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Currency translation

Foreign-currency transactions are translated into the functional currency at the exchange rate at the date of transaction. At the reporting date, monetary items are translated at the closing rate, and non-monetary items are translated at the exchange rate at the date of transaction. Exchange rate differences are recognized in profit or loss.

The assets and liabilities of Group entities whose functional currency is not the euro are translated into euros from the local currency using the middle rates at the reporting date. The income statements and corresponding profit or loss of foreign-currency denominated Group entities are translated at monthly average exchange rates for the period. The differences that arise from the use of both rates are recognized directly in equity.

The exchange rates of certain key currencies changed as follows:

Changes of exchange rates of certain key currencies

 

 

 

 

 

 

Annual average rate

Rate at the reporting date

 

 

 

 

 

 

 

2024

2023

2022

Dec. 31, 2024

Dec. 31, 2023

100 Czech korunas (CZK)

3.98049

4.16582

4.07089

3.96834

4.04417

100 Croatian kuna (HRK)a

n.a.

n.a.

13.27140

n.a.

n.a.

1,000 Hungarian forints (HUF)

2.52989

2.61802

2.55675

2.43070

2.61507

100 Macedonian denars (MKD)

1.62386

1.62354

1.62314

1.62725

1.62352

100 Polish zlotys (PLN)

23.22300

22.01400

21.33620

23.38780

23.05050

1 U.S. dollar (USD)

0.92391

0.92468

0.94930

0.96209

0.90506

a

Croatia joined the eurozone as a member of the European Union as of January 1, 2023. A fixed conversion rate was set for the kuna (HRK), Croatia’s national currency at that time.