The conclusion section of the "Report on the Common and Continuous Transactions" between Vestel Elektronik (including consolidated subsidiaries) and its related parties, which was prepared in accordance with the Article 10 of the CMB's (II.17.1) Communiqué on Corporate Governance, is provided below :
Within the context of the Company's financial planning for the year 2022,
The third coupon payment, amounting to TL 6,921,585.00 on the TL 165,000,000 nominally valued Corporate Bond, which was sold to qualified investors on July 30, 2021 with a maturity of 367 days and trades with the ISIN Code of TRSVSTL82218 was made as of today.
Vestel Elektronik Sanayi ve Ticaret AŞ's Board of Directors decided to apply to the Capital Markets Board to issue up to TL 750 million of debt instruments in single or multiple tranches with varying maturities of maximum 5 years. The instruments will be sold to qualified investors without public offering and/or through private placements in the domestic market and can be issued as all kinds of bonds, convertible bonds, exchangeable bonds, commercial papers and other capital market instruments that are debt instruments by their nature and accepted by the Capital Markets Board.
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 11 April 2022 for the selection of the independent audit firm, it has been unanimously decided to appoint KPMG Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent audit firm to audit the financial statements of the Company for the fiscal year 2022 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 2021.
Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Şirketi made the following resolution.
Vestel Elektronik Sanayi ve Ticaret AŞ recorded TL 1,895,487,000 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 2,600,478,781 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law with Number 213.
Taking into account the conditions set forth in the Company's Dividend Distribution Policy; the Board resolved to propose not to make any profit distribution and to add the profit amounting to TL 2,104,155,380 to extraordinary reserves after setting aside the required amount of TL 496,323,401 for the special reserves as per the Article 5/1-e of the Corporate Tax Law with Number 5520 and in order to strengthen the financial structure of the Company and not to create an additional funding requirement considering the current economic outlook, the long term strategies, the liquidity, investment and financing policies of the Company as well as to protect the long term interests of the shareholders, employees and the Company. This proposal will be submitted to the approval of shareholders at the Company's 2021 Annual General Meeting.
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 seventh coupon payment amounting to TL 2,987,634.75 on the TL 50,380,000 nominally valued Corporate Bond which was sold to qualified investors on July 9, 2020 with a maturity of 728 days and with the ISIN Code of TRSVSTL72227, was made as of today.
The interest rate for the eighth coupon payment of the TL 50,380,000 nominally valued corporate bond, which was sold to qualified investors on July 9, 2020 with a maturity of 728 days and trades with the ISIN Code of TRSVSTL72227, has been set as 6.3298% (simple annual interest 25.3888%).
Vestel Elektronik announced consolidated sales revenues of TL 32,506 mn (US$ 3,685 mn) and net profit of TL 1,895 mn (US$ 221 mn) in 2021.
Click here for FY21 CMB financials.
Our wholly-owned subsidiary Vestel Ticaret AŞ established a new company named Vestel USA Inc. under its 100% ownership in the New York state of the USA. Through this new company, we aim to closely monitor and manage our increasing business volume and customer portfolio in North America, accurately identify market needs through market research and adapt our existing product range and develop products specifically for the US market.