MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 77 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Out of TL 350,548,490 that constitutes the pretax profit reported in 2019 balance sheet, Less TL 37,227,141 Yielding TL 313,321,349 to be set aside as provision for taxes provided that there is a balance after accrual of taxes, such balance will be added to legal reserves; which is the pretax profit reported in 2019 balance sheet, TL 15,666,067 from the remaining amount of TL 297,655,282 which is 5% pretax profit, set aside for legal reserves as per section 27/a of the Articles of Association; TL 29,765,528 from the remaining amount of TL 267,889,754 which is 10% of pretax profit, be distributed to shareholders as first dividend, as per section 27/c of the Articles of Association, TL 3,939,929 from the remaining amount of TL 263,949,825 for distribution to the personnel, as per section 27/f of the Articles of Association, a total of TL 13,234,472 from the remaining amount of TL 250,715,353 be set aside for second dividend, as per section 27/g of the Articles of Association TL 1,393,993 the entirety of the remaining amount of TL 249,321,360 be set aside as statutory reserves as per Article 519/2 (c) of the Turkish Commercial Code be transferred to legal reserves. Provided that the proposal presented above is approved by your Esteemed Assembly, profit share distribution will take place on 30 March 2020. We extend our thanks to our business partners and our employees who contributed to the positive results achieved in 2019. BOARD OF DIRECTORS DIVIDEND DISTRIBUTION PROPOSAL