Vestel Beyaz Eşya announced sales revenues of TL 6,968 mn (Euro 1,098 mn) and net profit of TL 568 mn (Euro 89.5 mn) in 2019.
Click here for FY19 CMB financials.
In line with its long term borrowing strategy, Vestel Beyaz Eşya has signed a credit agreement for a EUR18,350,000 loan with AKA Ausfuhrkredit-Gesellschaft mbH, which will be used to finance the new capacity investments to meet the growing demand from customers as well as strengthen the Company’s market position. Backed by Hermes, the loan has a 10-year term and will be repaid in equal semi-annual installments. Vestel Beyaz Eşya has already started loan drawdowns under the agreement.
Pursuant to our material event disclosure dated 31.12.2019, Mr. Kemal Özgür, who had been serving as the Deputy General Manager Responsible for the Purchasing Department since 2012 and was appointed as the Deputy General Manager Responsible for the Air Conditioner and Water Heater Plant as of December 31, 2019, has voluntarily left his position. Mr. Mehmet Yavuz, serves as the Deputy General Manager Responsible for the Cooking Appliances Plant, has assumed the position of the Deputy General Manager Responsible for the Air Conditioner and Water Heater Plant by proxy.
Mr. Hakan Akıncı, who was the Deputy General Manager Responsible for the Air Conditioner and Water Heater Plant, resigned from his position as of December 31, 2019 and Mr. Kemal Özgür, who has been the Deputy General Manager Responsible for the Purchasing Department, will be appointed as the Deputy General Manager Responsible for the Air Conditioner and Water Heater Plant as of January 1, 2020. Mr. Özgür Yılmaz, who has been the Deputy General Manager Responsible for the Washing Machine and Dryer Plants, will be appointed as the Deputy General Manager Responsible for the Purchasing Department and Mr. Serkan Balcı, who has been the R&D Manager Responsible for the Washing Machine Plant, will be appointed as the Deputy General Manager Responsible for the Washing Machine and Dryer Plants as of January 1, 2020.
Pursuant to our material event disclosure dated 26.09.2014, the scope of the existing brand licensing agreement between our 100% owned subsidiary, Vestel Ticaret AŞ and Sharp Corporation, which is valid until the end of 2024, is further expanded to include the development of a smart product family for the six major household appliance categories (refrigerator, washing machine, dishwasher, electric oven, tumble dryer and wall-mounted air conditioner) for the European market. Under the expanded agreement, Vestel Elektronik targets to reach EUR300 million of revenues in the European market from the sale of Sharp branded products within the next five years.
Vestel Beyaz Eşya reported TL 4,996 mn (EUR 789 mn) of sales revenues and TL 445 mn (EUR 70 mn) of net profit in 9M19.
Click here for 9M19 CMB financials.
Vestel Beyaz Eşya reported TL 3,203 mn (EUR 505.5 mn) of sales revenues and TL 317.2 mn (EUR 50.1 mn) of net profit in 1H19.
Click here for 1H19 CMB financials.
Pursuant to the article numbered 4.2.8 of 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.
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 2019, total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2019 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.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2018, which was held on May 8, 2019, has been registered by Istanbul Trade Registry Office on May 15, 2019 (today).