Kap Notices

Vestel White Goods announced total revenues of US$679mn and net income of US$51.5mn in 9-mth07. Strong export demand arising from A-Brand Manufacturers and retailers from Europe compensated for the sluggish demand at home. Accordingly, total unit sales increased by 17% YoY while revenues recorded a 10% growth in Euro terms in 9mth-07.

Click here for 9mth-07 update.

A non-binding letter of intent has been signed on 23.10.2007 between Vestel Elektronik Sanayi ve Ticaret A.Ş., the majority shareholder of Vestel White Goods, and Whirlpool Europe srl for commencing exclusive negotiations to establish a joint venture company in equal proportion (50%-50%) and to transfer the entire shares owned by Vestel Elektronik Sanayi ve Ticaret A.S. in Vestel White Goods to the joint venture company to be established for the purpose of strengthening commercial activities in foreign and domestic white goods markets and developing cooperation in this respect.

If the deal goes through, Vestel Elektronik and Whirlpool SRL will together establish a joint-venture company in equal proportion (50%-50%). Accordingly, both parties will inject capital (in cash), proportional to their respective stakes to this newly established company. This new company will then purchase Vestel Elektronik's 72.6% stake in Vestel White Goods by paying cash.

If as a result of negotiations agreement should be reached for such cooperation, the parties will inform the public of the further developments in accordance with the applicable legislation.

Vestel White Goods announced total revenues of US$408mn and net income of US$33mn in 1H07. Strong export demand (48% YoY unit growth) arising from A-Brand Manufacturers and retailers from Europe compensated for the sluggish demand at home (negatively affected from high level of interest rates and political uncertainty). Accordingly, total unit sales and revenues increased by 29% and 15% (US$) YoY, respectively, in 1H07.

Click here for 1H07 update.

The Board of Directors of Vestel White Goods decided to propose 0.16177 YTL gross dividend per share (50% of its distributable net income) to the General Assembly to be distributed as of 21 May 2007. The total amount to be distributed comes up to US$22.1mn, indicating a dividend yield of 6.9%.

Vestel White Goods announced unconsolidated IFRS results for the quarter ended March 31, 2007. The Company announced total revenues of US$158.4mn and net income of US$16.2mn in 1Q07. Total unit sales and revenues increased by 46% and 31% YoY, respectively, in 1Q07. Meanwhile, the share of exports in total revenues reached 73% vs. 58% in 1Q06.

Click here for 1Q07 update.

Click here for FY06 update

On the date of 23.08.2006, Vestel Elektronik Sanayi ve Ticaret A.Ş., Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş., Vestel Komünikasyon Sanayi ve Ticaret A.Ş., Vestel Dijital A.Ş. and Vestel Holland B.V. under the structure of the Vestel Group of Companies have signed a letter of credit syndicated loan facility at the amount of 125,000,000 USD for a period of 1 year with the participation of local and foreign banks acting under the leadership of Deutsche Bank A.G. and ABN Amro Bank N.V..

Vestel White Goods shares with nominal value of YTL59,800,000 offered to public (including the shares sold through the exercise of green shoe option) will start trading on the ISE with a base price of YTL3.2 (IPO price) on 21 April 2006.

The Shareholder Structure