Currency Translation

Bechtle's subsidiaries keep their accounts in their respective local currency. Transactions in foreign currencies are converted at the closing rate on the day of the transaction. On the trade date, monetary assets and liabilities are values at their closing rate, while non-monetary balance sheet items are converted at the rate on the day of the transaction. Exchange gains and losses arising from exchange rate fluctuations on foreign currency transactions are recognised in profit and loss. In contrast, currency translation differences based on net investments in a foreign business of a subsidiary are recognised under a separate item in the equity outside profit and loss.

Within the framework of the consolidation, assets and liabilities are converted into the functional currency euro at the closing rate in accordance with IAS 21. The revenue and expense accounts are converted at the average rate during the reporting period. Equity is determined on a historical cost basis. Any resulting exchange differences are recognised as a separate item under equity.

Changes in the exchange rates of important currencies in relation to the euro: