Orge Elektrik received the temporary permit for Quasar Istanbul Project / Positive Recall that Orge’s net profit in the statutory financials was lower than the figure declared in the IFRS accounts. Accordingly, the legal cap for net distributable profits was calculated on the profit on the company’s statutory financial statements. In order to book the revenues and costs of the related projects into statutory financials, the temporary permit is required while progress payments are enough to post into IFRS results- which leading to a difference between the IFRS bottom-line and the statuary bottom line. Thus, the company is likely to post the income generation from Quasar Project to its statutory financials by 4Q17- leading to upside potential for the dividend payments (The management has not shared the amount of income to be posted from this project). Although the management had previously stated that they expect to receive temporary permit by the end of this year, we think the market reaction should be positive as the uncertainty is over for the solid dividend payment for 2018. We may find our scenario analysis for 2018 dividend payment.
Orge Elektrik Quasar Istanbul projesi için geçici kabul belgesi aldı Hatırlatmak gerekirse, şirket vergi finansallarına geçici kabul belgesi almadan proje ile ilgili tam gelirlerini yansıtamıyordu. Bu nedenle vergi finansallarındaki kar rakamı, UFRS finansallarındaki kar rakamının altında gerçekleşiyordu ve temettü vergi finansallarına göre hesaplanıyordu. Projenin geçici kabulü ile 2017 sonu net kar rakamının vergi finansalları ve UFRS’de birbirlerine yakın olabileceğini düşünüyoruz, bu da temettü beklentilerini artırıyor. Hisse için pozitif olabilir.
