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| DIVIDEND PAYMENT POLICY AND TIMING |
There are no privileged rights concerning anyone's participation in the Company's profits. Dividends are paid within the legally prescribed periods of time.
Migros has successfully reported a net profit every year since it was first quoted on the stock market in 1991. Similarly our Company has uninterruptedly paid a dividend over the last fourteen years in different percentages of its capital depending on the net profit. Paying a dividend is a matter that Migros has always regarded as important from the standpoint of its shareholders' interests and in this direction is our dividend payment policy. The crucial balance between our Company's growth strategies and its dividend payment policy is managed with the utmost care.
The amount that is to be paid to our Company's shareholders in dividend is determined on the basis of the attributable profit shown in its consolidated financial statements, which is to say the amount remaining after statutory reserves; taxes, duties, and charges; and prior-year losses if any, have been subtracted from gross profit. The dividend to be paid out in any year is also determined in accordance with the rules and regulations of the Capital Market Board.
Information : According to CMB communiques XI:25 and IV:27, when calculating attributable profit of the parent company; a subsidiary, or a joint venture or an affiliate's profit is not to be taken into account in the parent company's consolidated financial statements where they might be included unless these participations did not take such a resolution for profit attribution in their individual general meetings.
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