Moody's upgraded the rating of Vestel Elektronik from "B3" to "B2", the outlook on the ratings is stable.
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Due to the loss realized in the in financial statements being prepared according to the Capital Markets Law and related communiqués, the Board of Directors of Vestel Elektronik decided to propose no dividend payment (from 2011 earnings) to the General Assembly.
Vestel reported total revenues of US$1,000mn and net profit of US$9mn in 1Q12.
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US$86.4mn of US$225mn of bonds remaining after the previous cancellation of US$138.6mn portion purchased by the Company from the OTC Market expired as of 9 May 2012. The bonds at the amount of US$225mn were originally issued by Vestel Electronic Finance Ltd. on 9 May 2005. The payment was realised through the liquid assets of the Company.
Vestel reported total revenues of US$4,178mn and net loss of US$21mn in FY11.
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Regarding to our announcements dated 23.09.2011 and 23.12.2011, Vestel Elektronik Sanayi ve Ticaret A.S. purchased additional US$12,761,000 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$125,873,000 of bonds purchased on 23.09.2011 and 23.12.2011, total amount of bonds purchased reached US$138,634,000. Remaining US$86,366,000 of bonds continue to trade on Luxemburg Stock Exchange.
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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