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 significant currencies changed as follows:

  Annual average rate Rate at the reporting date
  2017 2016 2015 Dec. 31, 2017 Dec. 31, 2016
100 Czech korunas (CZK) 3.79799 3.69912 3.66596 3.90961 3.70104
1 pound sterling (GBP) 1.14063 1.22003 1.37760 1.12664 1.16939
100 Croatian kuna (HRK) 13.39790 13.27380 13.13380 13.43590 13.23480
1,000 Hungarian forints (HUF) 3.23421 3.21138 3.22570 3.22290 3.22612
100 Macedonian denars (MKD) 1.62388 1.62360 1.62569 1.62592 1.62421
100 Polish zlotys (PLN) 23.48500 22.91960 23.89210 23.93060 22.65680
1 U.S. dollar (USD) 0.88549 0.90365 0.90117 0.83340 0.94872