In a statement made by Koç Metalurji to the Public Disclosure Platform (PDP), the company decided not to distribute profits for the year 2023, considering its profit distribution policy, long-term strategies, and investment plans. The decision aims to manage financial liabilities more effectively and strengthen the balance sheet structure. It was also stated that, according to legal records arranged in accordance with the Turkish Commercial Code (TCC) and the Tax Procedure Law (TPL), after the mandatory legal reserve fund is set aside, the remaining amount will be tracked in the previous years’ profits account.
The company's official statement is as follows:
“At the Board of Directors meeting of our company dated August 16, 2024, numbered 2024/012;
Taking into account the provisions of the Turkish Commercial Code (TCC), Capital Market Legislation, Corporate Tax Law, Income Tax Law, Tax Procedure Law (TPL), and other relevant legal regulations, as well as the relevant provisions of our company’s Articles of Association and Profit Distribution Policy;
Based on the audited Financial Statements for the period from January 1, 2023 to December 31, 2023, prepared in accordance with the Turkish Accounting Standards / Turkish Financial Reporting Standards (TAS/TFRS) and the audited Financial Statements dated December 31, 2023, prepared in accordance with the TMS 29 standard for financial reporting in high-inflationary economies, the following has been determined:
Following the inflation adjustment made within the framework of TMS 29, a “Net Period Profit” of TL 79,070,821.00 has been generated. According to legal records arranged in accordance with the TCC and TPL, a “Net Period Profit” of TL 16,104,294.01 has been generated for the period from January 1, 2023 to December 31, 2023.
It has been decided to submit the following matters for the approval of our shareholders at the 2023 Annual General Meeting, which will be held to discuss the results of the 2023 financial year:
Taking into account our dividend distribution policy and the Company's long-term strategies and investment policies, no dividend distribution will be made in order to optimize financing expenses and further strengthen the balance sheet structure.
In accordance with the Turkish Commercial Code and Tax Procedure Law provisions, after allocating the mandatory general legal reserve as required by the Turkish Commercial Code from the statutory records, the remaining amount will be recorded in the retained earnings account.
We hereby inform the public."
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