Group Management Report Corporate Governance Environment, Safety, and Corporate Social Responsibility Consolidated Financial Statements 97 tion cost. Had the companies been acquired on January 1, 2014, their business would have contributed € 28.4 million to consolidated net sales and € 1.2 million to consolidated net income in 2014. The expected synergies from the utilization of the worldwide distribution network of ALTANA, new technologies and the utilization of joint research activities mainly contribute to the goodwill resulting from these acquisitions. Acquisitions in 2015 The final allocation of the consideration transferred of the Brazilian companies acquired on December 18, and December 19, 2014 resulted in an adjustment of intangible assets of € 0.2 million (see note 13). Disposals in 2014 ALTANA sold 3.4 % of the ELANTAS Electrical Insulation division’s shares in ELANTAS Beck India Ltd. to comply with legal requirement for companies listed on the Indian stock exchange to reach a free float of at least 25 %. ALTANA recognized € 1.6 million from the sale. Net sales are allocated to the divisions of ALTANA as follows: 2014 2015 BYK Additives & Instruments 856,744 869,998 ECKART Effect Pigments 332,211 349,699 ELANTAS Electrical Insulation 431,245 463,173 ACTEGA Coatings & Sealants 332,063 376,441 1,952,263 2,059,311 Cost of sales includes the following items: 2014 2015 Material expenses 836,387 865,851 Production expenses Personnel expenses 176,259 195,738 Depreciation and amortization 73,131 79,850 Energy expenses 37,970 37,106 Maintenance and repair expenses 26,177 29,160 Other 60,516 70,404 1,210,440 1,278,109 4. Net Sales 5. Cost of Sales
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