Vestel Beyaz Eşya announced sales revenues of TL 61,070 mn and net profit of TL 4,724 mn in 2023.
Click here for FY23 CMB financials.
JCR Eurasia Rating has evaluated "Vestel Beyaz Eşya Sanayi ve Ticaret AŞ" in the investment grade category with very high credit quality and affirmed its Long-Term National Issuer Credit Rating as ‘AA+ (tr)' and the Short-Term National Issuer Credit Rating as ‘J1+ (tr)' with ‘Stable' outlooks. On the other hand, the Long Term International Foreign and Local Currency Issuer Credit Ratings and Outlooks were assigned as ‘BB/Negative' in parallel to the international ratings and outlooks of Republic of Türkiye.
The second coupon payment amounting to TL 4,737,000 on the TL 50,000,000 nominally valued corporate bond, which was sold to qualified investors on August 25, 2023 with a maturity of 390 days and trades with the ISIN Code of TRSVEST92410, was made as of today.The interest rate for the third coupon payment has been set as 11.8081%. This statement was translated into English for informational purposes.
The second coupon payment amounting to TL 29,169,920 on the TL 260,000,000 nominally valued corporate bond, which was sold to qualified investors on September 1, 2023 with a maturity of 383 days and trades with the ISIN Code of TRSVEST92428, was made as of today.The interest rate for the third coupon payment has been set as 11.8081%.
Vestel Beyaz Esya Sanayi ve Ticaret A.S. completed the sale of a TL 556,430,000 commercial paper with floating coupon payment with a maturity of 295 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The interest rate of this instrument is 48% annual simple for the first coupon, 48% annual simple or the higher of TLREF + 2.00% (BIST TLREF Index Change + 200 Basis Points Additional Return) for the other coupons. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 390,000,000 nominally valued Corporate Bond, which was sold to qualified investors on September 1, 2023 with a maturity of 173 days and with the ISIN Code of TRFVEST22414, was redeemed as of today (February 21, 2024) with completion of th coupon payment amounting to TL 77,636,910 and the principal payment of TL 390,000,000. This statement was translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.
Vestel Beyaz Esya Sanayi ve Ticaret AŞ completed the sale of a TL 93,570,000 commercial paper with fixed coupon payment with a maturity of 147 days to domestic qualified investors, the transfer of the securities to the customer accounts will be completed today. The interest rate of this instrument is 47.50% annual simple.Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Pursuant to our material event disclosures dated 31.12.2020 and 18.02.2021 and our annual and interim activity reports, regarding the investment program aimed at gradually increasing our annual production capacity by 52% until the end of 2023, only the first phase of the planned investments has been completed due to adverse macroeconomic and geopolitical developments in our main markets as well as pandemic-induced constraints in the global supply chain during the investment period. As part of the first-phase investments, existing capacities at the refrigerator, washing machine, cooking appliances and tumble dryer plants have been increased with new machinery and production line investments while a new factory investment has been initiated for capacity expansion in dishwasher production. As of currently, the construction of the new dishwasher plant and installation of production lines are completed while the installation and commissioning of the lines transferred from the old dishwasher plant are planned to be completed by the end of March. With the commissioning of these lines, the Company’s annual production capacity will increase by 29% compared to year-end 2020.
A total EUR 131 million of investment has been made to date within the scope of this capacity expansion program. Investment incentives such as corporate tax break, customs duty exemption, and VAT exemption have been utilized for the said investment. The evaluation process for the second-stage investments is still ongoing and developments will be shared with the public.
Vestel Elektronik Sanayi ve Ticaret AŞ and Vestel Beyaz Eşya Sanayi ve Ticaret AŞ signed a collective bargaining agreement with Türk Metal Union today.
Our controlling shareholder Zorlu Holding AŞ (Zorlu Holding) informed our Company that Ömer Yüngül, who has assumed significant roles within Zorlu Group for 27 years and has been serving as the CEO of Zorlu Holding since 2013, will leave his position as of June 21, 2024 due to retirement. Effective as of the same date, Bekir Cem Köksal, who has been serving as the CFO of Zorlu Holding since 2002 and is also a member of the Executive Committee of Vestel Group of Companies and a Board Member at both Vestel Elektronik Sanayi ve Ticaret AŞ and Vestel Beyaz Eşya Sanayi ve Ticaret AŞ, will become the new CEO of Zorlu Holding. Bekir Cem Köksal will also serve as the Deputy CEO of Zorlu Holding from February 1 to June 21, 2024. As of March 1, 2024, Alp Dayı, who currently serves as the CFO of Vestel Group of Companies, will take over the CFO role at Zorlu Holding and Bülent Kiracıoğlu, who is currently the Deputy General Manager of Vestel Finance, will be appointed as the new CFO at Vestel.