EVERYTHING IS BETTER WITH VESTEL…
VESTEL ELEKTRONİK
2021 INTEGRATED ANNUAL REPORT
TABLE OF CONTENTS
10 VESTEL IN A NUTSHELL
12 SUMMARY FINANCIAL AND OPERATIONAL INDICATORS
14 VESTEL ELEKTRONİK SANAYİ VE TİCARET AŞ - SHAREHOLDING
STRUCTURE
- COMPETITIVE ADVANTAGES OF VESTEL ELEKTRONİK
- FROM VESTEL TO THE ENTIRE WORLD…
- MESSAGE FROM THE CHAIRMAN
- BOARD OF DIRECTORS
- MESSAGE FROM THE CEO
- SENIOR MANAGEMENT
- VESTEL INTEGRATED BUSINESS MODEL
-
STRATEGIC APPROACH
32 MATERIALITY ANALYSIS
34 SUSTAINABILITY MANAGEMENT
36 ETHICAL PRINCIPLES
- GLOBAL TRENDS, RISKS AND OPPORTUNITIES
- EVALUATION OF PRODUCT GROUPS FOR THE YEAR 2021 50 FINANCIAL PERFORMANCE
-
TECHNOLOGY AND HUMAN-ORIENTED TRANSFORMATION
55 PRODUCTION AND INNOVATION POWER
71 EMPLOYEES
81 CORPORATE CITIZENSHIP
84 SUPPLY CHAIN
- A NET-ZERO COMPANY
87 THE JOURNEY TO NET ZERO
89 CIRCULAR ECONOMY
93 WATER STEWARDSHIP
- ACCESSIBLE AND SMART SOLUTIONS THAT MAKE LIFE EASIER
95 PRODUCTS AND SOLUTIONS THAT CREATE BENEFITS
102 QUALITY AND PRODUCT SAFETY
103 CUSTOMER EXPERIENCE
- OTHER COMPANIES AFFILATED TO VESTEL
- ADDITIONAL DISCLOSURES AS PER THE LEGISLATION
- CORPORATE GOVERNANCE
- RISKS AND THE ASSESSMENT OF THE BOARD OF DIRECTORS
- INTERNAL AUDIT ACTIVITIES AND INTERNAL CONTROL SYSTEM
-
STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE
PRINCIPLES - CORPORATE GOVERNANCE COMPLIANCE REPORT
- CORPORATE GOVERNANCE INFORMATION FORM
- STRUCTURE OF THE BOARD OF DIRECTORS
- DUTIES AND AUTHORITIES OF THE BOARD OF DIRECTORS
- BOARD COMMITTEES
143 EVALUATION OF THE BOARD OF DIRECTORS REGARDING THE WORKING PRINCIPLES AND EFFECTIVENESS OF THE BOARD
COMMITTEES
144 APPENDICES
164 GRI CONTENT INDEX
167 FINANCIAL REPORTS
- STATEMENT OF RESPONSIBILITY FOR THE ANNUAL REPORT
- INDEPENDENT AUDITOR'S REPORT ON THE ANNUAL REPORT
- STATEMENT OF RESPONSIBILITY FOR FINANCIAL STATEMENTS
171 CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT
260 INVESTOR INFORMATION
22
MESSAGE FROM THE CEO
"I am pleased to present to our stakeholders our first integrated report addressing Vestel's economic, environmental and social performance, targets and approach in a holistic manner".
VESTEL ELEKTRONİK 2021 INTEGRATED ANNUAL REPORT
10
VESTEL IN A NUTSHELL
In light of our long-term strategy and vision, we lead the market as one of Turkey's and Europe's largest electronics and household appliances manufacturers.
28
INTEGRATED BUSINESS MODEL
As a technology company creating social and environmental benefits through our accessible and smart products that make life easier, we have created our integrated business model.
50
FINANCIAL PERFORMANCE
In 2021, turnover rose by 51% to TL 32.5 billion, and EBITDA by 52% to TL 5.5 billion.
54
TECHNOLOGY AND HUMAN- ORIENTED TRANSFORMATION
In line with our strategic approach, we transform our culture in a human-oriented way by leveraging the power of technology and digitalization and engage in activities involving all stakeholders in our value chain.
86
A NET-ZERO COMPANY
We invest in innovative business models for transition to a net zero-emission economy and strive to implement circular models in both our products and operations.
94
ACCESSIBLE AND SMART SOLUTIONS THAT MAKE LIFE EASIER
To create environmental and social benefits with our products and thus respond to the needs of our consumers to the greatest extent, we aim to make life easier through smart, high- quality, safe products and services.
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VESTEL ELEKTRONİK 2021 INTEGRATED ANNUAL REPORT
SUSTAINABLE PERFORMANCE
Continuing to perform our activities with a focus on the goals of maximizing efficiency and quality by combining competencies gained through being a robust technology company with effective management skills and processes, we carry our high operational and financial performance forward.
RECORD-LEVEL EBITDA
TL 5.5billion
In line with strong growth in revenues in 2021, EBITDA reached an all-time high of TL 5.5 billion.
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VESTEL ELEKTRONİK 2021 INTEGRATED ANNUAL REPORT
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