ANNUAL REPORT 2017
EXPLORE OUR PERSPECTIVES

NOTE 14. ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consist of the following:

 December 31,
 20162017
Personnel-related items24,05129,456
Deferred revenue9,3899,879
Financing related items1,1755,146
Other14,07914,473
Total accrued expenses and other payables48,69458,954

Personnel-related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements. This part of revenue is deferred at their relative selling prices until delivery of these elements. Financing related items comprises the accrual for settlement of shares repurchased. Other includes accruals for VAT and other taxes and down payments from customers.