Pursuant to our material event disclosure dated 08.04.2019, Board of Directors’ proposal for dividend distribution for 2018 has been accepted at the Company’s 2018 Ordinary General Assembly Meeting.
Pursuant to our material event disclosure dated 08.04.2019, the Board of Directors’ proposal regarding selection of PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent audit firm has been accepted at the 2018 Ordinary General Assembly Meeting.
Vestel Beyaz Eşya reported TL 1,385 mn (EUR 227 mn) of sales revenues and TL 83.4 mn (EUR 13.7 mn) of net profit for 1Q19.
Click here for the 1Q19 CMB financials.
At its meeting on 8 April 2019, the Company’s Board of Directors made the following decision.
Taking into consideration the assessment of the Audit Committee dated 8 April 2019, the Company’s Board of Directors resolved to nominate PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi to audit the Company’s financial reports for the fiscal year 2019 in accordance with the Turkish Commercial Code, the Capital Market Law and related regulations and to carry out the other duties required under these laws and to submit this selection to the approval of shareholders at the Company’s 2018 Ordinary General Assembly Meeting.
At its meeting on 8 April 2019, the Company’s Board of Directors made the following decisions.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ recorded TL 622,561,000 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 PwC Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ, and TL 622,811,937.53 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law.
As per the Article 519 of the Turkish Commercial Code, no first legal reserve has been set aside from the net distributable profit recorded in CMB financials as the amount of legal reserves has already reached 20% of the Company’s paid-in capital. Accordingly, net distributable profit is calculated as TL 622,561,000. After adding to this amount the TL 7,028,454 of donations made in 2018, the base for the first dividend is calculated as TL 629,589,454.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the first dividend is determined as TL 157,397,363.5, which is calculated as 25% of the distributable profit based on CMB financials. After deducting the first dividend of TL 157,397,363.5 from the distributable profit of TL 622,561,000 and setting aside a second legal reserve of TL 55,732,818.18, the remaining amount of TL 409,430,818.32 is decided to be distributed as a second dividend to shareholders. Accordingly, the Company’s Board of Directors resolved to propose the distribution of TL 566,828,181.82 of gross cash dividends (as first and second dividends), which corresponds to a gross cash dividend of TL 2.9833 and net cash dividend of TL 2.5358 per share from May 15, 2019 and the addition of the remaining amount of TL 250,937.53, after deducting the TL 622,561,000 of distributable profit from the TL 622,811,937.53 of net profit reported in statutory tax financials to extraordinary reserves and to submit these proposals to the approval of shareholders at the 2018 General Assembly Meeting.
Click here for the Dividend Distribution Table.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2018 will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL at 12:00 pm on 8 May 2019.
Click here for the Agenda.
Click here for the Invitation.
Vestel Beyaz Eşya announced sales revenues of TL 5,694 mn (Euro 1,006 mn) and net profit of TL 623 mn (Euro 110 mn) in 2018.
Click here for FY18 CMB financials.
Pursuant to our material event disclosure dated 04.02.2019, following the resignation of Mr. Osman Alkın, Mr. Hasan Uğur who has been serving as the R&D Manager for refrigeration products since April 2013, is appointed as the Deputy General Manager Responsible for the Refrigerator Plants.
Mr. Osman Alkın who has been serving as the Deputy General Manager Responsible for the Refrigerator Plants since April, 2015, has resigned from his position as of February 1, 2019.
Vestel Beyaz Eşya reported TL 3,842 mn (EUR 707 mn) of sales revenues and TL 464 mn (EUR 85 mn) of net profit in 9M18.
Click here for 9M18 CMB financials.