Nokia 2004 Annual Report Download - page 157
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Notes to the Consolidated Financial Statements (Continued)
16. Available-for-sale investments (Continued)
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.
Available-for-sale investments comprise: (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, (2) highly liquid,
interest-bearing investments with maturities at acquisition of longer than 3 months, which are
regarded as current available-for-sale investments, liquid assets and (3) similar types of
investments as in category (2), but with maturities at acquisition of less than 3 months, which are
regarded as current available-for-sale investments, cash equivalents. The remaining part of the
available-for-sale investments portfolio is classified as non-current. See Note 35 for details of these
investments.
17. 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 8), are repayable as follows:
2004 2003
EURm EURm
Under 1 year ......................................................... ——
Between 1 and 2 years ................................................. —354
Between 2 and 5 years ................................................. ——
Over 5 years ......................................................... ——
—354
18. Inventories
2004 2003
EURm EURm
Raw materials, supplies and other ........................................ 326 346
Work in progress ..................................................... 477 435
Finished goods ....................................................... 502 388
Total ............................................................... 1,305 1,169
19. Receivables
Prepaid expenses and accrued income consists of VAT and other tax receivables, prepaid pension
costs, accrued interest income and other accrued income, but no amounts which are individually
significant.
F-32