anadolu group

ANADOLU GROUP
ANADOLU GROUP
PRESENTATION
April 2013
April 2013
Anadolu Group
Operating geography covering Turkey, CIS, Central Asia and Middle East
geography covering Turkey CIS Central Asia and Middle East
• Founded in early 1950’s
• Primary business segments:
– Beer
– Soft drinks
– Automotive – Financial services
– Retail
• Business alliances with multinationals including:
– SABMiller
SABMiller –Coca‐Cola
– Isuzu
– Itochu
– Kia
– Faber‐Castell
– McDonald’s
2
Anadolu Group
Diversified and transparent portfolio with a number of publicly traded companies
Diversified and transparent portfolio with a number of publicly traded companies
Özilhan
Sınai Yatırım
Y
Yazıcılar
l Holding
H ldi
68%
Holding Companies
32%
Anadolu Endüstri Holding (AEH)
Main
Business Groups
Beer Soft Drinks
Automotive Retail
Financial
Services
Others
Anadolu Efes
Coca‐Cola İ
İçecek k
Anadolu Isuzu Adel Kalem
Abank
Aslancik Elektrik
Çelik Motor
(Kia and operational car leasing)
Anadolu Restoran (McDonald’s)
AYO
Georgia Urban Energy
ALease
Ana Gıda
Ana Gıda
AYatırım
Major
Group
Companies
Anadolu Motor
Anadolu Araçlar (Geely)
Anadolu Termik Anadolu Etap
Anadolu Etap
ABH
Polinas Efestur
AEH Gayrimenkul
Faber Castell Faber‐Castell
Anadolu
Anadolu Varlık
Anadolu Varlık
A
N
A
D
O
L
U
G
R
O
U
P
* Blue‐boxed companies are publicly‐traded
3
3
Anadolu Group
Financial indicators exhibiting sustainable growth
Financial indicators exhibiting sustainable growth
*Excluding financial services sector operations
4
Anadolu Group
Beverage‐sector dominated revenue and income stream &
Conservative approach in leveraging
Conservative approach in leveraging
*Excluding financial services sector operations
5
Anadolu Group
Top tier Credit and Corporate Standing
Top‐tier Credit and Corporate Standing
Company
Rating
agency
Rating type
Anadolu Efes
S&P
Credit
June 14, 2012
Local Currency: BBB‐, Stable Outlook
Foreign Currency: BBB Stable Outlook
Foreign Currency: BBB‐, Stable Outlook
Moody’s
Credit
Oct. 10, 2012
Baa3, Stable Outlook
SAHA
Corporate
Governance
Jun. 1, 2012
8.94 (out of 10.00)
Fitch
Credit
SAHA
Corporate
Governance
Jul. 2, 2012
8.88 (out of 10.00)
ABank
Fitch
Credit
Jul. 19, 2012
Local Currency: BB, Stable Outlook
Foreign Currency: BB, Stable Outlook
National: AA, Stable Outlook
Yazıcılar Holding
SAHA
Corporate
G
Governance
Oct. 18, 2012
8.78 (out of 10.00)
CCI
Recent rating date
Nov. 24, 2011
Rating summary
Local Currency: BBB, Stable Outlook
Foreign Currency: BBB‐, Stable Outlook
Foreign Currency: BBB
Stable Outlook
6
Overview & Operating Results
of selected Group companies
of selected Group companies
Anadolu Efes
Shareholders
Shareholders & Major Subsidiaries
& Major Subsidiaries
Beer & Soft drinks
SABMiller Anadolu Efes Ltd.
Anadolu Group
Yazıcılar Holding 23.6%
Y
l H ldi 23 6%
Özilhan Sınai 13.5%
AEH 6.0%
43 1%
43.1%
24.0%
Public
32 9%
32.9%
Anadolu Efes
100.0%
Efes Breweries International (EBI)
International Beer Operations
Turkey Beer Operations
y
p
50.3%
Coca‐Cola İçecek (CCI)
Turkey & Intl. Coca‐ Cola Operations
(25.6% public)
8
Anadolu Efes
International
International Beer Operations
Beer Operations
Beer
Anadolu Efes
100.0%
Ef Breweries Efes
B
i
International (EBI)
SABMiller Russia
100.0%
96.8%
Russia
Moscow Efes Brewery
99.7%
Efes Belarus
Trade Company
Ukraine
100 0%
100.0%
Efes Georgia Brewery
Belarus
Efes Karaganda
Efes Karaganda
Brewery
ill
k i
SABMiller Ukraine
99.9%
Russia
Efes Vitanta
Brewery
