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32. COMMITMENTS AND CONTINGENT LIABILITIES
Guarantee Letters
As at 31 December 2014, the Group is contingently liable for letters of guarantee given mainly to the Government offices, government bids and customers amounting to USD 176,831,963
(2013: USD 139,277,265).
Export Commitments
As at 31 December 2014, total amount of export commitments related to export incentives is USD 429,941,176 and is committed by Borçelik and Borusan Mannesman Boru. (2013:
USD 451,003,126) committed by Borçelik and Borusan Mannesman Boru.
Legal Proceedings
As of 31 December 2014, Borusan Otomotiv, Borusan Oto and Borusan Pazarlama are defendants in certain cases against automobile and service customers whose monetary claims
aggregate approximately to USD 5,238,575 (2013: USD 4,063,653).
Against such claims, reserve amounting to USD 4,726,323 (2013: USD 3,892,310) has been provided in the accompanying consolidated financial statements for Borusan Oto, Borusan
Otomotiv and Borusan Otomotiv Pazarlama as of 31 December 2014.
Other commitment and contingencies
As of 31 December 2014 there are no other commitments and contingencies (2013: None).
Purchase Amount Maturities Between Average Rate
Purchase Sell
2014
2013
2014
2013
2014
2013
USD
EUR
14,191,200
49,174,616
2 January 2015 - 30 May 2016
2 January 2014 - 26 February 2015
1.2800
1.3466
TL
USD
40,567,690
42,712,979
28 January 2015 - 30 June 2015
2 January 2014 - 26 June 2014
2.3100
2.0902
USD
TL
29,316,371
-
30 June 2015
-
2.4200
-
USD
EUR
257,040
-
30 March 2015
-
1.2600
-
USD
GBP
1,100,253
-
1 March 2015
-
1.590
-
33. DERIVATIVE FINANCIAL INSTRUMENTS
As at 31 December 2014 and 2013, the summary of nominal amounts of the forward transactions entered into with various local branches of the foreign banks that were outstanding
are as follows:
Forward Contracts
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)