3. Selling expenses
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€ million |
2017/18 |
2018/19 |
|---|---|---|
Personnel expenses |
1,957 |
2,001 |
Cost of material |
2,064 |
2,091 |
|
4,021 |
4,092 |
In terms of selling expenses, personnel expenses increased compared to the previous year, mainly due to higher wages and salaries and variable payments.
The year-on-year increase in cost of material is due in particular to higher consulting expenses. The revised disclosure of impairment losses on financial instruments had the opposite effect. In accordance with IFRS 9, from financial year 2018/19 onwards, impairment losses on financial assets are reported under earnings from impairment of financial assets.