Anadolu Efes BEER OPERATIONSBEER OPERATIONS

FY2009 Results Conference Call Presentation

Alejandro Jimenez Can Çaka

31.03.2010

Alejandro Jimenez Can Çaka EFES BEER GROUP PRESIDENT CFO

ForwardForward--Looking StatementsLooking Statements

This presentation may contain certain forward-looking statements concerning

our future performance and should be considered as good faith estimates

made by the Company. These forward - looking statements reflect

management expectations and are based upon currently available data. Actual

results are subject to future events and uncertainties, which could materially

impact the Company’s actual performance.

2

General Overview & Operating Performance General Overview & Operating Performance

by by Alejandro JimenezAlejandro Jimenez

Beer Sales Volume DevelopmentBeer Sales Volume Development--20092009

Total Beer Volume Development

22.6 22 122.6 22.1

0.0%

14.0 13.6mhl

8.5 8.5

2008 2009

Turkey Beer Operations

International Beer Operations

Total beer sales volume declined by 1.9% in 2009;

Total Beer Sales

International Beer Operations

4

Sales volume in Turkey beer operations remained flatSales volume in Efes Breweries International (EBI) declined by 3.1%

TURKEYTURKEYSales Volume Maintained Despite Challenges Sales Volume Maintained Despite Challenges

8 5 8 5

Volume Development Sales Revenue Development

T l8.5 8.5

mhl

TRL

m

Total0.0%

T 1,182.1 1,264.2

FY2008 FY2009

Despite challenging market conditions, Turkey sales volumeremained flat, contributed by; Market Share by Volume

FY2008 FY2009

Other11.4%

remained flat, contributed by;succcessful initiatives to increase availability and visibility of Efes

products in the marketeffective marketing activities,

d it

Market Share by Volume

The Nielsen

Anadolu Efes88.6%

despite;High base of 2008Effect of the Ramadan being earlierPrice increase to cover excise tax increase in April

Com

pany, YTD

DpSmoking banEconomic crisis

Last quarter sales volume down by 1.5%, in line with our expectation 5

Decem

ber 2009

EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONALSolidified position in Operating MarketsSolidified position in Operating MarketsSolidified position in Operating MarketsSolidified position in Operating Markets

Volume Development Sales Revenue Development

1,038.0 857.314.0 13.6l SD 85 3

mh

m U

FY2008 FY2009FY2008 FY2009

•Consolidated sales volume declined by 3.1% in 2009 compared to 2008

• Down by 2 2% on an organic basis(1)• Down by 2.2% on an organic basis(1)

•Consolidated sales volume in the last quarter of 2009 decreased slightly by 0.6% compared to the same period ofthe previous year

P d d ti d b t EBI bl t li it th l l d li t ib t d b•Pressures on consumer demand continued but EBI was able to limit the sales volume decline, contributed by;

•focused, innovative and memorable but cost effective marketing activities leading EBI to outperform the operating markets,

•low base of the last quarter of 2008

•Consolidated net sales revenue decreased by 17.4% in 2009, mainly due to devaluation and negative mix effectdespite local currency price increases(1) By excluding i) the Jan-Feb 2009 sales volume of JSC Lomisi in Georgia, which EBI acquired in February 2008 and started full consolidation starting from March 1st 2008, ii) the sales volume of Efes Serbia, which is excluded from EBI’s financials after the end of 1H2008 6

Continued to Outperform the RUSSIAN MARKETContinued to Outperform the RUSSIAN MARKET

Volume Development Revenue Development

808.9 635.511.1 10.7mhl

m U

SDm

FY2008 FY2009FY2008 FY2009

Market Share by VolumeB k i i d h d b 8% i 2009

BBH

Sabmiller6.8%

Other14.2%

The Nielsen C

oY

TD D

ecember

• Beer market is estimated to have contracted by 8% in 2009

• EBI’s sales volume down by 3.6% while its market share improved

further and reached 9.6%BBH39.5%

InBev15 8%

Heineken14.2%

EBI9.6%

ompany, Total N

atr 2009• Net sales revenue in USD terms declined by 21.4%, due to;

• Devaluation of average Ruble vs. USD in 2009, which was partly

recovered in the last quarter15.8%

7

tional Urban,

Numbers may not add up to 100 due to rounding.

