Pursuant to our material event disclosure dated 08.04.2019, the Board of Directors’ proposal for not distributing 2018 profit has been discussed and accepted at the Company’s 2018 Ordinary General Assembly Meeting.
Pursuant to our material event disclosure dated 08.04.2019, Board of Directors’ proposal regarding selection of PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi as the independent audit firm has been accepted at the 2018 Ordinary General Assembly Meeting.
Zorlu Holding AŞ sold 6,500,000 Vestel Elektronik Sanayi ve Ticaret AŞ ("Vestel Elektronik") shares within a price range of TL 12-12.6 per share on Borsa Istanbul on April 26, 2019 with the aim of increasing the liquidity in the shares, expanding the institutional investor base and thereby ensure that Vestel Elektronik is included in the leading stock market indices at home and abroad. Following the transaction, the Company's share in Vestel Elektronik declined to 75.60%.
At its meeting on 8 April 2019, the Company’s Board of Directors made the following decision.
Taking into consideration the assessment of the Audit Committee dated 8 April 2019, the Company’s Board of Directors resolved to nominate PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi to audit the Company’s financial reports for the fiscal year 2019 in accordance with the Turkish Commercial Code, the Capital Market Law and related regulations and to carry out the other duties required under these laws and to submit this selection to the approval of shareholders at the Company’s 2018 Ordinary General Assembly Meeting.
At its meeting on 8 April 2019, the Company’s Board of Directors made the following decision.
Vestel Elektronik Sanayi ve Ticaret AŞ recorded TL 371,153,000.00 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 PwC Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik AŞ, and TL 498,410,059.77 of net profit in its statutory financial statements prepared in accordance with the Turkish Commercial Code and Tax Procedure Law.
Taking into account the conditions set forth in the Company’s Profit Distribution Policy; the Board resolved to propose not to make any profit distribution and to add the 2018 profit to extraordinary reserves after setting aside the required amount for the first legal reserve 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 and the investment, liquidity and financing policies of the Company as well as to protect the long term interests of the Company, the shareholders and employees. This proposal will be submitted to the approval of shareholders at the Company’s 2018 Ordinary General Assembly Meeting.
Click here for the Dividend Distribution Table.
Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2018 will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL at 10:00 am on 8 May 2019.
Click here for the Agenda.
Click here for the Invitation.
Vestel Ticaret AŞ, a wholly-owned subsidiary of Vestel Elektronik, and Whirlpool EMEA S.p.A have signed a non-binding Letter of Intent, limited to the Turkish market, under which Vestel Ticaret would act as a service provider (including delivery, installation, after-sales services) for the Indesit and Hotpoint branded major household appliances (MDA), air conditioners and small household appliances (SDA) produced by Whirlpool EMEA S.p.A.
Vestel Elektronik announced consolidated sales revenues of TL 15,852 mn (US$ 3,298 mn) and net profit of TL 401 mn (US$ 83 mn) in 2018.
Click here for FY18 CMB financials.
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ (“SAHA”), which is authorised to provide rating services in Turkey in accordance with the Capital Markets Board’s (“CMB”) Corporate Governance Principles, revised up Vestel Elektronik’s Corporate Governance Rating from 9.55 (95.50%) to 9.59 (95.87%) as of February 21, 2019.
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 | 94.89 |
| Public Disclosure and Transparency | 25 | 97.93 |
| Stakeholders | 15 | 98.09 |
| Board of Directors | 35 | 94.14 |
| Total | 100 | 95.87 |
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.
Vestel Elektronik announced consolidated sales revenues of TL 10,469 mn (US$ 2,293 mn) and net profit of TL 78 mn (US$ 17 mn) in 9M18.
Click here for 9M18 CMB financials