Moldova
100.0%
100 0%
100.0%
Georgia
Kazakhstan
9
Anadolu Efes
Country data (Beer)
Country data (Beer) TURKEY
RUSSIA
#1
83% market share
#2
16% market share
KAZAKHSTAN
#1
55% market share
UKRAINE
#4
GEORGIA
MOLDOVA
#1
#1
10
*Market shares and market positions as of 12M2012‐end. 10
Beer
Turkey beer operations
p
5 breweries, 2 malteries and 1 hops processing plant
p
gp
9.9 mhl beer capacity, 118.000 tons of malt capacity
International beer operations
13 breweries and 5 malteries in 5 countries
33.3 mhl beer capacity, 176,000 tons of malt capacity
Anadolu Efes
• Consolidated market; Top 2 players represent c. 99% of the market. Anadolu Efes market share at
83% as of 2012‐end.
• Unmatched brand equity; “Efes Pilsen” is #1 brand in spending in Food&Beverage category in
Turkey – 7.8% as of Dec. 2012. (AC Nielsen)
• 100% brand awareness for Efes
• 99% penetration in Turkey
• Exports to more than 70 countries
Aquisition of SABMiller Beer Operations
Transfer of SABMiller’s Russian and Ukrainian beer businesses to Anadolu Efes was completed as of
M h 6,
March
6 2012 and
d combined
bi d businesses
b i
b
began
operations
ti
i
immediately.
di t l Following
F ll i this
thi acquisition,
i iti
Anadolu Efes captured:
•
#2 position in Russia (in both volume and value terms)
•
Combined market share of 16% (in volume terms)
•
#1 position in premium market
•
#1 position in Moscow
Through this acquisition, total international beer capacity rose from 25.2 mhl to 33.3 mhl with
additional 4 new breweries (Russia 3, Ukraine 1).
Significant geographical, logistics anad sales force synergies created, coupled with a complementary
brand portfolio.
11
Coca Cola İçecek (CCI)
Shareholders & Subsidiaries
S a e o de s & Subs d a es
Soft drinks
Anadolu Efes
50.3%
TCCEC
Özgörkey
20.1%
Public
5.0%
24.6%
CCI
Turkey Coca‐Cola Bottling
100.0%
Coca Cola Satış
Coca Cola Satış Dağıtım (CCSD)
Turkey Sales and Distribution Company
Distribution Company
* Effective shareholding of CCI
100.0%
100.0%
CCI Int. Holland
99.7%*
CC Almaty Bottlers
99.9%*
Azerbaijan CC B l
CC Bottlers
100.0%*
CC B
CC Bishkek Bottlers 90.0%
90.0%*
CC Bottling Company of Jordan
50.0%*
SSDSD, Syria
SSDSD, Syria
100.0%*
100.0%
CC Bottling of Iraq
CC Bottling of Iraq
100.0%*
CC Beverage Ltd
CC Beverage Ltd. (Iraq)
. (Iraq)
Mahmudiye Kaynak y
y
Suyu
Source Water
71.5%
49.2%
Turkmenistan CC Bottlers Ltd.
CC Beverages Pakistan (CCBPL)
12
Coca Cola İçecek (CCI) Country data
Country data Market share in sparkling bev., 2012‐end
Market position in sparkling bev., 2012 ‐end
2012 Volume breakdown
Turkey
67%
1
66.8%
Pakistan
29%
2
9 8%
9.8%
Kazakhstan
42%
1
8.2%
Azerbaijan
59%
1
4 5%
4.5%
Iraq
n.a.
n.a.
5.2%
Jordan
na
n.a.
na
n.a.
1 6%
1.6%
Turkmenistan
n.a.
n.a.
2.3%
Kyrgyzstan
na
n.a.
na
n.a.
1 4%
1.4%
Syria
n.a.
n.a.
0.1%
Tajikistan
n.a.
n.a.
0%
13
Source: Nielsen
13
Soft drinks
Coca Cola İçecek (CCI)
Coca‐Cola operations
20 b ttli
20 bottling plants in 10 countries
l t i 10
ti
Sales volume breakdown, 2012
980 mn unit case capacity
+
Strong growth with a leading portfolio in Turkey
Market leader in sparkling beverages, fruit juice&nectars, sport drinks
and second in bottled water categories
+
+
World leading brand portfolio in international markets in sparkling
World‐leading
beverages, fruit juice&nectars, bottled water and iced tea categories
Significant developments in 2011&2012

CCI increased its indirect share in CCBL in Iraq from 30% to 100% (Mar.
2011).

