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English
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oda_MaterialEventDisclosureGeneralAbstract|
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Evet (Yes)
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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31.12.2020, 18.02.2021
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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Pursuant to our material event disclosures dated 31.12.2020 and 18.02.2021 and our annual and interim activity reports, regarding the investment program aimed at gradually increasing our annual production capacity by 52% until the end of 2023, only the first phase of the planned investments has been completed due to adverse macroeconomic and geopolitical developments in our main markets as well as pandemic-induced constraints in the global supply chain during the investment period. As part of the first-phase investments, existing capacities at the refrigerator, washing machine, cooking appliances and tumble dryer plants have been increased with new machinery and production line investments while a new factory investment has been initiated for capacity expansion in dishwasher production. As of currently, the construction of the new dishwasher plant and installation of production lines are completed while the installation and commissioning of the lines transferred from the old dishwasher plant are planned to be completed by the end of March. With the commissioning of these lines, the Company's annual production capacity will increase by 29% compared to year-end 2020.
A total EUR 131 million of investment has been made to date within the scope of this capacity expansion program. Investment incentives such as corporate tax break, customs duty exemption, and VAT exemption have been utilized for the said investment. The evaluation process for the second-stage investments is still ongoing and developments will be shared with the public.
This statement was 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. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.