Principles concerning dividend payments are regulated in item 17 of Company’s Articles of Association in detail, which can be found on our website in Investor Relations tab.
Briefly, 50% of the “distributable net profit for the relevant period” - which is calculated by deducting losses of previous years from the Company’s net profit for the period that is determined according to the provisions set forth in the Turkish Commercial Code and the Capital Market legislation and in conformity with the generally recognized accounting principles - shall be distributed in cash or as bonus shares which shall be issued by means of adding such an amount to the share capital subject to the resolution to be rendered by the General Assembly or through the use of both methods at specific rates.
The resolution on dividend distribution shall be evaluated and prepared by the Board of Directors based on the Company’s long-term strategies, financing needs, short-term financial liabilities, conditions set forth in the contracts made with creditors and the Company’s profitability; and it shall be presented to the approval of the General Assembly.
As of the accounting period of the dividend, irrespective of its issuing and acquiring dates, the annual profit shall be distributed equally to all existing shares.
With respect to announcements on dividend rights and dividend distribution, Aksa Energy complies with respective provisions of the Turkish Commercial Code No. 6102, Capital Market Law No. 6362, and Regulation of Dividend Distribution No. II-19.1 and other related capital market legislations. No privileges are granted in our Company's Articles of Association regarding participating in company profit.