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Notes

33 Administrative expenses

The comdirect group’s administrative expenses consist of personnel expenses, other administrative expenses and depreciation of office furniture and equipment as well as on intangible assets.

Personnel expenses      
€ thousand 2012 2011 Change
in %
Wages and salaries 57,823 56,674 2.0
Compulsory social security contributions 9,371 9,115 2.8
Expenses for pensions and other employee benefits 1,764 1,676 5.3
Total 68,958 67,465 2.2

The item “wages and salaries” includes share-based payments (IFRS 2) totalling €961 thousand (2011: €2,013 thousand).

Breakdown of expenses for pensions and other employee benefits
€ thousand 2012 2011 Change
in %
Company pension scheme 1,454 1,406 3.4
Expenses for early retirement 286 248 15.3
Contributions to Versicherungsverein des Bankgewerbes a.G. (BVV) 24 22 9.1
Total 1,764 1,676 5.3
Other administrative expenses
€ thousand 2012 2011 Change
in %
Marketing expenses 56,000 57,208 - 2.1
Communication expenses 8,790 6,450 36.3
Consulting expenses 11,698 10,832 8.0
Expenses for external services 38,094 36,467 4.5
Sundry administrative expenses 37,667 36,920 2.0
Total 152,249 147,877 3.0

Sundry administrative expenses includes rental and lease payments for business premises as well as contributions to the Deposit Protection Fund of €14,536 thousand.

Depreciation of office furniture and equipment and intangible assets
€ thousand 2012 2011 Change
in %
Office furniture and equipment 4,528 4,050 11.8
Intangible assets 10,967 12,682 - 13.5
Total 15,495 16,732 - 7.4

The depreciation of office furniture and equipment includes an unexpected depreciation of €658 thousand.