In accordance with the provisions of the Turkish Commercial Code and the Capital Markets Board (CMB) Communiqué No. II-14.1, the consolidated financial statements of our Company for the fiscal period of 01.01.2024-31.12.2024 prepared in compliance with the International Financial Reporting Standards ("IFRS") and audited by PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş., indicate a distributable current period net profit of 113,378,000,000 TRY, whereas the distributable net profit based on the financial statements prepared under the Tax Procedure Law (TPL) is 137,493,301,830 TRY.
Since the Total Legal Reserve amount exceeds 20% of the paid-in capital no primary legal reserve was set aside from the profit generated in 2024.
Taking into account profits in previous years and other reserves, the distributable net profit amounts to 342,120,000,000 TRY in the IFRS records and 626,944,291,307 TRY in the TPL based financial records.
Pursuant to the Capital Markets regulations, the amount of dividends to be distributed must also have a corresponding balance in the TPL based financial records. Accordingly, the lower of the distributable dividend amounts calculated under IFRS and TPL was determined as the maximum distributable dividend. In this context, the maximum amount of dividend that our Company can distribute for the fiscal period of 01.01.2024- 31.12.2024 is 342,120,000,000 TRY.
Pursuant to the CMB's Principle Decision No 22.7 (dated 07.03.2024 and numbered 14/382), the General Assembly must be informed regarding the offsetting of index differences arising from prior year losses due to inflation adjustments applied to both IFRS and TPL based financial statements. Since our Company prepares its IFRS financial statements in USD, inflation accounting was not applied to IFRS financial statements. In the TPL based financial records, no offsetting transactions was made in the equity accounts.
In this context, for submission to the consideration and approval of the shareholders at the Ordinary General Assembly Meeting:
It has been deemed appropriate to distribute 9,500,000,000 TRY as dividends from the 113,378,000,000 TRY distributable net profit for the fiscal period of 01.01.2024- 31.12.2024, based on the consolidated financial statements prepared in accordance with IFRS and audited by PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş .In this regard, the dividend distribution to A and C group shareholders is planned to be made in two equal installments on June 16, 2025, and September 2, 2025. Furthermore, a secondary legal reserve of 943,100,000 TRY will be set aside from the distributed dividends, and the remaining 102,934,900,000 TRY, following the allocation of dividends and legal reserves, will be transferred to prior years' profits.
The Dividend Distribution Table for the year 2024 is presented in the attachment.