9 Management expenses

The management expenses comprise:

 

2017

2016

Salaries

14

24

Social security charges

1

1

Pension charges

2

2

Depreciation expenses

1

1

Other operating expenses

11

7

Gross property management costs

29

35

   

Presented within net rental income

(13)

(13)

   

Total

16

22

Management expenses came in at €16 million, significantly less than the €22 million recorded in 2016. This can mainly be explained by the reorganisation provision in 2016 (amounting to €7 million). Back-office activities of the Vesteda organisation have been centralised at the Amsterdam office during 2017.

The Vesteda Companies employed an average of 197 people (2016: 201) during the year; this was an average of 178.8 FTEs (2016: 180.3 FTEs).

All employees are employed in the Netherlands.