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Form 6-K TURKCELL ILETISIM HIZMET For: Mar 24

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March 24, 2016 9:35 AM EDT
  
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
Report on Form 6-K dated March 24, 2016
  
Commission File Number: 001-15092
 

TURKCELL ILETISIM HIZMETLERI A.S.
(Translation of registrant’s name in English)

Aydınevler Mahallesi İnönü Caddesi No:20
Küçükyalı Ofispark
34854 Maltepe
Istanbul, Turkey

(Address of Principal Executive Offices)

   
   
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F Q                    Form 40-F £
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
Yes £                      No Q
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
 
Yes £                      No Q
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes £                      No Q
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- __________
 
Enclosure: A press release dated March 23, 2016 announcing the dividend distribution proposal.
 
 
 
 
 
 
     
 
 
Istanbul, March 23, 2016
      
Announcement Regarding Dividend Distribution Proposal
    
Subject: Statement made pursuant to Communiqué II-15.1 of the Capital Markets Board
    
By taking the Company’s cash projections, business outlook, investment plans and capital market conditions into consideration; Turkcell Board of Directors has taken the decision to submit the proposal on the distribution of our Company’s dividend in a gross amount of TRY 1,200,000,000 which corresponds to Turkcell’s approximately 58% net distributable profit for the fiscal year 2015 and equivalent of a gross cash dividend of TRY 0.5454545  (net TRY 0.4636364) per ordinary share with a nominal value of TRY 1, in accordance with the dividend distribution proposal table which have been prepared for the related fiscal year, to the discussion and approval of the Ordinary General Assembly of Shareholders scheduled for March 29, 2016.
    
Furthermore, Board of Directors decided to propose distribution of the respective amount to the shareholders in cash and in three equal installments as of 15 June 2016, 19 September 2016 and 15 December 2016, regardless of issuance and acquisition date of these shares while in proportion to shares held.
    
Herewith enclosed are the details of the dividend distribution proposal decision taken, the dividend distribution table and dividend per share.
   
 
Proposed Gross Cash Dividend per Ordinary Share with a nominal value of TRY 1 (TRY)
First Installment
Second Installment
Third Installment
Total
0.1818182
0.1818182
0.1818181
0.5454545
    
 
Proposed Net Cash Dividend per Ordinary Share with a nominal value of TRY 1 (TRY)
First Installment
Second Installment
Third Installment
Total
0.1545455
0.1545455
0.1545454
0.4636364
      
Proposed Cash Dividend Date
First Installment
Second Installment
Third Installment
15.06.2016
19.09.2016
15.12.2016
    
Note: The gross cash dividend per ordinary share with a nominal value of TRY 1 in each installment will exactly be TRY 0.1818182 (net TRY 0.1545455). However, this cannot be stated as such in the above tables which are part of Public Disclosure Platform disclosure due to technical reasons.
  
  
For more information:
  
Turkcell Investor Relations
  
  
Tel: + 90 212 313 1888
    
You can follow us on twitter at http://twitter.com/TurkcellNews or visit our website www.turkcell.com.tr
     
 
1
 
   
ANNEX: Board of Directors Dividend Distribution Proposal for year 2015
 
The Board of Directors of the Company decided to distribute an aggregate gross cash of TRY 1,200,000,000 which corresponds to approximately 58% of Turkcell’s net distributable income pertaining to year 2015 to be paid in cash to our shareholders within the below conditions explained hereunder as part of the resolution:
 
 
1-
As a result of the activities of our Company, pertaining to the period between January 1,  2015 and December 31, 2015, our Company’s profit, calculated according to the consolidated financial statements, which were audited independently in accordance with the Capital Markets Board (“CMB”) Communiqué numbered II-14.1, named “Communiqué Regarding the  Financial Reporting in Capital Markets” is TRY  2,737,565,530- and the commercial  profit calculated according to the provisions of Turkish Commercial Code is TRY  2,688,950,235-,
 
 
2-
TRY 2,069,893,930- after tax profit calculated according to the consolidated financial statements shall be taken as the basis for dividend distribution in accordance with “CMB Guide Of Dividend” which was published on 27 January 2014.
 
