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Banvit Bandırma Vitaminli Yem Sanayii A.Ş. was evaluated by JCR Eurasia Rating as follows: · Improvement in key profitability indicators thanks to effective cost management in the first 9 months of 2023, · Improved leverage profile in the first 9 months of 2023 with increased EBITDA generation capacity and reduced net debt, · Reasonable cash conversion cycle and positive cash flow from operations in the first 9 months of 2023 supporting operational efficiency, · Asset quality strengthened mainly through collateralized receivables, · Continued contribution to brand value by ranking among Turkey's top 1000 exporters and top 500 industrial enterprises, · Sustainability efforts and compliance with corporate governance practices as a publicly traded company, · Many years of experience in the sector, significant market share and a successful track record, · In the first nine months of 2023, downward trend in volume-based sales and capacity utilization rates in line with the sector, · High share of non-cash revaluation gains and foreign currency translation differences in equity, · High competition in the poultry sector and the risk of poultry diseases despite effective biosecurity management,
· Leading economic indicators point to a global economic slowdown, while quantitative tightening measures aim to restrain domestic consumption growth and ensure a soft landing. In essence, within the scope of the above evaluations, Long Term National Corporate Credit Rating of Banvit Bandırma Vitaminli Yem San. A.Ş. has been affirmed as 'AA- (tr)' and all ratings are as follows. Long Term National Corporate Credit Rating: AA- (tr) / (Stable Outlook) Short Term National Corporate Credit Rating: J1+ (tr) / (Stable Outlook) Long Term International Foreign Currency Corporate Credit Rating: BB / (Negative Outlook) Long Term International Local Currency Corporate Credit Rating: BB / (Negative Outlook)
NOTE: JCR AVRASYA DERECELENDİRME A.Ş. ratings are objective and independent opinions on the creditworthiness of a security and/or issuer and should not be considered as a recommendation to buy, hold, sell or extend credit for any security. Rating reports are valid for 1 year from the date of publication unless otherwise stated. The validity date of interim reviews may not exceed the validity date of the original report.
This statement has been 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.
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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.