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%).
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.