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16. Fair value of financial instruments (Continued)
At December 31, 2009
Current
availablefor
sale financial
assets
Noncurrent
availablefor
sale financial
assets
Financial
instruments
at fair
value
through
profit or
loss
Loans and
receivables
measured at
amortised
cost
Financial
liabilities
measured at
amortised
cost
Total
carrying
amounts
Fair
value
Carrying amounts
EURm EURm EURm EURm EURm EURm EURm
Availableforsale investments in publicly
quoted equity shares . .............. 8 8 8
Other availableforsale investments carried
at fair value . . . ................... 257 257 257
Other availableforsale investments carried
at cost less impairment .............. 258 258 258
Longterm loans receivable ............. 46 46 40
Other noncurrent assets .............. 6 6 6
Accounts receivable .................. 7981 7981 7981
Current portion of longterm loans
receivable ....................... 14 14 14
Derivative assets . ................... 316 316 316
Other current financial assets . . ......... 13 13 13
Fixed income and moneymarket
investments carried at fair value . . . .... 7151 31 7182 7182
Investments designated at fair value
through profit and loss .............. 580 580 580
Total financial assets . . . .............. 7 151 554 896 8 060 16 661 16 655
Longterm interestbearing liabilities . . .... 4432 4432 4691
Other longterm noninterest bearing
financial liabilities . . . .............. 2 2 2
Current portion of longterm loans
payable . ........................ 44 44 44
Shortterm borrowings . . .............. 727 727 727
Other financial liabilities . .............. 245 245 245
Accounts payable . ................... 4950 4950 4950
Total financial liabilities . .............. — 245 10 155 10 400 10 659
The current fixed income and money market investments included available for sale liquid assets of
EUR 3 772 million (EUR 2 367 million in 2009) and cash equivalents of EUR 5 641 million
(EUR 4 784 million in 2009). See Note 35, section Financial Credit Risk, for details on fixed income and
moneymarket investments.
For information about the valuation of items measured at fair value see Note 1.
In the tables above, fair value is set to carrying amount for other availableforsale investments
carried at cost less impairment for which no reliable fair value has been possible to estimate.
The fair value of loan receivables and payables is estimated based on the current market values of
similar instruments. Fair value is estimated to be equal to the carrying amount for shortterm
financial assets and financial liabilities due to limited credit risk and short time to maturity.
The amount of change in the fair value of investments designated at fair value through profit and
loss attributable to changes in the credit risk of the assets was deemed inconsequential during 2010.
Changes in fair value that are attributable to changes in market conditions are calculated based on
relevant benchmark interest rates.
The Group has a noncontrolling interest that includes a put arrangement measured at its redemption
value of EUR 88 million at December 31, 2010 presented in Other financial liabilities. The put
arrangement has been exercised in the first quarter of 2011. The remaining portion of the line Other
financial liabilities is comprised of derivatives liabilities.
Note 17 includes the split of hedge accounted and nonhedge accounted derivatives.
F48
Notes to the Consolidated Financial Statements (Continued)