MILLI_RE_ANNUAL REPORT 2022

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. December 31, 2022 December 31, 2021 Net profit/loss for the period 861.369.752 487.295.000 Weighted average number of shares 66.000.000.000 66.000.000.000 Earnings/losses per share (TL) 0,01305 0,00738 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. At the Ordinary General Assembly Meeting of the Company held on March 28, 2022, from the period net profit of 548.965.648 TL, which was generated as a result of the company’s activities in 2021, 48.000.000 TL was paid to the shareholders as a cash dividend, after the legal reserves were set aside, and the remaining amount was determined by Tax Procedure Within the framework of the provisions of Article 325/A of the Law and Article 10 of the Corporate Tax Law, 33.809.969 TL of funds will be allocated for the purchase of venture capital investment fund participation shares, 29.616.804 TL legal reserves will be allocated and the remaining amount will be left as previous year’s profit. decided. TL 47.984.125 of the dividend payment to the shareholders was paid in cash, and TL 15.875 was accounted for in the Payables to Partners account under Short-Term Liabilities. The amount of dividend paid is reflected to the financial statements as a liability in the period declared by the Company. Paid dividend amount is reflected to financial statements as liability in the period it is declared by the Company. 262 MİLLİ RE 2022 ANNUAL REPORT Notes to the Consolidated Financial Statements As of December 31, 2022 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES