Currency translation

In the subsidiaries’ separate financial statements, transactions in foreign currency are valued at the rate prevailing on the transaction date. Exchange rate fluctuations up to the closing date are taken into account in the valuation of receivables and payables in foreign currency; the resulting gains and losses are recognised in income. Currency translation differences from receivables and payables in foreign currency, which must be regarded as a net investment in a foreign business operation, are reported as reserves retained from earnings outside of profit or loss.

The annual financial statements of foreign subsidiaries are translated into euros according to the functional currency concept of IAS 21 (The Effects of Changes in Foreign Exchange Rates). The functional currency is defined as the currency of the primary economic environment of the subsidiary. Since all consolidated companies operate as financially, economically and organisationally autonomous entities, their respective local currency is the functional currency. Assets and liabilities are therefore converted at the average exchange rate prevailing on the closing date, whereas income statement items are translated at the annual average exchange rate. Differences from the translation of the financial statements of non-German subsidiaries do not affect income and are shown as separate items under reserves retained from earnings. Such currency differences are recorded as income in the year in which foreign subsidiaries are deconsolidated.

In the financial year 2012, no functional currency of a consolidated company was classified as hyperinflationary as defined by IAS 29 (Financial Reporting in Hyperinflationary Economies).

The following exchange rates were applied in the translation of key currencies outside the European Monetary Union that are of major significance for METRO GROUP:

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Average exchange rate per €

Period-end exchange rate per €

 

 

 

 

 

 

 

 

2011

2012

31.12.2011

31.12.2012

Bosnian mark

BAM

1.95583

1.95583

1.95583

1.95583

Bulgarian lev

BGN

1.95583

1.95583

1.95583

1.95583

Chinese renminbi

CNY

8.99760

8.10830

8.15880

8.22070

Croatian kuna

HRK

7.43840

7.52157

7.53700

7.55750

Czech koruna

CZK

24.59169

25.14625

25.78700

25.15100

Danish krone

DKK

7.45061

7.44378

7.43420

7.46100

Egyptian pound

EGP

8.27979

7.80341

7.76610

8.33160

Hong Kong dollar

HKD

10.83782

9.97090

10.05100

10.22600

Hungarian forint

HUF

279.32945

289.34044

314.58000

292.30000

Indian rupee

INR

64.87245

68.59749

68.71300

72.56000

Indonesian rupee

IDR

12,207.29000

12,051.91000

11,731.47000

12,713.97000

Japanese yen

JPY

111.01395

102.62680

100.20000

113.61000

Kazakhstani tenge

KZT

204.20515

191.72246

191.72000

199.22000

Moldovan leu MDL

MDL

16.33288

15.57239

15.07370

15.99670

New Romanian leu

RON

4.23824

4.45876

4.32330

4.44450

New Turkish lira

TRY

2.33596

2.31415

2.44320

2.35510

Norwegian krone

NOK

7.79424

7.47557

7.75400

7.34830

Pakistani rupee

PKR

120.25368

120.02184

116.19190

128.17930

Polish złoty

PLN

4.12026

4.18338

4.45800

4.07400

Pound Sterling

GBP

0.86803

0.81108

0.83530

0.81610

Russian rouble

RUB

40.88034

39.92102

41.76500

40.32950

Serbian dinar

RSD

101.96651

113.03958

104.64090

113.71830

Singapore dollar

SGD

1.74904

1.60594

1.68190

1.61110

Swedish krona

SEK

9,02905

8,70515

8,91200

8,58200

Swiss franc

CHF

1.23321

1.20529

1.21560

1.20720

Ukrainian hryvnia

UAH

11.09211

10.27073

10.29805

10.53717

US dollar

USD

1.39221

1.28539

1.29390

1.31940

Vietnamese dong

VND

28,489.89000

26,793.52000

26,955.60000

27,580.44000