Nokia 2005 Annual Report Download - page 203
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Notes to the Consolidated Financial Statements (Continued)
38. Risk management (Continued)
Fair values of derivatives
The net fair values of derivative financial instruments at the balance sheet date were:
2005 2004
EURm EURm
Derivatives with positive fair value(1):
Forward foreign exchange contracts(2) .................................... 60 278
Currency options bought .............................................. 114
Cash settled equity options ............................................. 85
Derivatives with negative fair value(1):
Forward foreign exchange contracts(2) .................................... (97) (89)
Currency options written .............................................. —(11)
Credit default swaps .................................................. —(2)
(1) Out of the forward foreign exchange contracts and currency options, fair value
EUR (27) million was designated for hedges of net investment in foreign subsidiaries as at
December 31, 2005 (EUR 43 million at December 31, 2004) and reported within translation
differences.
(2) Out of the foreign exchange forward contracts, fair value EUR 163 million was designated for
cash flow hedges as at December 31, 2005 (EUR 14 million at December 31, 2004) and reported
in fair value and other reserves.
F-65