Nokia 2004 Annual Report Download - page 117

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Table 3 Equity investments Value at Risk
VaR 2004 2003
(EUR millions)
At December 31 .................................................... 0.1 0.2
Average for the year ................................................ 0.2 3.5
Range for the year .................................................. 0.1-0.3 0.2-9.4
In addition to the listed equity holdings, Nokia invests in private equity through Nokia Venture
Funds. The fair value of these available-for-sale equity investments at December 31, 2004 was
USD 142 million (USD 85 million in 2003). Nokia is exposed to equity price risk on social security
costs relating to stock compensation plans. Nokia hedges this risk by entering into cash settled
equity swap and option contracts.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not applicable.
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