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Anadolu Efes Annual Report 2020 Sustainability Corporate Governance Financial Statements

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Anadolu Efes Annual Report 2020 Sustainability Corporate Governance Financial Statements 2020 ANNUAL REPORT CONTENTS ABOUT ANADOLU EFES CORPORATE GOVERNANCE 2 ANADOLU EFES IN BRIEF 102 CODE OF BUSINESS AND ETHICS 3 CAPITAL AND SHAREHOLDER 104 INVESTOR AND SHAREHOLDER STRUCTURE RELATIONS 4 ANADOLU EFES SUBSIDIARIES 105 CREDIT RATINGS 6 MILESTONES 106 CORPORATE GOVERNANCE 8 VISION, MISSION, VALUES COMPLIANCE DISCLOSURE 2020 9 BUSINESS PRIORITIES 107 CORPORATE GOVERNANCE 10 OUR REGIONAL FOOTPRINT COMPLIANCE REPORT 14 MAIN FINANCIAL AND OPERATIONAL 113 CORPORATE GOVERNANCE INDICATORS(1) INFORMATION FORM 16 BEER GROUP 121 CMB SUSTAINABILITY PRINCIPLES 17 INTERNATIONAL BEER OPERATIONS COMPLIANCE DISCLOSURE 23 TURKEY BEER OPERATIONS 122 SUSTAINABILITY PRINCIPLES 24 SOFT DRINKS GROUP COMPLIANCE FRAMEWORK 127 ADDITIONAL INFORMATION ON MANAGEMENT AND MESSAGES CORPORATE GOVERNANCE 28 CHAIRMAN’S MESSAGE FINANCIAL STATEMENTS 30 BOARD OF DIRECTORS 36 STATEMENT OF INDEPENDENT STATUS 142 OTHER INFORMATION RELATED TO 40 ORGANIZATION CHART OPERATIONS 42 SENIOR MANAGEMENT - BEER GROUP 146 2020 DIVIDEND DISTRIBUTION TABLE 48 SENIOR MANAGEMENT - SOFT DRINKS 147 STATEMENT OF RESPONSIBILITY GROUP 148 INDEPENDENT AUDITOR’S REPORT ON THE BOARD OF DIRECTOR’S ANNUAL FINANCIAL REVIEW AND EXPECTATIONS REPORT 149 CONSOLIDATED FINANCIAL 56 MANAGEMENT’S FINANCIAL REVIEW STATEMENTS AS OF 31 DECEMBER AND EXPECTATIONS 2020 TOGETHER WITH INDEPENDENT 72 THE IMPACT OF COVID-19 ON AUDITOR’S REPORT OPERATIONS IN 2020 APPENDIX SUSTAINABILITY 237 LIMITED ASSURANCE REPORT 76 BEER GROUP 240 ANADOLU EFES 2020 ANNUAL REPORT 90 SOFT DRINK GROUP - REPORTING PRINCIPLES AND TABLES 242 ABBREVIATIONS 243 TERMS 244 DIRECTORY Sustainability Corporate Governance Financial Statements ANADOLU EFES With more than 50 years of experience in the industry and a dynamic company culture, Anadolu Efes is Europe’s 5th and the world’s 10th largest brewer by production volume. The Company has an enriched product portfolio of beer and soft drinks brands and operates in a wide geographic region together with its export markets serving to hundreds of millions worldwide. Anadolu Efes is building a system of values around passion, collaboration, fairness, accountability and agility and continues its activities by blending a focused approach to digitalization, sustainability and financial discipline. Anadolu Efes will continue to brew joy with the vision of being the largest brewer from Adriatic to China by developing and owning social life and beer culture. Annual Report 2020 Anadolu Efes 1 About Anadolu Efes Management and Messages Financial Review and Expectations ANADOLU EFES IN BRIEF Anadolu Efes developed the Established in 1950 by Yazıcı and Özilhan Anadolu Efes runs its international beer families, Anadolu Group carries its existence to operations through Efes Breweries International “+1 Resting” technique as the future in the light of its vision of becoming NV (“EBI”), its 100% subsidiary based in a result of 2 years of R&D a “Star that connects Anatolia to the World and Netherlands. Anadolu Efes is also the main activities. the World to Anatolia”. The Group operates in 19 shareholder of Coca-Cola İçecek A.Ş. (“CCI”), countries, 9 different sectors, 66 manufacturing which runs Coca-Cola operations in Turkey and facilities and around 80 thousand employees. abroad. Group’s sales revenue in 2020 was TRL 62.1 billion. Making more than two-thirds of its net sales in international markets, Anadolu Efes is In line with its objectives of developing Europe’s 5th and the world’s 10th largest brewer* partnerships with the largest companies in by production volume. The company serves a the world and developing branded consumer population of close to 700 million with beer products with its commitment to globalization and soft drinks brands in its portfolio. With 21 and partnership culture as a regional player breweries, 5 malteries, 1 hops processing facility abroad, Anadolu Group continues its rapid and and 1 preform plant in 6 countries, and 26 healthy growth by creating added value for bottling plants in 10 countries, including Turkey Turkey. among others, Anadolu Efes is operating as one of the most important players in its region and >70 countries Anadolu Group conducts its business in a wide- among top 10 largest Coca-Cola bottlers by sales range area including beer, soft drinks, retail, volume. The company ships its products to more Anadolu Efes ships its agriculture, automotive, stationery, fast food, than 70 countries. products to more than 70 energy and real estate fields. countries. Despite the challenges of the pandemic, Within the framework of social responsibility important developments have been achieved concept; Anadolu Group continues, with a this