 
3-
As the ceiling designated in the Turkish Commercial Code (TCC) for first legal reserve has been reached by our company; no first legal reserve set aside,
 
 
4-
TRY  2,069,893,930- is the distributable dividend  of  the Company, pertaining to year  2015 and TRY  2,081,883,474- calculated by adding TRY  11,989,544- which is the aggregate amount of the donations made during the year, to the above mentioned amount shall be taken as the first dividend basis,
 
 
5-
In accordance with the provisions declared in Capital Markets Board (“CMB”) Communiqué Serial: II-19.1 on “Dividends”, clauses set in the article of association of our company and the dividend distribution policy that was adopted by our Company as per the resolution taken at the Annual General Assembly Meeting, dated March 26, 2015 and declared to public; TRY  416,376,695-, which is 20%,  of the first dividend basis, amounting to TRY 2,081,883,474- shall be distributed as the first cash dividend and the secondary reserve amounting to TRY 109,000,000- shall be separated from the rest of the net distributable current year profit,
 
 
a.
The amount of TRY 150,574,060- within total amount of TRY 1,200,000,000-, which shall be distributed in cash, shall be distributed from statutory extraordinary reserves whereas TRY 1,049,425,940 which shall be distributed in cash from statutory previous year’s profit.
 
 
b.
The withholding tax deductions shall be applicable on the amount to be distributed in cash, TRY 1,200,000,000- as mentioned hereinabove,
 
 
c.
In this respect, gross amount of TRY 0.5454545- shall be paid in cash to our shareholders for each share, having a nominal value of TRY 1.- (One  Turkish Lira),
 
The aggregate gross amount of cash dividend payment shall be TRY 1,200,000,000-,
 
 
6-
TRY 1,960,893,930- which is the remaining of the 2015 year’s distributable profit after the cash dividend distribution shall be :
 
 
a.
Regarded as previous year’s profit and set aside within the Company,
 
 
b.
The withholding tax deductions shall be applicable on the amount, which is set aside as previous year’s profit, in case such amount shall be subject to redistribution.
 
 
 
2
 
        
 
TURKCELL İLETİŞİM HİZMETLERİ A.Ş. 2015 DIVIDEND DISTRIBUTION TABLE (TL)
                     
1)
Paid / Issued Capital
2,200,000,000
  
                     
2)
Total Legal Reserves (in accordance with statutory records)
1,118,842,712
  
                     
 
If there is information about privilege in dividend distribution in accordance with the Articles of Association
    
                     
                     
 
DISTRIBUTION OF THE PROFIT FOR THE PERIOD
      
 According to CMB
    
 According to
Statutory Records
(SR)
                     
3)
Profit for the period
      
2,737,565,530
      
2,688,950,235
  
                     
4)
Tax (-)
      
667,671,600
      
530,600,943
  
                     
5)
Net Profit for the period (=)
  
(3-4)
  
2,069,893,930
    
(3-4)
2,158,349,293
  
                     
6)
Prior Years’ Loses (-)
                  
                     
7)
Primary Legal Reserves (-)
  
((5YK-6YK)*0.05)
  
-
    
((5YK-6YK)*0.05)
-
  
                     
                     
8)
NET DISTRIBUTABLE PROFIT (=)
  
(5-6-7)
  
2,069,893,930
    
(5-6-7)
2,158,349,293
  
                     
9)
Donations made during the year
      
11,989,544
          
                     
10)
Net distributable profit including donations that is the base of calculation of first legal reserves
  
(8+9)
  
2,081,883,474
          
                     
11)
First Dividend
      
416,376,695
          
 
          -Cash
  
(10*the minimum
  
416,376,695
          
 
          -Share
  
rate determined by
  
-
          
 
          -Total
  
the CMB)
  
416,376,695
          
                     
12)
Dividend paid to preference shares
  
Amount of the dividend for privileged shareholders in accordance with the articles
of Association
              
                     
13)
Dividends paid to Board Members, employees and etc.
                  
