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   Subsidiaries and Affiliates
  • Primary areas of activitiy of subsidiaries and affiliates
  • Shareholding in subsidiaries and affiliates
  • Number of employees and severance pay obligations
  • Loans and trade payable risks of subsidiaries

    • SUBSIDIARIES AND AFFILIATES

    Subsidiaries are companies in which
      a) Hürriyet owns more than 50% of the voting rights through a direct and/or indirect shareholding; or
      b) Hürriyet does not own more than 50% of the voting rights, but possesses the authority or power to control financial and administrative policies in line with its interests.
    Affiliates are companies in which Hürriyet owns 20% to 50% of the voting rights or material influence, but are not controlled by Hürriyet. The equity method is used to consolidate subsidiaries into the Company's financial statements.

    1.PRIMARY AREAS OF ACTIVITY OF SUBSIDIARIES AND AFFILIATES

    Primary areas of activity of subsidiaries and affiliates are presented in the table below. Hürriyet Medya (Hürriyet Media), Doğan Ofset, Yenibiriş, Refeks, Doğan Haber (Doğan News), Doğan Daily News, Emlaksimum, Yaysat and DYG İlan (DYG Advertisement) are registered in Turkey, whereas all other affiliates and subsidiaries are registered in Europe.

    Subsidiaries Country Activity
    Hürriyet Medya Basım ve Dağıtım İşleri A.Ş. ("Hürriyet Medya") Turkey Printing and administrative services
    Doğan Ofset Yayıncılık ve Matbaacılık A.Ş. (“Doğan Ofset”) Turkey Magazine and book printing
    Yenibiriş İnsan Kaynakları Hiz. ve Danışmanlık ve Yay. A.Ş. (Yenibiriş) Turkey Online services
    Referans Yayın Dağıtım ve Kurye Hizmetleri A.Ş. (“Refeks”) Turkey Distribution and courier services
    Doğan Haber Ajansı A.Ş. (“Doğan Haber”) Turkey News Agency
    Doğan Daily News Gazetecilik ve Matbaacılık A.Ş. (Doğan Daily News) Turkey Newspaper publishing
    Emlaksimum Elektronik Yayıncılık ve Ticaret A.Ş. (“Emlaksimum”) Turkey Online publishing
    Hürriyet Zweigniederlassung GmbH. (“Hürriyet Zweigniederlassung”) Germany Newspaper printing
    Hürriyet Invest B.V. (“Hürriyet Invest”) Netherlands Investment
    TME Jersey Investment
    Oglasnik d.o.o. Croatia Newspaper and online publishing
    TCM Adria d.o.o. Croatia Investment
    Internet Posao d.o.o. Croatia Online publishing
    TME Management (France) SAS France Investment
    Expressz Garancia Kôzpont Kft Hungary Marketing
    Expressz Magyarorszag Rt Hungary Newspaper and online publishing
    Kisokos Directory Kereskedelmi es Szolgaltato kft Hungary Ceased activities
    Szuperinfo Magyarorszag Kft Hungary Newspaper and online publishing
    Trader Hungary Tanacsado Kft Hungary Investment
    International Ssuarts Holding B.V. Netherlands Investment
    Mirabridge International B.V. Netherlands Investment
    Trader Classified Media Croatia Holdings B.V. Netherlands Investment
    Trader East Holdings B.V. Netherlands Investment
    Siodemka Sp. Z.o.o. Poland Newspaper and online publishing
    Trader.com (Polska) Sp, Z.o.o. Poland Newspaper and online publishing
    Ssuarts Holding GmbH Austria Investment
    ZAO Pronto Akzhol Kazakhistan Newspaper and online publishing
    OOO Pronto-Akmola Kazakhistan Newspaper and online publishing
    OOO Pronto Atyrau Kazakhistan Newspaper and online publishing
    OOO Pronto Aktobe Russia Newspaper and online publishing
    OOO Pronto Aktau Kazakhistan Newspaper and online publishing
    Informatcia Vilnusa Lithuania Newspaper and online publishing
    OOO Pronto Rostov Belarus Newspaper and online publishing
    ZAO Avtotehsnab Russia Newspaper and online publishing
    OOO Novoprint Russia Newspaper and online publishing
    ZAO NPK Russia Call center
    OOO Balt-Pronto Kaliningrad Russia Newspaper and online publishing
    OOO Delta-M Russia Newspaper and online publishing
    OOO Gratis Russia Newspaper and online publishing
    OOO Pronto Baikal Russia Newspaper and online publishing
    OOO Pronto DV Russia Newspaper and online publishing
    OOO Pronto Ivanovo Russia Newspaper and online publishing
    OOO Pronto Kaliningrad Russia Newspaper and online publishing
    OOO Pronto Kazan Russia Newspaper and online publishing
    OOO Pronto Krasnodar Russia Newspaper and online publishing
    OOO Pronto Krasnojarsk Russia Newspaper and online publishing
    OOO Pronto Nizhnij Novgorod Russia Newspaper and online publishing
    OOO Pronto Novosibirsk Russia Newspaper and online publishing
    OOO Pronto Oka Russia Newspaper and online publishing
    OOO Pronto Petersburg Russia Newspaper and online publishing
    OOO Pronto Print Russia Printing services
    OOO Pronto Samara Russia Newspaper and online publishing
    OOO Pronto Stavropol Russia Newspaper and online publishing
    OOO Pronto UlanUde Russia Newspaper and online publishing
    OOO Pronto Vladivostok Russia Newspaper and online publishing
    OOO Pronto Volgograd Russia Newspaper and online publishing
    OOO Pronto Moscow Russia Newspaper and online publishing
    OOO Rosprint Russia Printing services
    OOO Rosprint Samara Russia Printing services
    OOO Tambukan Russia Newspaper and online publishing
    OOO Utro Peterburga Russia Newspaper and online publishing
    OOO Partner-Soft Russia Online publishing
    OOO Pronto Astrakhan Russia Newspaper and online publishing
    OOO Pronto Kemerovo Russia Newspaper and online publishing
    OOO Pronto Server Russia Newspaper and online publishing
    OOO Pronto Smolensk Russia Newspaper and online publishing
    OOO Pronto Tula Russia Newspaper and online publishing
    OOO Pronto TV Russia Television broadcasting
    OOO Pronto Voronezh Russia Newspaper and online publishing
    SP Belpronto OOO Belarus Newspaper and online publishing
    OOO Tambov-Info Russia Newspaper and online publishing
    Impress Media Marketing LLC Russia Publishing
    OOO Pronto Obninsk Russia Newspaper and online publishing
    OOO Pronto Komi Russia Newspaper and online publishing
    OOO Rektcentr Russia Investment
    Impress Media Marketing BVI Russia Publishing
    SP Pronto Kiev Ukraine Newspaper and online publishing
    Ssuarts Trading Ltd Ukraine Investment
    E-Prostir Ukraine Online publishing
    Publishing House Pennsylvania Inc U.S.A. Investment
    TCM Croatia Holding BV Netherlands Investment
    OOO Optoprint Russia Printing services
    RU.com OOO Russia Online publishing
    SP Bel Pronto OOO BYR Russia Newspaper and online publishing
    Mojo Delo Spletni Marketing d.o.o Slovenia Online publishing
    Bolji Posao d.o.o. Serbia Serbia Online publishing
    Bolji Posao d.o.o. Bosnia Bosnia Herzegovina Online publishing

