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ARÇELİK A.Ş.

ARCLK

Publish Date

17.05.202118:24:46

Disclosure Type

ÖDA

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Period

Notification Attachments (0)

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Non-current Financial Asset Acquisition

Signing Purchase Agreement of Whirlpool Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi

Related Companies

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Related Funds

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Turkish

English

oda_NoncurrentFinancialAssetAcquisitionAbstract|

Noncurrent Financial Asset Acquisition

oda_UpdateAnnouncementFlag|

Update Notification Flag

Hayır (No)

oda_CorrectionAnnouncementFlag|

Correction Notification Flag

Hayır (No)

oda_DateOfThePreviousNotificationAboutTheSameSubject|

Date Of The Previous Notification About The Same Subject

oda_DelayedAnnouncementFlag|

Postponed Notification Flag

Hayır (No)

oda_AnnouncementContentSection|

Announcement Content

oda_BoardDecisionDateForAcquisition|

Board Decision Date for Acquisition

17/05/2021

oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForAcquisition|

Were Majority of Independent Board Members' Approved the Board Decision for Acquisition

Evet

Yes

oda_TitleOfNoncurrentFinancialAssetAcquired|

Title of Non-current Financial Asset Acquired

Whirlpool Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi

oda_FieldOfActivityNoncurrentFinancialAssetWhoseSharesWereAcquired|

Field of Activity of Non-current Financial Asset whose Shares were being Acquired

Mevcut iki fabrikada soğutucu ve çamaşır makinası üretimi ile üretilen ürünlerin satış (ihracat) ve pazarlaması.

Manufacturing and sales (export) of products to Whirpool Corporation Group (Parent Company) subsidiaries and third parties.

oda_CapitalOfNoncurrentFinancialAsset|

Capital of Noncurrent Financial Asset

753.801.427 TL

TL 753,801,427

oda_AcquirementWay|

Acquirement Way

Satın Alma (Purchase)

oda_DateOnWhichTheTransactionWasWillBeCompleted|

Date on which the Transaction was/will be Completed

Avrupa Komisyonu?nun onayının alınması dahil kapanış koşullarının gerçekleşmesini takiben 1 Temmuz 2021 tarihine kadar tamamlanması hedeflenmekte olup, 15 Eylül 2021?e kadar kapanış gerçekleşmez ve taraflar aksine karar vermez ise sözleşme feshedilmiş sayılacaktır.

It is aimed to be completed until July 1, 2021, following the realization of the closing conditions, including the merger control approval of the European Commission, and if the closing does not take place until 15 September 2021 and the parties do not decide otherwise, the contract will be deemed terminated.

oda_AcquisitionConditions|

Acquisition Conditions

Peşin (Cash)

oda_DetailedConditionsIfItIsATimedPayment|

Detailed Conditions if it is a Timed Payment

oda_NominalValueOfSharesAcquired|

Nominal Value of Shares Acquired

753.801.427 TL

TL 753,801,427

oda_PurchasePricePerShare|

Purchase Price Per Share

1,05 TL (0,1039 EUR) (@ 10,07 EUR/TRY)

TL 1.05 (EUR 0.1039) (@ 10.07 EUR/TRY)

oda_TotalPurchasingValue|

Total Purchasing Value

Kapanış tarihindeki net varlık seviyesindeki değişime göre fiyat düzeltmesine tabi olmak üzere 78,3 milyon EURO

EUR 78.3 million, subject to price adjustments due to the change in net asset level at the closing date

oda_RatioOfNewSharesAcquiredToCapitalOfNoncurrentFinancialAsset|

Ratio of New Shares Acquired to Capital of Non-current Financial Asset (%)

%100

100%

oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterTransaction|

Total Ratio of Shares Owned in Capital of Non-current Financial Asset After Transaction (%)

%100

100%

oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterTransaction|

Total Voting Right Ratio Owned in Non-current Financial Asset After Transaction (%)

%100

100%

oda_RatioOfNoncurrentFinancialAssetAcquiredToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|

Ratio of Non-current Financial Asset Acquired to Total Assets in Latest Disclosed Financial Statements of Company (%)

%1,5

1.5%

oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|

Ratio of Transaction Value to Sales in Latest Annual Financial Statements of Company (%)

%1,9

1.9%

oda_EffectsOnCompanyOperations|

Effects on Company Operations

Toplam soğutucu ve çamaşır makinesi üretim kapasitesinde yaklaşık %20 artış beklenmektedir.

Approximately 20% of increase is expected in the total cooling and washing machine production capacity

oda_DidTakeoverBidObligationArised|

Did Takeover Bid Obligation Arised?

Hayır (No)

oda_WillExemptionApplicationBeMadeIfTakeoverBidObligationArised|

Will Exemption Application be Made, if Takeover Bid Obligation Arised?

Hayır (No)

oda_TitleNameSurnameOfCounterParty|

Title/ Name-Surname of Counter Party

Whirlpool Global Holdings S.A.R.L.

oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|

Is Counter Party a Related Party According to CMB Regulations?

Hayır (No)

oda_RelationWithCounterPartyIfAny|

Relation with Counter Party if any

oda_AgreementSigningDateIfExists|

Agreement Signing Date if Exists

17/05/2021

oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|

Value Determination Method of Non-current Financial Asset

Pazarlık yöntemi

Negotiation Method

oda_DidValuationReportBePrepared|

Did Valuation Report be Prepared?

Düzenlenmedi (Not Prepared)

oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|

Reason for not Preparing Valuation Report if it was not Prepared

Zorunlu değildir.

