Pursuant to our material event disclosure dated 18.02.2021, the Central Bank of the Republic of Türkiye approved the extension of a 1.5 billion Turkish Lira loan under its advance loan against investment commitment (ALIC) facility to Vestel Beyaz Eşya to be used for the financing of the Company’s ongoing capacity expansion program. The term of the loan is 10 years with a 2-year grace period. The first tranche of the loan amounting to 300 million Turkish Lira is used while the remaining tranches will be utilized over the course of the year.
As the investment meets the criteria of domestic machinery usage required under the ALIC facility, a 25 bps cut has been applied to the loan interest rate. Accordingly, the annual interest rate of the loan is 9.25%. Vestel Beyaz Eşya benefits from a number of investment incentives such as tax credit, customs duty exemption and VAT exemption for the said investments, which are realized within the scope of the investment incentive certificate dated 09.01.2019 and numbered 502269.
Vestel Beyaz Eşya announced sales revenues of TL 31,387 mn (Euro 1,806 mn) and net profit of TL 1,424 mn (Euro 82 mn) in 2022.
Click here for FY22 CMB financials.
As per the Company's Board of Directors' resolution dated 16.12.2022;
It has been decided to purchase and take over the 107,148.5 sqm of land registered in Manisa Province, Organized Industrial Zone III, Section 3307, parcel no. 34 and the building on the cited land that we currently use as the lessee, from Vestel Elektronik Sanayi ve Ticaret A.Ş., the controlling shareholder of our Company, for 674,000,000.00 TL (excluding VAT), which is the average of the values determined in the valuation reports dated 16.12.2022, issued by Gayrimenkul Değerleme ve Danışmanlık A.Ş. and Çelen Gayrimenkul Değerleme ve Danışmanlık A.Ş., both licensed by the Capital Markets Board and to pay the transaction price in cash.
Regarding the above-mentioned transaction, as the will of the parties regarding the transaction will become concrete as a result of the parceling and allotment transactions and the property valuation studies, in order to prevent any misleading of investors, the public announcement on the subject was postponed with the decision of the Board of Directors dated 23.11.2022 and numbered 2022/33 within the framework of the Article 6 of the Communiqué on Material Events Disclosure numbered II-15.1.
The sixth coupon payment, amounting to TL 9,256,185.00 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.
Vestel Beyaz Eşya has announced on June 24, 2022 that the Capital Markets Board had approved the Company's application to issue 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 394,000,000 commercial paper with a maturity of 174 days to domestic qualified investors on December 2, 2022. Ak Yatırım Menkul Değerler AŞ has acted as the financial intermediary for the issue.
Vestel Beyaz Eşya reported TL 21,196 mn (EUR 1,259 mn) of sales revenues and TL 1,439 mn (EUR 86 mn) of net profit for 9M22.
Click here for the 9M22 CMB financials.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 30,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 8.5 per share on Borsa Istanbul via block sale on September 20, 2022. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 80.66%.
The fifth coupon payment, amounting to TL 10,906,074.99 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.
Vestel Beyaz Eşya reported TL 12,970 mn (EUR 800 mn) of sales revenues and TL 1,266 mn (EUR 78 mn) of net profit for 1H22.
Click here for the 1H22 CMB financials.
Pursuant to the Article 4.2.8 of the Capital Markets Board’s Communiqué on Corporate Governance, Vestel Beyaz Eşya has renewed its existing Directors and Officers Liability Policy for one year. The annual insurance limit of the policy does not exceed 25% of the Company’s share capital.