    Affiliates Country Activity
    Doğan Media International (Doğan Media) Germany Publishing and Advertising (Europe)
    Yaysat Yayın Pazarlama ve Dağıtım A.Ş. (Yaysat) Turkey Distribution
    DYG İlan ve Reklam Hizmetleri A.Ş. (DYG Advertisement) Turkey Advertising

    2. SHAREHOLDING IN SUBSIDIARIES AND AFFILIATES

    Shares directly or indirectly owned by Hürriyet in subsidiaries and affiliates as of December 31, 2007 are shown below:

    Subsidiaries Country Voting Rights (%)
    Hürriyet Media Printing Turkey 99.99
    Doğan Ofset Turkey 99.89
    Yenibir Turkey 100.00
    Refeks Turkey 100.00
    Doğan News Turkey 50.01
    Doğan Daily News Turkey 94.25
    Emlaksimum Turkey 98.41
    Hürriyet Zweigniederlassung Germany 100.00
    Hürriyet Invest Netherlands 100.00
    TME Jersey 67.30
    Oglasnik d.o.o. Croatia 100.00
    TCM Adria d.o.o. Croatia 100.00
    Internet Posao d.o.o. Croatia 100.00
    TME Management (France) SAS France 100.00
    Expressz Garancia Kôzpont Kft Hungary 100.00
    Expressz Magyarorszag Rt Hungary 100.00
     Kisokos Directory Kereskedelmi es Szolgaltato kft Hungary 100.00
    Szuperinfo Magyarorszag Kft Hungary 100.00
    Trader Hungary Tanacsado Kft Hungary 100.00
    International Ssuarts Holding B.V. Netherlands 100.00
    Mirabridge International B.V. Netherlands 100.00
    Trader Classified Media Croatia Holdings B.V. Croatia 100.00
    Trader East Holdings B.V. Netherlands 100.00
    Siodemka Sp. Z.o.o. Poland 100.00
    Trader.com (Polska) Sp, Z.o.o. Poland 100.00
    Ssuarts Holding GmbH Austria 100.00
    ZAO Pronto Akzhol Kazakhistan 80.00
    OOO Pronto-Akmola Kazakhistan 100.00
    OOO Pronto Atyrau Kazakhistan 100.00
    OOO Pronto Aktobe Russia 80.00
    OOO Pronto Aktau Kazakhistan 100.00
    Informatcia Vilnusa Lithuania 100.00
    OOO Pronto Rostov Belarus 100.00
    ZAO Avtotehsnab Russia 100.00
    OOO Novoprint Russia 100.00
    ZAO NPK Russia 100.00
    OOO Balt-Pronto Kaliningrad Russia 100.00
    OOO Delta-M Russia 55.00
    OOO Gratis Russia 90.00
    OOO Pronto Baikal Russia 100.00
    OOO Pronto DV Russia 100.00
    OOO Pronto Ivanovo Russia 86.00
    OOO Pronto Kaliningrad Russia 95.00
    OOO Pronto Kazan Russia 72.00
    OOO Pronto Krasnodar Russia 80.00
    OOO Pronto Krasnojarsk Russia 100.00
    OOO Pronto Nizhnij Novgorod Russia 90.00
    OOO Pronto Novosibirsk Russia 100.00
    OOO Pronto Oka Russia 100.00
    OOO Pronto Petersburg Russia 51.00
    OOO Pronto Print Russia 54.00
    OOO Pronto Samara Russia 89.90
    OOO Pronto Stavropol Russia 100.00
    OOO Pronto UlanUde Russia 90.00
    OOO Pronto Vladivostok Russia 90.00
    OOO Pronto Volgograd Russia 100.00
    OOO Pronto-Moscow Russia 100.00
    OOO Rosprint Russia 60.00
    OOO Rosprint Samara Russia 59.50
    OOO Tambukan Russia 85.00
    OOO Utro Peterburga Russia 55.00
    OOO Partner-Soft Russia 90.00
    OOO Pronto Astrakhan Russia 100.00
    OOO Pronto Kemerovo Russia 100.00
