Vestel Elektronik reported TL 16,915 mn (US$ 897 mn) of sales revenues and TL 64 mn (US$ 3 mn) of net loss for 1Q23.
Click here for the 1Q23 CMB financials
The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi made the following resolution:
Taking into consideration the assessment made by the Audit Committee on 3 May 2023 for the selection of the independent audit firm, it has been unanimously decided to appoint PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik AŞ as the independent audit firm to audit the consolidated financial statements of the Company for the fiscal year 2023 in accordance with principles stipulated by the Turkish Commercial Code No. 6102, the Capital Market Law No. 6362 and other applicable legislation and carry out other duties specified in the relevant arrangements of the same laws and to submit the appointment for the approval of shareholders at the Annual General Meeting for the year 2022.
The Board of Directors Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi has made the following decisions.
Vestel Elektronik Sanayi ve Ticaret AŞ recorded TL 856,747,000 of net profit in its consolidated financial statements prepared within the framework of the “Communiqué on the Principles of Financial Reporting in Capital Markets” numbered II-14.1 and in compliance with the Turkish Accounting Standards/Turkish Financial Reporting Standards and audited by KPMG Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ, and TL 370,471,820 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code No. 6102 and Tax Procedure Law No. 213.
Taking into account the conditions stipulated in the Company’s Dividend Distribution Policy and considering the current economic environment; the Company’s long-term strategies and investment, liquidity and financing policies as well as the long-term interests of shareholders, employees and the Company, the Board resolved to propose not to make any profit distribution and after setting aside the required amount of TL 97,283,602 as special reserves as per the Article 5/1-e of the Corporate Tax Law No. 5520, to transfer the remaining amount of TL 273,188,218 to extraordinary reserves in order to strengthen the financial structure of the Company and to prevent new financing needs. This proposal will be submitted to the approval of shareholders at the Annual General Meeting for the year 2022.
Click here for the Dividend Distribution Table.
Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors made the following decisions:
Click here for the Agenda.
The Third coupon payment, amounting to TL 2,797,830 on the TL 30,000,000 nominally valued Corporate Bond, which was sold to qualified investors to domestic qualified investors on August 1, 2022 with a maturity of 389 days and with the ISIN Code of TRSVSTL82317 was made as of today. The interest rate for the fourth coupon payment has been set as 11.6576% (simple annual interest 37%).
Zorlu Holding AŞ sold Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares with a nominal value of TL2,900,000 at a price range of TL47.4 – TL48.2 per share via block sale on Borsa Istanbul on April 12, 2023. Following the transaction, the company’s share in Vestel Elektronik declined to 60.08%.
Vestel Elektronik has announced on December 7, 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 1,500,000,000 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 230,000,000 commercial paper with fixed coupon payment with a maturity of 135 days to domestic qualified investors on April 12, 2023. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik announced consolidated sales revenues of TL 58,374 mn (US$ 3,524 mn) and net profit of TL 857 mn (US$ 52 mn) in 2022.
Click here for FY22 CMB financials.
The Second coupon payment amounting to TL 4,866,641 on the TL 61,000,000 nominally valued Corporate Bond, which was sold to qualified investors on August 25, 2022 with a maturity of 365 days and with the ISIN Code of TRSVSTL82325 was made as of today. The interest rate for the third coupon payment has been set as 7.9781% (simple annual interest 32%).
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. ("SAHA"), which is authorised to provide rating services in Turkey in accordance with the Capital Markets Board's ("CMB") Corporate Governance Principles, revised Vestel Elektronik's Corporate Governance Rating from 9.66 (96.59%) to 9.66 (96.62%) as of 17.02.2023.
The Company's Corporate Governance Rating has been determined as a result of the evaluations made under four main headings (Shareholders, Public Disclosure and Transparency, Stakeholders, Board of Directors) in accordance with the CMB's Corporate Governance Principles. The breakdown of the Company's Corporate Governance Rating by sub-section is as follows:
| Sub-Sections | Weights (%) | Rating (%) |
|---|---|---|
| Shareholders | 25 | 95.88 |
| Public Disclosure and Transparency | 25 | 98.44 |
| Stakeholders | 15 | 99.48 |
| Board of Directors | 35 | 94.63 |
| Total | 100 | 96.62 |
The Company's revised rating, which is determined by SAHA in accordance with the Corporate Governance Principles, confirms Vestel Elektronik's determination to adopt corporate governance principles and the improvements made in the implementation of necessary policies and measures. The afore-mentioned report is available on our Company's website at www.vestelinvestorrelations.com.