11 Management expenses

The management expenses comprise:

 

2016

2015

Salaries

24

18

Social security charges

1

1

Pension charges

2

2

Depreciation expenses

1

1

Other operating expenses

7

7

Gross property management costs

35

29

   

Presented within net rental income

(13)

(13)

   

Total

22

16

Management expenses came in at € 22 million, significantly more than the € 16 million recorded in 2015. This increase is due to a reorganisation provision amounting to € 7 million. All activities of the Vesteda organisation will be centralised to the Amsterdam office and the Maastricht office will be closed. Also, the organisational structure will be optimised and restructured.

The Vesteda Companies employed an average of 201 people (2015: 206) during the year; this was an average of 180.3 FTE’s (2015: 183.9 FTE’s).

All employees are employed in the Netherlands.