NewRe Annual Report 2021 29 Other income and expenses A large component of other income and expenses is foreign exchange gains and losses which are partially offset by currency hedges The offsetting gains and losses from currency hedge transactions are recorded as part of the results from derivative financial instruments Foreign currency translation The Company s functional currency and presentation currency is the euro Transactions denominated in foreign currency are translated into the function al currency at the spot exchange rate on the date of the transaction Share capital legal reserves from capital legal reserves from profits third party use real estate and tangible assets measured at historic cost as at 31 December 2020 are translated into euros at the historical exchange rate of 0 92460 EUR CHF the closing exchange rate at the date when the Company changed its functional currency from Swiss francs to euros Any subsequent changes in any of these items are translated into euros using the spot exchange rate at the transaction date All other balance sheet items that are denominated in a foreign currency are translated into euros using the closing exchange rate The Company has recognised a provision for net unrealised foreign exchange gains Pursuant to the requirements of the Swiss Code of Obligations the Company also presents all figures in Swiss francs Share capital legal reserves from capital and legal reserves from profits are translated at historical exchange rates All other balance sheet items are translated from euros to Swiss francs using the closing exchange rate of 1 03615 CHF EUR while items on the in come statement are translated using the annual average exchange rate of 1 08113 CHF EUR Significant changes in accounting policies The Company changed its functional currency and presentation currency from Swiss francs to euros as at 1 January 2021 In order to provide comparative figures in euros all 2020 financial statement figures were translated from Swiss francs to euros using the closing exchange rate of 0 92460 EUR CHF as at 31 December 2020 Upon changing the functional and presentation currency the Company also revised its approach to making disclosures explanations on significant move ments in the financial statements are no longer provided in the Notes to the Financial statements but in the Management report instead Notes to the financial statements NewRe Annual Report 2021 Inhalt indd 29 25 04 22 10 19

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