At its meeting on 10.05.2017; the Company’s Board of Directors resolved to elect Mr. Ahmet Nazif Zorlu as the Chairman of the Board, Mr. Ali Akın Tarı as the Vice Chairman and Mrs. Selen Zorlu Melik, Mr. Mehmet Emre Zorlu, Mr. Olgun Zorlu and Mr. Hacı Ahmet Kılıçoğlu as the other members of the Board.
At its meeting on 10.05.2017, the Company’s Board of Directors resolved to
Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2016 was held on May 9, 2017 at 10:00 am at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/Istanbul.
Click here for the Minutes of the Meeting.
Click here for the List of Attendees.
Pursuant to our material event disclosure dated 07.04.2017; Vestel Ticaret AŞ, our fully owned subsidiary, initiated a legal action for the cancellation of the administrative fine imposed by the Competition Authority, which amounts to TL 8,024,370.30.
Vestel Elektronik announced consolidated sales revenues of TL 2,383 mn (US$ 646 mn) and net profit of TL 38 mn (US$ 10 mn) in 1Q17.
Click here for 1Q17 CMB financials.
Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2016 will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL on 9 May 2017 at 10:00 am.
Click here for the Agenda.
Click here for the Invitation.
At its meeting on 11 April 2017, the Company’s Board of Directors took the following decisions.
Vestel Elektronik Sanayi ve Ticaret AŞ recorded TL 167,719,000 of net profit in its consolidated financial statements prepared in compliance with the Turkish Accounting Standards/Turkish Financial Reporting Standards as per the Capital Market Law and related Communiqués and TL 102,637,476 of net profit in its statutory financial statements prepared under the Tax Procedure Law.
Since no distributable profit remains after offsetting the TL 167,719,000 of net profit recorded in the consolidated financial statements with the previous years’ losses of TL 168,010,000 it is decided that no profit distribution can be made for the year 2016. After making a deduction for the 5% first legal reserve amounting TL 5,131,874, which has to be set aside in accordance with the Article 519 of the Turkish Commercial Code, the remaining TL 97,505,602 of net distributable profit based on the statutory financial statements is decided to be set aside as an extraordinary reserve. These decisions will be presented to the information of the shareholders at the Company’s 2016 Ordinary General Assembly Meeting.
Click here for the Dividend Distribution Table.
Regarding the news that appeared in various media sources yesterday (based on the news published in the Japanese Nikkei Newspaper dated April 9, 2017), in line with our Company’s target to strengthen its position in international markets and accelerate branded growth via brand licensing agreements and/or brand acquisitions, Vestel Elektronik initiated talks with Toshiba Corporation to acquire its TV business unit, Toshiba Visual Solutions Corporation. Since it is not clear at this stage whether the talks would result in a final agreement, public announcement on the issue has been deferred with a Board decision until the signing of a definitive agreement between the parties in accordance with the CMB (Turkish Capital Markets Board) regulations.
Our 100% owned subsidiary, Vestel Ticaret AŞ (“Vestel Ticaret”) signed a brand licensing agreement with “Toshiba Visual Solutions Corporation” on September 1, 2016 for the manufacture, sales, marketing and distribution of televisions under the license of Toshiba brand in the European market. The agreement will be initially valid for five years.
Our Company has announced on November 10, 2016 that Competition Authority has decided to impose a TL 8,024,370.30 of administrative fine, open to judicial review, on Vestel Ticaret AŞ related with the probe initiated within the scope of the Act No. 4054 on the Protection of Competition. The afore-mentioned fine has been paid within the legal period with a 25% cut as of April 6, 2017. Vestel Ticaret AŞ will take legal action for the cancellation of the decision and further developments will be shared with the public.
Vestel Elektronik announced consolidated sales revenues of TL 9,540 mn (US$ 3,158 mn) and net profit of TL 168 mn (US$ 56 mn) in 2016.
Click here for FY16 CMB financials.