Nokia 2003 Annual Report Download - page 138
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Notes to the Consolidated Financial Statements (Continued)
15. Available-for-sale investments (Continued)
Available-for-sale investments are classified as non-current, except for 1) the subordinated
convertible perpetual bonds of France Telecom (convertible at any time to ordinary shares of
France Telecom at a price of EUR 40 and with a fixed coupon of 5.75% until the end of 2009,
thereafter floating rate plus a spread of 300bp, both being subject to a maximum 50bp step down
linked to France Telecom’s long term credit ratings), which are regarded as current available-for-
sale investments and 2) highly liquid, interest-bearing investments held as part of the Group’s on
going cash management activities, which are regarded as current available-for-sale investments,
cash equivalents. See Note 34 for details of these investments.
16. Long-term loans receivable
Long-term loans receivable, consisting of loans made to customers principally to support their
financing of network infrastructure and services or working capital, net of allowances and
write-offs amounts (Note 7), are repayable as follows:
2003 2002
EURm EURm
Under 1 year ......................................................... ——
Between 1 and 2 years ................................................. 354 494
Between 2 and 5 years ................................................. ——
Over 5 years ......................................................... —562
354 1,056
17. Inventories
2003 2002
EURm EURm
Raw materials, supplies and other ........................................ 346 534
Work in progress ..................................................... 435 432
Finished goods ....................................................... 388 311
Total ............................................................... 1,169 1,277
18. Receivables
Prepaid expenses and accrued income mainly consist of VAT and tax receivables, prepaid pension
costs, accrued interest income and other accruals.
Accounts receivable include EUR 40 million (EUR 21 million in 2002) due more than 12 months
after the balance sheet date.
F-29