ONGOING REDUCTION IN OPERATING EXPENSES Operating expenses (unaudited) Comments Adjusted operating expenses (unaudited) ∆∆ ∆∆ Q1'16
Strong cost discipline: (€mm) Q1'16 Q1'15 vs Q1’15
Staff costs benefited from the decrease in headcount Salaries and employee benefits (23.6) (28.7) -17.9% during the course of 2015 as well as some non- System and communications ( 4.8) (4.9) -1.6% recurring positive items in the compensation and Professional services (10.9) (10.7) 2.0% benefits line (about €3m). Clearing expenses ( 6.3) (6.7) -5.6% Accommodation ( 2.3) (5.0) -53.2%
Decrease in system, communications and Other expenses ( 6.7) (6.3) 7.5% accommodation costs resulted from the impact of the cost savings plan Total operational expenses (54.7) (62.2) -12.1% (excl. D&A)
Increase in number of contractors in relation to Optiq® Depreciation and amortisation (3.7) (4.6) -18.0% and other projects impacted professional services Total operational expenses (58.4) (66.8) -12.5% 880 )
Clearing costs decreased as a result of the clearing 860 160 s contract mechanism (yearly adjustment) n 840 o 140 i t 820 u l s 800 120 o S e 780 e d
Other expenses increased as a result of change in y 760 100 n o a accounting principles (IFRIC21) p 740 S l 80 p 720 M E m e 700 60 , T t I ( n 680 e 40 s
Decrease in depreciation & amortisation due to the n 660 r o a 640 t accelerated depreciation of assets in Q1’2015 in anticipation m 20 c r a 620 r e t of the relocations of our premises in Paris and Brussels P 600 0 n o C Total Headcount Total Consultant 9