Nokia 2008 Annual Report Download - page 207
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26. Derivative financial instruments (Continued)
Fair value
(1)
Notional
(2)
Fair value
(1)
Notional
(2)
2007
Assets
2007
Liabilities
EURm EURm EURm EURm
Hedges of net investment in foreign subsidiaries:
Forward foreign exchange contracts ........... 22 1 264 (6) 393
Currency options bought .................... —51——
Currency options sold ....................... ————
Cash flow hedges:
Forward foreign exchange contracts ........... 89 15 718 (64) 12 062
Currency options bought .................... 20 7 618 ——
Currency options sold ....................... (25) 6872
Derivatives not designated in hedge accounting
relationships carried at fair value through profit
and loss:
Forward foreign exchange contracts ........... 22 2 831 (49) 4 456
Currency options bought .................... 4 1 530 ——
Currency options sold ....................... ————
Interest rate futures ........................ 639——
Interest rate swaps......................... —43——
Cash settled equity options bought
(3)
.......... 41 63 ——
Cash settled equity options sold
(3)
............. ——(23) 40
204 29 157 (167) 23 823
(1)
The fair value of derivative financial instruments is included on the asset side under heading
Other financial assets and on the liability side under Other financial liabilities.
(2)
Includes the gross amount of all notional values for contracts that have not yet been settled or
cancelled. The amount of notional value outstanding is not necessarily a measure or indication of
market risk, as the exposure of certain contracts may be offset by that of other contracts.
(3)
Cash settled equity options are used to hedge risk relating to employee incentive programs and
investment activities.
F63
Notes to the Consolidated Financial Statements (Continued)