, 2025, the Russia beer operation is effectively part of the Group; however, due to TFRS 10, it has been excluded from the consolidation scope in the financial statements according to TFRS 10 and accounted for as a financial investment in the consolidated financial statements as of March 31, 2025. As of January 1, 2025, with the exclusion of the Russia beer operation from the scope of consolidation, the Currency Translation Differences previously recognized under Equity have been reclassified to income statement and recorded under "Income from Investing Activities" as "Gain recognized as a result of changes in scope of consolidation" (Note 20). The related financial investment has been classified as "Financial assets measured at fair value through other comprehensive income," and subsequent fair value changes will be monitored under Other Comprehensive Income. NOTE 7. SHORT AND LONG TERM BORROWINGS a) Bank Loans, issued debt instruments and other borrowings March 31, 2025 December 31, 2024 Short-term Bank Loans (Third Parties) 29.128.109 21.115.351 Short-term Issued Debt Instruments (Third Parties) 4.931.055 4.005.666 Current Portion of Bank Loans (Third Parties) 4.448.261 4.141.699 Current Portion of Issued Debt Instruments (Third Parties) 4.418.243 4.968.649 Long-term Bank Loans (Third Parties) 9.926.219 9.718.115 Long-term Issued Debt Instruments (Third Parties) 38.601.211 39.866.899 91.453.098 83.816.379 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) a) Bank Loans, issued debt instruments and other borrowings (continued) As of March 31, 2025, total borrowings consist of principal amounting to TRL88.101.735 (December 31, 2024- TRL80.115.480) and interest expense accrual amounting to TRL3.351.363 (December 31, 2024 - TRL3.700.899). As of March 31, 2025 and December 31 2024, total amount of borrowings and the effective interest rates are as follows: March 31, 2025 December 31, 2024 Amount Weighted average fixed rate Weighted average floating rate Amount Weighted average fixed rate Weighted average floating rate Short-term Borrowings TRL denominated borrowings 21.458.795 44,61% TLREF+0,23% 18.981.686 45,17% - Foreign currency denominated borrowings (USD) 5.291.581 4,49% - 1.013.762 3,00% - Foreign currency denominated borrowings (EUR) 1.876.776 5,06% - 185.393 4,91% - Foreign currency denominated borrowings (Other) 5.432.012 14,41% Kibor-0,1+% 4.940.176 3,90% Kibor+0,16% 34.059.164 25.121.017 25.121.017 Short-term portion of long term borrowings TRL denominated borrowings 5.491.172 47,62% TLREF+1,79% 5.966.055 47,48% TLREF+1,30% Foreign currency denominated borrowings (USD) 1.894.055 5,01% SOFR+2,25% 1.597.556 5,39% SOFR+2,25% Foreign currency denominated borrowings (EUR) 966.049 - Euribor+1,42% 920.481 - Euribor+1,30% Foreign currency denominated borrowings (Other) 515.228 18,21% - 626.256 18,41% - 8.866.504 9.110.348 Total 42.925.668 34.231.365 Long-term Borrowings TRL denominated borrowings 1.238.952 15,19% TLREF+2,02% 1.535.199 41,36% TLREF+2,00% Foreign currency denominated borrowings (USD) 43.458.820 4,49% SOFR+2,25% 44.071.025 3,96% SOFR+2,25% Foreign currency denominated borrowings (EUR) 1.879.737 - Euribor+1,39% 1.881.363 - Euribor+1,30% Foreign currency denominated borrowings (Other) 1.949.921 16,74% - 2.097.427 17,76% - Total 48.527.430 49.585.014 Grand Total 91.453.098 83.816.379 As of March 31, 2025, the Group has fulfilled its financial commitments arising from its borrowings. NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) Bank Loans, issued debt instruments and other borrowings (continued) Maturity of long-term borrowings are scheduled as follows: March 31, 2025 December 31, 2024 Between 1-2 years 3.456.453 3.730.440 Between 2-3 years 2.497.914 2.276.731 Between 3-4 years 39.711.312 21.642.551 Between 4-5 years 1.796.621 20.839.167 5 years and more 1.065.130 1.096.125 48.527.430 49.585.014 The movement of borrowings as of March 31, 2025 and 2024 is as follows: 2025 2024 Balance at January 1 83.816.379 