Porsche 2007 Annual Report Download - page 136
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133
Currency translation
The financial statements of consolidated subsidiaries prepared in foreign currency are translated
to the euro in accordance with IAS 21.
The functional currency is the local currency for all consolidated entities, since these subsidiaries
are independent operations from a financial, economic and organizational perspective.
Assets, liabilities and contingent liabilities are translated at the mean rate as of the balance sheet
date, while equity is translated at historical rates with the exception of income and expenses re-
corded directly in equity. The income statement is translated using average annual exchange rates.
Exchange rate differences resulting from the translation of financial statements are recognized as
a separate item directly under equity until the disposal of the subsidiary.
Goodwill and adjustments of assets and liabilities from business combinations are recorded in the
functional currency of the subsidiary.
The following key exchange rates for the Porsche consolidated financial statements were used for
currency translation:
Foreign currency items in the financial statements of the entities included in consolidation are
measured at the historical rates. Monetary assets and liabilities denominated in foreign currencies
are retranslated at the functional currency rate of exchange ruling at the balance sheet date. Non-
monetary items denominated in a foreign currency measured at historical cost are translated using
the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value
in a foreign currency are translated using the exchange rates at the date when the fair value was
determined. Exchange rate gains and losses as of the balance sheet date are recorded in profit
or loss.
Closing rate Average rate
31/ 7/2008 31/ 7/2007 2007/ 08 2006/07
Australia AUD 1.6562 1.5961 1.6450 1.6525
Canada CAD 1.6090 1.4587 1.4986 1.4793
China CNY 10.7217 10.3500 10.7253 10.2243
Hong Kong HKD 12.2412 10.7108 11.6000 10.2503
Japan JPY 168.8800 163.5900 161.8668 156.4703
Russia RUB 36.6501 35.0136 36.1415 34.5099
Switzerland CHF 1.6338 1.6516 1.6266 1.6158
United Kingdom GBP 0.7886 0.6749 0.7446 0.6744
USA USD 1.5684 1.3707 1.4886 1.3140