Nokia 2006 Annual Report Download - page 188
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Notes to the Consolidated Financial Statements (Continued)
32. Leasing contracts (Continued)
The future costs for noncancellable leasing contracts are as follows:
Operating
leases
Leasing payments, EURm
2007 ************************************************************************** 176
2008 ************************************************************************** 135
2009 ************************************************************************** 109
2010 ************************************************************************** 67
2011 ************************************************************************** 48
Thereafter********************************************************************** 80
Total*************************************************************************** 615
Rental expense amounted to EUR 285 million in 2006 (EUR 262 million in 2005 and EUR 236 million
in 2004).
33. Related party transactions
Nokia Pension Foundation is a separate legal entity that manages and holds in trust the assets for
the Group’s Finnish employee benefit plans; these assets do not include Nokia shares. The Group
recorded net rental expense of EUR 2 million in 2006 (EUR 2 million in 2005 and EUR 2 million in
2004) pertaining to a saleleaseback transaction with the Nokia Pension Foundation involving certain
buildings and a lease of the underlying land.
At December 31, 2006, the Group had borrowings amounting to EUR 88 million (EUR 62 million in
2005) from Nokia Unterst¨utzungskasse GmbH, the Group’s German pension fund, which is a separate
legal entity.
There were no loans granted to the members of the Group Executive Board and Board of Directors at
December 31, 2006 or 2005.
2006 2005 2004
EURm EURm EURm
Transactions with associated companies
Share of results of associated companies ********************************** 28 10 (26)
Dividend income ******************************************************** 112
Share of shareholders’ equity of associated companies ********************** 61 33 37
Liabilities to associated companies**************************************** 14 14 3
Management compensation
The following table sets forth the salary and cash incentive information awarded and paid or
payable by the company to the Chief Executive Officer and President of Nokia Corporation for fiscal
F53