Vestel reported total revenues of US$3,558mn and net income of US$14mn in FY07.
Click here for FY07 CMB based consolidated financials.
ISS, the world's leading provider of corporate governance and proxy voting solutions, assigned a corporate governance rating score of 8.5 (82.57%) to Vestel, up from last year's 7.5 (75.91%) level. 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). Vestel scored particularly well in its Stakeholders standards, slightly lower on its Board of Directors practices.
Click here for the report.
A non-binding letter of intent has been signed on 23.10.2007 between Vestel Elektronik Sanayi ve Ticaret A.Ş., the majority shareholder of Vestel White Goods, and Whirlpool Europe srl for commencing exclusive negotiations to establish a joint venture company in equal proportion (50%-50%) and to transfer the entire shares owned by Vestel Elektronik Sanayi ve Ticaret A.S. in Vestel White Goods to the joint venture company to be established for the purpose of strengthening commercial activities in foreign and domestic white goods markets and developing cooperation in this respect.
If the deal goes through, Vestel Elektronik and Whirlpool SRL will together establish a joint-venture company in equal proportion (50%-50%). Accordingly, both parties will inject capital (in cash), proportional to their respective stakes to this newly established company. This new company will then purchase Vestel Elektronik�s 72.6% stake in Vestel White Goods by paying cash.
If as a result of negotiations agreement should be reached for such cooperation, the parties will inform the public of the further developments in accordance with the applicable legislation.
26.10.2007
While no final decision has been taken jointly with Whirlpool yet, the issue concerning the acquisition of the minority shares through tender offer when necessary is incorporated in the non-binding letter of intent signed on 23 October 2007.
Vestel Elektronik announced total revenues of US$1,538mn (€1,158mn) and net loss of US$28.7mn (€21.6mn) in 1H07.
Click here for 1H07 IFRS financials.
Fitch Ratings revised Vestel Elektronik's outlook for its long-term foreign and local currency Issuer Default Ratings (IDR) to negative from stable. Its long-term foreign and local currency IDRs are affirmed at BB-(BB minus). Fitch also affirmed the senior unsecured rating of Vestel Electronics Finance Ltd.'s issue of US$225mn 8.75% notes at BB-(BB minus).
Click here for the press release.
Click here for quarter ended March 31, 2007.
Moody's downgraded Vestel Elektronik's corporate family rating ("CFR") and the Company's US$225mn guaranteed notes to B1 from Ba3.
Although profits had been determined in the financial statements being prepared according to the "Communiqué on Accounting Standards of the Capital Market Serial XI and No:25 of the Securities Exchange Act", losses from the previous years had appeared in the financial statements in which inflation adjustments had been made as of the date of 31.12.2003 in accordance with the Communiqué Serial XI and No: 21, and no profit remained as a result of deduction of 2006 earnings from these losses. Accordingly, The Board of Directors of Vestel Elektronik decided to propose no dividend payment (from 2006 earnings) to the General Assembly at its Board meeting dated 10 May 2007.
Vestel Elektronik announced total revenues of US$3,659mn and net profit of US$2.1mn in FY06. While the Company recorded an 11% YoY US$ top-line growth, tough market conditions, especially in the European LCD market, coupled with higher FX losses on the Company's short FX position resulted in deterioration in profitability in FY06.
Click here for FY06 Financials.
ISS, the world's leading provider of corporate governance and proxy voting solutions, assigned a corporate governance rating score of 7.5 (75.91%) to Vestel Elektronik. ISS Corporate Services stated in its report that the rating reflected the good overall performance of the company regarding its current corporate governance structures as measured against the Principles of the Turkish Capital Markets Board (CMB). Accordingly, Vestel became the third ISE listed company that received a corporate governance rating score.
Vestel performed satisfactorily in all of the four main components (Shareholders, Public Disclosure & Transparency, Stakeholders, Board of Directors) of the rating, though showing particular strength in its Shareholders area.
At the beginning of 2005, Vestel Elektronik started the process to implement relevant corporate governance mechanisms. Initially, the Company revised its Articles of Association (AoA) according to the CMB Corporate Governance principles. New rights, such as the right to call upon the Board of Directors to convene and the right to introduce motions concerning general meeting agenda items were granted to minority shareholders. Moreover, Vestel made changes in its Board of Directors structure in line with corporate governance principles to increase its effectiveness. Accordingly, two independent board members were appointed to the Board. Furthermore, an audit committee and a corporate governance committee were established with independent board members serving as the committee heads. An Investor Relations Unit has been set up within the Company for the purpose of managing relations with the investors. The corporate website was revised in line with corporate governance principles.
Vestel Elektronik's goal is to reach the highest level of compliance with these principles with the involvement of all its management and employees.