annual report 2011

IOOF | annual report 2011
9 Expenses
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Service fees and other direct costs
Service and marketing fees expense * 266,491 255,171 - -
Other direct costs 9,106 9,481 175 (1,122)
275,597 264,652 175 (1,122)
Operating expenditure
Salaries and related employee expenses 121,223 129,619 - -
Employee defined contribution plan expense 8,625 9,144 - -
Information technology costs 32,195 27,304 - -
Professional fees 4,724 5,358 484 247
Marketing 6,066 5,919 - -
Office support and administration 12,629 17,096 12 (400)
Occupancy related expenses 12,088 14,424 - -
Travel and entertainment 5,264 4,763 - -
Services fees - controlled entities - - - 2,745
Other 271 143 - -
203,085 213,770 496 2,592
Other expenses
Share-based payments expense 3,232 2,027 - -
Termination payments 1,296 7,874 - -
Retention incentive payments 208 945 - -
Depreciation of property and equipment 3,733 4,940 - -
Amortisation of intangible assets 17,980 17,905 - -
Loss on disposal of non-current assets 177 666 - -
Onerous lease contract expense - 3,082 - -
Amortisation of deferred acquisition costs 7,466 8,436 - -
34,092 45,875 - -
Total expenses 512,774 524,297 671 1,470
* Comparatives have been restated to remove prior period grossing of inter-company revenue and expenses on a basis consistent with the current reporting period.
10 Finance costs
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Interest 761 1,096 467 719
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