Nokia 2012 Annual Report Download - page 250

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17. Derivative financial instruments
Assets Liabilities
2012 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 ......... 24 2164 (11) 1 182
Cash flow hedges:
Forward foreign exchange contracts ......... 7 2968 (6) 3158
Fair value hedges
Interest rate swaps ........................ 174 1626 — —
Cash flow and Fair value hedges:(3)
Cross currency interest rate swaps .......... 42 378 — —
Derivatives not designated in hedge accounting
relationships carried at fair value through profit and
loss:
Forward foreign exchange contracts ......... 185 7111 (18) 3 337
Currency options bought ................... 16 1107 — —
Currency options sold ..................... — — (6) 289
Interest rate swaps ........................ — 150 (48) 513
Other derivatives ......................... — — (1) 9
448 15 504 (90) 8 488
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) 2 810
Cash flow hedges:
Forward foreign exchange contracts ......... 92 6273 (97) 6362
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 ......... 127 6626 (159) 7460
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
(1) In the statement of financial position the fair value of derivative financial instruments is included in
Other financial assets and in 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-49