ISS, the world's leading provider of corporate governance and proxy voting solutions, increased Vestel Elektronik's corporate governance rating score to 8.83 (88.32%) from 8.5 (85.57%). ISS Corporate Services stated in its report that the rating reflected the very good overall performance of the company regarding its current corporate governance structures as measured against the Principles of the Turkish Capital Markets Board (CMB).
| 2011 | 2012 | ||||
|---|---|---|---|---|---|
| Sub Categories | Weight | Grade | Grade Assigned | Grade | Grade Assigned |
| Shareholders | 0.25 | 85.05% | 8.5 | 88.39% | 8.83 |
| Public Disdosure and Transparency | 0.35 | 85.28% | 8.52 | 88.02% | 8.80 |
| Stakeholders | 0.15 | 93.96% | 9.39 | 90.40% | 9.04 |
| Board of Directors | 0.25 | 82.69% | 8.26 | 87.41% | 8.74 |
| Total | 1.00 | 85.87% | 8.58 | 88.32% | 8.83 |
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Fitch Ratings affirmed Vestel Elektronik's long-term foreign and local currency Issuer Default Ratings (IDR) at "B". The outlooks on both IDRs are stable.
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Moody's revised the outlook on Vestel Elektronik Sanayi ve Ticaret A.S to positive from negative and affirmed "B3 Corporate Family Rating".
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Standard and Poor's revised the outlook on Vestel Elektronik Sanayi Ve Ticaret A.S to positive from stable and affirmed 'B-' rating.
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Within the scope of Ministry of National Education’s Fatih (Movement of Enhancing Opportunities and Improving Technology) Project, the contract for the first tender, which was held on 23.11.2011, regarding purchasing and installation of “interactive boards” for 3,657 schools was signed between Ministry of Transport and Vestel Dijital Üretim Sanayi A.Ş., 99.8% subsidiary of Vestel Elektronik Sanayi ve Ticaret A.Ş. on 09.01.2012. The project’s total contract cost is TL 339,599,079 for 84,921 interactive boards. The installment of the interactive boards is anticipated to be completed within 8 months. While Pilot installments of the project have been completed, the first 200 units are planned to be delivered in February.
Regarding to our announcement dated 23.09.2011, Vestel Elektronik Sanayi ve Ticaret A.S. purchased additional US$9,550,000 of bonds, trading on Luxemburg Stock Exchange, issued by Vestel Electronic Finance Ltd. under guarantee of Vestel Electronic Sanayi ve Ticaret A.S. from the OTC Market (Over-The-Counter Market). The cancellation process of the bonds purchased has been completed. Accordingly, together with US$116,323,000 of bonds purchased on 23.09.2011, total amount of bonds purchased reached US$125,873,000. Remaining US$99,127,000 of bonds continue to trade on Luxemburg Stock Exchange.
Vestel reported total revenues of US$2,898mn and net profit of US$6mn in 9mth-11.
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Vestel Elektronik Sanayi ve Ticaret A.S. purchased US$116,323,000 of US$225,000,000 of bonds having a maturity date of 9 May 2012 and interest rate of 8.75%, previously issued by Vestel Electronic Finance Ltd. at 9 May 2005 under guarantee of Vestel Electronic Sanayi ve Ticaret A.S. from the OTC Market (Over-The-Counter Market). The cancellation process of the bonds purchased is completed and the announcement regarding the cancellation is made by Luxemburg Stock Exchange on 23.09.2011.
The transaction is financed by external funds with a three-year maturity.
Vestel reported total revenues of US$1,790mn and net profit of US$23.3mn in 1H11.
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Vestel reported total revenues of US$826.8mn and net profit of US$12.9mn in 1Q11.
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