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Notes

33Administrative 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 2011 2010 Change
in %
Wages and salaries 56,674 52,266 8.4
Compulsory social security contributions 9,115 8,816 3.4
Expenses for pensions and other employee benefits 1,676 1,481 13.2
Total 67,465 62,563 7.8

The item “wages and salaries” includes share-based payments (IFRS 2) totalling €2,013 thousand (2010: €1,521 thousand).

Breakdown of expenses for pensions and other employee benefits
€ thousand 2011 2010 Change
in %
Company pension scheme 1,406 1,409 - 0.2
Expenses for early retirement 248 52 376.9
Contributions to Versicherungsverein des Bankgewerbes a.G. (BVV) 22 20 10.0
Total 1,676 1,481 13.2
Other administrative expenses      
€ thousand 2011 2010 Change
in %
Marketing expenses 57,208 53,021 7.9
Communication expenses 6,450 4,353 48.2
Consulting expenses 10,832 7,334 47.7
Expenses for external services 36,467 30,258 20.5
Sundry administrative expenses 36,920 38,438 - 3.9
Total 147,877 133,404 10.8

Sundry administrative expenses includes rental and lease payments for business premises as well as contributions to the Deposit Protection Fund of €13,607 thousand.

Depreciation of office furniture and equipment and intangible assets
€ thousand 2011 2010 Change
in %
Office furniture and equipment 4,050 4,669 -13.3
Intangible assets 12,682 9,392 35.0
Total 16,732 14,061 19.0

The depreciation on intangible assets includes an unexpected depreciation of €2,076 thousand.