132 / 147
137
23. COST OF GOODS SOLD AND SERVICES PROVIDED
24. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
1 January -
1 January -
31 December 2014
31 December 2013
Direct raw materials
1,361,995,619
1,302,396,462
Labor
104,917,721
100,159,665
Depreciation and amortization expenses
89,827,249
80,459,489
Other production overheads including utilities, repair, maintenance
102,756,205
112,811,873
Net changes in finished goods
18,592,316
(22,067,873)
Net changes in WIP inventories
(8,825,353)
1,964,795
Cost of merchandise inventories sold
1,789,674,672
1,518,638,557
Cost of services
490,593,331
457,930,539
Other cost of sales
28,558,597
88,731,627
3,978,090,357
3,641,025,134
1 January -
1 January -
31 December 2014
31 December 2013
Personnel expenses
131,805,589
112,993,045
Depreciation and amortization expenses
22,787,272
20,935,850
Consulting, audit and legal fees
21,063,453
21,379,826
Advertising expenses
14,861,707
14,935,965
Board of directors and personnel premium
10,445,898
19,609,533
Travel expenses
8,757,275
8,905,253
Rent expenses
7,884,458
8,641,184
Donations sponsorship
7,800,361
6,957,136
Outsourcing expenses
7,187,88
4
6,289,828
Insurance
6,120,223
6,261,198
Car rentals and other car expense
5,891,325
6,784,019
Sales distribution expenses
5,254,738
5,445,241
Taxes
4,377,387
4,314,147
Entertainment
4,047,835
3,329,163
Provision for doubtful receivable, net of recoveries
3,626,226
(437,135)
Repair and maintenance expenses
3,306,029
4,185,428
Representation and meeting
2,573,696
2,850,232
Energy
2,566,204
3,590,050
Training
2,547,599
2,814,939
Communication
2,432,920
3,193,532
Food expenses
1,576,215
2,196,595
Provision for lawsuit expenses
1,399,556
984,595
Stationary
931,014
1,078,092
Other
19,346,455
19,055,688
298,591,319
286,293,404
BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)