21. Translation differences

21. Translation differences

(thousands of €)

2016

2015

On 1 January

(467)

(1,157)

Translation differences, arisen from translating foreign activities

(623)

690

Translation differences on 31 December

(1,090)

(467)

Translation differences decreased from a negative €0.5 million at the end of December 2015 to a negative of €1.1 million at the end of December 2016 mainly due to fluctuations of the GB pounds and the U.S. dollar exchange rates.