Vestel Elektronik reported TL 39,102 mn (US$ 2,466 mn) of sales revenues and TL 959 mn (US$ 60 mn) of net profit for 9M22.
Click here for the 9M22 CMB financials.
The news in the Russian press stating that the television and household appliances factory of our wholly-owned subsidiary Vestel CIS Ltd. in Russia will resume production does not reflect the truth.
The first coupon payment amounting to TL 2,767,410 on the TL 30,000,000 nominally valued corporate bond, which was sold to qualified investors on August 1, 2022 with a maturity of 389 days and with the ISIN Code of TRSVSTL82317 was made as of today.
Turkey's Automobile Joint Venture Group ("Togg"), in which our company has a 23% share, has become ready for mass production with the official opening of Gemlik Campus on October 29. Commercial sales are planned to start in March 2023. Togg is a future technology company that designs electric vehicles, builds a mobility ecosystem around these vehicles, and aims to create a sustainable future by making life easier for the masses thanks to this ecosystem. The company, which will have a production capacity of 175 thousand units per year and will employ 4 thousand 300 people when it reaches full production, aims to produce a total of 1 million vehicles from 5 different models until 2030.
Pursuant to our material event disclosures dated 10.11.2016, 07.04.2017, 08.05.2017 and 09.08.2019; a TL 8.024.370,30 administrative fine was imposed on Vestel Ticaret AŞ, a 100% subsidiary of our Company, on the grounds that the company had violated the Law on the Protection of Competition No.4054 as per the decision of the Competition Board dated 07.11.2016 and numbered 16-37/628-279, Vestel Ticaret AŞ paid three-fourth of the administrative fine amounting to TL 6,018,277.72 on 06.04.2017 in accordance with the Article 55 of the Law No. 4054 and the Article 17/6 of the Law of Misdemeanor No. 5326. The lawsuit filed before the 6th Administrative Court of Ankara for the cancellation of the administrative action was rejected, and the request of appeal against such decision was rejected afterwards, and finally, the request of cassation proceedings was also rejected by the reasoned decision of the 13th Chamber of the Council of State dated 14.04.2022 and numbered E. 2019/3392, K. 2022/1688 and accordingly, the Board decision against Vestel Ticaret AŞ has become final.
Vestel Elektronik Sanayi ve Ticaret AŞ sold 30,000,000 Vestel Beyaz Eşya Sanayi ve Ticaret AŞ shares at a price of TL 8.5 per share on Borsa Istanbul via block sale on September 20, 2022. Following the transaction, the Company's share in Vestel Beyaz Eşya Sanayi ve Ticaret AŞ declined to 80.66%.
The second coupon payment, amounting to TL 10,339,115.64 on the TL 160,860,000 nominally valued Corporate Bond, which was sold to qualified investors with a maturity of 399 days and with the ISIN Code of TRSVSTL42311 was made as of today. The interest rate for the third coupon payment has been set as 4.0643% (simple annual interest 16.3019%).
Zorlu Holding AŞ sold 2,455,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares at a price of TL 28.42 per share on Borsa Istanbul via block sale on August 26, 2022. Following the transaction, the Company's share in Vestel Elektronik declined to 61.54%.
TL 109,570,000 nominally valued Discounted Commercial Paper, which was sold to qualified investors on March 9, 2022 with a maturity of 169 days and with the ISIN Code of TRFVSTL82215, was redeemed as of today (August 25, 2022) with completion of the principal payment of TL 109,570,000.
Vestel Elektronik has announced on June 23, 2022 that the Capital Markets Board had approved the Company's application to issue TL denominated debt instruments up to a nominal value of TL 750,000,000 and with a maximum maturity of 5 years for sale in single or multiple tranches to qualified investors in the domestic market. Within this scope, the Company completed the sale of a TL 61,000,000 corporate bond with floating coupon payments with a maturity of 365 days to domestic qualified investors on August 25, 2022. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.