Kap Notices

At its meeting on 18 March 2021, the Company’s Board of Directors made the following decisions.

• Vestel Beyaz Eşya Sanayi ve Ticaret AŞ recorded TL 1,331,308,000 of net profit in its CMB financial statements prepared within the framework of the Communiqué on the Principles of Financial Reporting in Capital Markets numbered II-14.1 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 1,310,169,861 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law.
• Taking into account the conditions set forth in the Company’s Dividend Distribution Policy; the Board resolved to propose not to distribute the 2020 distributable profit of TL 1,310,169,861 and to add it to extraordinary reserves in order to strengthen the financial structure of the Company considering the current economic outlook, the liquidity, investment and financing policies of the Company as well as to protect the long term interests of the shareholders, employees and the Company. Since the amount of legal reserves has reached 20% of the Company’s paid-in capital as per the Article 519 of the Turkish Commercial Code, no first legal reserve will be set aside from the distributable profit of TL 1,310,169,861.
• In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the Capital Market Law No. 6322 and other legal provisions, the Board of Directors resolved to propose the distribution of TL 800,000,000 of gross cash dividends, which corresponds to a gross cash dividend of TL 4.2105 and net cash dividend of TL 3.5789 per share to be distributed in 3 equal installments from the other distributable TL 901,977,299 of funds recorded in 2020 statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law, consisting of TL 128,225,856 of legal reserves , TL 78,364,346 of share premium and TL 695,387,097 of extraordinary reserves. The Board of Directors is authorized to determine the distribution dates in accordance with the related regulation, taking into to account the cash projections of the Company. A second legal reserve of TL 80,00,000 will be set aside from the amount of funds subject to distribution. These decisions will be summited to the approval of shareholders at the 2020 Annual General Meeting.

Click here for the Dividend Distribution Table

Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Board of Directors took the following decisions at its meeting today:

• Given that the Company is a publicly listed company with a multiple shareholder structure, decision is taken to switch to the registered capital system in order to facilitate the process for a capital increase, if need be, which can be made promptly with a Board decision within the limits of the registered capital ceiling and applicable period to be determined by the General Assembly,
• Accordingly, Vestel Beyaz Eşya will switch to the registered capital system with a ceiling of TL 2,000,000,000 as per the Article 18 of the Capital Market Law and the CMB's Communiqué on Registered Capital System and the Article 6 of the Company's Articles of Association will be amended,

The management will be authorized to carry out the necessary transactions related with this resolution.

Vestel Beyaz Eşya Sanayi ve Ticaret AŞ's Board of Directors took the following decisions at its meeting today:

• Given that the Company is a publicly listed company with a multiple shareholder structure, decision is taken to switch to the registered capital system in order to facilitate the process for a capital increase, if need be, which can be made promptly with a Board decision within the limits of the registered capital ceiling and applicable period to be determined by the General Assembly,
• Accordingly, Vestel Beyaz Eşya will switch to the registered capital system with a ceiling of TL 2,000,000,000 as per the Article 18 of the Capital Market Law and the CMB's Communiqué on Registered Capital System and the Article 6 of the Company's Articles of Association will be amended,

The management will be authorized to carry out the necessary transactions related with this resolution.

JCR-Eurasia Rating evaluated “Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş.” in an investment grade category and assigned the ratings on the Long and Short-Term National Scales as ‘AA (Trk)’ and ‘A-1+ (Trk)’, respectively along with the ‘Stable’ outlooks. On the other hand, the Long Term International Foreign and Local Currency Ratings of the Company are mapped as ‘BB+/Negative’, according to JCR-ER’s national-global mapping methodology.

Vestel Elektronik Sanayi ve Ticaret AŞ sold 5,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 48.3 per share on Borsa Istanbul on February 19, 2021. Following the transaction, Vestel Elektronik Sanayi ve Ticaret AŞ 's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 87.27%.

Pursuant to our material event disclosure dated 31.12.2020, Board of Directors of Vestel Beyaz Eşya decided to initiate a new 3-year investment program to meet the expected growth in business volume in domestic and international markets in the upcoming periods. The Company’s production capacity is planned to be increased by 52% by the end of 2023, with investments to be carried out in Vestel City in Manisa, where Vestel Beyaz Eşya's production facilities are located. The investment program will cover main product groups and will be realized gradually within three years. The investment will be realized with a capex of €160 mn and will be financed by equity and medium / long term project finance loans. Vestel Beyaz Eşya will receive investment incentives such as corporate tax break, customs duty exemption, VAT exemption for the afore-mentioned investment.

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.