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Cash Dividend Payment Amount and Rates
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Dividend Dates
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(1) The date that the dividend will be paid and the share will start trading without dividend right (proposed).
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(2) The date that the dividend will be paid and the share will start trading without dividend right (finalized).
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(3) Date of entry to the accounts of the shareholders whose shares are traded on the stock exchange.
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(4) Date of determination of the right holders of the type of shares traded on the stock exchange.
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Amount and Rate of Cash Dividend Stock Dividend Payment
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Additional Explanations
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With the assessment of the dividend distribution table based on the financial statements for the accounting period January 1 - December 31, 2023, in compliance with the TAS/TFRS and statutory results, prepared by Turkish Petroleum Refineries Corporation, and audited by PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi and results based on Tax Procedure Law (TPL), our proposal for profit distribution is explained belo Realizing a net profit of TL 53,577,336,000 for the company according to the financial statements prepared in compliance with TAS/TFRS and a net profit of TL 56,028,515,230.26 for the accounting year according to the Tax Procedure Law records; a)Pursuant to Article 519 of the Turkish Commercial Code, 5% Legal Reserve that needs to be set aside is not reserved since as of December 31st, 2023, capital reserve already exceeds 20% of company's equity as per TPL records; Net profit according to the financial statements prepared in compliance with TAS/TFRS in the amount of TL 53,577,336,000 increases to TL 55,011,512,000 of first assessment base for dividend when donations of TL 1,434,176,000 are added. b)In accordance with Capital Market Board Regulations, 18th Article of Company's Articles of Association and Dividend Distribution policy of our company which was approved by shareholders in the General Assembly meeting dated 31 March 2014, by taking into consideration the Company's Dividend Distribution Policy, long-term strategy, investment and financing policies, profitability, cash position and also taking into consideration of funding costs that remain high because of the ongoing uncertainties both in global and local markets the following profit distribution is proposed as; TL 20,000,000,000 to be distributed as first dividend to shareholders. TL 1,990,366,022.01 to be put aside as general legal reserve, c) The dividend amount of TL 20,000,000,000.00 to be fully paid in cash, d) The above-mentioned dividend distribution proposal is approved by the General Assembly, the total dividend of 20,000,000,000 TL will be distributed and the general legal reserve fund of 1,990,366,022.01 TL will be covered from the current year's earnings in the records prepared in accordance with both TFRS and VUK. e) After distribution of dividend, 31,586,969,977.99 TL in the financial statements prepared in accordance with TAS/TFRS records should be transferred to previous years' profits and according to VUK records the remaining amount would be left in the sub-breakdown of the Prior Year Profits/Loss account formed as a result of inflation correction of the balance sheet dated 31.12.2023 in accordance with VUK records; f) On this basis, a cash dividend of gross=net TL10.3799282 is to be paid for one nominal stock worth TL 1.00 at a rate of 1,037.99282 % to our legally obligated corporate taxpayer shareholders and limited corporate taxpayer shareholders earning dividends through a Turkey-based business or permanent representation office. Other shareholders are going to be paid a gross rate of 1,037.99282 %, a cash dividend of gross TL 10.3799282, and net rate of 934.19353 % a cash dividend of net TL 9.3419353 for one nominal stock worth TL1.00 g) The dividend distribution date to be determined as April 03, 2024. The dividend distribution proposal has been approved by Shareholders. In line with the proposal of the board of directors, the company management was informed that, if appropriate conditions arise, the developments in the financial markets and the liquidity situation of our company will be followed and additional dividend distribution opportunities will be evaluated in the second half of the year. Furthermore, in accordance with the CMB's Announcement dated 07 March 2024, according to the financial statements prepared by VUK records, there was no net loss from previous years as a result of the inflation adjustment. Therefore, shareholders was informed that there was no situation requiring offset. This statement has been translated intro English for informational purposes, in case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish versiyon shall prevail.
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DIVIDEND DISTRIBUTION TABLE
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TÜPRAŞ-TÜRKİYE PETROL RAFİNERİLERİ A.Ş. 01.01.2023/31.12.2023 Period Dividend Payment Table (TL)
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Dividend Payment Rates Table
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Dividend Rate Table Explanations
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(*) With this calculation of dividend distribution, 54.11% shares are owned by corporate tax payers and are not publicly traded, are not subjet to with holding tax, whilst 0.21% shares of individual shares that are not publicly traded and 45.7% shares that are publicly traded are subject to a 10% with holding tax on the assumption that the beneficial owners are individual taxpayers.
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