Kap Notices

As company observing the protection of intellectual property rights, our Company has signed a settlement and a license agreement, including confidentiality provisions, with Via Licensing Corporation, which is authorized to provide patent pools for the digital TV broadcast audio coding on behalf of third party licensors, after finalising the technical, commercial and legal negotiations. The payment pertaining to the settlement was made in June 2016.

Vestel Elektronik announced consolidated revenues of TL2,248 mn (US$764.0 mn) and a net profit of TL107.5 mn (US$36.5 mn) in 1Q16.

Click here for 1Q16 CMB financials.

At its meeting on 27.04.2016, Our Company’s Board of Directors resolved to

• Appoint Mr. Ali Akın Tarı, Independent Member of the Board, as the Chairman of the Corporate Governance Committee and Mr. Mehmet Emre Zorlu, Board Member, and Ms. Serap Mutlu, Investor Relations Director, as the Committee members,
• Appoint Mr. Ali Akın Tarı, Independent Member of the Board, as the Chairman of the Audit Committee and Mr. Hacı Ahmet Kılıçoğlu, Independent Member of the Board, as the Committee Member,
• Appoint Mr. Hacı Ahmet Kılıçoğlu, Independent Member of the Board, as the Chairman of the Early Detection of Risk Committee and Mrs. Selen Zorlu Melik, Board Member, as the Committee Member.

At its meeting on 27.04.2016; Our 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.

Vestel Elektronik Sanayi ve Ticaret AŞ’s Ordinary General Assembly Meeting for the year 2015 was held on April 26, 2016 at 10:30 am at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/İstanbul.

Click here for the Minutes of the Meeting.

Click here for the List of Attendees.

Pursuant to our material event disclosure dated 12.02.2016, our wholly-owned indirect subsidiary Vestel Iberia SL has agreed with Telefonica Espana S.A. for the production of Movistar branded connected TVs for the latter. Accordingly, delivery of the products has started.

Pursuant to our material event disclosure dated 30.03.2016, Ministry of Customs and Trade has granted the necessary permission for the amendments in the Company’s Articles of Association.

Pursuant to our material event disclosure dated 17.03.2016, our Company’s application regarding the amendment of its Articles of Association has been approved by the Capital Markets Board of Turkey. Upon this, our Company will apply to the Ministry of Customs and Trade to obtain the necessary permission for the amendments in its Articles of Association.

The 2015 Ordinary General Assembly Meeting of our Company will be held to discuss the following agenda items at the address of Raffles İstanbul Zorlu Center, 34340 Beşiktaş/ISTANBUL on 26 April 2016 at 10:30 a.m.

Click here for the Agenda

At its meeting on 28 March 2016, our Company’s Board of Directors resolved that;

The conclusion of "The Report Regarding the Common and Continuous Transactions" between our Company (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 our Company’s financial planning for the year 2016:

• Total revenues to be generated by Vestel Elektronik Sanayi ve Ticaret AŞ (“Company”) and its subsidiary Vestel Beyaz Eşya Sanayi ve Ticaret AŞ from Vestel Ticaret AŞ within the context of product sales are foreseen to exceed 10% of the Company’s revenues as disclosed to the public in its latest annual consolidated financial statements. It is concluded that the terms of the sales transactions to Vestel Ticaret AŞ have been compatible with the previous years and are reasonable when compared with the market conditions,
• Total amount of raw material purchases by Vestel Elektronik Sanayi ve Ticaret AŞ and its subsidiary Vestel Beyaz Eşya Sanayi ve Ticaret AŞ from Vestel Holland B.V. within the context of common and continuous procurement of raw materials, are foreseen to exceed 10% of the Company’s cost of sales as disclosed to the public in its latest annual consolidated financial statements. It is concluded that the terms of the purchase transactions with Vestel Holland B.V. have been compatible with the previous years and are reasonable when compared with the market conditions.