It has been unanimously resolved that
Taking into account the Turkish Commercial Code ("TCC"), Capital Market Legislation and Capital Market Board ("CMB") Regulations, provisions of Corporate Tax, Income Tax and other 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 provisions of II-14.1, “Communique on the Principles of Financial Reporting in the Capital Markets”, of the CMB, and as per the independently audited and consolidated financial statements of the accounting term of 01.01.2019-31.12.2019 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”), that a “Net Profit for the Period” of 616,789,000 Turkish Liras has resulted when the “Deferred Tax Expense”, “Tax Expense for the Period”, and “Non-Controlling Interests Outside the Equity Holders of The Parent Company” are considered all together,
- and that a “Net Distributable Profit for the Period” of 559,925,740.62 Turkish Liras has been calculated after deducting the “Venture Capital Fund” of 44,847,381.64 Turkish Liras and “Legal Reserves Reserved Within the Context of Repurchased Shares” of 4,993,397.58 Turkish Liras and adding the “Donations” of 11,908,118.50 Turkish Liras made in 2019 to/from the balance after setting aside “General Legal Reserves” totaling 18.930.598,66 Turkish Liras calculated as per paragraph (1) of Article 519 of the TCC, is deducted;
it has been observed that
- Within the scope of the Tax Legislation, and according to the Legal Accounting Records (“Legal Accounting Records”) for the 01.01.2019 - 31.12.2019 accounting period kept as per the Uniform Accounting Plan (“General Decree for the Implementation of the Accounting System”) issued by the T.R. Ministry of Finance, a “Net Profit for the Period” of 378,611,973.29 Turkish Liras has occurred in the accounting period of 01.01.2019 - 31.12.2019 after deducting “Tax Expense For The Period” and “Venture Capital Fund”; that a 354,687,977.05 Turkish Liras “Net Distributable Profit for the Period” has been occurred after setting aside “General Legal Reserves” totaling 18,930,598.66 Turkish Liras calculated as per paragraph (1) of Article 519 of the TCC and “Legal Reserves Reserved Within the Context of Repurchased Shares” totaling 4,993,397.58 Turkish Liras.
Legal Accounting Retacords has been based on the dividend distribution regarding 01.01.2019-31.12.2019 accounting period;
- Accordingly, it is understood that there is no need to allocate additional “General Legal Reserves” pursuant to paragraph (4) of Article 519 of the TCC, and it has been resolved to make a “cash” dividend distribution totaling 100,000,000 Turkish Liras ("gross"), 85,000,000 Turkish Liras ("net"), i.e., 3.82125% gross, 3.24806% net of the “Issued Capital” with regards to article 12 of the Dividend Distribution Policy, and to start the dividend distribution latest on May 05, 2020,
- Within the scope of the CMB and KGK regulations, the profits not being distributed and totaling 448,017,622.12 Turkish Liras after the above mentioned legal and special reserves are allocated as per the consolidated financial statements prepared in compliance with the TMS and the TFRS be taken into the “Retained earnings or accumulated losses” account;
- and the profits not being distributed and totaling 254,687,977.05 Turkish Liras after the above mentioned legal and special reserves are allocated as per the Legal Accounting Records be taken into the “Extraordinary Reserves” account
and that these issues are to be submitted together for the approval of the General Assembly.and approved in electronic medium by a large majority of 2,022,656,443.611862 affirmative votes in total against 23,860.999 negative votes.