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9. Management expenses

The management expenses comprise:

 

2020

2019

Salaries

15

14

Social security charges

2

2

Pension charges

2

2

Depreciation expenses

3

2

Other operating expenses

18

15

Gross property management costs

40

35

   

Presented within net rental income

(14)

(12)

   

Total

26

23

Management expenses came in at €26 million, €3 million more than the €23 million recorded in 2019 due to higher other operating expenses, higher salary costs and higher depreciation expenses in 2020. 

The increase in ‘Other operating expenses’ is mainly related to IT costs and additional (temporarily) staff for (post) ERP activities.

The gross property management costs and the allocated expenses include the IFRS 16 related costs of €1.1 million.

The Vesteda Companies employed an average of 227 people (2019: 207) in the year under review; this was an average of 208.7 FTEs (2019: 189.3 FTEs). All employees are employed in the Netherlands.