Dividend Policy and Proposed Dividend Distribution Dividend Policy 2010
Proposed Dividend Distribution for 2008
Dividend Policy and Proposed Dividend Distribution Dividend Policy 2010
The Company determines its dividend policy in accordance with the relevant provisions of the Turkish Commercial Code (TCC), the Capital Markets Law, regulations and resolutions of the Capital Markets Board (CMB), tax laws, other applicable legislation and its Articles of Association.
Accordingly;
1) In principle; a minimum of 50% of “net distributable proft” based on Financial Statements prepared in line with International Financial Reporting Standards (IFRS) and Capital Market Board Regulations are distributed,
2) In case of an intention to distribute 50% to 100% of the “net distributable proft,” the dividend payout ratio is determined considering the fnancial structure and budget of the Company.
3) Dividend distribution proposal is publicly disclosed taking legal period into consideration and in accordance with Capital Market Board Legislation as well as CMB Regulations and Decisions.
4) In the event that the “net distributable proft” based on fnancial statements prepared in line with the Turkish Commercial Code and Tax Laws is;
a) lower than the amount calculated according to Article 1, the amount calculated within the framework of this article (Article 4) is applied and all the distributable amount is distributed,
b) higher than the amount calculated according to Article 2 is the guideline for the action to be taken.
c) In the case that there is no distributable proft based on fnancial statements prepared in accordance with the Turkish Commercial Code and Tax Laws, no dividend distribution is made even if there is a “net distributable proft” based on fnancial statements prepared in accordance with IFRS and Capital Markets Legislation.
d) In the case that the “net distributable proft” is below 5% of the Company’s issued capital, it may be decided not to make any dividend distribution.
e) Dividend distribution is evaluated in the presence of investment plans that require considerable fund outfow, events that may afect the Company’s fnancial structure and uncertainty and adverse developments in the economy and market conditions.
Proposed Dividend Distribution for 2008
The Board of Directors of the Company convened on April 10, 2009 and decided;
That according to consolidated fnancial statements of the 2008 accounting period; prepared pursuant to CMB Communiqué Series XI, No. 29 and in accordance with International Financial Reporting Standards, presented in line with the principles set forth in the CMB’s Decision No. 11/467 dated April 17, 2008, and audited independently, when “tax expenses for the period,” “deferred tax revenue” and “minority interest” were considered together, there was a resultant TL 38,093,867 of “Consolidated Net Loss for the Period”, and therefore, to advise the shareholders that there can be no dividend distribution for the accounting period of 2008 under CMB’s relevant regulations of proft distribution and to submit the issue for approval of the General Meeting of Shareholders;
To advise the shareholders of a loss of TL 32,131,261 for the period according to fnancial records kept in accordance with Turkish Commercial Code and Tax Procedure Law.
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