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Wavin Annual Report 2010 | page 10411. Personnel expenses(€ x 1,000) NOTE 2010 2009Salaries and wages (210,128) (204,853)Social security contributions (34,478) (33,697)Contributions to defi ned contribution plans (2,992) (4,351)Expenses related to defi ned benefi t plans 27 (12,631) (9,225)Other personnel expenses (9,861) (10,136)Total recurring personnel expenses (270,090) (262,262)Expenses share appreciation rights / LTIP 28 (182) (174)Total (270,272) (262,436)Following restructuring measures taken in recent years further restructuring measures were implemented in some countrieswhere market conditions deteriorated further in 2010. The increase of personnel expenses mainly relates to wage increasesespecially in emerging countries.Total average full time equivalents decreased in 2010 by 107 to 6,602 (see note 12).12. Personnel employedThe total average full time equivalent (FTE) of employees and the number of employees are as follows:2010 2009Average full time equivalents 6,602 6,709Number of employees at 31 December 6,089 6,266Of the average number of FTEs, 816 are based in the Netherlands and 5,786 FTEs are based outside the Netherlands(2009: 865 FTEs and 5,844 FTEs respectively).Due to deteriorating market circumstances in some Western European countries additional restructuring programs resulted instaff reductions. This decrease is partly offset by the increase of temporary staff due to increasing activities in other countries.13. Finance income and expenseRecognised in profit or loss(€ x 1,000) 2010 2009Interest income on bank deposits 395 1,647Fair value revaluation gains 1,330 678Total finance income 1,725 2,325Transfer hedge reserve to profi t or loss – (3,272)Interest expense (34,843) (34,387)Exchange rate differences (1,021) (33)Total finance expense (35,864) (37,692)Total net finance costs recognised in profit or loss (34,139) (35,367)Total fi nance costs were slightly below last year. Interest expenses were in line with last year as the effect of a lower averagedebt was partly offset by increased interest margin under our Syndicated Loan Facility. In addition the 2009 interest expenseswere negatively affected by one-off impairment charges of the capitalized fees for an amount of € 0.4 million due to thereduction of the credit facility and the transfer of a part of the interest rate hedge reserve as it has became ineffective.