CCI GDRs were delisted from London Stock Exchange (Apr. 2011).

CCI increased
i
d its
i stake
k in
i TCCB in
i Turkmenistan
T k
i
f
from
33 25% to
33.25%
59.50% (Feb.2009) and then to 71.5% (May. 2011).

The acquisition process of Al Waha Beverages (Iraq) was completed
((Sep.
p 2012);
); CCI’s effective shareholdingg in Al Waha is ca. 65%.
14
Soft drinks
Coca Cola İçecek (CCI)
Key financial data
Key financial data
15
Anadolu Efes
Key Financial Data (consolidated)
Key Financial Data (consolidated)
Beer & Soft drinks
*CCI results are proportinately consoldiated (50.26%)
16
16
Automotive

Commercial vehicles
Anadolu Isuzu
Involved in the production and sales of Isuzu commercial vehicles including light trucks, pick‐ups and midibuses;
total production capacity:13,155 units/year.

Since the establishment of the company in 1984, more than 125,000 vehicles have been manufactured in
accordance with the Isuzu Motors license agreement.

12M12 turnover at TL 537 mn (12M11: TL 474 mn, 12M10: TL 340 mn)

12M12 COP at TL 18 mn (12M11: TL 30 mn, 12M10: TL 10 mn).
Özilhan Özilhan
Sınai
17%
Sh h ld
Shareholders
Yazıcılar
36%
AEH
3%
Others
0%
Public
14%
Isuzu Motors
17%
Itochu
h
13%
17
Automotive
Passenger cars

Çelik Motor
Mainly involved in the distribution of Kia‐branded passenger
and commercial vehicles in Turkey.

As of 12M12‐end, overall market share of Kia was realized
as 2.3% (12M11: 2.0%).

Number of Kia vehicles sold in 2012 was 12.295 with a yoy
increase of 27%.

Second line of operation: Operational fleet leasing
•
Provides tailor‐made fleet leasing services
•
Fleet size of app.
app 12,500
12 500 vehicles as of 12M12
12M12‐end
end.
•
Fleet consisting of 19 various brands (Kia branded
lease vehicles app. 35% of total fleet)

12M12 turnover at TL 585 mn (12M11: TL 427 mn)
18
Automotive
Anadolu Motor

Involved in the manufacturing of single cylinder diesel engines under Antor brand name and ; also imports and
distributes various industrial engines and tractors, with brands Lombardini, Honda, LS and Galignani.

Leader in the diesel engine market with 30% share of Antor brand, in gas engine market with 50% share of
Honda brand and in gas motopompt market with 27% share of Honda brand as of 2012 year‐end.
year end

12M12 turnover at TL 119 mn (12M11: TL 121 mn, 12M10: TL 83 mn)
19
Automotive

Anadolu Araçlar is involved in the import, distribution and marketing
of Geely‐branded passenger cars in Turkey. The company started
operations in 2008.

12M12 turnover at TL 33 mn (12M11: TL 37 mn,
mn 12M10: TL 27 mn)
Anadolu Araçlar
20
Retail
Adel Kalemcilik

The pioneer and leader of the Turkish writing instruments and stationery industry, with an
approximate 35% share
h
overall.
ll

Involved in the production of blacklead and color pencils, copy pencils, acetate pens, ball‐
point pens, fiber pens, oil pastels, watercolors and erasers under Adel, Johann Faber and
Faber‐Castell
b
ll brands.
b d

Adel and Faber‐Castell Aktiengesellschaft established a 50%‐50% JV in Moscow, named
LLP Faber‐Castell Anadolu, involved in commercial operations.

12M12 turnover at TL 160 mn (12M11: TL 136 mn, 12M10: TL 111 mn)

12M12 COP at TL 43 mn (1211: TL 40 mn, 12M10: TL 33 mn)
21
Retail
McDonald’s

Anadolu Endüstri Holding acquired
McDonald’s
operations
in
Turkey
exclusively in 2005.

