Message from the Chairman
Esteemed Shareholders,
We left behind a successful year, battling on many fronts.
The year 2009, in which the whole world struggled with the global financial crisis, was the 40th year of Anadolu Efes in its journey with “Efes,” one of the best-known brands of Turkey for a long time.
It’s of great pleasure for me to express that by battling on many fronts we left behind a very successful year in terms of sales volume, market share and profitability despite the challenging macroeconomic conditions and beer market contractions in our countries of operation.
The USA-originated financial crisis, which suddenly accelerated and spread globally in the last quarter of 2008, started to gradually decelerate after the first quarter of 2009, in line with the coordinated efforts of governments throughout the world.
Signs of recovery started to be seen in the second half of the year with greater clarity, especially in the last quarter of 2009. While the impression grew stronger that the worst of the crisis has been left behind, “the new world order” discussions began to settle in the world’s immediate agenda with the expectation that nothing will be the same ever again.
The year of 2010 has a worldwide critical importance.
On the other hand, it is obvious that although decelerated, the crisis is not fully over yet. Therefore, the year 2010 has a critical importance all over the world in terms of the timing and process of coming out of the expansive monetary and fiscal policies, which have been implemented as a precaution against the crisis by the national economies. In the period ahead, it is envisaged that the growth of the global economy will be gradual and slow while the growth dynamics will be mainly determined by the developing countries.
Due to the political stability and the effective crisis management, Turkey’s economy started to recover from the second half and came out of the recession process as of the last quarter of 2009. Turkey was on
of the few countries with increased sovereign ratings by various rating agencies in 2009 due to the successful performance of its economy during the year and the expectation that the economy will grow around 3% in 2010.
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