Nokia 2003 Annual Report Download - page 150
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Notes to the Consolidated Financial Statements (Continued)
31. Related party transactions (Continued)
The Group recorded net rental expense of EUR 2 million in 2003 (EUR 2 million in 2002 and EUR 4
million in 2001) pertaining to a sale-leaseback transaction with the Nokia Pension Foundation
involving certain buildings and a lease of the underlying land.
There were no loans granted to top management at December 31, 2003 or 2002. See Note 4,
Personnel expenses, for officers and directors remunerations.
32. Associated companies
2003 2002 2001
EURm EURm EURm
Share of results of associated companies ............................ (18) (19) (12)
Dividend income ............................................... 31—
Share of shareholders’ equity of associated companies ................. 18 30 41
Receivables from associated companies ............................. ——2
Liabilities to associated companies ................................. 37—
33. Notes to cash flow statement
2003 2002 2001
EURm EURm EURm
Adjustments for:
Depreciation and amortization (Note 9) ............................ 1,138 1,311 1,430
(Profit)/loss on sale of property, plant and equipment and available-for-
sale investments ............................................ 170 (92) 148
Income taxes (Note 11) ......................................... 1,699 1,484 1,192
Share of results of associated companies (Note 32) ................... 18 19 12
Minority interest .............................................. 54 52 83
Financial income and expenses (Note 10) .......................... (352) (156) (125)
Impairment charges (Note 7) .................................... 453 245 598
Customer financing impairment charges and reversals ............... (226) 279 714
Other ....................................................... (1) 980
Adjustments, total .............................................. 2,953 3,151 4,132
Change in net working capital
(Increase) decrease in short-term receivables ....................... (216) 25 (286)
(Increase) decrease in inventories ................................ (41) 243 434
Increase in interest-free short-term liabilities ....................... 54 687 830
Change in net working capital ..................................... (203) 955 978
Non-cash investing activities
Acquisition of:
Current available-for-sale investments in settlement of customer loan . . . 676 ——
Company acquisitions .......................................... 18 ——
Amber Networks .............................................. —— 408
Total ....................................................... 694 — 408
F-41