91.151.872 Acquired trough to business combinations (Note 3) - 3.050.208 Proceeds from borrowings 27.319.845 18.745.517 Repayments of borrowings (-) (16.419.113) (15.731.609) Interest and borrowing expense (Note 21) 3.971.582 3.429.401 Interest paid (-) (3.948.270) (4.128.092) Foreign exchange (gain)/loss 3.237.607 5.340.504 Currency translation differences 1.074.940 (1.066.330) Monetary (gain)/loss (7.599.872) (10.116.125) Balance at March 31 91.453.098 90.675.346 b) Lease Liabilities March 31, 2025 December 31, 2024 Current Portion of Lease Liabilities (Third Parties) 977.368 1.040.167 Long term Lease Liabilities (Third Parties) 1.844.644 1.744.208 2.822.012 2.784.375 Repayments of long-term lease liabilities are scheduled as follows: March 31, 2025 December 31, 2024 Between 1-2 years 177.036 216.239 Between 2-3 years 556.765 323.181 Between 3-4 years 110.894 75.141 Between 4-5 years 113.927 125.208 5 years and more 886.022 1.004.440 1.844.644 1.744.208 NOTE 7. SHORT AND LONG TERM BORROWINGS (continued) b) Lease Liabilities (continued) The movement of lease liabilities as of March 31, 2025 and 2024 is as follows: 2025 2024 Balance at January 1 2.784.375 2.712.171 Additions 203.367 33.390 Repayments (-) (421.637) (361.426) Disposals (-) - (2.370) Changes in the scope of consolidation (179.441) - Interest expense (Note 21) 149.502 112.622 Amendments to lease agreements 753.232 538.136 Foreign exchange (gain)/loss 4.655 2.159 Acquired through business combination (Note 3) - 29.803 Currency translation differences (236.933) (118.736) Monetary (gain)/ loss (235.108) (204.480) Balance at March 31 2.822.012 2.741.269 c) Other Financial Liabilities March 31, 2025 December 31, 2024 Current credit card payables - 225.563 - 225.563 NOTE 8. DERIVATIVE INSTRUMENTS The book values of derivative instruments as of March 31, 2025, and December 31, 2024, are as follows: Beer Group Soft Drinks Other Total 2025 107.012 44.475 3.249 154.736 2024 28.250 38.028 3.848 70.126 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Beer Operations as of March 31, 2025 is as follows: Derivatives held for hedging: Cash flor hedge Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Interest swap: 800.000 - 20.754 Derivative Instruments - September - October 2025 Currency forwards: -USD/TRL 2.633.584 69,7 million USD 80.485 Derivative Instruments - December 2025 -EUR/TRL 1.114.215 27,4 million EUR (12.945) Derivative Instruments - December 2025 Commodity swaps: - Aluminium 596.547 6.272 tonnes 11.712 Derivative Instruments - March 2026 Derivatives not held for hedging: Currency forwards: -USD/TRL 132.180 3,5 million USD 7.050 Derivative Instruments - November 2025 -EUR/TRL 30.119 0,7 million EUR (44) Derivative Instruments - November 2025 5.306.645 107.012 Derivatives held for hedging: Net investment hedge - 500 million USD (18.916.850) Borrowings - June 2028 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Soft Drink Operations as of March 31, 2025 is as follows: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Derivatives held for hedging: Cash flow hedge Commodity swaps: - Aluminium 679.700 7.263 tonnes 23.350 Derivative Instruments - April - December 2025 - Sugar 1.707.831 93.900 tonnes 12.223 Derivative Instruments - April - December 2025 Fx forward (hedging exchange rate risk) 1.461.429 28,5 million EUR 28.698 Derivative Instruments - June 2025 Fx forward (hedging exchange rate risk) 120.071 3 million EUR (8.985) Derivative Instruments - October 2025 Fx forward (hedging exchange rate risk) 181.275 4,8 million USD (5.838) Derivative Instruments - October 2025 Fair value hedge reserves assets / (liabilities) 119.481 3 million USD (4.972) Derivative Instruments - February 2026 4.269.787 44.476 Derivatives held for hedging: Net investment hedge - 500 million USD (18.916.850) Borrowings - January 2029 Net investment hedge - 80 million USD (3.026.696) Borrowings - April 2030 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Beer Operations as of