It has resolved unanimously that
Taking into account the Turkish Commercial Code ("TCC"), the Capitals Market Legislation and the Regulations of the Capital Markets Board (“CMB”), the Corporate Tax, Income Tax and the provisions of the other relevant legislation, as well as the relevant provisions of the Articles of Association of our Company, and the “Dividend Distribution Policy” that we have publicly announced:
- In line with the Communique provisions of the CMB II-14.1, “Communique on the Principles of Financial Reporting in Capital Markets”, of the CMB, and as per the independently audited consolidated financial statements of the accounting period of 01.01.2017-31.12.2017 prepared in compliance with the Turkish Accounting System (“TMS”) and Turkish Financial Reporting Standards (“TFRS”) issued by the Public Oversight, Accounting and Auditing Standards Institute (“KGK”), and the presentation principles of which have been determined as per the relevant resolutions of the CMB; as it has been understood that a “Net Loss for the Period” of 471.545.000 Turkish Liras has been observed when the “Deferred Tax Expense”, “Tax Expense for the Period”, “Net Loss from Discontinued Operations” and “Non-Controlling Interests Outside the Equity Holders of The Parent Company”, and that a “Loss for the Period” totalling 594,677,523.81 Turkish Liras after adding to this amount “Accumulated Losses” totalling 122.945.957,65 Turkish Liras, calculated as per the Dividend Guide announced in the CMB Weekly Bulletin of 27.01.2014, no. 2014/2, and adding the “donations” totalling 2.279.168,25 Turkish Liras made in 2017, to inform the shareholders that no dividend distribution shall be made for the accounting period 01.01.2017 – 31.12.2017 in line with the CMB dividend distribution regulations, and to submit this matter for the approval of the General Assembly, and
- In the financial records for the 01.01.2017 - 31.12.2017 accounting period kept within the scope of the Tax Legislation, and as per the Uniform Accounting Plan published by the T.R. Ministry of Finance, a “Net Profit for the Period” of 49.314.688,18 Turkish Lira has been observed during the accounting term of 01.01.2017 - 31.12.2017 as per our financial records; that no “Tax Expense for the Period” has been reserved, and “General Legal Reserve Funds” of 2.465.734,41 Turkish Lira has been reserved as per paragraph (1) of Article 519 of TCC, the remaining part of 46.848.953,77 Turkish Lira will be transferred to the account of “Extraordinary Reserves”, and that this matter will be submitted for the approval of the General Assembly,
- In the financial records kept within the scope of the Tax Legislation, and as per the Uniform Accounting Plan published by the T.R. Ministry of Finance, the “Profit on Sale of Subsidiary Shares” (DMK) of 67.978.860,95 Turkish Lira taken into the “Special Funds” accounts during the past terms as per the Tax Legislation, be taken into the “Extraordinary Reserves” account as the 5-year period specified as per the Tax Legislation has been completed, and that this matter will be submitted for the approval of the General Assembly.