3 – Property operating expenses*

xls

(€ million) 2008** 2007
Taxes 6.6 5.2
Insurance 0.8 0.8
Maintenance 4.0 3.9
Property managers’ fees 10.5 9.0
Professional fees 2.4 3.1
Promotion and marketing 2.4 1.5
Lease hold 7.1 5.4
Other operating expenses 2.9 3.6
Addition to provision for bad debts 2 0.6
38.7 33.1

* The operating expenses comprise the maintenance and running expenses together with the net service charges (2008: € 47.0 million; 2007: € 39.6 million).

** € 1.2 million of the maintenance and running expenses relate to unlet properties.

Taxes relates to municipal taxes.

Source: Annual Report 2008, Chapter Financial Statements, page 162 (PDF, 179 kB)

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