Related Companies
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[CCOLA]
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Related Funds
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[]
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English
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oda_NoncurrentFinancialAssetSaleAbstract|
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oda_UpdateAnnouncementFlag|
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Hayır (No)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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-
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oda_DelayedAnnouncementFlag|
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Evet (Yes)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForSale|
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21/12/2022
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
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Yes
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oda_TitleOfNoncurrentFinancialAssetSold|
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Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirketi
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oda_FieldOfActivityNoncurrentFinancialAssetSold|
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Fruit and vegetable juice concentrate and puree productions and trade business
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oda_CapitalOfNoncurrentFinancialAssetSold|
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3,970,704 TL
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oda_DateOnWhichRheTransactionWasWillBeCompleted|
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The completion of the share transfer is subject to the fulfillment of the preconditions defined in the agreement including the approvals of the Turkish Competition Authority and aimed to be finalized within 1H2023.
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oda_SalesConditions|
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Peşin (Cash)
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oda_NominalValueOfSharesSold|
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3,176,563 TL
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oda_SalesPricePerShare|
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35.3 USD
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oda_TotalSalesValue|
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112,000,000 USD
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oda_RatioOfSharesSoldToCapitalOfNoncurrentFinancialAsset|
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80%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterSalesTransaction|
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56%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterSalesTransaction|
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56%
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oda_RatioOfNoncurrentFinancialAssetSoldToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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1.5%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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2.5%
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oda_EffectsOnCompanyOperations|
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The transaction will have no effect on Anadolu Efes shareholding in Anadolu Etap Tarım.
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oda_ProfitLossArisedAfterTransaction|
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The net profit figure depends on the exchange rate on the transaction date.
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oda_HowWillSalesProfitBeUsedIfExists|
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The profit to be obtained will be used to repay the debts on the balance sheet of Anadolu Etap Tarım company.
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oda_BoardDecisionDateForUseOfSalesProfitIfExists|
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-
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oda_TitleNameSurnameOfCounterPartyBought|
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Coca-Cola İçecek A.Ş.
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Evet (Yes)
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oda_RelationWithCounterPartyIfAny|http://www.xbrl.org/2003/role/verboseLabel
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Coca-Cola İçecek is our 50.3% subsidiary.
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oda_AgreementSigningDateIfExists|
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26/12/2022
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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Discounted cash flow analysis, comparable company multipliers and comparable transaction multipliers
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oda_DidValuationReportBePrepared|
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Düzenlendi (Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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-
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oda_DateAndNumberOfValuationReport|
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19.10.2022-202210K11567609
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oda_TitleOfValuationCompanyPreparedReport|
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KPMG Yönetim Danışmanlığı A.Ş.
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oda_ValueDeterminedInValuationReportIfExists|
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Enterprise Value: 184-275 Million USD
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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Today, our 50.3% subsidiary Coca-Cola İçecek ("CCI") and our 78.6% subsidiary AEP Anadolu Etap Penkon Gıda ve Tarım Ürünleri Sanayi ve Ticaret A.Ş. ("Anadolu Etap Tarım") signed a binding share transfer agreement for sale of shares representing 80% of the capital of Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret A.Ş. ("Anadolu Etap İçecek") to CCI. Anadolu Etap İçecek is engaged in fruit and vegetable juice concentrate and puree productions and export business and is wholly owned by Anadolu Etap Tarım.
With increasing fruit and vegetable juice concentrate business of Anadolu Etap through Anadolu Etap İçecek and growing still beverage sales of CCI, more synergy opportunities surfaced between two companies. Therefore, the transaction will enable to create more growth opportunities for Anadolu Etap İçecek by gaining access to the whole Coca-Cola İçecek system while continue assisting CCI in developing know-how and expertise on the fruit market and optimize the procurement processes.
As per the share transfer agreement, Anadolu Etap Tarım will sell 80% of Anadolu Etap İçecek in exchange for USD 112 million. The amount will be paid in Turkish Liras and will be converted as per the average of the USD/TL foreign exchange buying rate and selling rate published on the website of the Central Bank one business day prior to the date on which the transfer of shares to be completed. The agreement is based on the calculated enterprise value of Anadolu Etap İçecek of USD 214 million.
The independent valuation report of Anadolu Etap İçecek, which includes fair equity valuation range as of September 30, 2022, has been prepared by KPMG. The transaction amount is set based on the said valuation range.
The completion of the share transfer is subject to the fulfillment of the preconditions defined in the agreement including the approvals of the Turkish Competition Authority and aimed to be finalized within 1H2023.
The transaction will have no effect on Anadolu Efes' shareholding in Anadolu Etap Tarım.
The developments will be duly shared.
About Anadolu Etap Tarım:
Anadolu Etap Tarım is Türkiye's first large-scale fruit growing company and currently is the largest fruit growing company in Türkiye. Anadolu Etap Tarım has generated more than 50% of its revenue through exports to a vast geography ranging from Europe to Far Asia, Middle East and India. The Company has been investing in its operations in Türkiye, where it currently runs eight farms with a total area of 30,000 decares where 5 million trees are planted. Anadolu Etap Tarım considers social, economic, and environmental sustainability as its most important values and supports local economic development in all areas of its operations. In this respect, Anadolu Etap Tarım was the first agricultural Company in Türkiye to publish and commit itself to Sustainable Agriculture Principles in 2014.
About Anadolu Etap İçecek:
Anadolu Etap İçecek is one of Türkiye's main fruit and vegetable juice concentrate and puree production companies. Anadolu Etap İçecek was separated from the parent company Anadolu Etap Tarım in August 2022 and now operates as a separate business under 100% ownership of Anadolu Etap Tarım. Anadolu Etap İcecek owns and operates three fruit juice plants. 70% of Anadolu Etap İçecek's sales are exported.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.