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.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2016 will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL on 9 May 2017 at 12:30 pm.
Click here for the Agenda.
Click here for the Invitation.
Vestel Beyaz Eşya Sanayi ve Ticaret AŞ recorded TL 325,005,000 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 351,152,222 of net profit in its statutory financial statements.
After deducting the 5% first legal reserve amounting TL 17,557,611, which has to be set aside in accordance with the Article 519 of the Turkish Commercial Code, from the TL 325,005,000 of net profit recorded in CMB financials and adding to this amount the TL 3,017,167 of donations made during the year 2016, the base for the first dividend is calculated as TL 310,464,556.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the first dividend is determined as TL 77,616,139, which is calculated as 25% of the distributable profit in CMB financials.
After deducting the first dividend from the TL 307,447,389 of distributable profit based on CMB financials and setting aside a second legal reserve of TL 17,050,000, of the remaining amount TL 102,383,861 is decided to be distributed as a second dividend to shareholders and the remaining TL 136,544,610 based on statutory financials is decided to be set aside as an Extraordinary Reserve.
Accordingly, the Company’s Board of Directors resolved to propose the distribution of TL180,000,000 of gross cash dividends (as first and second dividends), corresponding to a gross cash dividend of TL 0.9474 and net cash dividend of TL 0.8053 per share from May 15, 2017, to submit this decision to the approval of the shareholders at the General Assembly Meeting, which will be held on 9 May 2017 and to announce this proposal together with the annexed Dividend Distribution Table on the Public Disclosure Platform and the Company’s website.
Click here for the Dividend Distribution Table.
Vestel Beyaz Eşya announced sales revenues of TL 3,037 mn (Euro 909 mn) and net profit of TL 325 mn (Euro 97.3 mn) in 2016.
Click here for FY16 CMB financials.