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(23) GENERAL ADMINISTRATIVE EXPENSES.
in EUR m 1.1. - 31.12.2001 1.1. - 31.12.2000
Personnel expenses
Salaries -19.1 -16.4
Compulsory social security contributions -5.1 -4.4
Expenses for retirement and employee benefits -3.4 0.6
Total personnel expenses -27.5 -20.3
Other administrative expenses -13.7 -13.4
Depreciation and amortization of property and equipment -2.6 -2.5
Aggregate -43.9 -36.2
The amount also includes expenses for the real-estate sector amounting to EUR 2.9 m. Expenses for unlet property were negligible.
(24) OTHER OPERATING RESULTS.
in EUR m 1.1. - 31.12.2001 1.1. - 31.12.2000
Other operating earnings 8.1 3.2
Depreciation of intangible assets -0.8 -0.8
Other tax -0.6 -0.8
Other operating expenses -3.4 -0.9
Aggregate 3.3 0.8
Other operating earnings include EUR 5.7 m from the depreciation of derivatives that were not used as microhedges, EUR 0.4 m
from the transfer of personnel and infrastructure to third parties, as well as EUR 0.3 m from the release of unused reserves of
previous periods. Other operating expenses comprise EUR 1.4 m in relation to the partial disposal of several companies of the realestate
segment and EUR 0.9 m in relation to payments required by the General Settlement Fund Law.
(25) TAX ON INCOME.
in EUR m 1.1. - 31.12.2001 1.1. - 31.12.2000
Current tax expense -4.8 -2.5
Deferred tax expense 1.2 0.3
Aggregate -3.6 -2.2
The actual taxes are calculated on the basis of the tax results for the financial year at the local tax rates applicable to the Group
company in question. The following table shows the relation between the expected and actual taxes on income:
in EUR m 1.1. - 31.12.2001 1.1. - 31.12.2000
Profit for the year before tax 33.8 32.4
Income tax expense expected for the financial
year at the statutory tax rate (34 %) -11.5 -11.0
Effects of other tax rates +1.3 -0.1
Tax reductions due to tax-exempt earnings of investments +9.6 +3.7
Tax reductions due to other tax-exempt income +4.6 +2.1
Tax increases due to non-deductible expenses -7.7 -0.2
Tax expense/income not attributable to the reporting period +0.1 +3.3
Reported income tax -3.6 -2.2
(26) APPROPRIATION OF THE PROFIT. The Board of Management will propose to the Annual General Meeting on 15 May 2002
that the net profit for the year 2001 in the separate financial statements for Investkredit, amounting to EUR 6,470,997.86, be used
to pay a dividend of EUR 1.00 per share including bonus. The total distribution is EUR 6,330,000.00. That is some 14% of the
dividend-bearing share capital for 2001, amounting to EUR 46,000,110.00. After payment of the Supervisory Board emoluments,
the remainder of some EUR 0.02 m will be carried forward.
Notes
THE BANK FOR CORPORATES
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