q

•Negative mix effect

•Despite 7.3% average price increase y-o-y

Russian Beer Market Russian Beer Market –– Slight Shift in SegmentsSlight Shift in Segments

4,8% 5,9% 6,6% 6,4%3,4% 4,1% 4,3% 3,7%

r 200

9

23,3% 24,4% 26,0% 24,9%

YTD

Dec

embe

r

29 5%

39,0% 38,1% 38,7% 41,0%

lsen

Com

pany

,

FY2006 FY2007 FY2008 FY2009

29,5% 27,5% 24,4% 24,0%

The

Nie

l

Discount Lower Mainstream Upper Mainstream Premium Super Premium

* In order to reflect the market structure in a better way, the presentation of the Russian Beer Market segment breakdown has been changed as of 2009. For comparison purposes, the adjusted segment data is also provided for the last four years.

• Shift between brands was not very high, but within each brand shift towards

8

cheaper packaging was visible in 2009

Evaluation of the Recent Excise Tax increase and Evaluation of the Recent Excise Tax increase and Regulatory Risks Prevalent in RussiaRegulatory Risks Prevalent in Russia

•As part of the Russian Government’s measures against abuse of alcohol usage, per capita alcohol consumption is aimed to be lowered

I thi t t j ti t k t d tIn this context, major actions taken up to date are;

•Excise tax on beer increased from RUB 3/lt to RUB 9/lt as of January 1, 2010•Market impact will depend on various factors such as•Market impact will depend on various factors such as

•How much of the excise increase will be reflected on prices during the year -PARTIALLY REFLECTED BY INDUSTRY PLAYERS UNTIL NOW•Macroeconomic environment•Macroeconomic environment

•Brewering industry will suffer from lower sales volumes and profitabilities•We expect to pass most of the effect of excise tax hike

•Minimum price for vodka set at RUB 89 per half a lt as of January 1, 2010•Many proposals in Duma, some of which may effect beer producers

•Manageable but painful restrictions on sales hours of beer, outdoor consumption,

9

Manageable but painful restrictions on sales hours of beer, outdoor consumption, ban of beer sales in kiosks, packaging restrictions, etc.- NO OFFICIAL ANNOUNCEMENT YET

Enriched Enriched Brand PBrand Portfoliosortfolios withwithDDifferentifferent TTastesastes and and PPackagesackagesgg

KAZAKHSTAN“Kruzhka Svezhego Mild” and “Kruzhka

Svezhego Velvet ” launched in April and

In 2009, “Efes Pilsener” renewed its visual identity and communication strategy in Svezhego Velvet, launched in April and

December 2009, respectively

“Tyan-Shan” relaunched with its new positioningand packaging in June 2009

communication strategy in accordance with the global brand repositioning...

and packaging in June 2009

GEORGIA“Nataktari Kasris” and “Nataktari Karva”

launched in April and May respectively

RUSSIA“Stary Melnik Iz bochonka Osoboe”, launched in

March launched in April and May, respectively

MOLDOVA“Chisinau Draft Mild” launched in March

“Bely Medved V Rozliv” and “Sokol Mohito” launched in July

“G ld Mi B F h L ” l h d i Chisinau Draft Mild launched in MarchRedesigned “Chisinau Blonda” relaunched in

July

“Gold Mine Beer Fresh Lemon” launched in August

10

Acquisition of EBI shares by Acquisition of EBI shares by AnadoluAnadolu EfesEfes

• On March 30th 2010 Anadolu Efes acquired 10 987 470 EBI GDRs (approx 25 98%On March 30th, 2010, Anadolu Efes acquired 10,987,470 EBI GDRs (approx. 25.98% of EBI) from a group of GDR holders at a price of $17.00 per GDR. The consideration of approx. $187 million has been provided from Anadolu Efes’ existing cash resources plus an additional bilateral loan in the amount of $100 million with 2-year maturityplus an additional bilateral loan in the amount of $100 million with 2 year maturity.

•Following the transaction, Anadolu Efes now controls approx. 99.45% of EBI.

A d l Ef i t d t k ll h ff bl ti l t•Anadolu Efes intends to make an all cash offer as soon as reasonably practical to acquire the outstanding 232,341 EBI GDRs (approx. 0.55% of EBI) at a price of $17.00 per GDR.

•Further, Anadolu Efes intends to instigate procedures to begin the compulsorily purchase of any outstanding EBI shares pursuant to the squeeze out procedures in the NetherlandsNetherlands.

