In accordance with IAS 21, the annual financial statements of consolidated companies prepared in foreign currencies are translated into euros in keeping with the concept of functional currencies. The functional currency of all foreign companies of the BLG Group is the local currency, as the companies conduct their business independently in financial, economic and organizational terms. Accordingly, the assets and liabilities were translated at the exchange rate on the reporting date, while expenses and income were in principle translated at the average annual exchange rate. The resulting currency translation differences were recognized directly in equity.
As of December 31, 2023, currency translation differences of EUR 8,141 thousand (previous year: EUR 8,869 thousand) were recognized in equity (see also the statement of changes in equity). Currency translation was based on the exchange rates shown in the table.
EUR |
|
Reporting date |
|
2023 average |
|
Reporting date |
|
2022 average |
|---|---|---|---|---|---|---|---|---|
1 US dollar |
|
0.9050 |
|
0.9248 |
|
0.9376 |
|
0.9497 |
1 Chinese yuan renminbi |
|
0.1274 |
|
0.1305 |
|
0.1359 |
|
0.1413 |
1 Indian rupee |
|
0.0109 |
|
0.0112 |
|
0.0113 |
|
0.0121 |
1 Malaysian ringgit |
|
0.1969 |
|
0.2028 |
|
0.2128 |
|
0.2161 |
1 Polish zloty |
|
0.2304 |
|
0.2202 |
|
0.2136 |
|
0.2134 |
1 Russian ruble |
|
0.0101 |
|
0.0108 |
|
0.0132 |
|
0.0139 |
1 South African rand |
|
0.0491 |
|
0.0501 |
|
0.0553 |
|
0.0581 |
1 Ukrainian hryvnia |
|
0.0239 |
|
0.0253 |
|
0.0253 |
|
0.0293 |
In the separate financial statements of the consolidated companies presented in local currency, receivables and payables are translated at the end of the reporting period in accordance with IAS 21. Currency translation differences were recognized through profit or loss as other operating income or expense. Non-monetary assets that are measured on the basis of cost were measured at the exchange rate on the day of the transaction.