Vestel Beyaz Eşya announced sales revenues of TL 9,409 mn (Euro 1,172 mn) and net profit of TL 1,331 mn (Euro 166 mn) in 2020.
Click here for FY20 CMB financials.
Within the framework of our Company's Board of Directors’ decision, Vestel Beyaz Eşya acquired an 122,550.94 sqm land in Manisa Organized Industrial Zone (MOSB) and a building located in 3.000 sqm portion of this land which are owned by its controlling shareholder Vestel Elektronik Sanayi ve Ticaret AŞ for a total consideration of TL 131,810,638.3. The acquisition price for the land was determined in accordance with the value set by the Board of Directors of the Manisa Organized Industrial Zone within the framework of the Article 15 of the Law No. 4562 while the price for the building was determined by negotiation between the parties. The land has been acquired for the planned capacity expansion investments.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) shares within a price range of TL 32.50-32.72 per share on Borsa Istanbul on November 25, 2020. Following the transaction, the Company's share in Vestel Beyaz Eşya declined to 89.90%.
Vestel Beyaz Eşya reported TL 6,043 mn (EUR 799 mn) of sales revenues and TL 710 mn (EUR 93.9 mn) of net profit in 9M20.
Click here for the 9M20 CMB financials.
Vestel Elektronik’s wholly-owned subsidiary Vestel Ticaret AŞ signed an agreement with Crosslee PLC, a UK based company, for the acquisition of the Hostess ve White Knight business trademarks, intellectual property rights, domain names and some equipment related with these trademarks. The registration process for the transfer of the trademarks is completed in the EU while the process continues in some non-EU countries.
Crosslee PLC is among Vestel’s ODM customers and is one of the key players in the UK household appliances market. Vestel expects to further enhance its presence in the UK market with this acquisition.
Within the scope of the Capital Markets Board’s Communiqué on Material Events Disclosure, the Company’s Board of Directors resolved to postpone the public announcement in order not to adversely affect the brand acquisition process and competition condition and not to weaken the Company’s negotiating power during the process. This disclosure is made as the conditions for the postponement decision have ended.
Due to an organizational change, Mr. Özgün Döşemeciler, who has been working at Vestel Group of Companies since June 5, 2006 and was an R&D Manager at the Tumble Dryer Plant, was appointed as the Deputy General Manager Responsible for the Tumble Dryer Plant as of September 1, 2020. Mr. Serkan Balcı, who has been the Deputy General Manager Responsible for the Washing Machine and Tumble Dryer Plants since January 1, 2020, will continue to serve as the Deputy General Manager Responsible for the Washing Machine Plants.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 18,365 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (Vestel Beyaz Eşya) shares within a price range of TL 25.90-26.08 per share on Borsa Istanbul on September 3, 2020. Following the transaction, the Company's share in Vestel Beyaz Eşya declined to 92.53%.
The conclusion section of the "Report on Common and Continuous Transactions" between Vestel Beyaz Eşya Sanayi ve Ticaret AŞ and its related parties, which was prepared in accordance with the Article 10 of the CMB’s Communiqué on Corporate Governance No. II-17.1, is provided below:
Within the context of the Company’s financial planning for the year 2020, total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2020 are foreseen to exceed 10% of the Company’s revenues reported in its latest annual financial statements. It is concluded that the terms of the sales transactions to Vestel Ticaret AŞ are compatible with previous years and are reasonable when compared with the market conditions.
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 exceeds 25% of the Company’s share capital.
Decisions taken in the Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Annual General Meeting for the year 2019, which was held on June 30, 2020, has been registered by Istanbul Trade Registry Office on July 7, 2020.