I had look through the business of cogent, personally i do not view them as conglomerates. Conglomerates have businesses that are different from each other and it does not compliment one another. In cogent case, they have 4 business which is as follow:
1.Automotive Logistics Management Services
2. Container Depot Management Services
3. Warehouse and Property Management Services
4. Transportation Management Services
All this business segment are in the logistics business just that they are run on different sector and the space cogent use can be shared among all 4 business segment which compliment each other.
Since it is a logistics business, the company does not have cost of goods (COGS). It is a services based business which means you have to look for Cost of Services. Logistics business requires space to house goods and people to provide the services. Therefore, for cogent AR2014 the cost of services is employee benefit (which is the staff cost) and the Rentals on leased premises