•Consistent with the reasons set out at the time of previous offer made by Anadolu Efes for EBI in July 2009, securing full control of EBI provides Anadolu Efes greater

11

operational flexibility for organic and inorganic growth and improves its overall credit profile and ability to finance EBI’s future development.

Financial Overview Financial Overview

by by Can ÇakaCan Çaka

TURKEYTURKEY

Operational SnapshotOperational Snapshot--FY2009 PerformanceFY2009 Performancep pp p

FY2008 FY2009 Growth (%)

Total Sales Volume (mhl) 8,5 8,5 0,0%

Net Sales (million TRL) 1.182,1 1.264,2 6,9%

Gross Profit (million TRL) 794,0 840,2 5,8%

Gross Profit margin (%) 67,2% 66,5% (70 bps)

EBITDA ( illi TRL) 494 2 503 0 1 8%

Net Sales increased by 6.9% despite flat sales volume, contributed by;

EBITDA (million TRL) 494,2 503,0 1,8%

EBITDA margin (%) 41,8% 39,8% (202 bps)

• price increases adding up to 7.8%

•Higher exchange rates positively affecting export sales’ net revenues

Gross Profit and EBITDA Margins declined due to;g ;

• higher prices for certain raw materials due to low base of 2008

•devaluation of TRL

despite;despite;

•production efficiencies and strict cost management efforts partially offset negative impact of above factors

• a one-off gain in 2008 impacting EBITDA base13

TURKEY BEER OPERATIONSTURKEY BEER OPERATIONS

Strong Free Cash Flow GenerationStrong Free Cash Flow Generation

FY2008 FY2009

Strong Free Cash Flow GenerationStrong Free Cash Flow Generation

(million TRL) FY2008 FY2009

Operating Profit 421,8 426,9 Depreciation & Amortization 66,0 69,0

( )

Other non-cash items 6,4 7,1 EBITDA 494,2 503,0

Change in Inventory (32,8) 17,7 Change in Trade Receivables (31 4) (28 6)Change in Trade Receivables (31,4) (28,6)

Change in Trade Payables 10,2 (6,1) Change in Other Assets/ Liabilities 32,0 31,5

Change in Working Capital (22,1) 14,5 Income Taxes & Employee Benefits Paid (85,5) (96,4) CAPEX, net (82,1) (99,3) Acquisitions, Disposals and Minority Buy-Out - (41,9) Net Financial Expense (Including interest) 35 2 18 1Net Financial Expense (Including interest) 35,2 18,1 FCF 339,8 298,0

FCF excluding acquisitions/disposals 339,8 339,9 g q p , ,

14

EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONAL

Operational SnapshotOperational Snapshot--FY2009 PerformanceFY2009 PerformanceOperational SnapshotOperational Snapshot FY2009 PerformanceFY2009 Performance

FY2008 FY2009 Growth (%)

Total Sales Volume (mhl) 14,0 13,6 (3,1%)

Net Sales (million USD) 1.038,0 857,3 (17,4%)

Gross Profit (million USD) 424 3 402 1 (5 2%)Gross Profit (million USD) 424,3 402,1 (5,2%)

Gross Profit margin (%) 40,9% 46,9% 604 bps

EBITDA (million USD) 153,5 170,1 10,9%

Net Sales declined due to lower volumes, depreciation of local currencies and shift in demand tol i d d d k d i l l i i

EBITDA margin (%) 14,8% 19,8% 506 bps

lower priced products and packages despite local currency price increases

Gross margin improved by 604 bps, contributed by favorable input prices, successful costi d d l ti f l l i d it hi h fi d t d t l l dsavings and devaluation of local currencies despite higher fixed costs due to lower volumes and

F/X denominated input costs

EBITDA Margin improved by 506 bps due to higher gross margin as well as strict expenseEBITDA Margin improved by 506 bps, due to higher gross margin as well as strict expensemanagement, route-to-market efficiencies, focus on well identified strategic brands, lowertransportation tariffs and to some extent by media deflation

15

EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONAL

Turnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow Generation

• Due to the tighther working capital management, lower input costs and capex management, as well as reduced interest expenses and decrease in cash taxes EBI generated a siginifcantwell as reduced interest expenses and decrease in cash taxes, EBI generated a siginifcant amount of FCF in 2009

