Nokia 2008 Annual Report Download - page 215

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32. Notes to cash flow statement
2008 2007 2006
EURm EURm EURm
Adjustments for:
Depreciation and amortization (Note 9) ............................ 1 617 1 206 712
(Profit)/loss on sale of property, plant and equipment and
availableforsale investments .................................. (11) (1 864) (4)
Income taxes (Note 11) ......................................... 1 081 1 522 1 357
Share of results of associated companies (Note 14) . .................. (6) (44) (28)
Minority interest .............................................. (99) (459) 60
Financial income and expenses (Note 10)........................... 2(239) (207)
Impairment charges (Note 7) .................................... 149 63 51
Retirements (Note 8, 12) ........................................ 186 ——
Sharebased compensation (Note 22) .............................. 74 228 192
Restructuring charges .......................................... 448 856 —
Customer financing impairment charges and reversals ................ —— (276)
Finnish pension settlement (Note 5) ............................... 152 ——
Other income and expenses ..................................... (124) ——
Adjustments, total ............................................. 3 469 1 269 1 857
Change in net working capital (Increase) in shortterm receivables ...... (534) (2 146) (1 770)
Decrease (Increase) in inventories ............................... 321 (245) 84
(Decrease) Increase in interestfree shortterm liabilities ............. (2 333) 2 996 893
Change in net working capital ................................... (2 546) 605 (793)
The Group did not engage in any material noncash investing activities in 2008 and 2006. In 2007 the
formation of Nokia Siemens Networks was completed through the contribution of certain tangible
and intangible assets and certain business interests that comprised Nokia’s networks business and
Siemens’ carrierrelated operations. See Note 8.
33. Subsequent events
Eurobond issuance under Euro Medium Term Note program and European Investment Bank loan
In February 2009, the Group issued EUR 1 750 million of Eurobonds with maturities of five and ten
years under its EUR 3 000 million Euro Medium Term Note, or EMTN program, to repay part of the
Group’s existing shortterm borrowings. The Group voluntarily cancelled its USD 2 000 million
committed credit facility maturing in 2009 due to this repayment. In February, the Group also signed
and fully drew down a EUR 500 million loan from the European Investment Bank to finance part of its
smartphone research and development expenses.
F71
Notes to the Consolidated Financial Statements (Continued)