The Consolidated Financial Statements of the Prada Group as at December 31, 2018, which consist of the Consolidated Statement of Financial Position, the Consolidated Statement of Proﬁt or Loss for the twelve months ended December 31, 2018, the Consolidated Statement of Comprehensive Income for the twelve months ended December 31, 2018, the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2018, the Consolidated Statement of Changes in Shareholders’ Equity and the Notes to the Consolidated Financial Statements, have been prepared in accordance with the International Financial Reporting Standards (“IFRSs”) issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union.
At the date of presentation of these Consolidated Financial Statements, there were no differences between the IFRSs endorsed by the European Union and applicable to the PRADA Group and those issued by the IASB.
IFRS also refers to all International Accounting Standards (“IAS”) and all interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), previously called the Standing Interpretations Committee (“SIC”).
The Consolidated Statement of Financial Position presents separately the current and non-current assets and liabilities. All information necessary for accurate and complete disclosure is provided in the Notes to the Consolidated Financial Statements. The Consolidated Statement of Proﬁt or Loss is classified by destination. The Consolidated Statement of Cash Flows has been prepared with the indirect method.
The Consolidated Financial Statements have been prepared on a going concern basis and are presented in Euro, which is also the functional currency of PRADA spa.