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.
Pursuant to our material event disclosure dated 13.07.2017, the Capital Markets Board of Turkey approved the “Memorandum of Information” prepared for the planned share sales in the Company’s 94.62% owned subsidiary Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Vestel Beyaz Eşya”). Vestel Elektronik intends to sell shares representing up to 5% of Vestel Beyaz Eşya’s share capital (corresponding to a nominal value of TL 9,500,000) on Borsa Istanbul and/or the wholesale market depending upon the market conditions.
Vestel Beyaz Eşya announced sales revenues of TL 1,745 mn (Euro 444 mn) and net profit of TL 139.5 mn (Euro 35.5 mn) in 1H17.
Click here for 1H17 CMB financials.
The conclusion section of the "Report regarding the Common and Continuous Transactions" between the Company and its related parties, which was prepared in accordance with the Article 10 of the CMB’s II.17.1 Communiqué on Corporate Governance, is provided below:
At its meeting on 14 June 2017, the Company’s Board of Directors resolved that within the context of the Company’s financial planning for the year 2017:
Total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from the sale of products to Vestel Ticaret AŞ in 2017 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 have been compatible with the previous years and are reasonable when compared with the market conditions.
At its meeting on 10.05.2017, the Company’s Board of Directors resolved to