Vestel Beyaz Eşya reported TL 1,595 mn (EUR 237 mn) of sales revenues and TL 135 mn (EUR 20.1 mn) of net profit for 1Q20.
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Pursuant to our material event disclosure dated 25.03.2020, Vestel Beyaz Eşya will resume its production activities as of April 6, which were temporarily suspended during March 30 and April 5 within the framework of the precautions taken to reduce the effects of the global Coronavirus pandemic to protect the health of employees and the public. The plants will start operations with a lower capacity due to measures taken such as rescheduling of shift hours, reduction in the number of employees working per shift, disinfection of work areas during the breaks between the shifts and maintaining social distance in physical working conditions. If circumstances and developments require, an application for short-term work allowance will be considered.
Due to the worldwide effects of the Coronavirus (COVID-19) outbreak and with Europe, which is Vestel Beyaz Eşya’s major export market, becoming the new epicenter of the pandemic, Vestel Beyaz Eşya started to receive requests from its international clients to defer orders. As a result, the Company, which exports most of its output abroad, will suspend production at its plants for one week between March 30 and April 5. The other operations of the Company will continue within the framework of the numerous health and safety measures already taken. Important developments on the subject will be announced to the public.
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.
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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.
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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.