4. Employee benefit expenses
€ ('000) 2012 2011
Salaries and wages 14,382 18,484
Pension expenses - defined contribution plans 2,053 2,528
Share-based compensation expenses 322 591
Other personnel expenses 654 746
Total 17,411 22,349
Remuneration of the management is presented in Table 31. Related party disclosures.
The shared based compensations recognized in the income statement are based on the fair value of the instrument which is measured using the Black & Scholes option pricing model. The counter-entry to the expenses entered in the income statement is retained earnings, and therefore the expense has no effect on total equity.
The terms of the stock option programs are presented in Table 30. Share-based payments.
Personnel 2012 2011
By country
Finland 71 79
Denmark 0 2
Sweden 16 18
Norway 8 8
Russia 13 14
Luxembourg 1 1
In total 109 122
By team
CapMan Private Equity 47 54
CapMan Real Estate 23 21
CapMan Platform 39 47
In total 109 122
Average number of people employed 115 136
Read more 5. Depreciation