TL 394,000,000 nominally valued Coupon Commercial Paper, which was sold to qualified investors on December 2, 2022 with a maturity of 174 days and with the ISIN Code of TRFVEST52312, was redeemed as of today (May 25, 2023) with completion of the first coupon payment amounting to TL 53.530.416 and the principal payment of TL 394,000,000.
In accordance with its Board's decision dated 25.05.2023, Vestel Beyaz Eşya Sanayi ve Ticaret AŞ decided to apply to the Capital Markets Board of Turkey to issue up to TL 2,000,000,000 (two billion Turkish Liras) of TL denominated debt instruments in varying terms up to 5 (five) years, in single or multiple tranches, in the form of sales to qualified investors without being offered to the public.
Vestel Beyaz Eşya has announced on June 24, 2022 that the Capital Markets Board had approved the Company's application to issue TL denominated debt instruments up to a nominal value of TL 750,000,000 and with a maximum maturity of 5 years for sale in single or multiple tranches to qualified investors in the domestic market. Within this scope, the Company completed the sale of a TL 110,000,000 commercial paper with fixed coupon payment with a maturity of 99 days to domestic qualified investors on May 25, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
The Board of Directors of Vestel Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi made the following resolution:
Taking into consideration the assessment made by the Audit Committee on May 3, 2023 for the selection of the independent audit firm, it has been unanimously decided to appoint PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik AŞ as the independent audit firm to audit the financial statements of the Company for the fiscal year 2023 in accordance with the principles stipulated by the Turkish Commercial Code No. 6102, the Capital Market Law No. 6362 and other applicable legislation and to carry out other duties specified in the relevant arrangements of the same laws and to submit the selection for the approval of shareholders at the Annual General Meeting for the year 2022.
Board of Directors of Vestel Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi made the following resolutions:
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ recorded TL 1,424,466,000 of net profit in its financial statements prepared within the framework of the Communiqué on the Principles of Financial Reporting in Capital Markets numbered II-14.1 (“CMB financial statements”) and in compliance with the Turkish Accounting Standards/Turkish Financial Reporting Standards and audited by KPMG Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ, and TL 480,102,837 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code No. 6102 and Tax Procedure Law No. 213.
After setting aside, as per the Paragraph 1 of the Article 519 of the Turkish Commercial Code, the required amount of TL 24,005,142 for the first legal reserves from the net profit of TL 480,102,837 recorded in the Company’s statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law, the net distributable profit is calculated as TL 456,097,695.
After deducting TL 24,005,142 set aside as the first legal reserve from the net profit of TL 1,424,466,000 recorded in the Company’s CMB financial statements, the net distributable profit is calculated as TL 1,400,460,858. Following the addition of TL 10,850,400 of donations made in the year to net distributable profit, the first dividend base is calculated as TL 1,411,311,258.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the first dividend is determined as TL 352,827,815, which is calculated as 25% of the donations added distributable net profit for the year based on the CMB financial statements. After deducting the dividend of TL 352,827,815 and second legal reserve of TL 27,282,781 from the net distributable profit of TL 456,097,695 based on the Turkish Commercial Code and Tax Procedure Law, the remaining amount of TL 75,987,099 will be transferred to the extraordinary reserves. Accordingly, the Company’s Board of Directors resolved to propose the payment of TL 352,827,815 of cash dividends to its shareholders, which corresponds to a gross cash dividend of TL 0.2205 and a net cash dividend of TL 0.1985 per share on July 31, 2023 and to submit these proposals to the approval of shareholders at the Annual General Meeting for the year 2022.
Click here for the Dividend Distribution Table.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Board of Directors made the following decisions:
Click here for the Agenda.
Vestel Beyaz Eşya reported TL 9,788 mn (EUR 484 mn) of sales revenues and TL 415 mn (EUR 20 mn) of net profit for 1Q23.
Click here for the 1Q23 CMB financials.
JCR Eurasia Rating has evaluated "Vestel Beyaz Eşya Sanayi ve Ticaret AŞ" in the high investment level category and affirmed its Long-Term National Issuer Credit Rating as ‘AA+ (tr)' and the Short-Term National Issuer Credit Rating as ‘J1+ (tr)' with ‘Stable' outlooks. On the other hand, the Long Term International Foreign and Local Currency Issuer Credit Ratings and Outlooks were assigned as ‘BB/Negative' in parallel to international ratings and outlooks of Republic of Türkiye.
The seventh coupon payment, amounting to TL 7,648,695.00 on the TL 265,000,000 nominally valued Corporate Bond, which was sold to qualified investors on June 9, 2021 with a maturity of 728 days and with the ISIN Code of TRSVEST62314 was made as of today.
The interest rate for the seventh coupon payment of TL 265,000,000 nominally valued Corporate Bond, which was sold to qualified investors on June 9, 2021 with a maturity of 728 days and with the ISIN Code of TRSVEST62314, has been set as 2.8863% (simple annual interest 11.5769%).