Transactions in foreign currency
The individual Group companies recognise transactions in foreign currency using the mean rate of exchange on the date of each transaction. Monetary assets and liabilities in foreign currency existing on the balance sheet reporting date are translated to euros using the mean rate of exchange on the balance sheet reporting date. Any resulting foreign currency gains and losses are recognised with direct effect on the income statement.
Foreign currency translation of individual financial statements
For purposes of the IFRS, the functional currency of Wiener Städtische AG subsidiaries located outside of the Eurozone is the currency of the country where they are located. All assets and liabilities reported in individual financial statements are translated to euros using the mean rate of exchange on the balance sheet reporting date. Income statement items are translated using the average month-end mean rate of exchange during the reporting period. Foreign exchange gains and losses arising since 1 January 2004 have been recognised directly in equity under the “” item.
The following table shows the relevant exchange rates for the consolidated financial statements: