Page 96 - KELAG Annual Report 2019
P. 96

as  income/expense  in  the  income  statement  item  in  which  the  underlying  transaction  was

                                      The  functional  currency  of  KELAG  and  the  reporting  currency  of  the  Group  is  the  euro. The
                                      functional currency of each entity is fixed in accordance with IAS 21. Because the foreign entities
                                      included in the consolidated financial statements conduct their business independently in their
                                      local currency, the relevant functional currencies generally correspond to their local currencies.
                                      The separate financial statements of these foreign subsidiaries are translated into euro for the
                                      consolidated financial statements using the functional currency method.

                                      The  assets  and  liabilities  of  non-Austrian  entities  are  generally  translated  at  the  reference
                                      exchange rate of the European Central Bank or national central banks as of the reporting date.
                                      Income and expenses are translated at average monthly exchange rates. Exchange differences as
                                      of the reporting date are recorded in other comprehensive income and disclosed separately in

                                      The exchange rates used for currency translation developed as follows:

                                                                                             2019   31/12/2019
                                       Bulgarian lev (BGN)                                  1.9558     1.9558
                                       Czech koruna (CZK)                                  25.6638    25.4080
                                       Romanian lei (RON)                                   4.7434     4.7830
                                       Croatian kuna (HRK)                                  7.4198     7.4395
                                       Macedonian denari (MKD)                             61.5179    61.4856
                                       Serbian dinar (RSD)                                117.8745    117.5928
                                       Bosnian marks (BAM)                                  1.9558     1.9558
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