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Notes to the consolidated profit and loss account

Net turnover

  Totaal 2021 Total 2020
Management fees (10)    
Asset management 621,187 521,667
Pension administration 230,563 219,399
Total 851,750 741,066

The management fees relate to the fees received for the performed asset management activities less custody fees and fees for pension management. The increase in asset management fees mainly relates to the increase in the assets under management and the increase in fixed fee due to increased strategic activities.

Other operating income (11)
This consists of realized income other than that arising directly from the administration contracts with pension funds and asset management for third parties.

Segmented information on net turnover

  Totaal 2021 Total 2020
Net turnover    
Asset management 622,088 522,796
Pension administration 246,105 240,820
Support businesses 4,166 4,268
APG Group company only 163,294 144,840
Eliminations -173,538 -149,761
Total 862,115 762,963

The segmented information is mainly in accordance with the legal structure of APG Group, whereby there is segmentation into APG Asset Management, APG DWS en Fondsenbedrijf and supporting services.

Operating expenses

Costs of outsourced work and other external costs (12)
This item includes the cost of hiring external staff, auditor’s costs, and consultancy costs.

  Totaal 2021 Total 2020
Personnel costs (13)    
Wages and salaries 344,290 319,478
Pension charges 39,388 34,042
Social charges 32,083 31,146
Other personnel costs 18,961 39,763
Total 434,722 424,429

Employee pension scheme
The pension scheme has been placed with Stichting Pensioenfonds ABP and PPF APG. Rights are accrued based on average pay and number of years of service, with conditional indexation. The pension scheme for the majority of the remaining employees has been placed with Stichting Personeelspensioenfonds APG. Rights are accrued based on average pay and number of years of service, with conditional indexation. APG Group has no obligation to make additional contributions in the event of shortfalls in these pension funds other than the payment of future contributions. Based on this so-called defined contribution scheme, it is sufficient for the company to report the contribution as a cost. The item Other personnel costs for the year 2021 includes the release of the provision for service anniversaries of € 4.8 million.

Specific schemes apply for most employees abroad.

Number of employees
In 2021 the group employed an average of 3,124 people (2020: 3,013), divided into the following segments.

  Totaal 2021 Total 2020
Management and supporting units 685 678
APG DWS en Fondsenbedrijf NV 1,430 1,416
APG Asset Management 1,009 919
Total 3,124 3,013

In 2021 an average of 246 employees worked abroad (2020: 228). These employees are all employed by APG Asset Management.

Remuneration of Supervisory and Executive Board members (in euros)
The remuneration of Supervisory Board and Executive Board members is determined by the General Meeting of Shareholders.

  Fixed fee Commision fee Employer charges and taxes Totaal 2021 Total 2020
Supervisory Board          
Pieter Jongstra 48,564 5,396 2,833 56,793 69,513
Dick van Well 37,772 8,094 2,408 48,274 53,896
Claudia Zuiderwijk 32,376 8,094 2,125 42,595 53,337
Sarah Russell* 29,678 22,137 - 51,815 -
Maes van Lanschot** 13,490 18,685 6,190 38,365 54,830
Roger van Boxtel*** 8,094 1,349 1,983 11,426 43,641
José Meijer***** 32,376 5,396 - 37,772 12,404
Edith Snoeij**** - - - - 17,843
* = as from May 15, 2021 fee included Asset Management
** = until May 15, 2021 fee included Asset Management
*** = until April 1, 2021
**** = until April 27, 2020
***** = as from September 5, 2020

Based on a decision of the State Secretary for Finance, the supervisory activities of the Supervisory Board members of APG will no longer be performed as VAT entrepreneur from May 7 2021 onward. Hence, the Supervisory Board members are no longer allowed to charge VAT for these activities. As a result, the amounts mentioned under 'Employer charges and taxes'  are lower in 2021 compared to 2020.

