160 / 222
156
ANNUAL ACCOUNTS /
Notes to the consolidated accounts
(x €1,000)
2014
2013
Office charges
1,606
1,579
IT
789
813
Other
817
766
Fees paid to third parties
3,195
3,069
Recurrent
2,650
2,761
Real estate experts
988
965
Lawyers
62
75
Property management
327
263
Other
1,273
1,458
Non-recurrent
545
308
Mergers and acquisitions (other than business combinations)
545
308
Public relations, communication and advertising
572
619
Personnel expenses
10,916
11,183
Salaries
8,228
8,569
Social security
1,633
1,578
Pensions and other benefits
1,055
1,036
Fees earned
-2,555
-2,733
Management fees related to the lease contracts
1
-2,284
-2,269
Fees for additional services
-271
-464
Taxes and regulatory fees
427
401
Depreciation charges on office furniture
134
140
TOTAL
14,295
14,258
The fees of the real estate experts amounted to €991,318 for 2014, this figure including both recurrent and non-recurrent fees. These emolu-
ments are calculated partially based on a fixed amount per square metre and partially based on a fixed amount per property.
Corporate management costs
The corporate management costs cover the overhead costs of the company as a legal entity listed on the stock exchange and as a RREC.
These expenses are incurred in order to provide complete and continued information, economic comparability with other types of investment
and liquidity for the shareholders who invest indirectly in a property portfolio. Certain costs of studies relating to the Group’s expansion also
come under this category.
(x €1,000)
2014
2013
Office charges
405
341
IT
160
116
Other
245
225
Fees paid to third parties
889
761
Recurrent
574
715
Lawyers
-9
148
Auditors
382
322
Other
201
245
Non-recurrent
315
46
Public relations, communication and advertising
702
685
Personnel expenses
3,524
3,691
Salaries
2,801
3,007
Social security
356
371
Pensions and other benefits
367
313
Taxes and regulatory fees
1,656
1,409
TOTAL
7,176
6,887
NOTE 11. MANAGEMENT COSTS
Management costs are split between property management costs and other costs.
Property management costs
These costs comprise the costs of the personnel responsible for this activity, the operational costs of the company headquarters and the
fees paid to third parties. The management fees collected from tenants partially covering the costs of the Property Management activity
are deducted.
The portfolio is managed in-house, except for the MAAF insurance agencies portfolio. The internal costs of property management are divided
as follows:
1
The management fees related to the lease contracts include the rebilling to the tenants of the management costs of the buildings.