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| At first glance |
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Throughout 60 years... Hürriyet from past to present |
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Financial Highlights |
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Main factors affecting operational performance |
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Among the newspapers published in Turkey, Hürriyet has the strongest financial structure and is the first and only media company in the country to receive a credit rating from an international rating agency.
Hürriyet in Brief The year 1948 saw critical and monumental changes in the world of the 20th century. Both social values and social systems were estructured and the Turkish Republic was transformed into a "multi-party system." Before the middle of the century arrived, two world wars had been fought, millions of people had died, and the power of the atomic bomb had become a part of our fears. Also in 1948, Western powers agreed upon the main principles of NATO, the United Nations Council adopted the Declaration of Human Rights, the Organization for European Economic Cooperation was founded, and Britain made a proposition regarding the establishment of the "European Council." In the midst of such historical events, there was also a struggle for social change in Turkey due to the deprivation and impoverishment brought about by World War II, and this despite the distance this country kept from the fray. At the same time, Turkey was also striving to reinvigorate her closed economy. In such an ambience, Hürriyet met its readers for the first time on May 11, 1948 and thus began writing the history of Turkey. Since that day, as well as for the following 57 years, Hürriyet has gone to press without losing the true spirit in which it was founded. Over the years, Hürriyet has become an institution that lives by the slogan "every morning a new day begins and the printing presses turn." In becoming most widely read newspaper in Turkey, Hürriyet mirrors a diverse society. Without abandoning its guiding principle of providing "impartial, first-hand, correct reporting," the publication moves towards the future as a role model in the media sector. Today, Hürriyet has become the source of accurate reporting and honest news analysis for all Turkishspeaking people around the world. It is a free speech platform where diverse views are expressed in keeping with Core Values and Publishing Principles of Doğan Yayın Holding. Currently, Hürriyet has the largest staff of reporters and writers in Turkey and is supported by a wide newsgathering web via its regional agencies located in Istanbul, Ankara, Izmir, Adana, Antalya, and Trabzon. This journalistic network is comprised of 52 offices and 600 reporters located in Turkey and abroad, all affiliated with the Doğan News Agency, which works with the newspapers and TV stations owned by Doğan Yayın Holding. Founded within the Doğan Yayın Holding conglomerate, Hürriyet's main enterprise is journalism. However, through its affiliated firms and partnerships both inside and outside of Turkey, Hürriyet is also active in other areas such as printing, distribution, Internet services, book publishing, advertising, TV production, and marketing. Hürriyet is printed in six cities in Turkey, as well as in the Doğan Printing Center in Frankfurt, Germany. Doğan Dağıtım, a leading distribution company in Turkey specializing in printed material, is responsible for the inland distribution of the newspaper. With a current readership reaching more than 1.9 million persons a day, 60% of Hürriyet's audience is comprised of regular readers. Of these readers, more than 65% of them have completed higher education and belong to the high-income segment of the population. In 2005, Hürriyet's average daily circulation was 519,000. In terms of both daily average net sales and advertising revenue, Hürriyet was the sector leader in Turkey. According to year 2005 figures, Hürriyet commanded a 15% share of the total advertising revenues in Turkey and had a 40.8% share of the total newspaper advertising revenue. Among the newspapers published in Turkey, Hürriyet has the strongest financial structure and is the first and only media company in the country to receive a credit rating from an international rating agency. With a credit scores of BB- (positive outlook) in long-term foreign currency, BB (stable outlook) in long-term domestic currency, and AA-(Tur) as determined by FitchRatings (December 6, 2005), Hürriyet has emerged as one of Turkey's most successful businesses in terms of creditworthiness. After going public in 1992, Hürriyet's shares were one of only a few high-return shares in the period between December of 2001 and December of 2004. With its ability to produce cash funds and its liquid financial structure, Hürriyet has shown remarkable strength withstanding fluctuations in the financial markets. According to 2005 yearend closing prices of Hürriyet stocks on the Istanbul Stock Exchange (ISE), its market value increased by 66.8% in terms of US dollars over the year. This has gained worldwide attention for Hürriyet among international investors. Consequently, 92.4% of Hürriyet's publicly held shares (37% of its total shares) were held by international investors as of April 5, 2006, making it one of the most preferred companies listed on the IMKB, or Istanbul Stock Exchange (ISE), by international investors. As of December 31, 2005, Hürriyet's turnover was over YTL 585 million, with a net profit approaching YTL 88 million and a paidin capital of YTL 416.7 million. Having successfully turned what began on a simple spring day in 1948 into a huge success story, Hürriyet's overarching goal in the coming years is to become one of the top 20 most reputable businesses in Turkey. Consequently, Hürriyet aims to remain true to its principles of corporate governance and excellence in journalism by establishing and maintaining the highest standards. Hürriyet aspires to distinguish itself further in the eyes of its readership, to become more accessible to the general public, and to focus on increasing the quality and efficiency of its workforce. |
