CFM INDOSUEZ Wealth Management - 2019 annual report

151 N o t e 2 7 Operating expenses (in thousands of euros) 31/12/2019 31/12/2018 Personnel expenses Wages and benefits 39,324 39,923 Incentives 1,147 735 Payroll expenses 13,204 12,924 Total personnel expenses 53,675 53,582 Administrative expenses 33,621 31,040 o/w Statutory Auditors’ fees 165 156 o/w head office expenses * 2,415 2,590 o/w transactions with subsidiaries ** -1,504 -1,107 Total operating expenses 87,296 84,622 * Since 2017, head office expenses are invoiced by CA Indosuez Wealth (Group) on a yearly basis. ** In 2019, inter-company transactions amounted to € 1,504,000 (versus € 1,107,000 at 31 December 2018). N o t e 2 8 Cost of risk (in thousands of euros) 31/12/2019 31/12/2018 Reversals of provisions for contingencies and charges 27 409 Reversals of provisions for non-performing receivables 2,011 444 Miscellaneous income Total income 2,038 852 Provisions for non-performing receivables and other assets -829 -1,305 Losses on irrecoverable receivables covered by a provision -1,023 -466 Allocations to provisions for contingencies and charges -1,360 -540 Miscellaneous expenses Total expenses -3,212 -2,311 Total -1,174 -1,459 Annual Financial Statements 2019