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TomTom Annual Report and Accounts 2011
56
Notes to the Consolidated Financial Statements | continued
7. EMPLOYEE BENEFITS (CONTINUED)
For a description of the stock option plans reference is made to note 22: Share-based compensation.
Performance share plan
Outstanding
01-01-2011
Granted
in 2011
Exercised
in 2011
Forfeited
in 2011
Outstanding
31-12-2011
Expiry
date
Harold Goddijn 20,086 0 – 4,604 – 15,482 0 June 2011
Marina Wyatt 10,406 0 – 2,385 – 8,021 0 June 2011
Alain De Taeye 20,812 0 – 4,770 – 16,042 0 June 2011
51,304 0 – 11,759 – 39,545 0
There were no grants of performance shares in 2011. For a description of the performance share plan, reference is made to note 22:
Share-based compensation.
8. ADDITIONAL INFORMATION REGARDING OPERATING EXPENSES
Included in the operating expenses are, amongst others, the following items:
(€ in thousands) 2011 2010
Salaries1176,060 151,813
Social security costs 23,646 24,469
Pensions 8,474 8,307
Share-based compensation 7,985 13,495
Other 23,634 49,894
PERSONNEL EXPENSES 239,799 247,978
1 Salaries include an amount of €10.1 million related to restructuring expenses in 2011.
Pension costs consist of the costs of the defi ned contribution plans of €8.2 million (2010: €7.3 million) and of the defi ned benefi t plan
of €0.3 million (2010: €1.0 million).
Average number of employees
The average number of employees in 2011 was 3,698 (2010: 3,288). At 31 December 2011, the group had 3,677 (2010: 3,487)
employees. During 2011, the majority of the employees of TomTom worked outside the Netherlands.
Operating expenses include an amount of €119 million for depreciation and amortisation expenses (2010: €109 million).
(€ in thousands) 2011 2010
Amortisation 98,590 94,235
Depreciation 20,507 14,863
TOTAL AMORTISATION AND DEPRECIATION 119,097 109,098
The costs for operating leases in 2011 amounted to €18.5 million (2010: €16.6 million).
9. FINANCIAL INCOME AND EXPENSES
Financial income and expenses include the following items:
(€ in thousands) 2011 2010
Interest income 2,871 977
Interest expense – 24,733 – 36,041
INTEREST RESULT – 21,862 – 35,064
Other fi nancial result 1,497 – 286
Exchange rate result 4,596 – 15,676
OTHER FINANCIAL RESULT 6,093 – 15,962