As of 12M12‐end, McDonald’s has 206
restaurants in Turkey (12M11‐end: 177
restaurants)

Recently started operating McD Cafe’s
with the first two openings in Istanbul in
Summer 2012.
2012

12M12 turnover at TL 418 mn (12M11: TL
344 mn, 12M10: 283 mn)
22
Retail
Ana Gıda 
Ana Gıda, one of the leading edible oil manufacturers in Turkey, produces, sells and exports olive oil, corn oil,
and sunflower oil under the brand names of "Kırlangıç”, “Madra” and “Komili”

JV between Anadolu Group and SEEF Foods S.A.R.L (controlled by Bedminster Capital Management LLC),
holdingg respective
p
shares of 55.25% and 44.75%.

Leader of the retail olive oil market in Turkey with Komili and Kırlangıç brands with total market share of 31%
as of 12M12‐end

12M12 turnover at TL 244 mn (12M11:
(
TL 214 mn, 12M10: TL 139 mn))
23
ABH
Efes Tur
Efes Tur
Retail
ABH

Efestur
ABH offers
ff
project
j
management, consultancy,
l
application development in IT sector in both structural
and nonstructural platforms; provides support and
training services
ser ices in organizational
organi ational IT planning,
planning
infrastructure design and optimization of business
processes via ERP solutions.

As off 12M12‐end,
A
12 12 d services
i
provided
id d for
f non‐Anadolu
A d l
Group companies constitute 34% of total revenues

12M12 turnover at TL 41 mn (12M11: TL 39 mn,
12M10: TL 34 mn)

Efestur is involved in tourism organization
activities; i.e. airlines ticketing, corporate
event management, congress tourism.

As of 12M12‐end, ticketing services
generate 48% total revenues, followed by
32% share of organization services.

12M12 turnover at TL 37 mn (12M11: TL 31
mn, 12M10: TL 25 mn)
24
Financial services
Alternatifbank (ABank) 
Business line mainly dedicated to “commercial/corporate banking,” with focus on the
g
Major
j p
products include workingg capital
p
finance,, trade finance,, cash
SME segment.
management, portfolio management.

Retail banking activites have regained momentum; Bonus credit cards were
introduced in Mayy 2012

Branch number to be increased to 150 by 2015. (12M12‐end: 66 branches).

Recently, Anadolu Group (through various Group companies) has signed a share
purchase agreement with Commercial Bank of Qatar (CBQ) regarding the sale of
70.84% of the total shares of Abank to CBQ, subject to required regulatory approvals
in Qatar and Turkey.
IFRS
2011/12
2012/12
Total Assets (TL mn)
6,445
7,969
Cash Loans (TL mn)
4,221
5,104
Deposits (TL mn)
3,643
4,176
Total Equity (TL mn)
485
569
Net Income (TL mn)
28
68
CAR*
13.5%
14.3%
ROE*
6.1%
14.1%
ROA*
0.5%
0.95%
* According to BRSA consolidated figures, **According to IFRS figures
25
l
ALease
AYatırım
Financial Services
ALease
AYatırım

Alease provides high quality financial leasing services
to a well‐diversified clientele, specifically in the small
to mid‐size range.


As of 12M12‐end;
AYatırım, 100% owned subsidiary of
ABank; provides securities brokerage
and corporate finance services to
institutional and private clients,
manages mutual funds and runs a
research department.

Operates through 2 branches and 2
agencies and caters more than 3,700
active clients
•
•
•
•
Lease volume: USD 151 mn
Total assets: USD 110 mn
B
Borrowings:
i
USD 195 mn
Market share: 2.4%
26
Aslancık HEPP
Paravani HEPP
aa a
Energy
Plants under construction
Aslancik Hydroelectric Power Plant
• Located in Black Sea Region ‐
Turkey
• A project
j t off the
th DDA consortium
ti
(Doğuş Holding, Doğan Holding and
Anadolu Group, equal shares each)
• Total capacity 120 MW
• Total investment USD 230 mn
• Construction started in October
2010
• Expected to be operational in 2013
• Project finance loan of USD 160 mn
received; maturity 12 years, with
an approximate 3.5 years grace
period
i d
Paravani Hydroelectric Power Plant
• Located in Georgia over the
Paravani river about 30‐40 Km from
the Turkish‐Georgian Border in the
southeast of Ahaltsikhe in the west
of Tbilisi
• Total capacity 90 MW; 80% of the
electricity produced will be
exported to Turkey
• Total investment USD 175 mn.
• Expected to be operational in 2014
• Project finance loan of USD 115.5
mn received; maturity 15 years,
with 4 years grace period
Planned projects
Gerze Thermal Power Plant
• Located in Black Sea Region ‐
Turkey
• Total capacity 1200 MW
• Fuel type: Imported coal
• Will provide 3% Turkey’s energy
supply
• Total investment USD 1.7 bn.
• In the environmental report stage
27
Anadolu Etap
Polinas
o as
Others
Anadolu Etap
Polinas