Preparation of a valuation report is not mandatory.

oda_DateAndNumberOfValuationReport|

Date and Number of Valuation Report

oda_TitleOfValuationCompanyPreparedReport|

Title of Valuation Company Prepared Report

oda_ValueDeterminedInValuationReportIfExists|

Value Determined in Valuation Report if Exists

oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|

Reasons if Transaction wasn't/will not be performed in Accordance with Valuation Report

oda_ExplanationSection|

Explanations

oda_ExplanationTextBlock|

Büyüme stratejimiz doğrultusunda, beyaz eşya üreticisi Whirlpool Global Holdings S.A.R.L.'nin ("Whirlpool Global") Whirlpool'un Avrupa'daki şirketlerine satılmak üzere Whirlpool markalı soğutucu ve çamaşır makinası üretim faaliyetlerinde bulunan Türkiye'de yerleşik %100 iştiraki Whirlpool Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi'nin ("Şirket") paylarının tamamının Arçelik A.Ş. tarafından satın alınması için Whirlpool Global ile 17.05.2021 tarihinde pay alım satım sözleşmesi ("Sözleşme") imzalanmıştır.

Sözleşme'ye göre, Şirket'in 2020 yılsonu finansal tablolarındaki varlık ve yükümlüklerinin net değeri dikkate alınarak hesaplanan devir bedeli 78,3 milyon Euro kapanış tarihinde nakden ve peşin ödenerek hisseler satın alınacaktır. Şirket'in Kapanış tarihi itibarıyla finansal tabloları bağımsız denetime tabi tutulacak, sabit kıymetler dışındaki varlık ve borçlardaki değişim için satın alma fiyatında düzeltme yapılacaktır. Ayrıca, yaklaşık 10 milyon Euro tutarındaki tahsil edilmesi beklenmeyen vergi varlıkları, devir bedeli hesaplanırken dikkate alınmamış olup, 31 Aralık 2023 tarihine kadar bu tutarın tahsil edilebilen kısmı Arçelik A.Ş. tarafından Whirlpool Global'e ödenecektir.

Devralınacak Şirket, Manisa'da 134 bin metrekaresi kapalı toplam 245 bin metrekarelik alanda, 1,4 milyon adet çamaşır makinesi, 1,3 milyon soğutucu olmak üzere toplam 2,7 milyon adet kapasiteye sahip üretim ve depolama tesisleri ve yaklaşık 1.000 çalışanı ile soğutucu ve çamaşır makinesi üretimi gerçekleştirmektedir. Devir kapsamında Whirlpool markasıyla ilgili tüm haklar satıcıda kalacaktır.

Taraflar, kapanış tarihinde, Arçelik A.Ş. tarafından satın alınan üretim tesislerinde üretilecek ürünlerin Whirlpool'un Avrupa'da faaliyet gösteren şirketlerine satışının devam etmesine yönelik bir tedarik sözleşmesi imzalayacaklardır. İlgili sözleşmenin süresi 3 yıl olup, tarafların anlaşması durumunda 2 yıl daha uzatılması mümkün olacaktır. Sözleşmeye göre Arçelik A.Ş., Whirlpool'un anlaşılan şartlar doğrultusunda ileteceği taleplerine bağlı olarak ürün tedariki sağlayacaktır. Whirlpool'un yıllık adet talebine bağlı olarak taraflar, her sene başında ürün fiyatını gözden geçirecektir.

Devralınacak Şirket'in TFRS esasına göre hazırlanan finansal tablolarına göre 2020 yılı konsolide net cirosu yaklaşık 2,3 milyar TL'dir.

In line with our growth strategy, a Share Sale and Purchase Agreement ("the Agreement" ) was signed with Whirlpool Global Holdings S.A.R.L on 17.05.2021 for the purchase of the entire share capital of Whirlpool Beyaz Eşya Sanayi ve Ticaret Anonim Şirketi ("the Company"), a wholly owned subsidiary of the white goods manufacturer Whirlpool Global Holdings S.A.R.L which manufactures Whirlpool branded refrigeration units and washing machines for Whirlpool's European subsidiaries in Turkey.

According to the Agreement, shares will be purchased at the closing date for 78.3 Million Euro to be paid in full in cash, which was calculated by taking into account of the Company's net asset and liability figures in the 2020 year-end financial statements. The financial statements of the Company will be subject to an independent audit as of the closing date and the purchase price will be adjusted with respect to changes in the net assets and liabilities other than fixed assets. Furthermore , non-refundable tax asset of approximately 10 million Euro was not taken into consideration while calculating the purchase price and the VAT asset amount that can be collected after the closing date until 31 December 2023 will be paid to Whirlpool Global by Arçelik A.Ş.

The Company to be acquired manufactures refrigeration units and washing machines with approximately 1000 employees in a total area of 245 thousand square meters, consisting of 134 thousand square meters closed area. The Company has a total production capacity of 2.7 million units, 1.3 million is for the production of refrigeration units and the remaining 1.4 million for laundry machines. All rights related to Whirlpool brands will stand with the seller, Whirlpool Global Holdings S.A.R.L.

The parties will sign a supply agreement at the closing date for the continuation of the sale of the products that will be manufactured at the production facilities to be purchased by Arçelik A.Ş, to the Whirlpool companies operating in Europe. The supply agreement has a term of 3 years, with a possible extension of 2 years depending on parties' agreement. According to the supply agreement, Arçelik A.Ş. will supply products to Whirlpool Global depending on the demand that Whirlpool Global requests as per the agreed conditions. The parties will review the product prices at the beginning of each year depending on the annual quantity requested by Whirlpool.

According to the financial statements prepared on the basis of TFRS in the fiscal period ending on December 31, 2020, the consolidated net sales of the company to be acquired is approximately 2.3 Billion TL.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.

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