This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.
Expenses and participation in earnings of associated companies
OMXs total expenses decreased by 7% to 2,182 million in 2005. The following table summarizes costs and expenses for 2004 and 2005:
Premises expenses. Premises expenses decreased 39% from SEK 308 million in 2004 to SEK 189 million in the 2005. This is mainly due to a provision related to unused office space of SEK 130 million made in 2004.
Marketing expenses. Marketing costs in 2005 increased slightly to SEK 40 million compared to SEK 38 million in 2004.
Consultancy expenses. Consultancy expenses increased 30% to SEK 253 million in 2005. This increase resulted primarily from the acquisition of the Copenhagen Stock Exchange.
Operations and maintenance, IT. Operations and maintenance, IT expenses decreased by 11% to SEK 225 million in 2005. This decrease resulted primarily from realized efficiency measures within Market Technology.
Other external expenses. Other external expenses decreased by 33% to SEK 201 million in 2005. This decrease resulted from settlement of a VAT dispute resulting in additional costs of SEK 99 million in 2004.
Personnel expenses. Personnel expenses increased 3% to SEK 1,049 million in 2005. The slight increase was due to the acquisition of the Copenhagen Stock Exchange in January 2005 while the Finnish CSD, APK was divested in December 2004.
Depreciation and impairment. Depreciation and impairment expenses amounted to SEK 225 million in 2005, roughly unchanged from SEK 228 million recorded in 2004.
Participation in earnings of associated companies. Participation in earnings of associated companies increased 67% to SEK 15 million, due to improved performance in ORC software and EDX London.