MILLIRE ENG2024

36 Net foreign exchange gains Net foreign exchange gains are presented in Note 4.2 - Financial Risk Management above. 37 Earnings per share Earnings per share are calculated by dividing Group’s net profit of the year to the weighted average number of shares. 31 December 2024 31 December 2023 Net profit/loss for the period 10.650.055.977 6.355.426.820 Weighted average number of shares 66.000.000.000 66.000.000.000 Earnings/losses per share (TL) 0,16136 0,09629 38 Dividends per share Dividend distribution policy of the Company stated its Articles of Association are as follows: Net profit for the year presents remaining amount of total income of the year after deducting operating expenses, amortisation, provisions, taxes and other similar obligations and prior year losses if any. Net profit is divided and distributed in accordance with order as follows. - 5% of legal reserve is divided from annual net profit, until it reaches 20% of share capital. - Amounts described by a and b clauses of 2 nd paragraph of 519 th article of the Turkish Commercial Law will be added to general legal reserves, after legal limit is reached. - 10% of the remaining net profit amount is distributed to shareholders, as first dividend. - If the Company has acquired his share, according to 520 th article of the Turkish Commercial Law, legal reserve is divided to meet the acquiring amount. - Reserve for natural disasters and catastrophe might be allocated, if deemed necessary, based on the suggestion of the Board of Directors and decision of the General Assembly, - After the allocation of first legal reserves, first dividend to shareholders and statutory reserves, up to 3% of the remaining amount not exceeding three-wages is distributed to personnel. - After the allocation of above mentioned reserves and dividends, second dividend to shareholders might be allocated, based on the suggestion of the Board of Directors and decision of the General Assembly. - According to c clause of 2 nd paragraph of 519 th article of the Turkish Commercial Law, 10% of total amount distributed to people have share of profit will be added to general legal reserves. - The fate of remaining amount will be determined by the General Assembly. Judgements of 3 rd paragraph of 519 th article of Turkish Commercial Law are reserved. Other legal reserves cannot be divided, profit cannot be transferred to next year and share of profit cannot be distributed to workers, unless legal reserves have to be divided according to laws and first dividend for shareholders is divided, in accordance with the Articles of Association. It is decided in Ordinary General Assembly Meeting of the Company, held on March 27, 2024, not to make a dividend payment. It has been decided to retain the consolidated net profit for the year 2023, amounting to 3,629,008,053 TL, as prior year earnings. 39 Cash generated from operations The cash flows from operating activities are presented in the accompanying consolidated statement of cash flows. 40 Convertible bond None. 41 Redeemable preference shares None. 42 Risks In the normal course of its operations, the Group is exposed to legal disputes, claims and challenges, which mainly stem from its insurance operations. The necessary income/expense accruals for the revocable cases against/on behalf of the Group are provided under outstanding claims reserves in the accompanying consolidated financial statements. 260 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Consolidated Financial Statements As of December 31, 2024 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) MİLLİ RE