At its meeting held on 10.05.2018; the Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Elmas Melih Araz as the Vice Chairman and Mr. Olgun Zorlu, Mrs. Şule Cümbüş, Mr. İzzet Güvenir, Mr. Bekir Ağırdır and Ms. Ayşegül İldeniz as the other members of the Board.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2017 was held on May 9, 2018 at 12:00 pm at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/Istanbul.
Click here for the Minutes of the Meeting.
Click here for the List of Attendees.
Pursuant to our material event disclosure dated 11.04.2018, Board of Directors’ proposal for dividend distribution for 2017 has been accepted at the Company’s 2017 Ordinary General Assembly Meeting.
Pursuant to our material event disclosure dated 11.04.2018, 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 Ordinary General Assembly Meeting.
Vestel Beyaz Eşya reported TL 1,041 mn (EUR 222 mn) of sales revenues and TL 84.4 mn (EUR 18 mn) of net profit for 1Q18.
Click here for the 1Q18 CMB financials.
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 2018, total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2018 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 the previous years and are reasonable when compared with market conditions.
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.