• Balance Sheet
• Income Statement
• Statement of Changes in Equity
• Segmental Reporting
• Cash Flow Statement
• Notes
  • Notes to the Annual Financial Statements
    • Principles and methods
    • Reporting entity
    • List of Holdings of the MVV Energie Group
    • Consolidation methods
    • Currency conversion
    • Accounting and valuation methods
  • Notes on the Balance Sheet
  • Notes on the Income Statement
  • Relationships to related companies, individuals and entities
  • Statement of Compliance pursuant to Section 161 of German Stock Corporation Law (AktG)
  • Information on concessions
  • Events subsequent to the reporting date
• Audit Opinion

Currency conversion

1 Euro	Rate on reporting date		Annual average rate
	30.9.2005	30.9.2004	2004/2005	2003/2004
Polish zloty (PLN)	3.918	4.380	4.103	4.626
Czech crowns (CZK)	29.553	31.660	30.242	32.139

(Source: European Central Bank)


The annual financial statements of foreign group companies have been converted into Euros in accordance with the functional currency concept outlined in IAS 21. This relates to the respective national currency at all companies thereby affected, in view of the fact that they conduct their business in their respective national currencies as independent foreign entities within the Group in financial, economic and organisational terms.

Assets and liabilities have been converted from their respective national currencies into Euros using the mean exchange rate valid on the reporting date. Income and expense items have been converted using annual average exchange rates.

Currency differences resulting from the conversion of the equity of the foreign companies in question or from the application of differing conversion rates for the balance sheet and the income statement have been offset against equity without any impact on earnings. The conversion of individual financial statements compiled in foreign currencies has been based on the exchange rates shown in the table above.