Nokia 2009 Annual Report Download - page 218

10. Financial income and expenses
2009 2008 2007
EURm
Dividend income on availableforsale financial investments ................. 31—
Interest income on availableforsale financial investments .................. 101 357 355
Interest income on loans receivables carried at amortised cost ............... ——1
Interest expense on financial liabilities carried at amortised cost ............. (243) (185) (43)
Net realised gains (or losses) on disposal of fixed income availableforsale
financial investments .............................................. 2(4) (17)
Net fair value gains (or losses) on investments at fair value through profit and
loss ............................................................ 19 ——
Interest income on investments at fair value through profit and loss .......... 11 ——
Net fair value gains (or losses) on hedged items under fair value hedge
accounting ....................................................... (4) ——
Net fair value gains (or losses) on hedging instruments under fair value hedge
accounting ....................................................... ———
Other financial income ............................................... 18 17 43
Other financial expenses.............................................. (29) (31) (24)
Net foreign exchange gains (or losses) ..................................
From foreign exchange derivatives designated at fair value through profit and
loss account .................................................... (358) 432 37
From balance sheet items revaluation ................................. 230 (595) (118)
Net gains (net losses) on other derivatives designated at fair value through
profit and loss account ............................................. (15) 65
Total ............................................................. (265) (2) 239
During 2008, interest expense has increased significantly due to increase in interestbearing liabilities
mainly related to NAVTEQ acquisition. Foreign exchange gains (or losses) have increased due to higher
cost of hedging and increased volatility on the foreign exchange market. During 2009, interest income
has decreased significantly due to lower interest rates and interest expense has increased given
higher longterm funding with higher cost.
11. Income taxes
2009 2008 2007
EURm EURm EURm
Income tax
Current tax . ........................................... (736) (1 514) (2 209)
Deferred tax ........................................... 34 433 687
Total ................................................. (702) (1 081) (1 522)
Finland ............................................... 76 (604) (1 323)
Other countries......................................... (778) (477) (199)
Total ................................................. (702) (1 081) (1 522)
F44
Notes to the Consolidated Financial Statements (Continued)