Nokia 2014 Annual Report Download - page 164
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162 NOKIA IN 2014
20. Derivative nancial instruments
EURm
Assets Liabilities
Fair value(1) Notional(2) Fair value(1) Notional(2)
Continuing operations
2014
Hedges on net investment in foreign subsidiaries:
Forward foreign exchange contracts 3217 (56) 1 813
Currency options bought –78 – –
Currency options sold – – (1) 83
Cash ow hedges:
Forward foreign exchange contracts – – (14) 742
Fair value hedges:
Interest rate swaps 72 382 – –
Cash ow and fair value hedges:(3)
Cross-currency interest rate swaps 63 378 – –
Derivatives not designated in hedge accounting relationships carried at fair value
through prot and loss:
Forward foreign exchange contracts 101 3 779 (68) 2 364
Currency options bought 2397 – –
Currency options sold – – – 62
Interest rate swaps – – (35) 372
Total 241 5 231 (174) 5 436
2013
Hedges on net investment in foreign subsidiaries:
Forward foreign exchange contracts –2 035 (3) 1 086
Currency options bought 1152 – –
Currency options sold – – – 53
Cash ow hedges:
Forward foreign exchange contracts –308 –453
Fair value hedges:
Interest rate swaps 76 750 (3) 73
Cash ow and fair value hedges:(3)
Cross-currency interest rate swaps 8378 – –
Derivatives not designated in hedge accounting relationships carried at fair value
through prot and loss:
Forward foreign exchange contracts 94 3 687 (7) 1 691
Currency options bought 5332 – –
Currency options sold –––18
Interest rate swaps 7109 (22) 249
Total 191 7 751 (35) 3 623
(1) Included in other nancial assets and other nancial liabilities in the consolidated statement of nancial position.
(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 oset by that of other contracts.
(3) Cross-currency interest rate swaps have been designated partly as fair value hedges and partly as cash ow hedges.
Notes to consolidated nancial statements continued