Annual Report 2012 - ORCO Germany

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20. Amortizations, impairments and provisions
31 December 31 December Variation Notes
2012 2011
Provisions for pension scheme 219 697 (478) 17
Provisions for other risks and charges (1,241) 3,804 (5,045) 17
Total Provisions (1,022) 4,501 (5,523)
Impairment of Intangible Assets (610) - (610) 7
Impairment of Tangible assets - (116) 116 9
Impairment of Inventories (24,264) 663 (24,927) 12
Impairment of Trade Receivables (262) 80 (342)
Impairment of Other Current Assets (182) - (182) 14
Total Impairments (25,318) 627 (25,945)
Amortsation of Intangible assets (14) (23) 9 7
Amortisations of owner-occupied buildings (18) (19) 1 9
Amortisation of Fixtures and Fittings (457) 561 (1,018) 11
Total Amortisation (471) 538 (1,008)
Total Amortisation, Impairments &
Provisions (26,812) 5,665 (32,475)
Over 2012, the Trade Receivables net impairments increased by a net amount of EUR 0.3 million mainly due to the impairment on GSG tenants for
EUR 0.1 million
21. Details of expenses
31 December
2012
31 December
2011
Variation
Leases and rents (437) (556) 119
Building maintenance and utilities supplies (17,486) (18,645) 1,159
Marketing and representation costs (724) (832) 108
Administration costs (11,426) (7,775) (3,651)
Taxes other than income tax (1,803) (2,487) 684
Other operating expenses (201) (98) (103)
Salaries (5,618) (4,662) (956)
Social security expenses (797) (809) 12
Pension costs (568) (736) 169
Other employee benefits (7) (177) 170
Other personnel related charges (69) (364) 295
Total other operating expenses (39,138) (37,142) (1,994)
Non-cancellable operating leases commitments amount as follows:
- EUR 0.3 million not later than 1 year
- EUR 0.3 million later than 1 year and not later than 5 year
- No commitments later than 5 years
Moreover, the Group expects to receive EUR 0.6 million of future sublease revenue payments under non-cancellable leases and subleases until the
end of the contract.
Over 2012, the operating expenses increased by EUR 2.0 million. Such increase is mainly due to the administration costs (EUR 3.7 million) and
salaries (EUR 1.0 million). The salaries increase as a result of specific accruals for Bonus in GSG, whereas the administration costs’ variation is
explained by the commissions and fees linked to sale of Sky Office and the refinancing of GSG portfolio.
Fees related to the Group auditors and their affiliates are set out below:
31 December 31 December
2012 2011
Audit fees pursuant to legislation (397) (641)
Other services (2) (204)
Total other operating expenses (399) (845)
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 44