23% of shares owned by Anadolu Group

A leading manufacturer in the flexible packaging
industry; involved in BOPP film, CPP & MOPP film,
metalized film,
film coated film,
film barrier film,
film tear tapes
and holographic film production with 100.000 tons
of capacity, in its plant in Manisa‐ Turkey.

Wide range of flexible solutions offered; from
label applications to food & confectionery.

Acquired Italian BOPET film producer Nuroll in
Feb. 2011 to boost European flexible packaging
market share.
33.3%
33
3% of shares owned by Anadolu Efes; has joined
Anadolu Group in 2009

Joint venture between Brazilian Cutrale, Anadolu
G
Group
and
d Özgörkey
Ö ö k Group
G

One of the largest manufacturers of fruit juice
ingredients in Turkey; supplies fruit juice and nectar
concentrates for Coca Cola.


Also serves Turkey, Europe, Russia, CIS, Middle East in
beverage and food industries with many tailor‐made
products.
Additionally, operates fruit plantations in Turkey,
totalling 22,000 hectares, with 1.5 million trees
planted.
28
28
Corporate Social Responsibility p
p
y
Education
Healthcare
Sports
At
Arts
Tourism
Corporate Social Responsibility
Anadolu Education and Social Assistance Foundation
The Foundation has created over 40 perpetual pieces in social
fields,
such
as
education
and
healthcare,
since
its
establishment in 1979. It is also granting scholarships every
year to around 750 students; cumulative of 10,000
scholarships have been granted.
Anadolu Medical Center (Istanbul)

Exclusive affiliation with Johns Hopkins Medicine of Baltimore

The largest and technologically most advanced healthcare
investment in the region

