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.
TL 400,000,000 nominally valued Corporate Bond, which was sold to qualified investors on February 19, 2021 with a maturity of 383 days and with the ISIN Code of TRSVSTL32213, was redeemed as of today (March 9, 2022) with the completion of the fourth coupon payment amounting to TL 21,040,000 and the principal payment of TL 400,000,000.
Vestel Elektronik has announced on February 25, 2021 that the Capital Markets Board had approved the Company's application to issue 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 109,570,000 discounted commercial paper with a maturity of 169 days to domestic qualified investors on March 9, 2022. Ak Yatırım Menkul Değerler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik has announced on February 25, 2021 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 160,860,000 corporate bond with floating coupon payments with a maturity of 399 days to domestic qualified investors on March 9, 2022. Ak Yatırım Menkul Kıymetler AŞ has acted as the financial intermediary for the issue.
Vestel Elektronik Sanayi ve Ticaret AŞ's stand-alone income statement for the period 01.01.2021 - 31.12.2021, which has been submitted to the Tax Authority in accordance with the Tax Procedure Law, can be found in the attachment. The aforementioned income statement is not prepared in accordance with the Capital Markets Board's ("CMB") legislation. Since the financials of the Company's subsidiaries and associates are not included in the attached Financial Statement, these results may vary from the Consolidated Financial Statements prepared in accordance with the CMB regulations to be released in the upcoming days, and should not be used for forecasting the Company's Consolidated Financial Statements.