December 31, 2024 is as follows: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Derivatives held for hedging: Cash flow hedge Interest swap: 330.189 - 791 Derivative Instruments - October 2025 Commodity swaps: - Aluminium 487.028 4.941 tonnes 27.457 Derivative Instruments - December 2025 817.217 28.248 Derivatives held for hedging: Net investment hedge - 500 million USD (19.450.223) Borrowings - June 2028 NOTE 8. DERIVATIVE INSTRUMENTS (continued) The details of derivative instruments for Soft Drink Operations as of December 31, 2024 is as follows: Nominal Value Contract Amounts or Quantities Carrying Amount Asset/(Liability) Account in the Statement of the Financial Position Hedge Ineffectiveness Recognized in Profit or Loss Maturity Derivatives held for hedging: . Cash flow hedge Commodity swaps: - Aluminium 931.822 9.684 tonnes 29.690 Derivative Instruments - January - December 2025 - Sugar 1.573.428 82.050 tonnes 8.337 Derivative Instruments - January - December 2025 Fx forward (hedging exchange rate risk) 1.152.418 28,5 million EUR - Derivative Instruments - June 2025 3.657.668 38.027 Derivatives held for hedging: Net investment hedge - 500 million USD (19.450.223) Borrowings - January 2029 Net investment hedge - 80 million USD (3.112.036) Borrowings - April 2030 Convenience Translation into English of Consolidated Financial Statements Originally Issued in Turkish Anadolu Efes Biracılık ve Malt Sanayii Anonim Şirketi NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TRL") in terms of the purchasing power of the TRL at March 31, 2025 unless otherwise indicated) NOTE 9. OTHER RECEIVABLES AND PAYABLES a) Other Current Receivables March 31, 2025 December 31, 2024 Receivables from tax office 847.161 240.992 Receivables from related parties (Note 24) 262.199 244.283 Due from personnel 163.317 140.035 Sublease receivables from related parties (Note 24) (1) 161.993 163.959 Deposits and guarantees given 14.211 12.150 Other 569.858 595.507 2.018.739 1.396.926 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 . Other Non-Current Receivables March 31, 2025 December 31, 2024 Deposits and guarantees given 197.755 203.626 Sublease receivables from related parties (Note 24) (1) 154.196 186.407 Receivables from tax office 475 523 352.426 390.556 c) Other Current Payables March 31, December 31, 2025 2024 Taxes other than income taxes 5.796.750 9.716.855 Other current payables to related parties (Note 24) 3.850.009 3.958.578 Payables related to share changes in subsidiaries that do not result in loss of control 3.776.560 3.883.056 Deposits and guarantees taken 3.493.350 3.150.825 Payables related to acquisitions at obtaining control of subsidiaries 596.559 641.248 Dividends payable 270.205 317.523 Other 139.570 314.755 17.923.003 21.982.840 Other Non-Current Payables March 31, 2025 December 31, 2024 Deposits and guarantees taken 7.777 17.376 Other 21.370 - 29.147 17.376 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 . NOTE 10. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD March 31, 2025 December 31, 2024 Ownership Carrying Value Ownership Carrying Value SSDSD (1) 25,13% - 25,13% - Malty Gıda A.Ş. 25,00% 275 25,00% 381 Neoone 20,00% 16.415 20,00% 17.561 Trendbox 20,00% 3.430 20,00% 3.758 20.120 21.700 The movement of investments accounted for using equity method for the three-month periods ending as of March 31, 2025 and 2024 are as follows: 2025 2024 Balance at January 1 21.700 779 Gain/(loss) from equity method investment 3.723 (15.295) Share acquisition - 13.500 Other (5.303) 22.947 Balance at March 31 20.120 21.931 SSDSD, which has been accounted by using equity method in CCI financial statements, is accounted as investment in associates in Group's financial statements . NOTE 11. RIGHT-OF-USE ASSETS For the three-month periods ended March 31, 2025 and 2024, movement on right use of asset are as follows: Current Year Net Book Value January 1, 2025 Additions Amendments to Leasing Disposals, net Amortization Changes in