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.
Pursuant to our material event disclosure dated 29.11.2016, Vestel Beyaz Eşya has commenced investments for building a new production facility on the land acquired in the Manisa Organized Industrial Zone (“MOSB”), which will produce washing machines and dryers with a production capacity of 750,000 units/year for each product. The investment is planned to be completed by June, 2018 and will be realized with a capex of c.€70 mn, including the land acquisition cost disclosed in the material event disclosure dated 29.11.2016. The Company is currently in talks with several banks and financial institutions in order to raise financing for the investment.
As per the Council of Ministers’ decision numbered 2012/3305, Vestel Beyaz Eşya will receive investment incentives such as customs duty exemption, VAT exemption, corporate tax break and employer’s social security contribution support for the afore-mentioned investment.
Pursuant to our material event disclosure dated 29.11.2016, Vestel Beyaz Eşya has commenced investments for building a new production facility on the land acquired in the Manisa Organized Industrial Zone (“MOSB”), which will produce washing machines and dryers with a production capacity of 750,000 units/year for each product. The investment is planned to be completed by June, 2018 and will be realized with a capex of c.€70 mn, including the land acquisition cost disclosed in the material event disclosure dated 29.11.2016. The Company is currently in talks with several banks and financial institutions in order to raise financing for the investment.
As per the Council of Ministers’ decision numbered 2012/3305, Vestel Beyaz Eşya will receive investment incentives such as customs duty exemption, VAT exemption, corporate tax break and employer’s social security contribution support for the afore-mentioned investment.
Vestel Beyaz Eşya has signed a contract with Manisa Organized Industrial Zone (“MOSB”) today to acquire an 81,191.43 sqm land in MOSB at a price of TL 400/sqm. The Company plans to build a washing machine and a dryer plant on the acquired land.
Vestel Beyaz Eşya has signed a contract with Manisa Organized Industrial Zone (“MOSB”) today to acquire an 81,191.43 sqm land in MOSB at a price of TL 400/sqm. The Company plans to build a washing machine and a dryer plant on the acquired land.
Our Company was assessed for the first time on a voluntary basis and entitled to be included in the BIST Sustainability Index, which comprises publicly traded companies with a high rating on corporate sustainability performance, for the November 2016-October 2017 period. The Index calculation will start as of November 1, 2016.
Our Company was assessed for the first time on a voluntary basis and entitled to be included in the BIST Sustainability Index, which comprises publicly traded companies with a high rating on corporate sustainability performance, for the November 2016-October 2017 period. The Index calculation will start as of November 1, 2016.
Vestel Beyaz Eşya announced sales revenues of TL 2,126 mn (Euro 650 mn) and net profit of TL 284.2 mn (Euro 86.9 mn) in 9M16.
Click here for 9M16 CMB financials.