Nokia 2003 Annual Report Download - page 137

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Notes to the Consolidated Financial Statements (Continued)
14. Investments in associated companies
2003 2002
EURm EURm
Net carrying amount January 1 ........................................... 49 49
Additions ............................................................ 59 24
Share of results ....................................................... (18) (19)
Translation differences .................................................. (2) 1
Other movements ...................................................... (12) (6)
Net carrying amount December 31 ........................................ 76 49
In 2003 Nokia increased its ownership in Symbian from 19.0% to 32.2% by acquiring part of the
shares of Symbian owned by Motorola representing 13.2% of all the shares in Symbian, for EUR 57
million (GBP 39.6 million) in cash.
In 2001, Nextrom Holding S.A. was accounted for under the equity method. Due to the increase of
Nokia’s ownership in 2002 Nextrom Holding S.A. has been fully consolidated for accounting
purposes from the date of increased ownership which is reflected in other movements.
Shareholdings in associated companies are comprised of investments in unlisted companies in
2003 and 2002.
15. Available-for-sale investments
2003 2002
EURm EURm
Fair value at January 1 ................................................ 8,093 4,670
Additions, net ....................................................... 2,911 3,587
Net fair value gains/(losses) ............................................ 111 (87)
Impairment charges (Note 7) ........................................... (27) (77)
Fair value at December 31 ............................................. 11,088 8,093
Non-current ........................................................ 121 238
Current ............................................................ 816 —
Current, cash equivalents .............................................. 10,151 7,855
Available-for-sale investments, comprising marketable debt and equity securities and investments
in unlisted equity shares, are fair valued, except in the case of certain unlisted equities, where the
fair value cannot be measured reliably. Such unlisted equities are carried at cost, less impairment
(EUR 45 million in 2003 and EUR 48 million in 2002). Fair value for equity investments traded in
active markets and for unlisted equities, where the fair value can be measured reliably, is EUR 77
million in 2003 and EUR 190 million in 2002. Fair value for equity investments traded in active
markets is determined by using exchange quoted bid prices. For other investments, fair value is
estimated by using the current market value of similar instruments or by reference to the
discounted cash flows of the underlying net assets.
Gains and losses arising from the change in the fair value of available-for-sale investments are
recognized directly in fair value and other reserves.
F-28