Nokia 2003 Annual Report Download - page 157

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Notes to the Consolidated Financial Statements (Continued)
34. Risk management (Continued)
(3) Embedded derivatives are components of contracts having the characteristics of derivatives,
and thus requiring fair valuing of such components. The change in the fair value is reported
in other financial income and expenses.
35. Principal Nokia Group companies at December 31, 2003
Parent Group
holding majority
%%
US Nokia Inc. ..................................................... 100.0
DE Nokia GmbH ................................................... 100.0 100.0
GB Nokia UK Limited .............................................. 100.0
KR Nokia TMC Limited ............................................. 100.0 100.0
CN Beijing Capitel Nokia Mobile Telecommunications Ltd .................. 52.9
NL Nokia Finance International B.V. ................................... 100.0 100.0
HU Nokia Kom´
arom Kft ............................................. 100.0 100.0
BR Nokia do Brazil Technologia Ltda .................................. 100.0 100.0
IT Nokia Italia Spa ................................................ 100.0
FR Nokia France S.A. ............................................... 100.0 100.0
CN Dongguan Nokia Mobile Phones Company Ltd ........................ 70.0
CN Beijing Nokia Hang Xing Telecommunications Systems Co. Ltd ........... 69.0
Shares in listed companies
Group holding more than 5% Group Group
holding voting
%%
Nextrom Holding S.A. ................................................ 79.33 86.21
Associated companies
Symbian Limited ................................................... 32.19 32.19
A complete list of subsidiaries and associated companies is included in Nokia’s Statutory Accounts.
36. Differences between International Accounting Standards and U.S. Generally Accepted
Accounting Principles
The Group’s consolidated financial statements are prepared in accordance with International
Accounting Standards, which differ in certain respects from accounting principles generally
accepted in the United States (U.S. GAAP).
F-48