Operating expenses

Operating expenses decreased in 2008 by 14% from EUR 211 million to EUR 181 million.

Personnel expenses decreased in 2008 by 20% from EUR 135 million to EUR 108 million. The decrease is mainly a result of lower variable compensation together with a decrease of the average number of FTEs by 6% in 2008.

Other operating expenses increased by 12% from EUR 59 million to EUR 66 million. The increase mainly relates to the online retail savings programme NIBC Direct, which was implemented in 2008.

Depreciation and amortisation in 2008 decreased from EUR 17 million to EUR 8 million, which is explained by a one-off accelerated depreciation of certain projects in 2007.