At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
Within the scope of the CMB legislation and the Articles of Association; the upper limit for the donations to be made by our Company during the year 2016 will be set as 0.2% of the Company’s revenues for the year 2015 as reported in its financial statements prepared in accordance with the CMB regulations and this limit shall be submitted to the shareholders’ approval at the Company’s 2015 Ordinary General Assembly Meeting.
At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
Within the scope of the Article 4.3, entitled the Structure of the Board of Directors, of the Corporate Governance Principles embodied in the Corporate Governance Communiqué (II-17.1) of the Capital Markets Board and following the review of the Corporate Governance Committee’s Evaluation Report on the Independency of Independent Board Member Nominees dated 24 March 2016;
Mr. Hacı Ahmet KILIÇOĞLU (Turkish Identity No. 17339096086) and Mr. Ali Akın TARI (Turkish Identity No. 39715591572), who possess all of the criteria required for Independent Board Membership and who have presented their declarations of independency, personal resumes and letters of consent, have been nominated to serve as the Independent Board Members at the Board of Directors of our Company until the Ordinary General Assembly Meeting of 2016.
Also; Mr. Ahmet Nazif ZORLU (Turkish Identity No. 24844596260), Mr. Olgun ZORLU (Turkish Identity No. 24829596780), Mr. İzzet GÜVENİR (Turkish Identity No. 188573329250) and Ms. Şule CÜMBÜŞ (Turkish Identity No. 24817597126) have been proposed to serve as the other members on our Company’s Board of Directors until the Ordinary General Assembly Meeting of 2016.
Our Company’s Board of Directors took the following decisions at its meeting on 28 March 2016.
Our Company recorded TL 163,895,000 of net profit in its CMB financial statements prepared within the framework of the Communiqué on 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 Başaran Nas Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ; and TL 150,542,328 of net profit in its statutory financial statements.
After deducting the 5% First Legal Reserve amounting TL 7,527,116, which has to be set aside in accordance with the Article 519 of the Turkish Commercial Code, from the TL 163,895,000 of net profit recorded in CMB financials and adding to this amount the TL 3,140,351 of donations made during the year 2015, the base for the First Dividend is calculated as TL 159,508,234.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the First Dividend is determined as TL 39,877,059, which is calculated as 25% of the distributable profit in CMB financials.
After deducting the First Dividend from the TL 143,015,211 of distributable profit based on statutory financials and setting aside a second legal reserve of TL 12,137,746, the remaining TL91,000,406 is decided to be distributed as Second Dividend to Shareholders.
Accordingly, the Company’s Board of Directors resolved to propose the distribution of TL130,877,645 of gross cash dividends (as first and second dividend), corresponding to a gross cash dividend of TL 0.6888 and net cash dividend of TL 0.5855 per share from May 2, 2016, to submit this decision to the approval of shareholders at the General Assembly meeting, which will be held on 26 April 2016 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.
At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
The conclusion of "The Report Regarding the Common and Continuous Transactions" between our 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:
Within the context of our Company’s financial planning for the year 2016:
Total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from product sales to Vestel Ticaret AŞ are foreseen to exceed 10% of the Company’s revenues as disclosed to the public 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.
The 2015 Ordinary General Assembly Meeting of our Company will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL on 26 April 2016 at 13:30 pm.
Click here for the Agenda.
Taking into consideration the assessment of the Audit Committee dated 24 March 2016, the Company’s Board of Directors resolved to nominate Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik AŞ (A member of PricewaterhouseCoopers) to audit the Company’s financial reports for the fiscal year 2016 in accordance with the Turkish Commercial Code, the Capital Market Law and related regulations and to carry out the other duties required under these laws and to submit this selection to the approval of the shareholders at the Company’s 2015 Ordinary General Assembly Meeting.
At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
Within the scope of the CMB legislation and the Articles of Association; the upper limit for the donations to be made by our Company during the year 2016 will be set as 0.2% of the Company’s revenues for the year 2015 as reported in its financial statements prepared in accordance with the CMB regulations and this limit shall be submitted to the shareholders’ approval at the Company’s 2015 Ordinary General Assembly Meeting.
At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
Within the scope of the Article 4.3, entitled the Structure of the Board of Directors, of the Corporate Governance Principles embodied in the Corporate Governance Communiqué (II-17.1) of the Capital Markets Board and following the review of the Corporate Governance Committee’s Evaluation Report on the Independency of Independent Board Member Nominees dated 24 March 2016;
Mr. Hacı Ahmet KILIÇOĞLU (Turkish Identity No. 17339096086) and Mr. Ali Akın TARI (Turkish Identity No. 39715591572), who possess all of the criteria required for Independent Board Membership and who have presented their declarations of independency, personal resumes and letters of consent, have been nominated to serve as the Independent Board Members at the Board of Directors of our Company until the Ordinary General Assembly Meeting of 2016.
Also; Mr. Ahmet Nazif ZORLU (Turkish Identity No. 24844596260), Mr. Olgun ZORLU (Turkish Identity No. 24829596780), Mr. İzzet GÜVENİR (Turkish Identity No. 188573329250) and Ms. Şule CÜMBÜŞ (Turkish Identity No. 24817597126) have been proposed to serve as the other members on our Company’s Board of Directors until the Ordinary General Assembly Meeting of 2016.
Our Company’s Board of Directors took the following decisions at its meeting on 28 March 2016.
Our Company recorded TL 163,895,000 of net profit in its CMB financial statements prepared within the framework of the Communiqué on 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 Başaran Nas Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ; and TL 150,542,328 of net profit in its statutory financial statements.
After deducting the 5% First Legal Reserve amounting TL 7,527,116, which has to be set aside in accordance with the Article 519 of the Turkish Commercial Code, from the TL 163,895,000 of net profit recorded in CMB financials and adding to this amount the TL 3,140,351 of donations made during the year 2015, the base for the First Dividend is calculated as TL 159,508,234.
In accordance with the Company’s Articles of Association and Dividend Distribution Policy, the First Dividend is determined as TL 39,877,059, which is calculated as 25% of the distributable profit in CMB financials.
After deducting the First Dividend from the TL 143,015,211 of distributable profit based on statutory financials and setting aside a second legal reserve of TL 12,137,746, the remaining TL91,000,406 is decided to be distributed as Second Dividend to Shareholders.
Accordingly, the Company’s Board of Directors resolved to propose the distribution of TL130,877,645 of gross cash dividends (as first and second dividend), corresponding to a gross cash dividend of TL 0.6888 and net cash dividend of TL 0.5855 per share from May 2, 2016, to submit this decision to the approval of shareholders at the General Assembly meeting, which will be held on 26 April 2016 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.
At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;
The conclusion of "The Report Regarding the Common and Continuous Transactions" between our 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:
Within the context of our Company’s financial planning for the year 2016:
Total revenues to be generated by Vestel Beyaz Eşya Sanayi ve Ticaret AŞ (“Company”) from product sales to Vestel Ticaret AŞ are foreseen to exceed 10% of the Company’s revenues as disclosed to the public 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.