The Company’s functional currency is the euro, which is the currency in which its financial statements are prepared and published.
Transactions carried out in foreign currencies are initially recognized at the spot exchange rate on the date of the transaction.
At the balance sheet date monetary assets and liabilities denominated in foreign currencies are translated at the spot exchange rate prevailing on that date.
Non-monetary items measured at historical cost in a foreign currency are translated using the historical exchange rate prevailing on the date of the transaction.
Non-monetary items measured at fair value are translated using the spot exchange rate at the date on which the measurements are determined for the financial statements.