2. Basis of preparation
The principal accounting policies applied in the preparation of these Consolidated Financial Statements for the fiscal year from January 1, to December 31, 2023 are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The Consolidated Financial Statements have been prepared in euros. The exchange rates used by the Group for foreign currency translation are as follows:
Exchange rates | T066 | |||
|---|---|---|---|---|
Spot rate | Average rate | |||
per EUR | Dec 31, 2023 | Dec 31, 2022 | 2023 | 2022 |
Australian dollar | 1.6263 | 1.5693 | 1.6288 | 1.5164 |
Brazilian real | 5.3618 | 5.6386 | 5.4018 | 5.4406 |
Chinese renminbi yuan | 7.8509 | 7.3582 | 7.6587 | 7.0782 |
Swiss franc | 0.9260 | 0.9847 | 0.9716 | 1.0047 |
Czech koruna | 24.7240 | 24.1160 | 24.0044 | 24.5624 |
British pound sterling | 0.8691 | 0.8869 | 0.8698 | 0.8527 |
Indian rupee | 91.9045 | 88.1710 | 89.3040 | 82.7066 |
Japanese yen | 156.3300 | 140.6600 | 151.9021 | 137.9546 |
South Korean won | 1,433.6600 | 1,344.0900 | 1,413.2366 | 1,357.6447 |
Malaysian ringgit | 5.0775 | 4.6984 | 4.9310 | 4.6277 |
Mexican peso | 18.7231 | 20.8560 | 19.1894 | 21.1932 |
Polish złoty | 4.3395 | 4.6808 | 4.5418 | 4.6854 |
Serbian dinar | 116.8120 | 116.9248 | 116.8522 | 117.0864 |
Russian ruble | 99.9080 | 78.4640 | 92.3323 | 73.5250 |
Swedish krona | 11.0960 | 11.1218 | 11.4736 | 10.6265 |
Singapore dollar | 1.4591 | 1.4300 | 1.4522 | 1.4514 |
Thai baht | 37.9730 | 36.8350 | 37.6218 | 36.8502 |
Turkish lira | 32.6531 | 19.9649 | 25.7628 | 17.3982 |
US dollar | 1.1050 | 1.0666 | 1.0815 | 1.0537 |
Unless indicated otherwise, all amounts are stated in thousands of euros (EUR thousands). All amounts have been rounded. Therefore, in individual cases, differences in the order of one thousand euros may arise when adding individual values to the total value.
The Consolidated Financial Statements of NORMA Group have been prepared in accordance with International Financial Reporting Standards and the relevant interpretations as adopted by the EU (IFRS) as well as with the regulations under commercial law as set forth in Section 315e of the German Commercial Code (HGB) for the year ended December 31, 2023.
The Consolidated Statement of Comprehensive Income has been prepared in accordance with the total cost method.
The Consolidated Financial Statements of NORMA Group SE were prepared and released for publication by the Management Board on March 13, 2024. The review and approval by the Supervisory Board will take place on March 14, 2024.
The Consolidated Financial Statements of NORMA Group are being filed and published in the German Federal Gazette (Bundesanzeiger).
The preparation of financial statements in conformity with IFRS requires the Management Board to use certain accounting estimates. It is also required to exercise its judgment in the process of applying the Group’s accounting policies. Information on areas involving a higher degree of judgment or complexity and areas in which assumptions and estimates play a significant role in the Consolidated Financial Statements can be found at NOTE 6 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS.
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.