Nokia 2008 Annual Report Download - page 196
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20. Fair value and other reserves (Continued)
Gross Tax Net Gross Tax Net Gross Tax Net
Hedging reserve, EURm
Availableforsale
investments, EURm Total, EURm
Cash flow hedges:
Net fair value gains/(losses) ..... 312 (73) 239 — — — 312 (73) 239
Transfer of (gains)/losses to profit
and loss account as adjustment
to Net Sales ................ (507) 144 (363) — — — (507) 144 (363)
Transfer of (gains)/losses to profit
and loss account as adjustment
to Cost of Sales .............. 118 (44) 74 — — — 118 (44) 74
Transfer of (gains)/losses as a
basis adjustment to assets and
liabilities ................... 124 (32) 92 — — — 124 (32) 92
Availableforsale Investments:
Net fair value gains/(losses) ..... —— — (26) 8 (18) (26) 8 (18)
Transfer to profit and loss account
on impairment .............. ——— 1—1 1— 1
Transfer of net fair value
(gains)/losses to profit and loss
account on disposal .......... —— — 13 1 14 13 1 14
Balance at December 31, 2008 ... 101 (20) 81 (29) 10 (19) 72 (10) 62
In order to ensure that amounts deferred in the cash flow hedging reserve represent only the
effective portion of gains and losses on properly designated hedges of future transactions that remain
highly probable at the balance sheet date, Nokia has adopted a process under which all derivative
gains and losses are initially recognized in the profit and loss account. The appropriate reserve
balance is calculated at the end of each period and posted to the fair value and other reserves.
The Group continuously reviews the underlying cash flows and the hedges to ensure that the
amounts transferred to the fair value reserves during the year ended December 31, 2008 and 2007 do
not include gains/losses on forward exchange contracts that have been designated to hedge
forecasted sales or purchases that are no longer expected to occur.
All of the net fair value gains or losses recorded in the fair value and other reserve at December 31,
2008 on open forward foreign exchange contracts which hedge anticipated future foreign currency
sales or purchases are transferred from the Hedging Reserve to the profit and loss account when the
forecasted foreign currency cash flows occur, at various dates up to approximately 1 year from the
balance sheet date.
21. The shares of the Parent Company
Nokia shares and shareholders
Shares and share capital
Nokia has one class of shares. Each Nokia share entitles the holder to one vote at General Meetings of
Nokia.
On December 31, 2008, the share capital of Nokia Corporation was EUR 245 896 461.96 and the total
number of shares issued was 3 800 948 552.
F52
Notes to the Consolidated Financial Statements (Continued)