the scope of consolidation Addition through subsidiary acquired (Note 3) Currency translation differences, net Net Book Value March 31, 2025 Land 1.679.651 - 697.938 - (34.916) (76.128) - 2.863 2.269.408 Buildings 953.591 145.820 54.361 (138.552) (63.003) (101.413) - 4.218 855.022 Machinery and equipment 41.828 5.203 933 - (6.997) - - (12.252) 28.715 Vehicles 734.785 52.344 - 143 (108.078) - - (33.799) 645.395 Other 1.107 - - - - - - - 1.107 3.410.962 203.367 753.232 (138.409) (212.994) (177.541) - (38.970) 3.799.647 Previous year Net Book Value January 1, 2024 Additions Amendments to Leasing Disposals, net Amortization Changes in the scope of consolidation Addition through subsidiary acquired (Note 3) Currency translation differences, net Net Book Value March 31, 2024 Land 1.565.652 6.999 528.288 (1.855) (18.648) - - (2.883) 2.077.553 Buildings 952.531 5.311 9.848 - (56.907) - 29.804 (65.416) 875.171 Machinery and equipment 64.655 - - - (12.787) - - (3.918) 47.950 Vehicles 660.841 21.079 - (722) (97.642) - - (37.157) 546.399 Other 1.108 - - - (117) - - - 991 3.244.787 33.389 538.136 (2.577) (186.101) - 29.804 (109.374) 3.548.064 Interest income from sub-leases is TRL25.440 (2024: TRL22.416 ). NOTE 12. PROPERTY, PLANT AND EQUIPMENT For the three-month periods ended March 31, 2025 and 2024, movement on property, plant and equipment are as follows: Addition Changes in the through subsidiary Currency Impairment / Net Book Value scope of acquired translation (Impairment Net Book Value Current Year January 1, 2025 Additions Depreciation Disposals, net consolidation (Note 3) differences, net reversal), net Transfers, net March 31, 2025 Land and land improvements 5.568.466 72 (12.266) (98) (369.444) - 44.607 - 23.928 5.255.265 Buildings 22.921.107 16.353 (241.174) (164) (3.392.557) - (524.988) - 97.406 18.875.983 Machinery and equipment 31.716.481 255.983 (848.559) (17.430) (7.770.261) - (280.113) (16.523) 676.154 23.715.732 Vehicles 712.749 4.766 (36.806) (354) (119.558) - (17.477) - 762 544.082 Other tangibles (*) 17.687.361 873.626 (1.252.234) (97.938) (495.574) - (179.892) (485) 346.945 16.881.809 Biological assets 1.925.344 13.560 (30.809) - - - - - 6.185 1.914.280 Leasehold improvements 39.548 656 (1.965) - - - (41.442) - 13.790 10.587 Construction in progress 8.847.945 2.576.369 - - (2.059.548) - (110.878) - (1.187.289) 8.066.599 89.419.001 3.741.385 (2.423.813) (115.984) (14.206.942) - (1.110.183) (17.008) (22.119) 75.264.337 Previous year Net Book Value January 1, 2024 Additions Depreciation Disposals, net Changes in the scope of consolidation Addition through subsidiary acquired (Note 3) Currency translation differences, net Impairment / (Impairment reversal), net Transfers, net Net Book Value March 31, 2024 Land and land improvements 6.241.836 76 (37.858) (321.380) - 232.817 (215.778) - 30.495 5.930.208 Buildings 25.214.510 12.844 (286.573) (312.188) - 758.745 (934.474) - 333.373 24.786.237 Machinery and equipment 31.212.548 375.731 (1.185.276) (156.218) - 1.238.630 (1.123.473) 2.809 1.683.521 32.048.272 Vehicles 862.656 37.067 (54.878) (196) - - (46.656) - 2.625 800.618 Other tangibles (*) 18.508.810 705.500 (1.378.460) (99.534) - 921.964 (554.030) 3.343 108.003 18.215.596 Biological assets 1.843.021 48.434 (51.754) - - - 41.759 - - 1.881.460 Leasehold improvements 43.218 5.142 (1.776) - - 2.374 (4.918) - - 44.040 Construction in progress 7.627.836 2.932.699 - - - 1.990.370 (624.075) (7.571) (2.162.526) 9.756.733 91.554.435 4.117.493 (2.996.575) (889.516) - 5.144.900 (3.461.645) (1.419) (4.509) 93.463.164 (*) Other tangibles consist of coolers, returnable containers and their complementary assets. As of March 31, 2025, there is a pledge on property, plant and equipment of TRL114.361(March 31, 2024 - TRL135.019) for loans of Soft Drink Operations. This amount is disclosed in the Commitments and Contingencies note under guarantees, pledges and mortgages (GPMs) table (Note 16).

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