The majority of that is currency translation because in Russia, it's important to note that there is an excise tax increase at the start of this year.

And a significant majority of the cash is held in hard currency. Obviously, that's until the impact of the COVID weakness have us changed much of the plans going forward.So on the next page, if we dive a little bit deeper into the EBITDA, we talked about volume decline and no price increase in Turkey and the excise tax and pricing in Russia that's impacting the revenue piece. We had organized online live concerts, which have taken a lot of attention. ANADOLU REAL ESTATE But that top line pressure obviously is -- it also -- it has impacted the smallest quarter of the year and therefore, the EBITDA also has turned slightly negative outside of Turkey. Central Asia showed double-digit growth in the first quarter of the year. So the maturity on these depends because it depends on our appetite, on our risk perception as to how we would like to proceed. So in that perspective, we have -- in the third year, we are expecting to deliver 100% of the initial synergy target. So in that perspective, we were -- we are seeing positive demand dynamics basically in the region. We have delivered volume growth and outperformed the market in both Russia and Ukraine, which resulted further in market share gains. ABOUT US. Protecting our people, ensuring the health and well-being of our employees was and is still our first priority. Beginning of Blackout Period – 01 January 2020.

Visitors of our corporate website shall be deemed to have agreed to the following terms, including but not limited to the text. ANADOLU EFES SPORTS CLUB As I had mentioned, Russia was the latest -- had the latest -- was the country that has been impacted latest, so the measures are continuing.

Orhun Köstem, Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi - CFO [12]--------------------------------------------------------------------------------Again, I mean, probably there would be differences from country to country. What downside risk do you see in Russia after the ban of beer sales in residential houses from early May? We have recorded a net loss of TRY 84 million, but the bottom line was better than last year. So in that perspective, that's -- that was on -- obviously at a lower rate, but still on the positive territory, I would say, positive there again.Pricing environments, our plans for this year was going -- we didn't have a price increase at the beginning of the quarter. So thank you for coming.--------------------------------------------------------------------------------Can Çaka, Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi - CEO & Beer Group President [25]----------------------------------------------------------------------------------------------------------------------------------------------------------------Asli Kiliç Demirel, Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi - IR Manager [26]----------------------------------------------------------------------------------------------------------------------------------------------------------------Can Çaka, Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi - CEO & Beer Group President [27]--------------------------------------------------------------------------------Thank you, Asli.

The measures taken like savings and increases in OpEx and CapEx obviously will support our P&L and free cash flow to a great extent, where we expect the full year EBITDA margin contraction without any question to be less than -- significantly less than the first quarter contraction. Working capital managements as well as the liquidity continue to be in the core of our focus.

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