(million USD)FY2008 FY2009

Operating Profit 73,6 82,5 Depreciation & Amortization 95 5 84 2

(million USD)

Depreciation & Amortization 95,5 84,2 Other non-cash items (15,6) 3,4

EBITDA 153,5 170,1 Change in Inventory (3,6) 38,4

Change in Trade Receivables (6 4) 31 9Change in Trade Receivables (6,4) 31,9 Change in Trade Payables (3,3) 39,9

Change in Other Assets/ Liabilities 22,3 14,4 Change in Working Capital 9,0 124,6 Income Taxes Paid (11,0) (7,2) CAPEX (162,1) (98,3) Acquisitions, Disposals and Minority Buy-Out (33,8) (33,8) Net Financial Expense (Including interest) (83,6) (45,1) p ( g ) ( ) ( )FCF (128,2) 110,4

FCF excluding acquisitions/disposals (94,3) 144,2 16

Net Net Financial Financial DebtDebt & Financing& FinancingT k B O tiTurkey Beer Operations

• Cash & cash equivalents at 440.6 million TRL - Net cash position of 293.0 million TRL

Efes Breweries International

• Consolidated gross debt at US$ 701.6 millionC h & h i l US$ 219 1 illi N d b i i US$ 482 5 illi• Cash & cash equivalents at US$ 219.1 million - Net debt position at US$ 482.5 million

EBI-Net Financial Debt* EBI-Maturity Breakdown

20133.8%

2014 and after2.3%

EBI Net Financial Debt EBI-Maturity Breakdown

3.9x EBITDA 2 8x EBITDA

201032.5%

2.3%

596 5

2.8x EBITDA

D

201115.4%

201246.0%

596.5 482.5

m U

SD

FY2008 FY2009

17*excluding put options

2010 Outlook 2010 Outlook 2010 Outlook 2010 Outlook

by by Alejandro JimenezAlejandro Jimenezby by Alejandro JimenezAlejandro Jimenez

FY2010 OUTLOOKFY2010 OUTLOOK

TURKEY BEER OPERATIONSTURKEY BEER OPERATIONS• Low single digit decline in sales volume in Turkey,

• Volumes to be effected more in the 1Q2010 due to high base of 1Q2009, in additionto;

• Average price increase of 14% to pass the effect of 35% hike in excise taxes onJanuary 1, 2010•Full effect of smoking‐ban

•Milder decline in total Turkey Beer sales volume by the contribution of higher exportlsales

•Slight improvement in gross profit margin on the back of lower commodity prices, partlyt d b hi h d imuted by higher wages and energy prices

•Contraction in EBITDA margin due to;

•lower volumes•lack of price increase to cover CPI negatively impacting the G&A and Sales &Distribution expense margins

19

Distribution expense margins

FY2010 OUTLOOKFY2010 OUTLOOK

INTERNATIONAL BEER OPERATIONSINTERNATIONAL BEER OPERATIONS•5%‐10% volume contraction for the Russian beer market overall in FY2010, mainly due to;

• Higher beer prices in 2010 to reflect the significant excise tax increase

INTERNATIONAL BEER OPERATIONSINTERNATIONAL BEER OPERATIONS

• Higher beer prices in 2010 to reflect the significant excise tax increase• Unfavorable economic conditions

•We expect to limit our volume decline to low single digits & outperform the Russian beer market onceagain by expanding our reach and increasing visibility of our products through;

• Focus on innovation of strategic brands• Increased penetration

•Slight increase in consolidated net sales revenue through revenue management and stronger currenciesversus USDversus USD

• Earnings expected to be skewed towards the second half of the year•Gross margin will be lower by approximately 100 bps, despite lower commodity prices, due to;

• negative effect of tax hike in Russia• higher fixed costs per liter due to lower volumes

• Contraction in the EBITDA margin will outpace the decline in gross margin, as a result of inflation andlocal currency appreciation

IN BOTH LINES OF OPERATIONS;• Working capital improvement remains to be on the top of priorities along with capex optimization•We expect to once again generate positive free cash flows in this challenging year

20

p g g p g g y

WE ARE WELL PREPARED FOR THE CHALLENGES AHEAD AND WE BELIEVE THESE CHALLENGES WILLFURTHER SHARPEN OUR OPERATIONAL ABILITIES.

? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?

