Nokia 2013 Annual Report Download - page 81

79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
billion was agreed to be paid in the form of a secured loan from
Siemens due one year from closing. In September , Nokia
issued EUR . billion of fi nancing in the form of three EUR
 million tranches of convertible bonds issued to Microsoft
maturing in ,  and  years, respectively. On September ,
, Nokia announced that it had decided to draw down all of
this fi nancing to prepay aforementioned fi nancing raised for
the acquisition of the shares in NSN and for general corporate
purposes. Microsoft has agreed not to sell any of the bonds or
convert any of the bonds to Nokia shares prior to the closing
of the Sale of the Devices & Services business. When the Sale
of the Devices & Services business was completed, the bonds
were redeemed and the principal amount and accrued interest
were netted against the proceeds from the transaction.
In December , NSN signed a forward starting term loan
and revolving credit facilities agreement to replace its revolv-
ing credit facility that matured in June . In December ,
the maturity date of the term loan agreement was extended
from June  to March  and the size was reduced from
EUR  million to EUR  million. In March  NSN issued
EUR  million of .% Senior Notes due April  and EUR
 million of .% Senior Notes due April . The net
proceeds, EUR  million, from the bond issuance were used
to prepay EUR  million Bank term loan and EUR  million of
the EUR EIB R&D loan in March , and the remaining pro-
ceeds are to be used for general corporate purposes.
Of the NSN’s EUR Finnish Pension Loan, EUR EIB R&D Loan
and EUR Nordic Investment Bank Loan, EUR  million, EUR 
million and EUR  million, respectively, are included in current
maturities as of December , .
The following table below is an undiscounted cash fl ow
analysis for both fi nancial liabilities and fi nancial assets that
are presented on the consolidated statement of fi nancial
position, and off -balance sheet instruments such as loan com-
mitments according to their remaining contractual maturity.
The line-by-line analysis does not directly reconcile with the
statement of fi nancial position.
Due Due Due
between between between Due
Total Duewithin 3 and 1 and 3 and beyond
At December 31, 2013, EURm amount 3months 12months 3years 5years 5 years
Non-current fi nancial assets
Long-term loans receivable 189 1 3 34 6 145
Current fi nancial assets
Current portion of long-term loans
receivable 30 4 26 — — —
Short-term loans receivable 94 94 — — — —
Investments at fair value through
profi t and loss 478 1 5 261 9 202
Available-for-sale investment 4 935 4 392 253 290 — —
Cash 3 676 3 676 — — — —
Cash fl ows related to derivative fi nancial
assets net settled:
Derivative contracts – receipts – 3 39 – 11 13 13 – 57
Cash fl ows related to derivative fi nancial
assets gross settled:
Derivative contracts – receipts 6 985 5 835 699 39 39 373
Derivative contracts – payments – 6853 – 5776 – 659 – 18 – 18 – 382
Accounts receivable
1 2 286 1 722 564 — — —
Non-current fi nancial liabilities
Long-term liabilities – 4894 – 35 – 161 – 561 – 1505 – 2632
Current fi nancial liabilities
Current portion of long-term loans 2 – 3431 – 1844 – 1 587 — — —
Short-term liabilities – 185 – 185 — — — —
Cash fl ows related to derivative fi nancial
liabilities net settled:
Derivative contracts – payments 62 — 3 5 5 49
Cash fl ows related to derivative fi nancial
liabilities gross settled:
Derivative contracts – receipts 3 301 3 146 155 — — —
Derivative contracts – payments – 3311 – 3155 – 156 — — —
Accounts payable – 1842 – 1704 – 138 — — —
Contingent fi nancial assets and liabilities
Loan commitments given undrawn 3 – 25 – 7 – 13 – 5 — —
Loan commitments obtained undrawn 4 2 227 – 4 – 10 2 241 — —