year. Anadolu Efes developed the “+1 sensitive approach, to contribute to the society Resting” technique as a result of 2 years of in the areas of education, health and sports R&D activities. This production technique was through Anadolu Foundation, Anadolu Health certified by VLB Berlin Institute. Center and Anadolu Efes Sports Club. With its entrepreneurship ecosystem and Anadolu Efes started its journey in 1969 with continuing to work shoulder-to-shoulder with two breweries established in İstanbul and İzmir. farmers, Anadolu Efes pioneered the business Becoming the market leader shortly, Anadolu environment with social benefit projects, also th Efes contributed to the development of the during the pandemic period. Focusing on its ~10 market by cultivating the beer culture in Turkey. brands, consumers, stakeholders, digitalization, With its strong vision, Anadolu Efes introduced sustainability and financial discipline, and many “firsts” to the consumers and became the generating strong free cash flow will continue to largest brewer largest brewer in Turkey shortly. The company th be the priorities of Anadolu Efes. As the world’s 10 largest took an important step by expanding abroad in brewer, Anadolu Efes makes 1990s. Regarding the international operations, Anadolu Efes took another important step more than two-thirds of its aimed at commercial sustainability in the net sales in international global market in 2012 and formed a strategic markets. alliance with SABMiller Plc (“SABMiller”). In 2016, following the acquisition of SABMiller by Anheuser-Busch InBev (“AB InBev”), world’s largest brewer, AB InBev became the holder of 24% stake in Anadolu Efes. * The Barth Report 2019/2020 2 Anadolu Efes Annual Report 2020 Sustainability Corporate Governance Financial Statements CAPITAL AND SHAREHOLDER STRUCTURE As one of the largest listed companies by Within the framework of the Level 1 American Anadolu Efes continued to be market capitalization on Borsa İstanbul (“BIST”), Depository Receipts (“ADR”) program (AEBZY/ Anadolu Efes’ shares received above average Cusip No: 032523201), Anadolu Efes shares can among the companies with interest by the international institutional be traded by foreign individual investors as well the highest foreign share in investors since the shares began trading in as by institutional investors in over-the-counter free float. 2000. At the same time, in terms of foreign markets. ownership in free float, Anadolu Efes has one of the highest shares. As of the end of 2020, Anadolu Efes had a market capitalization of TRL 13.7 billion. In 2020, The Company’s share capital is comprised of Anadolu Efes had an average foreign ownership 592,105,263 shares each with a nominal value of ratio of 74% level in free-float. 1 TRL. 142,105,263 of the shares are registered to and owned by AB InBev Harmony Limited, while 450,000,000 of the shares are bearer shares. 43.05% 24.00% 32.95% AG Anadolu Grubu Holding A.Ş. AB InBev Harmony Limited Publicy-held and Others 31 DECEMBER 2020 SHARE AMOUNT (TRL) SHARE RATIO (%) AG Anadolu Grubu Holding A.Ş. 254,891,157 43.05 AB InBev Harmony Limited 142,105,263 24.00 Publicy-held and Others 195,108,843 32.95 Total Issued Capital 592,105,263 100.00 1 JANUARY - 31 DECEMBER 2020 LOWEST HIGHEST AVERAGE 31 DECEMBER 2019 31 DECEMBER 2020 CHANGE (%) Closing Price (TRL) 15.11 24.28 20.20 21.28 23.18 9% Market Capitalization (TRL 8,947 14,376 11,961 12,600 13,725 9% Million) BIST-100 842 1,480 1,137 1,144 1,477 29% Annual Report 2020 Anadolu Efes 3 About Anadolu Efes Management and Messages Financial Review and Expectations ANADOLU EFES SUBSIDIARIES ANADOLU EFES BİRACILIK VE MALT SANAYİİ A.Ş. (TURKEY BEER OPERATIONS) INTERNATIONAL BEER OPERATIONS 100.0% 100.0% Efes Pazarlama ve Dağıtım Ticaret A.Ş. EFES BREWERIES INTERNATIONAL N.V. 76.2% 50.0% 100.0% Anadolu Etap Penkon Gıda JSC FE Efes Kazakhstan Brewery, ve Tarım Ürünleri Sanayi ve AB InBev Efes B.V. Ticaret A.Ş. Kazakhstan 99.9% 100.0% Anadolu Efes conducts its PJSC Efes Ukraine Brewery, JSC Lomisi, international beer operations Ukraine Georgia through its 100% owned subsidiary Efes Breweries International N.V. 96.9% 100.0% Efes Vitanta Moldova Brewery S.A., Efes Trade BY FLLC, Moldova Belarus 4 Anadolu Efes Annual Report 2020 Sustainability Corporate Governance Financial Statements Anadolu Efes is also the main shareholder of Coca-Cola İçecek A.Ş. with 50.3% stake. SOFT DRINK OPERATIONS 50.3% COCA‑COLA İÇECEK A.Ş.* 100.0% 100.0% 100.0% Coca-Cola Satış Dağıtım A.Ş. (CCSD), Mahmudiye Kaynak Suyu Ltd. Şti., J.V. Coca-Cola Almaty Bottlers LLP, Turkey Turkey Kazakhstan 100.0% 99.9% 59.5% Coca-Cola Beverages Tajikistan LLC, Azerbaijan Coca-Cola Bottlers LLC, Turkmenistan Coca-Cola Bottlers Ltd., Tajikistan Azerbaijan Turkmenistan 100.0% 49.7% 90.0% The Coca-Cola Bottling Company of Coca-Cola Bishkek Bottlers CJSC, Coca-Cola Beverages Pakistan Ltd.,
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