All amounts in the Mondadori Group consolidated financial statements are in euros, which is the Group’s functional and presentation currency .
When the financial statements of companies are denominated in a different currency, they are converted into the entity’s presentation currency as follows:
- assets and liabilities are converted at the exchange rate ruling at closing;
- income statement items are converted at the average exchange rate for the period.
Currency exchange rate differences that arise from these conversions are recognised in a specific reserve under shareholders’ equity.