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
At its meeting on 10.05.2017; the Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Hacı Ahmet Kılıçoğlu as the Vice Chairman and Mr. Olgun Zorlu, Mr. Ali Akın Tarı, Mr. İzzet Güvenir and Mrs. Şule Cümbüş as the other members of the Board.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2016 was held on May 9, 2017 at 12:30 pm at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/İstanbul.
Click here for the Minutes of the Meeting.
Click here for the List of Attendees.
Vestel Beyaz Eşya announced total revenues of TL 689 mn (Euro 175 mn) and net profit of TL 73 mn (Euro 18.5 mn) in 1Q17.
Click here for 1Q17 CMB financials.