ANNUAL

ENKA İNŞAAT VE SANAYİ A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
(Amounts are expressed as thousands of U.S. Dollars (“USD”) unless otherwise stated. Currencies other than USD are expressed
in thousands unless otherwise indicated.)
3. DIVIDENDS
Based on the Group’s Ordinary General Assembly held on 29 March 2016; regarding to the distribution of the year
2015 profit, it has been resolved to distribute dividend to its shareholders for each TL 1 (full TL) nominal valued
share, 0.08 full TL gross / 0.071 full TL net in total TL 600,000 (2015 - TL 588,000); further it has been resolved to
distribute TL 21,998 (2015 - TL 25,887) as cash dividend to founder shares. Net in total TL 280,000 from TL 600,000
has been distributed as an advance dividend on 11 November 2015, and the remaning amount net in total TL 320,000
is distributed on 20 April 2016.
In 2016 and 2015, the Group distributed dividends as detailed below:
2016 2015
Dividend
Dividends per
share Dividend
Dividends per
share
Ordinary share owners (1 Full TL
nominal value)
320,000 TL 0.08 Full TL 300,000 TL 0.08 Full TL
Founder share owners 21,998 TL 21.99 TL 25,887 TL 25.89 TL
Ordinary share owners (1 Full TL
nominal value) (*)
140,000 TL 0.03 Full TL 280,000 TL 0.07 Full TL
Ordinary share owners (1 Full TL
nominal value) (**)
140,000 TL 0.03 Full TL - -
621,998 TL 605,887 TL
(*) Based on the power vested in the Board of Directors of Enka İnsaat by the General Assembly in its ordinary
Meeting held on 29 March 2016; regarding to the distribution of the period between 1 January – 30 June 2016 profit,
it is resolved to distribute, as of the date of 28 September 2016 a total TL 140,000 from the amount that remains after
deduction of the reserves as required, pursuant to the provisions of the Turkish Code of Commerce and the Articles
of Association, dividend advances at a rate of 3.33% gross and 2.83% net per share.
(**) Based on the power vested in the Board of Directors of Enka İnsaat by the General Assembly in its ordinary
Meeting held on 29 March 2016; regarding to the distribution of the period between 1 January – 30 September 2016
profit, it is resolved to distribute, as of the date of 14 December 2016 a total TL 140,000 from the amount that remains
after deduction of the reserves as required, pursuant to the provisions of the Turkish Code of Commerce and the
Articles of Association, dividend advances at a rate of 3.33% gross and 2.83% net per share.
ENKA İNŞAAT VE SANAYİ A.Ş. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
(Amounts are expressed as thousands of U.S. Dollars (“USD”) unless otherwise stated. Currencies other than USD are expressed
in thousands unless otherwise indicated.)
4. INTEREST IN JOINT OPERATIONS
The Group's share in the assets and liabilities and the profit/loss of the of the joint operations using the proportionate
consolidation method on a line by line basis is as follows:
31 December 31 December
2016 2015
ASSETS
Current Assets
Cash and cash equivalents 137,463 122,458
Trade receivables 98,690 67,316
Other receivables 40 28
Inventories 8,203 11,349
Other current assets 13,297 7,644
Group's share in current assets of joint operations 257,693 208,795
Non-Current Assets
Cost 67,037 61,829
Accumulated depreciation (40,250) (34,588)
Group's share in joint operations in property,
plant and equipment 26,787 27,241
Other non-current assets 3,904 1,138
Group's share in non-current assets of joint operations 3,904 1,138
LIABILITIES
Current Liabilities
Trade payables 24,781 26,262
Billings in excess of costs and estimated earnings on
uncompleted contracts 160,386 125,922
Provisions 6,411 7,040
Provisions for employee benefits 2,545 3,260
Other current liabilities 12,070 6,366
Group's share in current liabilities of joint operations 206,193 168,850
Non-Current Liabilities
Other non-current liabilities 15,000 27,500
Group's share in non-current liabilities of joint operations 15,000 27,500
The Group’s share in the consolidated statement of profit or loss of the joint operations using the proportionate
consolidation method on a line by line basis is as follows:
1 January - 1 January -
31 December 2016 31 December 2015
Revenue 592,361 342,829
Cost of revenue (461,601) (277,601)
General administrative expenses - (19)
Other operating income 15 941
Other operating expenses - (48)
Financial income - 1,893
Financial expenses (2,259) (124)
Taxation charge (8,370) (6,857)
Net profit 120,146 61,014
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194 | ENKA Annual Report 2016
ENKA Annual Report 2016 | 195