Nokia 2005 Annual Report Download - page 201
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Notes to the Consolidated Financial Statements (Continued)
38. Risk management (Continued)
Current Available-for-sale investments(1)(2)(3)
Maturity date Maturity date
less than 12 months 12 months or more Total
Fair Unrealized Unrealized Fair Unrealized Unrealized Fair Unrealized Unrealized
2005 Value Losses Gains Value Losses Gains Value Losses Gains
Governments . . . 30 — — 3,919 (32) 2 3,949 (32) 2
Banks ......... 2,962 (3) — 803 (5) 1 3,765 (7) 1
Corporates ..... 60 — — 433 (1) 2 459 (1) 2
Asset backed
securities .... 25 — — 112 — — 172 — —
3,077 (3) — 5,267 (38) 5 8,345 (41) 5
2004
Governments . . . 1,820 — 1 3,999 (14) 4 5,819 (14) 5
Banks ......... 3,927 — 1 428 (1) 2 4,355 (1) 3
Corporates ..... 166 — — 302 — 10 468 — 10
Asset backed
securities .... — — — 65 — — 65 — —
5,913 — 2 4,794 (15) 16 10,707 (15) 18
2005 2004
EURm EURm
Fixed rate investments ................................................ 7,531 10,429
Floating rate investments .............................................. 814 278
Total .............................................................. 8,345 10,707
(1) Available-for-sale investments are carried at fair value in 2005 and 2004.
(2) Weighted average interest rate for current available-for-sale investments was 3.52% in 2005
and 3.63% in 2004.
(3) Included within current Available-for-sale investments is EUR 10 million and EUR 11 million of
restricted cash at December 31, 2005 and 2004, respectively.
c) Liquidity risk
Nokia guarantees a sufficient liquidity at all times by efficient cash management and by investing
in liquid interest bearing securities. Due to the dynamic nature of the underlying business
Treasury also aims at maintaining flexibility in funding by keeping committed and uncommitted
credit lines available. At the end of December 31, 2005 the committed facility totaled
USD 2.0 billion. The committed credit facility is intended to be used for US and Euro Commercial
Paper Programs back up purposes. The commitment fee on the facility is 0.045% per annum.
The most significant existing funding programs include:
Revolving Credit Facility of USD 2,000 million, maturing in 2012
Local commercial paper program in Finland, totaling EUR 750 million
F-63