In line with Vestel's new growth plans and vision to strengthen its global position, the following changes will be implemented in the Company's sales and marketing organization and senior management, effective from December 1, 2023.
Seda Kaya, who joined Vestel Group of Companies in 1997 and has been serving as the General Manager in charge of International Sales at Vestel Ticaret AŞ since 2015, will leave our Company due to retirement.
As a part of Vestel's global brand expansion strategy, a new 'Marketing General Management' organization has been established, covering central brand management, product management, and a consolidated industrial design department. Nezihe Duygu Badem Uylukçuoğlu, who has been working at Vestel Group of Companies since 2010 and is currently the Deputy General Manager of Domestic Marketing, has been appointed as Chief Marketing Officer. Mrs. Uylukçuoğlu holds a bachelor's degree in Tourism Administration and a master's degree in Business Administration from Boğaziçi University. She has also completed Vestel's first MT program.
In line with a more focused and effective growth strategy in global markets, a geographical region-based structure is being introduced in sales operations. In this context;
Seçkin Mazlum Gençoğlu, who has been working at Vestel Group of Companies since 2000 and currently serves as the Deputy General Manager in charge of Product Management for White Goods, has been appointed as Chief Commercial Officer for the EMEA and Americas regions. Mr. Gençoğlu holds a bachelor's degree in Mechanical Engineering from Boğaziçi University and a master's degree in Business Administration from Koç University.
Tarık Hakan Leloğlu, who has been working at Vestel Group of Companies since 1997 and currently holds the position of Deputy General Manager in charge of Dealers and Retail Sales, has been appointed as Chief Commercial Officer for Türkiye, Central Asia, Iran, Iraq, Syria and Northern Cyprus regions. Mr. Leloğlu holds a bachelor's degree in Economics from Anadolu University and a master's degree in Management and Organization from Çukurova University.
Ulaş Özcan, who has been working at Vestel Group of Companies since 1998 and currently serves as the General Manager for Asia Operations, will also assume the role of the Chief Commercial Officer for the APAC region in addition to his existing duties. Mr. Özcan holds a bachelor's degree in Economics from Boğaziçi University.
In its periodic evaluation, JCR Eurasia Rating has evaluated Vestel Elektronik Sanayi ve Ticaret AŞ's consolidated structure and affirmed the Company's Long-Term National Issuer Credit Rating at "A (tr)" with ‘Stable' outlook. The Company's Long Term International Foreign and Local Currency Issuer Credit Ratings and outlooks were kept as "BB/Negative".
Pursuant to our material event disclosures dated 21.03.2019, 07.12.2020 and 27.01.2023, in the negative determination application made to the Competition Authority by Vestel Ticaret AŞ (Vestel Ticaret), a wholly-owned subsidiary of our company, on 14.05.2019, it was requested to allow an agreement to be signed between the parties for Vestel Ticaret to provide after-sales services for existing Whirlpool products in the market due to the decision of Whirlpool Ev Aletleri Pazarlama ve Ticaret AŞ and Whirlpool Beyaz Eşya Sanayi ve Ticaret AŞ (Whirlpool) to terminate their activities in Turkey. In the same period, Whirlpool authorized services filed a complaint with the Competition Authority, claiming that the agreement in question was contrary to the Competition Law. As a result of its preliminary research, the Competition Board, with its decision dated 12.11.2019 and numbered 19-39/612-265; decided to reject the complaints of Whirlpool authorized services and not open an investigation and ruled that the contract between the parties was in compliance with the legislation considering that Vestel Ticaret and Whirlpool, the latter of which terminated its activities in Turkey, were not rival enterprises. In the lawsuit filed by the complaining undertakings requesting the annulment of the said Board Decision, Ankara Regional Administrative Court 8th Administrative Case Chamber decided to annul the Board Decision in question with the decision dated 02.11.2022 and numbered 2022/148 E. and 2022/1272 K. (Appeal Decision) on the grounds that while an investigation should be opened by the Competition Board, making a decision with a preliminary investigation was not sufficient. Following the Appeal Decision, the Competition Authority decided to open an investigation against Whirlpool and Vestel Ticaret with the decision numbered 23-01/11-M. A simultaneous appeal against the said Appeal Decision was made by Vestel Ticaret and Competition Authority to the 13th Chamber of the Council of State, requesting a stay of execution. The 13th Chamber of the Council of State accepted the appeals of the Competition Authority and Vestel Ticaret and decided that the Appeal Decision should be overturned, the Competition Board's decision was in accordance with the law and the file would be sent back to the relevant court to be decided in favor of Vestel Ticaret and Whirlpool, with the decision dated 10.04.2023 and numbered 2023/206 E., 2023/1767 K. The justification of the said decision of the 13th Chamber of the Council of State briefly stated that: (i) The agreement made between Whirlpool and Vestel Ticaret for the provision of after-sales services due to Whirlpool's exit from the Turkish market by terminating its sales activities does not aim to prevent, distort or restrict competition; (ii) It is for the benefit of the consumer that Vestel Ticaret provides after-sales services for Whirlpool products available in the market, and (iii) Considering that Whirlpool and Vestel Ticaret are not competitors due to Whirlpool's exit from the Turkish market it is clearly stated that the agreement between the parties complies with the legislation, leaving no room for doubt. The file, which was re-sent to Ankara 8th Administrative Case Chamber based on the reversal decision of the Council of State, has received the number 2023/1627 E. and the judicial process continues. At this stage, in order to fulfill the requirements of the Council of State's decision to overturn, the investigation initiated against Whirlpool and Vestel Ticaret was terminated by the Competition Authority's decision numbered 23-37/689-238.
The first coupon payment amounting to TL 18,000,600 on the TL 190,000,000 nominally valued commercial paper, which was sold to qualified investors on August 25, 2023 with a maturity of 362 days and trades with the ISIN Code of TRFVSTL82413, was made as of today.The interest rate for the second coupon payment has been set as 9,474% (simple annual interest 38%).
Vestel Elektronik completed the sale of a TL 517,000,000 corporate bond with floating coupon payments with a maturity of 379 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 48.50% annual simple for the first coupon, 48.50% annual simple or the higher of TLREF + 2.50% (BIST TLREF Index Change + 250 Basis Points Additional Return) for the other coupons. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik completed the sale of a TL 214,000,000 commercial paper with fixed coupon payment with a maturity of 162 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 45.50% annual simple. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
TL 680,000,000 nominally valued Commercial Paper, which was sold to qualified investors on July 19, 2023 with a maturity of 126 days and with the ISIN Code of TRFVSTLK2319, was redeemed as of today (November 22, 2023) with completion of the first coupon payment amounting to TL 89,201,720 and the principal payment of TL 680,000,000.
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Vestel Elektronik reported TL 61,802 mn (US$ 2,795 mn) of sales revenues and TL 469 mn (US$ 21 mn) of net profit for 9M23.
Click here for the 9M23 CMB financials.
In accordance with its Board's decision dated 07.11.2023, Vestel Elektronik Sanayi ve Ticaret AŞ decided to apply to the Capital Markets Board of Türkiye to issue up to TL 3,000,000,000 ( three billion Turkish Lira) of TL denominated debt instruments in varying terms up to 5 (five) years, in single or multiple tranches, in the form of sales to qualified investors without being offered to the public.