Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2017 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 9 May 2018.
Click here for the Agenda.
Click here for the Invitation.
The Company’s Board of Directors took the following decisions at its meeting on 11 April 2018. Vestel Beyaz Eşya Sanayi ve Ticaret AŞ recorded TL 295,234,000 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 269,959,286 of net profit in its statutory financial statements.
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 295,234,000. After adding to this amount the TL 3,179,392 of donations made during the year 2017, the base for the first dividend is calculated as TL 298,413,392.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the first dividend is determined as TL 74,603,348 which is calculated as 25% of the distributable profit based on CMB financials. After deducting the first dividend of TL 74,603,348 from the distributable profit of TL 295,234,000 and setting aside a second legal reserve of TL 23,050,000, of the remaining amount, TL 165,396,652 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 240,000,000 of gross cash dividends (as first and second dividends), corresponding to a gross cash dividend of TL 1.26316 and net cash dividend of TL 1.07368 per share from May 15, 2018 and to submit this proposal to the approval of shareholders at the 2017 General Assembly Meeting.
Click here for the Profit Distribution Table.
At its meeting on 11 April 2018, the Company’s Board of Directors took the following decisions.
Taking into consideration the assessment of the Audit Committee dated 11 April 2018, the Company's Board resolved to nominate PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent auditor for auditing the Company’s financial reports for the fiscal year 2018 inaccordance with the Turkish Commercial Code, the Capital Market Law and related regulations and for carrying out the other duties required under these laws and to submit this selection to the approval of the shareholders at the Company’s 2017 Ordinary General Assembly Meeting.
Pursuant to our material event disclosure dated 22.12.2017, the negotiations between potential buyers and sellers for the sale of Dongbu Daewoo Electronics Corporation have been finalized and the sellers decided to proceed the transaction with another bidder rather than Vestel Beyaz Eşya Sanayi ve Ticaret AŞ, which is 94.62% owned by Vestel Elektronik.
Vestel Beyaz Eşya announced sales revenues of TL 3,858 mn (Euro 937 mn) and net profit of TL 295 mn (Euro 72 mn) in 2017.
Click here for FY17 CMB financials.
Mr. İhsaner Alkım, Mr. Ahmet Süha Erol and Mr. Nedim Sezer, who are members of the Executive Committee of Vestel Group of Companies, which consisted of 6 members, have left their posts due to retirement as of January 1, 2018.
Within the scope of the re-organization studies aimed at reducing the number of layers in management hierarchy, new appointments will not be made for the afore-mentioned vacancies. Accordingly, going forward Executive Committee Meetings will be held with the participation of the current Executive Committee Members, General Manager of Vestel Elektronik Sanayi ve Ticaret AŞ and general managers of the Company’s related subsidiaries.
Pursuant to our material event disclosure dated 27.10.2017; within the scope of its strategy to enter into developing markets with high growth potential, Vestel Elektronik’s 94.62% owned subsidiary Vestel Beyaz Eşya Sanayi ve Ticaret AŞ submitted a binding offer to acquire all of the shares of “Dongbu Daewoo Electronics”, the South Korean white goods manufacturer, on December 22, 2017 (today). In the following process, negotiations will be held between the sellers and potential buyers. We will update the public with further developments.
Based on Borsa Istanbul’s assessments, Vestel Beyaz Eşya, which applied on a voluntary basis, is entitled to be included in the BIST Sustainability Index once again for the November 2017-October 2018 period. The calculation of the index, which comprises publicly traded companies with a high rating on corporate sustainability performance, will start as of November 1, 2017.
Vestel Beyaz Eşya announced sales revenues of TL 2,829 mn (Euro 708 mn) and net profit of TL 209.5 mn (Euro 52.4 mn) in 9M17.
Click here for 9M17 CMB financials.
Pursuant to our material event disclosure dated 27.12.2016; in line with its long-term borrowing strategy, Vestel Beyaz Eşya has raised a €25 mn loan for the financing of its new production facility, which will produce washing machines and dryers. The loan has a 7-year maturity and is insured by Sace S.P.A, the Italian Export Credit Agency. Further announcement will be made upon signing of the related loan agreement. In addition, the Company obtained a US$50 mn credit line, which is available for use, from two banks with a 3-year maturity.