                     
14)
Dividend paid to Redeemed Share Owners
                  
                     
15)
Secondary Dividend
      
783,623,305
          
                     
16)
Secondary Legal Reserves
  
((11+12+13+14+15)-(H5*0.05))/10
  
109,000,000
          
                     
17)
Status Reserves
                  
                     
18)
Special Reserves
                  
                     
19)
EXTRA ORDINARY RESERVES (*)
  
5-(6+7+12+13+14+16+17+18)
  
1,960,893,930
          
                     
20)
Other Distributable Sources
                  
 
          -Prior years’ profits
                  
 
          -Ekstra Ordinary Reserves (**)
      
1,200,000,000
          
 
          -Other Distributable Reserves in accordance with legislation and Articles of Association
                  
                     
  
  (*) As indicated in the Board of Directors’ decision numbered 1294 and dated March 23, 2016 TRY 1.960.893.930- which is the remaining of the 2015 year’s distributable profit after the cash dividend distribution shall be regarded as previous year’s profit and set aside within the Company,
  (**) Pertaining to the period between January 1, 2015 and December 31, 2015, our Company’s profit, calculated according to the consolidated financial statements, which were audited independently in accordance with the “Communiqué Regarding the Financial Reporting in Capital Markets” The amount of TRY 150.574.060 within total amount of TRY 1.200.000.000-, which shall be distributed in cash, shall be distributed from statutory extraordinary reserves whereas TRY 1.049.425.940 which shall be distributed in cash from statutory previous year’s profit
                     
    
 
3
 
              
INFORMATION ON DIVIDEND PAY OUT RATIO(1)
INFORMATION ON DIVIDEND PER SHARE
 
Group
TOTAL DIVIDEND
AMOUNT (TRY)
DIVIDEND FOR A SHARE WITH A NOMINAL VALUE OF 1 TL
     
AMOUNT (TRY)
RATIO (%)
GROSS
A
      
 
B
    
 
 
TOTAL
1,200,000,000
0.5454545
54.55
 
There are no groups of shares in Our Company. Witholding tax will be applied on distributed gross dividend in accordance with applicable tax regulations on the distribution date.
NET
A
      
 
B
    
 
 
TOTAL
1,020,000,000
0.4636364
46.36
 
There are no groups of shares in Our Company. Witholding tax will be applied on distributed gross dividend in accordance with applicable tax regulations on the distribution date.
RATIO OF DIVIDEND DISTRIBUTION TO THE NET DISTRIBUTABLE PROFIT INCLUDING DONATIONS
DISTRIBUTED DIVIDEND AMOUNT (TRY) TO SHAREHOLDERS
RATIO OF SHAREHOLDERS DIVIDEND DISTRIBUTION TO THE NET DISTRIBUTABLE PROFIT INCLUDING DONATIONS
1,200,000,000
57.64
  
(1) Group shares will be disclosed separately if there exists any privileged shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
          
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Turkcell Iletisim Hizmetleri A.S. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

       
 
TURKCELL ILETISIM HIZMETLERI A.S.
  
     
     
Date:  March 24, 2016
By:
 /s/Murat Dogan Erden
  
  Name: Murat Dogan Erden  
  Title: Chief Financial Officer  
   
       
 
TURKCELL ILETISIM HIZMETLERI A.S.
  
     
     
Date:  March 24, 2016
By:
 /s/Nihat Narin
  
  Name: Nihat Narin  
  Title: Investor Relations and Business
Development		  
 
 
 
 
 
 
 
 
 
 
 

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