Nokia 2011 Annual Report Download - page 260

Download and view the complete annual report

Please find page 260 of the 2011 Nokia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 296

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264
  • 265
  • 266
  • 267
  • 268
  • 269
  • 270
  • 271
  • 272
  • 273
  • 274
  • 275
  • 276
  • 277
  • 278
  • 279
  • 280
  • 281
  • 282
  • 283
  • 284
  • 285
  • 286
  • 287
  • 288
  • 289
  • 290
  • 291
  • 292
  • 293
  • 294
  • 295
  • 296

17. Derivative financial instruments
Assets Liabilities
2011 Fair value (1) Notional (2) Fair value (1) Notional (2)
EURm EURm EURm EURm
Hedges of net investment in foreign subsidiaries:
Forward foreign exchange contracts ........ 56 1584 (179) 2810
Cash flow hedges:
Forward foreign exchange contracts ........ 107 7464 (117) 7540
Fair value hedges
Interest rate swaps ...................... 167 1627 — —
Cash flow and Fair value hedges: (3)
Cross currency interest rate swaps ......... 26 378 — —
Derivatives not designated in hedge accounting
relationships carried at fair value through profit and
loss:
Forward foreign exchange contracts ........ 112 5435 (139) 6282
Currency options bought ................. 7 994 — —
Currency options sold .................... — — (6) 721
Interest rate swaps ...................... — — (41) 552
Other derivatives ........................ — 3 (1) 38
475 17 485 (483) 17 943
Assets Liabilities
2010 Fair value (1) Notional (2) Fair value (1) Notional (2)
EURm EURm EURm EURm
Hedges of net investment in foreign subsidiaries:
Forward foreign exchange contracts ........ 66 2254 (154) 4433
Cash flow hedges: ..............................
Forward foreign exchange contracts ........ 41 8025 (57) 8572
Fair value hedges ..............................
Interest rate swaps ...................... 128 1550 (8) 76
Cash flow and Fair value hedges: (3) ................
Cross currency interest rate swaps ......... — — (6) 378
Derivatives not designated in hedge accounting
relationships carried at fair value through profit and
loss:
Forward foreign exchange contracts ........ 73 5349 (69) 7956
Currency options bought ................. 13 1959 — —
Currency options sold .................... — — (15) 749
Interest rate swaps ...................... 45 1028 (50) 1199
366 20 165 (359) 23 363
(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) These cross-currency interest rate swaps have been designated partly as fair value hedges and
partly as cash flow hedges.
F-50