News Column

Consumer electronics producer Vestel gets EUR 50mn loan form EBRD.

September 3, 2014



Vestel Elektronik, one of Turkey's largest producers of consumer electronics and white goods, said on Wednesday that it signed an agreement with the EBRD for a EUR 50mn loan.

The loan facility has a maturity of 5 years with 2-year grace period and will be used to finance Vestel Elektronik's R&D and product development activities, the company explained in a statement issued to the Stock Exchange.  The interest rate of the loan is Euribor+3.2%.

In July, a Japanese daily reported that Sharp was in talks with Vestel on transferring sales of microwave ovens and other home appliances in Europe. Sharp wants to reach a licensing agreement with Vestel so that the Sharp logo can be slapped on products developed and manufactured by the Turkish company, the daily said. In response to the media report, Vestel said its 100% subsidiary Vestel Ticaret was holding talks on licensing agreements with several companies but no decision had been yet taken.

Vestel Elektronik posted a net profit of TRY 76.4mn (EUR 26.8mn) in Q2 versus a net loss of TRY 61.5mn. Revenues of the company amounted to TRY 1.92bn in the second quarter, up from TRY 1.54bn a year ago. Vestel also said its net income was TRY 125mn in H1 versus a net loss of TRY 63mn. Revenues increased to TRY 3.6bn from TRY 2.8bn.



Vestel Elektronik (consolidated) Financials



(bn TRY)



2013/Q1



2014/Q1



 (y/y)



Revenues



1.262,26



1.697,36



34,5%



Gross Margin



200,1



384,4



92,1%



Operating Income



-4,9



119,1



-



Net Income



2,9



51,4



1700,6%



Source: PDP



 



 



 


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Source: IntelliNews - Weekly Reports


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