Vestel reported total revenues of US$3,526mn and net profit of US$25.6mn in FY10.
Click here for FY10 CMB.
ISS, the world's leading provider of corporate governance and proxy voting solutions, affirmed Vestel Elektronik's corporate governance rating score at 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).
| 2010 | 2011 | ||||
|---|---|---|---|---|---|
| Sub Categories | Weight | Grade | Grade Assigned | Grade | Grade Assigned |
| Shareholders | 0.25 | 85.05% | 8.5 | 85.05% | 8.5 |
| Public Disclosure and Transparency | 0.35 | 83.73% | 8.5 | 85.28% | 8.52 |
| Stakeholders | 0.15 | 93.96% | 9.0 | 93.96% | 9.39 |
| Board of Directors | 0.25 | 77.42% | 8.0 | 78.30% | 7.83 |
| Total | 1.00 | 84.02% | 8.5 | 85.87% | 8.58 |
Click here for the report.
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.
Click here for the press release.
The Corporate Governance Association of Turkey's (TKYD) fourth annual International Corporate Governance Summit took place on January 13th 2011. In the Corporate Governance Award Ceremony Vestel Elektronik A.Ş. was awarded two prizes in the categories of "The three companies which recorded highest Corporate Governance Rating increase" and "Being among the first five companies receiving Corporate Governance Rating". The rating process is conducted by taking into account the ratings of the Companies listed on the ISE's Corporate Governance Index and the awards were presented to the Companies which have built their management standards upon the principles of fairness, transparency, accountability and responsibility. The companies competed in five categories and by getting awarded in two categories, Vestel Elektronik's commitment to Corporate Governance Principles was once more approved.
Our subsidiary Vestel Savunma Sanayi A.Ş. has signed an agreement with Undersecretariat for Defense Industry regarding Development of Tactical Unmanned Aerial Vehicles Project. The size of the project is US$24mn and it includes six unmanned aircrafts and three ground control stations expected to be delivered within a two-year period. Approx. US$25mn of investment undertaken through 100% equity so far on unmanned aerial vehicles reflects Vestel Defense Group's long term commitment to this area.
Regarding our RNS announcement on delisting of our GDRs dated 30 November 2010:
Regarding our RNS announcement on delisting of our GDRs dated 30 November 2010, Vestel Elektronik Sanayi ve Ticaret A.S. will delist both its Rule 144A and REG S GDRs on the same date with the last day of listing & trading on the LSE being revised as 28 January 2011. The GDRs will continue to be traded on the London Over-The-Counter ("OTC") market commencing 31 January 2011.
Vestel Elektronik Sanayi ve Ticaret A.S. decided to delist its GDRs ((GLOBAL DEPOSITARY RECEIPTS; FULLY PAID; (EACH REPRESENTING 1 ORDINARY SHARES OF TL1,000 EACH); RULE 144A) which are trading in the MainMarket of London Stock Exchange due to limited trading volumes in recent years. The last day of listing & trading for the GDRs on the LSE will be 31 December 2010. However, the GDRs will continue to be traded on the London Over-The-Counter ("OTC") market commencing 3 January 2011. This action should not have any impact on the trading of the Company's shares in the ISE.
Vestel reported total revenues of US$2,441mn and net profit of US$9.8mn in 9mth-10.
Click here 9mth-10 CMB financials.
Vestel reported total revenues of US$1,547mn and net loss of US$2.1mn in 1H10.
Click here for 1H10 CMB financials.
Vestel CIS (Russia), an affiliate of our company, located in the city of Alexandrov at a 120 km distance to Moscow with an annual production capacity of 1 million units of white goods opened a new LCD TV factory having a closed area of 2,916 square meters on a land next to the white goods factory. The official inauguration of the new factory took place today. The total investment is approximately US$8.5 million, including the land, construction, machinery and equipment. The annual production capacity of the mentioned factory is aprroximately 1,000,000 units of LCD TVs.