It seems that a lot of wages and salaries that used to be counted as directs costs are recategorized as indirect exenses in the 2021 report (which increases margins) and applied retropectively to previous years.
I am not an accounting expert, but I cannot find any explanation of this in the notes to financial statements in the 2021 annual report. It is important to understand the dynamics of revenue and direct/indirect costs (my Tikr gives a very different picture--given this ex-post recategorization of expenses--as if indirect expenses --mainly SGA--had a major jump in 2021):
It seems that a lot of wages and salaries that used to be...
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