Our wholly-owned indirect subsidiary Vestel Iberia SL started to sell Movistar branded connected TVs to Telefonica Espana S.A. ("Telefonica") on the basis of confirmed orders within the scope of the planned Project, however, the negotiations between the parties regarding an agreement have not yet been finalised. Further developments will be shared with the public.
The Board of Directors decided to update the Company’s Public Disclosure Policy in line with the amendments in the Capital Market Legislation. The updated Public Disclosure Policy is posted on the Company’s website at www.vestelyatirimciiliskileri.com.
Our wholly-owned indirect subsidiary Vestel Iberia SL are in talks with Telefonica de Espana S.A. ("Telefonica") to produce Movistar branded connected TVs and within this scope preliminary samples have been delivered, while the negotiations between the parties have not been finalised. In case of an agreement, Vestel-produced TVs will be offered to customers along with high speed network services within the scope of the Telefonica’s campaign in Spain. Sample TVs will be launched on December 14, 2015 (today).
Vestel Elektronik launched its third generation smart phones, Venus V3, on November 17. At the press meeting, Mr. Turan Erdoğan, Chairman of the Executive Board of Vestel Elektronik Sanayi ve Ticaret AŞ, disclosed the targets of reaching 3 million units of domestic sales and 1 million units of export sales until the end of 2017. Because of the delay in the launch of the new models, Vestel’s 2015 smart phone sales are expected to fall short of the nearly 1 million units of sales target for the year, which was shared with the public through the material event disclosure dated January 28, 2015.
For the financing of our R&D and product development activities towards reinforcing our position in the market and in parallel with our long-term borrowing strategy, we signed a EUR50 mn loan agreement with a term of 5 years with the European Bank for Reconstruction and Development (EBRD) on November 5, 2015. The loan has a 2 year grace period and bears a 6-month interest rate of Euribor+3.2%.
Based on Borsa Istanbul’s assessments, Vestel Elektronik was entitled to be included in the BIST Sustainability Index, which comprises publicly traded companies with high rating on corporate sustainability performance. Our Company will be included in the index as of today (November 2, 2015).
Vestel Elektronik reported TL6,247 mn (US$2,352 mn) of consolidated revenues and a net loss of TL81.3 mn (US$30.6 mn) in 9mth-15.
Click here for 9mth-15 CMB financials.
Standard and Poor's revised the outlook on Vestel Elektronik Sanayi ve Ticaret AŞ to stable from positive and affirmed 'B-' rating on September 17,2015.
Click here for the press release.
The Corporate Governance Principles Compliance Rating Agreement signed between our Company and SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri AŞ (SAHA) on August 27,2014, has expired as of August 27, 2015. Therefore, a renewal agreement has been signed with SAHA on August 27, 2015, which will be valid until August 27, 2016.
Regarding the recent news published in Daily Sabah, we announced via our material event disclosure dated October 20,2014 that we were interested in electric car business yet our evaluations regarding the issue are still in inquiry phase. Currently, no Board decision has been taken related to the subject.