APPENDIXAPPENDIX

009/

12 8,5

1.26

4,2

840,

242

6,9

18,8

445,

7(8

2,6)

363,

1

503,

0

009/

12

40,6

14,1

05,5

21,5

90,6

81,5

60,4

21,5

73,3

63,9

47,4

39,7

47,6

42,4 -

60

,060

,0

61,5

63,9

s in

leva

ntno

n-

20 1

20 44 21 10 279

1.28 36 2

1.67

2.46

4 13 14 34 16 16

1.96

2.46

2.20

08

stat

ed o

n co

st b

asis

ciat

ion

and

othe

rre

l

2008

/12

8,5

1.18

2,1

794,

042

1,8

(0,4

)42

1,4

(79,

7)34

1,7

494,

2

2008

/12

224,

418

4,9

123,

219

,656

1,3

1.22

6,2

328,

013

,61.

572,

4

2.13

3,7

57,1

125,

775

,926

2,8 -

13

1,5

131,

5

1.73

9,4

2.13

3,7

NS .12.

2009

and

31.

12

arie

s in

Tur

key,

are

me/

expe

nse)

,dep

rec

NS an

d 31

.12.

2008

Reg

ulat

ions

Reg

ulat

ions

R O

PE

RA

TIO

NPe

riod

s E

nded

31.

prod

uctio

n su

bsid

ia

othe

rop

erat

ing

inco

m

R O

PE

RA

TIO

N a

s of

31.

12.2

009

IFR

S as

per

CM

B

n T

RL

)

IFR

S as

per

CM

B

n T

RL

)

BE

FOR

E T

AX

ritie

s

UR

KE

Y B

EE

RSt

atem

ents

For

the

brew

ing

and

mal

t pen

tatio

n.

erat

ions

(exc

ludi

ngo

UR

KE

Y B

EE

Ral

ance

She

et I

tem

s

n A

ccor

danc

e w

ith I

(mill

ion

n A

ccor

danc

e w

ith I

(mill

io

ecto

litre

s)

M O

PER

AT

ION

SA

TIO

NS

e AT

ION

S PR

OFI

T B

AR

nd in

vest

men

t in

secu

r

men

t

ets

s bilit

ies

areh

olde

rs' E

quityT

solid

ated

Inc

ome

S

idia

ries

, exc

ludi

ng

ompr

ehen

sive

pre

se

esof

Prof

itfro

mO

peom

Ope

ratio

ns.

TH

ighl

ight

ed B

a

Prep

ared

In

Prep

ared

In

Vol

ume

(mill

ion

he

ES SS

PR

OFI

T F

RO

MFI

T F

RO

M O

PER

cial

Inco

me

/ Exp

ens

TIN

UIN

G O

PER

Asio

n fo

r Tax

esFI

T F

OR

TH

E Y

EA

DA

Cas

h eq

uiva

lent

s an

Rec

eiva

bles

torie

sA

sset

sC

urre

nt A

sset

s

men

tsrty

, Pla

nt a

nd E

quip

mA

sset

sN

on-C

urre

nt A

sse

Ass

ets

Paya

bles

Liab

ilitie

s-t

erm

Bor

row

ings

Cur

rent

Lia

bilit

ies

term

Bor

row

ings

Liab

ilitie

sN

on-C

urre

nt L

iab

ehol

ders

' Equ

ity

Lia

bilit

ies

and

Sha

Con

s

Ana

dolu

Efe

s su

bsto

pro

vide

mor

e co

:EB

ITD

Aco

mpr

isete

ms

up to

Pro

fit F

ro

23

Sale

s

SAL

EG

RO

SPR

OF

Fina

ncC

ON

TPr

ovis

PRO

F

EB

ITD

Cas

h,

Trad

e In

vent

Oth

er

Tot

al

Inve

stm

Prop

erO

ther

T

otal

Tot

al

Trad

e O

ther

Sh

ort-

Tot

al

Long

- tO

ther

T

otal

Shar

e

Tot

al

Not

e:

orde

r

Not

eca

sh it

2009

/12

13,6

857,

340

2,1

82,5

(6

4,9)

10

,5

(10,

7)

(0,2

)

(0,6

)0,

4

170,

1

2009

/12

219,

156

,912

6,6

29,3

432,

5

676,

445

6,1

30,1

28,8

1.19

4,5

1.62

6,9

154,

2

228,

0

382,

2

473,

767

,954

1,6

703,

2

1.62

6,9

loss

ofas

soci

ates

,lo

sson

sale

ofPP

E

2008

/12

14,0

1.03

8,0

424,

373

,6

(145

,8)

(77,

2)

18,3

(58,

8)

(1,5

)(5

7,4)

153,

5

2008

/12

220,

888

,116

6,4

43,4

522,

9

710,

347

4,4

35,0

25,2

1.24

6,4

1.76

9,3

211,

2

431,

0

642,

2

386,

32,

838

9,1

738,

0

1.76

9,3

(EB

I)00

9 an

d 31

.12.

