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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 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 7-47Note 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 | |
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 - 6.860Gains (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 GeneralAnadolu 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 GroupThe 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 ShareholdersAs 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, 2024Amount | (%) | 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 AssociatesThe 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.
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 UkraineThe 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 periodsWith 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.
- 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 CurrencySubsidiary / 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
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 obligationsThe 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.
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, 2025None.
Transactions related to the three-month period ended on March 31, 2024 Purchase for Obtaining Control of SubsidiariesAs 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. |
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 INVESTMENTSa) 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 InvestmentFinancial 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 20.261As 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 | |
(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 8. DERIVATIVE INSTRUMENTSNOTE 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
The book values of derivative instruments as of March 31, 2025, and December 31, 2024, are as follows:
NOTE 8. DERIVATIVE INSTRUMENTS (continued)Beer Group
Soft Drinks
Other
Total
2025
107.012
44.475
3.249
154.736
2024
28.250
38.028
3.848
70.126
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:
NOTE 8. DERIVATIVE INSTRUMENTS (continued)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
The details of derivative instruments for Beer Operations as of December 31, 2024 is as follows:
NOTE 8. DERIVATIVE INSTRUMENTS (continued)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
The details of derivative instruments for Soft Drink Operations as of December 31, 2024 is as follows:
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, 2025Nominal 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
(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, 2024Ownership
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.
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 EQUIPMENTFor 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).