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​Turkish ad market grew by 7% in 2011 according to DOHOL ad platform increasing from 4.6 million TL to 5 million TL. While newspaper ad market decreased by 1%, TV ad market enhanced by 7% in 2011. Parallel to the slow down of economic growth in Turkey as of 2012, ad market growth was also limited by a 7% increase. In both periods, the growth of the ad market was fuelled by growth in internet ad market. Internet ad sector which grew by 45% in 2011 out performed itself and swelled by approximately 24% in 2012 compared to the 2011.


​Turkish economy which grew by 9.2% and 8.5 % in 2010 and 2011 respectively slowed down in 2012 and the growth rate was 2.6 % in Q3, 2012. Ad market has achieved a growth rate of 4.3 % in the same period, while newspaper ad revenues contracted by 3.8 %. We expect 2012 will end up with a similar outlook.
2013 growth target of Medium-Term Proramme is 4% and many institutions expect a similar growth rate for 2013. Therefore, a conservative growth expectation for 2013 would not be inappropriate.

​The advertisers with the most share in Hürriyet’s ad revenues are from Real Estate, Retail, Automotive sectors for  2012. Classified  and social ads make up an important part of Hürriyet sectors as well Tourism, Finance and Education sectors are  also crucial.

​According to researche of 7-10th period made by BİAK (Press Ad Research Institute), Hürriyet Newspaper can reach 1.849 thousand people per a day and 1.2 million belong to ABC1 socio-economic group, 33% are female and 58% of our readers are between the ages 18-44.

TME is the leading marketplace for communities of real estate, auto and recruitment, with strong local brands, serving local markets in Russia, CIS, Central and Eastern Europe. More specifically, TME operates in Russia, Croatia, Hungary, Ukraine, Slovenia, Belarus, Bosnia & Herzegovina, Kazakhstan and Serbia, employing a total of 3.876  people in this region.

Trader Media East produces around 158 print titles and hosts 20 websites, with more than 20  million unique monthly visitors.

TME publishes newspapers and magazines in various frequencies, such as dailies, weeklies, etc., with advertising content only. TME’s flagship publication in Russia Iz Ruk v Ruki is among the top 5 most recognized brands in the country, as the brand recognition of this publication is as high as 98%. According to Statistics every 1 out of 2 Russion internet users visit classified daily newspaper Iz Ruk v Ruki is the clear market leader in Russia. TME’s publications, as well as its websites, are mainly concentrated on advertising of real estate, auto and job recruitement sectors. Advertising in these sectors being mostly of local nature, TME’s operates in a large geography.  In fact, TME has operations in over 100 cities in Russia, producing local content publications in all of these cities.  In this sense, TME is the only nationwide company in this sector, with local operations. TME’s main title in Hungary is Expressz and the main title in Croatia is Oglasnik. Both brands are market leaders in the countries they are issued.

​When we purchased TME in 2007, the majority of revenues came from classified advertisements in Print form. Both the effect of economic crisis in 2008 and transition from print to online in the countries in which TME operates caused a downturn in print ad revenues of TME. Accordingly, TME turned its efforts to improving its online business while preserving its print revenues where it is feasible to do so. Meanwhile, the company applied serious cost control mechanisms and increased its EBITDA margin considerably by the end of Q3 2012. The EBITDA margin which was 6% in 2011, has increased to 12.2% in the FY2012. By 2015 we target the online revenues to reach 50% of TME revenues up from its current 24% level

​As of FY2012, 26% Hürriyet’s consolidated revenues and 25% of earnings before interest, tax, depreciation and amortization  (EBITDA) came from TME. If we take into consideration the revenues and EBITDA stemming from Hurriyet Germany as well, 30% of consolidated revenues and 28% of consolidated EBITDA in FY11 came from outside Turkey.
As of FY2011, 28% Hürriyet’s consolidated revenues and 14% of EBITDA came from TME.

​The bulk of TME’s revenue and operating profit is coming from Russia.
As of FY2012, 78% of TME’s revenues stemmed from Russia, 15% from CIS countries and 7% from CEE countries. A breakdown of Russian revenues as Moscow and the other cities, one can observe that 46% of TME’s revenues came from Moscow and 54% from the other cities .
Meanwhile, 75% of TME’s EBITDA stemmed from Russia , 24% from CIS countries and 1% from Central European operations in FY2012.
As of FY2011, 55% of TME’s revenues stemmed from Russia, 39% from CIS countries and 6% from CEE countries. A breakdown of Russian revenues as Moscow and the other cities, one can observe that 36% of TME’s revenues came from Moscow and 40% from the other cities .

In addition, 55% of TME’s EBITDA stemmed from Russia  and 39% from CIS countries and 6% from Central European operations in FY2011.

​In FY2011, 67% of Hurriyet’s revenues were advertising, 14% printing, 13% circulation and 6% other income. As of FY2012, 67% of Hurriyet consolidated revenues were advertising, 14% printing, %13 circulation and 6% other income.

​Internet ad revenues are on a fastly increasing trend in Turkey,as it is the case throughout the world.Hürriyet Newspaper  takes place a competition by  own  websites about several fields; strong communitywebsites,www.hurrı,,,,; classified advertisements  websites,, and; and e-commerce websites .
The share of internet –advertising  revenue  was 12% on the  total revenues of the advertising  in 2011.This rate increased to 16% in FY2012. Our goal is to achieve this rate  30% by the year of 2015. TME  goal is to obtain 50% of total revenues from digital revenues by 2015.

​The  sum  of  our costs occurs  two items , cost of sales and operating expenses   that contain personnel,raw metarials and  printing ,depreciation and amortization,advertising and  promotion expenses.
These items has 31%, 26%, 9% and 10% shares in  the total operating expenses in FY2012. In FY 2011 the rates were 30%, 27%, 10% and 9% valid.

​Newsprint is a very important cost item in newspaper production. In FY2012, 27% of Hurriyet’s cost of sales and 17% of its total costs stemmed from newsprint costs. As of  FY2011, 28% of Hurriyet’s cost of sales and 18% of its total costs generated by newsprint costs.

​There is no newsprint production in Turkey. Hurriyet purchases paper from abroad as all other newspapers. Newsprint is imported mainly fron Scandinavian countries and North America. Newsprint for Hurriyet is imported by Dogan Dis Ticaret (Dogan Foreign Trade) and Işıl Dış Ticaret, a subsidiary of our main shareholder Dogan  Holding. Dogan Dis Ticaret and Işıl Dış Ticaret imports the newsprint for all the newspapers of the Dogan Group and benefits of the advantages stemming from larger amount of purchases.

Our dividend policy is designed in accordance with the relevant Capital Markets Legislation and the provisions of the Articles of Association.

In principle, minimum 50% of "net distributable profit" based on Financial Statements repared in line with International Financial Reporting Standards (IFRS) and Capital Market Board Regulations are distributed.

Dividend distribution is evaluated in the presence of investment plans that require considerable fund outflow, events that may affect the Company’s financial structure and uncertainty and adverse developments in the economy and market conditions.

​Hürriyet Newspaper which has long been leader of the Print Media  with its nearly 65 years of history  will continue its efforts to be the market  and opinion leader in Print Journalism. In addition to its pioneer  role in print media Hürriyet will work towards  keeping its  number  1 position and obtain new ones  on all digital and online platforms in which operates. Our new vision is being a global media brand that provides news, content and services on a 7/24 basis in every channel and in every format adding value to the readers and customer lives with continious interactivity.We will be producing projects to achieve this target and reach 10 million audience by 2015.