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This excerpt taken from the LUX 20-F filed Jun 28, 2006. Foreign
Currency Translation. The financial statements of foreign
subsidiaries are translated into Euro, which is the functional currency of the
parent company and the reporting currency of the Company. Assets and
liabilities of foreign subsidiaries, which use the local currency as their
functional currency, are translated at year-end exchange rates. Results of
operations are translated using the average exchange rates prevailing
throughout the year. The resulting cumulative translation adjustments have been
recorded as a separate component of “Accumulated Other Comprehensive Income
(Loss).”
The Company has one subsidiary in a highly inflationary country. The operations of such subsidiary are currently not material to the Company’s consolidated financial statements. Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year. Aggregate transaction gain/(loss) for the years ended December 31, 2003, 2004 and 2005, were Euro 1.3 million, Euro 12.5 million and Euro 9.5 million, respectively. This excerpt taken from the LUX 20-F filed Jun 29, 2005. Foreign Currency Translation. The
financial statements of foreign subsidiaries are translated into Euro, which is
the functional currency of the parent company and the reporting currency of the
Company. Assets and liabilities of foreign subsidiaries, which use the local
currency as their functional currency, are translated at year-end exchange
rates. Results of operations are translated using the average exchange rates
prevailing throughout the year. The resulting cumulative translation
adjustments have been recorded as a separate component of accumulated other
comprehensive income (loss).
The Company has one subsidiary in a highly inflationary country. However, the operations of such subsidiary are currently not material to the Company’s consolidated financial statements.
F-9
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year.
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