    OOO Pronto Server Russia 90.00
    OOO Pronto Smolensk Russia 100.00
    OOO Pronto Tula Russia 100.00
    OOO Pronto TV Russia 70.00
    OOO Pronto Voronezh Russia 100.00
    SP Belpronto OOO Belarus 60.00
    OOO Tambov-Info Russia 100.00
    Impress Media Marketing LLC Russia 100.00
    OOO Pronto Obninsk Russia 100.00
    OOO Pronto Komi Russia 70.00
    OOO Rektcentr Russia 100.00
    Impress Media Marketing BVI Russia 100.00
    SP Pronto Kiev Ukraine 50.00
    Ssuarts Trading Ltd Ukraine 55.00
    E-Prostir Ukraine 50.00
    Publishing House Pennsylvania Inc U.S.A. 100.00
    TCM Croatia Holding BV Netherlands 100.00
    OOO Optoprint Russia 100.00
    RU.com OOO Russia 100.00
    SP Bel Pronto OOO BYR Russia 60.00
    Moje Delo, spletni marketing, d.o.o Slovenia 100.00
    Bolji Posao d.o.o. Serbia Serbia 100.00
    Bolji Posao d.o.o. Bosnia Bosnia Herzegovina 100.00

    Affiliates Country Voting Rights (%)
    Doğan Media Germany 42.26
    Yaysat Turkey 25.00
    DYG Advertisement Turkey 20.00

    3.NUMBER OF EMPLOYEES AND SEVERANCE PAY OBLIGATIONS

    The number of employees and the severance pay obligations of the Company and its subsidiaries as of December 31, 2007 are shown below:

    Company Name Number of Employees Severance Pay Obligation (YTL)
    Main Company 715 4,899,918
    Doğan Ofset 247 322,339
    Hürriyet Media Printing 1,162 2,668,025
    Hürriyet Zweigniederlassung 51 0
    Yenibiriş 99 22,984
    Doğan News 297 2,188,798
    Referans Publishing & Distribution 65 6,089
    TME 5,455 6,988
    Total 8,091 10,115,141


    4.LOANS AND TRADE PAYABLE RISKS OF SUBSIDIARIES

    The breakdown of short and long-term bank and supplier loans and trade payable risks of the main company and its subsidiaries, as indicated in the consolidated balance sheet as of December 31, 2007, are presented below:

    Footnotes to Financial Statements* YTL Share (%)
    Short-term bank loans (footnote 6) 41,401,587 100.00
    Main Company   13,290,004 32.10
    Doğan Ofset   3,085,933 07.45
    Hürriyet Zweigniederlassung   3,347,973 08.09
    TME   21,110,186 50.99
    Doğan News   567,491 01.37
    Long-term bank loans (footnote 6) 516,698,027 100.00
    Main Company   349,719,733 67.68
    Doğan Ofset   8,188,230 01.58
    Hürriyet Zweigniederlassung   17,967,070 03.48
    TME   140,255,503 27.14
    Doğan News   567.491 0.11
    Short-term trade payables (footnote 7) 54,480,375 100.00
    Main Company   29,265,199 53.72
    - Investment (supplier) loans   16,923,691  
    - Payable to suppliers (due to forward transactions)   12,341,508  
    Doğan Ofset   1,097,843 02.02
    TME   14,467,903 25.56
    Hürriyet Zweigniederlassung   7,945,114 14.58
    Other amounts payable to suppliers   1,704,316 03.13
    Long-term trade payables (footnote 7) 83,241,192 100.00
    Main Company   83,241,192 100.00

    For footnotes to financial statements, see the section titled “Consolidated Financial Statements and Footnotes”.