Adherence to all US agencies’ standards such as JCAHO, AIA,
NFPA, ADA
30
Corporate Social Responsibility Anadolu Efes Sports Club
 Established in 1976
 First Turkish basketball team that brought the European Title to Turkey
 The first and only Turkish basketball team that was qualified for final four in
Euroleague and Superleague competitions
 Free basketball training schools are organized by Anadolu Efes Sports Club in
collaboration with governmental institutions
Anadolu Efes ‐ Supporter
pp
of arts and culture
 Organizes Efes Pilsen Blues Festival – 22nd held in 2012
 Organizes Efes Pilsen One Love Festival – 11th held in 2012
 One of the main sponsors of Istanbul Film Festival for the past 20 years
 Leading Sponsor of Eastern Anatolia Tourism Development Project – Çoruh Valley
31
Corporate Social Responsibility CCI
Published the first GRI checked CSR report in Turkey
Published the first GRI checked
CSR report in Turkey in 2009
in 2009
Dedicated to be a leader in the field of sustainability.
The material issues at CSR report of CCI:
1. Workplace: “To continue to retain, develop and attract a talented workforce ”
workforce.
2. Marketplace
“To achieve the continuity of
y consumer satisfaction and to maintain transparent communication strategy.”
3. Environment
“Sustainable water sources, energy efficiency and “S
t i bl
t
ffi i
d
environmental protection, and the recycling of product packages”
4 Community
4. Community
“To assume an active role in sustainable development.”
32
Thank you
Thank you...
Appendix
Anadolu Group Financial Statements
Consolidation principles:
The financial statements of Anadolu Group comprise of the financial statements of Yazıcılar Holding A.Ş.
and Özilhan Sınai Yatırım A.Ş. and their subsidiaries, which together constitute the whole of Anadolu
Group, as at Dec. 31, 2012. All of the subsidiaries’ financial statements are prepared in accordance with
IFRS and Capital Market Board (“CMB”) regulations. The subsidiaries listed are reviewed by independent
audit companies except Özilhan Sınai Yatırım A.Ş.
A Ş However,
However as the parent entity,
entity i.e.
i e Anadolu Group,
Group has
no legal corporate standing as a unique entity, these financial statements cannot be stated as
“consolidated financial statements” in official and technical terms. These financial statements are
prepared solely for the purpose of presenting the total size of Group operations.
35
Anadolu Group Financial Statements – 2012/12
ANADOLU GROUP
Summary Balance Sheet
mn TL
Cash and Cash Equivalents
Financial Assets
Trade Receivables (net)
Lease Receivables (net)
Banking Loans (net)
Inventories (net)
Other
Current Assets
2011/12
1,309.0
432.4
805.1
130.9
3 496 6
3,496.6
795.9
424.9
7,394.8
2012/12
2,338.5
637.3
1,144.7
164.2
4 267 3
4,267.3
1,009.8
553.1
10,114.9
Financial Assets
Banking Loans (net)
Lease Receivables (net)
Goodwill (net)
Property Plant and Equipment (net)
Intangible Assets (net)
Other
Non Current Assets
965.6
779.3
148.2
912.7
3,141.4
473.9
400.6
6,821.7
1,453.5
856.2
179.9
2,095.9
4,378.1
1,978.1
475.2
11,416.9
14,216.5
21,531.8
TOTAL ASSETS
Short Term Borrowings (net)
Current Portion of Long-Term Borrowings (net)
Deposits
Funds Borrowed
Trade Pa
Payables
ables (net)
Blocked Accounts
Other
Current Liabilities
2011/12
373.9
752.0
3,820.2
1,026.7
480 4
480.4
92.7
701.0
7,246.9
2012/12
854.1
606.1
5,348.0
1,043.1
729 6
729.6
1,043.1
(36.1)
9,587.9
Long Term Borrowings (net)
Funds Borrowed
Other
Non Current Liabilities
1,475.8
596.0
328.5
2,400.3
2,386.3
506.0
770.5
3,662.8
TOTAL LIABILITIES
9,647.2
13,250.7
EQUITY
Equity of the Parent
4,569.3
2,977.2
8,281.1
4,205.6
Paid-in Capital
N t Income
Net
I
Retained Earnings and Reserves
Minority Interest
247.8
219 2
219.2
2,510.2
1,592.1
247.8
372.1
372
1
3,585.7
4,075.5
TOTAL LIABILITIES AND EQUITY
14,216.5
21,531.8
36
Anadolu Group Financial Statements – 2012/12
ANADOLU GROUP
Summary Income Statement
mn TL
Revenues (net)
Cost of sales
Gross profit from trading operations
Interest and other income
Interest and other expense
Gross profit from financial operations
GROSS PROFIT
Marketing, selling and distribution expenses
General administrative expenses
Research and development expenses
Other operating income
Other operating expense
OPERATING INCOME
Equity income
Financial income
Financial expense
INCOME BEFORE TAX
Taxation on income
NET INCOME
Minority Interest
Equity holders of the parent
2011/12
2012/12
6,320.4
(3,759.1)
2,561.3
8,258.4
(4,812.2)
3,446.2
588.8
(259.8)
329.0
934.3
(413.2)
521.1
2,890.3
3,967.3
(1,362.5)
(646.4)
(2.8)
65.1
(174.5)
(1,851.9)
(913.9)
(2.8)
64.8
(262.1)
769.2
1,001.4
(15.8)
311.5
(534.5)
(9.5)
378.6
(403.7)
530.4
966.8
(125.6)
(207.0)
404.8
185 6
185.6
219.2
759.8
387 7
387.7
372.1
37
Anadolu Group Companies Key Financial Data – 2012/12
TL mn
Net sales
EBITDA**
Net profit
12M2011
12M2012
12M2011
12M2012
12M2011
12M2012
4761
6417
953
1296
341
607
Turkey Beer
1391
1605
520
551
337
383
I t
International
ti
l Beer (EBI)
B
(EBI)*
977
1506
143
248
3
70
3409
4132
487
686
142
385
Anadolu Isuzu
474
537
30
18
13
1
Adel Kalemcilik
136
36
160
60
40
0
43
3
26
6
24
Çelik Motor
427
585
A d l Motor
Anadolu
M t
122
119
Anadolu Araçlar
37
33
McDonald’s
344
418
Ana Gıda
214
244
Efestur
31
37
ABH
39
41
Anadolu Efes ‐ consolidated
CCI
*All figures in USD mn
** COP reported for Anadolu Isuzu and Adel Kalemcilik
• non‐listed Group companies are only presented with net sales figures. 38