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.
Vestel Elektronik reported TL3,738 mn (US$1,459 mn) of consolidated revenues and a net loss of TL32.5 mn (US$12.7 mn) in 1H15.
Click here for 1H15 CMB financials.
Turkish Competition Authority has initiated a probe into some companies operating in the consumer electronics sector including our 100% owned subsidiary, Vestel Ticaret AS to determine whether or not the Article 4 of the Act no. 4054 has been violated. A probe does not necessarily mean that our Company will be charged with a fine. We currently pursue the necessary actions within the legislative framework concerning the said investigation. Further developments will be shared with the public.
Vestel Elektronik reported TL1,808 mn (US$736 mn) of consolidated revenues and a net loss of TL74 mn (US$30 mn) in 1Q15.
Click here for 1Q15 CMB financials.