Kap Notices

At its meeting on 28.04.2015; Our Company’s BoD resolved to elect Mr. Ahmet Nazif Zorlu, with the Turkish Identity No. 24844596260 as the Chairman of the Board, Mr. Hacı Ahmet Kılıçoğlu, with the Turkish Identity No. 17339096086 as the Vice Chairman, Mr. Olgun Zorlu, with the Turkish Identity No. 24829596780, Mr. Ali Akın Tarı, with the Turkish Identity No. 39715591572, İzzet Güvenir, with the Turkish Identity No. 18857329250, and Ms. Şule Cümbüş, with the Turkish Identity No. 24817597126, as the Board Members.

At its meeting on 27.04.2015, Our Company’s BoD resolved to

• Appoint Mr. Ali Akın Tarı, Independent Member of the Board, as the Chairman of the Corporate Governance Committee and Mr. Olgun Zorlu, Board Member, and Mr. Gökçe Serim, Investor Relations Manager, as the Committee members, in accordance with the CMB’s II.17.1 Communiqué on Corporate Governance,
• Appoint Mr. Ali Akın Tarı, Independent Member of the Board, as the Chairman of the Audit Committee and Mr. Hacı Ahmet Kılıçoğlu, Independent Member of the Board, as the Committee Member,
• Appoint Mr. Hacı Ahmet Kılıçoğlu, Independent Member of the Board, as the Chairman of the Early Detection of Risk Committee; Ms. Şule Cümbüş, Board Member, as the Committee Member.

Vestel White Goods announced total revenues of TL 477.4mn (Euro 172mn) and net profit of TL 0.60mn (Euro 0.2mn) in 1Q15.

Click here for 1Q15 CMB financials.

The conclusion of "The Report Regarding the Common and Continuous Transactions" executed 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:

Conclusion of the Related Party Transactions Report

Within the context of our Company’s financial planning for 2015:

• Total revenues to be generated by Vestel Beyaz Eşya San. ve Tic. A.Ş (“Company”) from Vestel Ticaret AŞ within the context of product sales 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 reasonable when compared with the market conditions,
• Total amount of raw material purchases by Vestel Beyaz Eşya San. ve Tic. A.Ş from Vestel Holland B.V. within the context of common and continuous procurement of raw materials, are foreseen to exceed 10% of the Company’s cost of sales as disclosed to the public in its latest annual financial statements. It is concluded that the terms of the purchase transactions with Vestel Holland B.V. have been compatible with the previous years and reasonable when compared with the market conditions.

Within the scope of 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 30 March 2015;

The following individuals, 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 2015.

Mr. Hacı Ahmet KILIÇOĞLU (Turkish Identity No. 17339096086) and Mr. Ali Akın TARI (Turkish Identity No. 39715591572).

Also; Mr. Ahmet Nazif ZORLU (Turkish Identity No. 24844596260), Mr. Olgun ZORLU (Turkish Identity No. 24829596780), Ms. Şule CÜMBÜŞ (Turkish Identity No. 24817597126) and Mr. İzzet GÜVENİR (Turkish Identity No. 18857329250) have been proposed as the other Board members to serve until the Ordinary General Assembly of 2015.

Within the scope of the CMB legislation and the Articles of Association; the donation limit for 2015 has been determined as 0.2% of net sales and this matter will be proposed to shareholders for approval at the upcoming 2014 Ordinary General Assembly Meeting.

Our Company's Board of Directors has resolved to submit to the approval of the General Assembly the decision to distribute TL 0.5517 (55.17%) gross cash dividend per share (net: TL 0.4689) starting from May 4, 2015. The total proposed gross cash dividend to be distributed is TL 104,824,701.

Click here for the Dividend Distribution Table.

The 2014 Ordinary General Assembly Meeting of our Company will be held to discuss the following agenda items at the address of Zorlu Center, 34340 Beşiktaş/ISTANBUL on 27 April 2015 at 13:30 p.m.

Click here for the Agenda.

At its meeting on March 11, 2015, Vestel Beyaz Eşya's Board of Directors decided to appoint Mr. Erdal Haspolat as the Company General Manager effective from April 1, 2015. The current General Manager, Mr. Nedim Sezer will continue to serve as the Executive Board Member.

Vestel White Goods announced total revenues of US$ 1.068mn (Euro 804mn) and net profit of US$ 59,9mn (Euro 45,1mn) in FY14.