Nokia 2009 Annual Report Download - page 244

27. Earnings per share (Continued)
In 2009, stock options equivalent to 12 million shares (11 million in 2008) were excluded from the
calculation of diluted earnings per share because they were determined to be antidilutive.
28. Commitments and contingencies
2009 2008
EURm EURm
Collateral for our own commitments
Property under mortgages ................................................ 18 18
Assets pledged ......................................................... 13 11
Contingent liabilities on behalf of Group companies
Other guarantees . . ..................................................... 1 350 2 896
Contingent liabilities on behalf of other companies
Financial guarantees on behalf of third parties
(1)
.............................. — 2
Other guarantees . . ..................................................... 31
Financing commitments
Customer finance commitments
(1)
.......................................... 99 197
Venture fund commitments
(2)
............................................. 293 467
(1)
See also note 33 b).
(2)
See also note 33 a).
The amounts above represent the maximum principal amount of commitments and contingencies.
Property under mortgages given as collateral for our own commitments include mortgages given to
the Finnish National Board of Customs as a general indemnity of EUR 18 million in 2009 (EUR
18 million in 2008).
Assets pledged for the Group’s own commitments include availableforsale investments of
EUR 10 million in 2009 (EUR 10 million of availableforsale investments in 2008).
Other guarantees include guarantees of EUR 1 013 million in 2009 (EUR 2 682 million in 2008)
provided to certain Nokia Siemens Networks’ customers in the form of bank guarantees or corporate
guarantees issued by Nokia Siemens Networks’ Group entity. These instruments entitle the customer
to claim payment as compensation for nonperformance by Nokia of its obligations under network
infrastructure supply agreements. Depending on the nature of the guarantee, compensation is
payable on demand or subject to verification of nonperformance. Volume of Other guarantees has
decreased due to release of certain commercial guarantees and due to exclusion of those guarantees
where possibility for claim is considered as remote.
Contingent liabilities on behalf of other companies were EUR 3 million in 2009 (EUR 3 million in
2008).
Financing commitments of EUR 99 million in 2009 (EUR 197 million in 2008) are available under loan
facilities negotiated mainly with Nokia Siemens Networks’ customers. Availability of the amounts is
dependent upon the borrower’s continuing compliance with stated financial and operational
covenants and compliance with other administrative terms of the facility. The loan facilities are
primarily available to fund capital expenditure relating to purchases of network infrastructure
equipment and services.
Venture fund commitments of EUR 293 million in 2009 (EUR 467 million in 2008) are financing
commitments to a number of funds making technology related investments. As a limited partner in
F70
Notes to the Consolidated Financial Statements (Continued)