  Direct salaries Compensation for reduction in pensionaccrual Personal charges Pension charges Totaal 2021 Total 2020
Executive Board            
Annette Mosman 511,027 61,897 12,680 22,409 608,013 520,070
Gerard van Olphen* 293,666 41,341 6,627 11,754 353,388 647,649
Ronald Wuijster 645,147 101,992 9,765 24,527 781,431 748,865
Francine Roelofsen - van Dierendonck 434,968 61,897 12,680 22,409 531,954 520,070
Jan Nijland** 336,578 23,193 8,258 17,070 385,099 -
Wim Henk Steenpoorte*** - - - - - 258,894
* = until July 1, 2021
** = as from March 3, 2021 ( ad interim)
*** = until July 1, 2020

The column ‘direct salaries’ contains the fixed annual salary, the vacation allowance, and the year-end bonus. The column ‘compensation for reduction in pension accrual’ stems from a generic scheme at APG Group, whereby the reduction in the employer pension contribution due to the capping of pension accrual (2021: € 112,189 | 2020: € 110,111) accrues to the employee. The column ‘personnel charges’ contains the employer’s charges; the column ‘pension charges’ contains the charges for pension contributions. As of March 1 2021, Annette Mosman has been appointed as chairman of the Executive Board, which has resulted in an increase in remuneration for her.

The above table does not include compensation relating to mobility and vitality (2021: € 79,703 | 2020: € 98,349). The mobility and vitality allowances are both part of the Collective Labor Agreement, whereby with regard to mobility a choice can be made between a reimbursement whether a lease car and the vitality allowance contribute to an active and healthy lifestyle. 

All remuneration was unchanged except for the increase as per the collective labor agreement (CAO) which amounted to 1.5 percent for all APG Group employees in 2021. There are no early retirement schemes for members of the Executive Board.

Starting March 1st 2022, Ronald Wuijster will be re-appointed for a period of four years. Because of the performed achievements during his first term, his fixed remuneration will increase as of March 1, 2022 with € 40.000 per year (half of which in free time). This increase was carefully weighed against the social aspect of asset management services for the pension sector. With this increase, Mr. Wuijster is being remunerated below the market benchmarks. 

No loans, advances, or guarantees have been provided to current or former members of the Executive or Supervisory Board.

  Totaal 2021 Total 2020
Amortization and depreciation of non-current assets (14)    
Amortization of intangible assets 45,532 46,570
Depreciation of property, plant and equipment 8,060 8,282
Total 53,592 54,852

  Totaal 2021 Total 2020
Other operating expenses (15)    
Accommodation costs 40,602 30,867
Automation costs 86,420 84,888
Other 5,366 10,505
Total 132,388 126,260

The increase in the item "Accommodation costs" in 2021 is a result of the move to a new office building which has caused double rental charges. In addition, the accommodation costs include an amount of € 6.1 million for the provision for the onerous rental contract for the old office building. 

Interest and similar income (16)

Interest income mainly relates to the revaluation of securities accounted for under financial non-current assets (2020: € 1.0 million). 

Interest and similar expenses (17)

The financial charges are mainly interest charges on current accounts. No interest or similar expenses pertained to related parties (2020: zero).

Taxes (18)
The taxes in the consolidated profit and loss account can be specified as follows.

  Totaal 2021 Total 2020
Result before taxes 104,584 47,278
Tax charges based on the Dutch tax rate -26,146 -11,819
Tax effect from:    
- Different applicable tax rates in foreign countries 1,136 677
- Non-deductible expenses en non-taxable income -440 154
Adjustment prior years 17 1,890
Revaluation deferred tax assets due to change in tax rate 934 4,381
Total -24,499 -4,717
Effective tax rate 23.4% 10.0%

The effective tax rate over 2021 was 23.4 percent, compared to a nominal rate applicable in the Netherlands of 25 percent. The lower effective tax rate in 2021 is mainly caused by deviating tax rates in the foreign countries in which APG operates and an incidental effect resulting from the change in tax rate in the Netherlands as of 2022. As of 2022, the tax rate in the Netherlands increases from 25 percent to 25.8 percent. As a result of this increase, APG has valued its deferred tax assets at year-end at 25.8%. Without this incidental effect, the effective tax rate is 24.3 percent. In the foreign countries in which APG operates, APG pays taxes according to the tax rates applicable there, which are lower than the current tax rate in the Netherlands.

Share of profit/(loss) of associates (19)
The result from investees is the result from investees not included in the consolidation including impairment losses on investees.

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