2008

et),

tax,

shar

eof

net

oldi

ngac

tiviti

es,p

lus

l

cord

ance

with

IFR

S.

(EB

I)31

.12.

2008

cord

ance

with

IFR

S.

atio

ns)

OP

ER

AT

ION

S

iods

End

ed 3

1.12

.20

ome/

(exp

ense

)—

nebl

e,m

inus

gain

onho

nce

with

IFR

S SD

)

men

ts p

repa

red

in a

cc

OP

ER

AT

ION

S

of 3

1.12

.200

9 an

d 3

nce

with

IFR

S SD

)

men

ts p

repa

red

in a

cc

ecur

ities

g-te

rm d

ebt

and

leas

e ob

liga

ION

AL

BE

ER

Oem

ents

For

the

Peri

inte

rest

(fina

ncia

linc

oer

est,

and

asap

plic

ab

epar

ed I

n A

ccor

dan

(mill

ion

US

lidat

ed fi

nanc

ial s

tate

m

ION

AL

BE

ER

Oce

She

et I

tem

s as

o

epar

ed I

n A

ccor

dan

(mill

ion

US

lidat

ed fi

nanc

ial s

tate

m

rs) TIO

NS

e) RE

TA

X

TA

X

t Com

pany

and

Inve

stm

ents

in S

e

ent

good

will)

s udin

g cu

rren

t po

rtio

n of

long

ding

leas

e ob

ligat

ions

)

es ities

ehol

ders

' Equ

ity

INT

ER

NA

TI

idat

ed I

ncom

e St

ate

ans

earn

ings

befo

rein

on,m

inus

min

ority

inte

ves

and

impa

irmen

t. Pre

obta

ined

from

con

sol

INT

ER

NA

TI

Hig

hlig

hted

Bal

anc

Pre

obta

ined

from

con

sol

e (m

illio

n he

ctol

iter

SAL

ES

SS P

RO

FIT

IT F

RO

M O

PER

Aal

Inco

me

/ (Ex

pens

eS)

/PR

OFI

T B

EFO

Re

Tax

S)/P

RO

FIT

AFT

ER

ta

ble

toty

Inte

rest

Hol

ders

of t

he P

aren

t

DA nd

Cas

h Eq

uiva

lent

s a

Rec

eiva

bles

orie

sC

urre

nt A

sset

sC

urre

nt A

sset

s

ty, P

lant

and

Equ

ipm

ebl

e A

sset

s (in

clud

ing

gm

ents

in A

ssoc

iate

sN

on-C

urre

nt A

sset

sN

on-C

urre

nt A

sset

s

Ass

ets

and

Oth

er P

ayab

les

erm

Bor

row

ings

(inc

lu

Cur

rent

Lia

bilit

ies

erm

Bor

row

ings

(inc

lud

Non

-Cur

rent

Lia

bilit

ieN

on-C

urre

nt L

iabi

li

Equ

ity

Lia

bilit

ies

and

Shar

e

Con

soli

:EB

ITD

Ahe

rem

eaia

tion

and

amor

tisat

ioal

s, p

rovi

sions

, res

erv

: Fig

ures

for E

BI a

re

: Fig

ures

for E

BI a

re

24

Vol

ume

NE

T S

GR

OS

PRO

FIFi

nanc

ia(L

OSS

Inco

me

(LO

SSA

ttrib

utM

inor

ityEq

uity

H

EB

ITD

Cas

h an

Trad

e R

Inve

nto

Oth

er C

Tot

al C

Prop

ert

Inta

ngib

Inve

stm

Oth

er N

Tot

al N

Tot

al A

Trad

e a

Shor

t-te

Tot

al C

Long

-te

Oth

er N

Tot

al N

Tot

al E

Tot

al L

Not

e1

depr

eci

disp

osa

Not

e 1

Not

e 2