Nokia 2015 Annual Report Download - page 158

156 NOKIA IN 2015
18. Investments in associated companies and joint ventures
EURm 2015 2014
Net carrying amount at January 1 51 65
Translation dierences 6 5
Deductions – (7)
Share of results(1) 29 (12)
Dividends (2) –
Net carrying amount at December 31 84 51
(1) In 2015, the Group recorded a correction which increased the results of associated companies and joint ventures by EUR 25 million. The correction related to the results of a joint venture for the
fourthquarter of 2014. The Group had historically accounted for the results of the joint venture in arrears as the results have not been material. The Group evaluated these items in relation to the
current period as well as the periods in which they originated and determined that the corrections are immaterial to the consolidated nancial statements in all periods.
Shareholdings in associated companies and joint ventures comprise investments in unlisted companies.
19. Fair value of nancial instruments
EURm
Carrying amounts
Fair
value(1)
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
amortized cost
Financial
liabilities
measured at
amortized cost Total Total
2015
Available-for-sale investments, publicly quoted
equity shares 16 16 16
Available-for-sale investments, carried at fair value 703 703 703
Available-for-sale investments, carried at cost
lessimpairment 285 285 285
Long-term loans receivable 49 49 39
Accounts receivable 3 913 3 913 3 913
Current portion of long-term loans receivable 21 21 21
Other current nancial assets 96 11 107 107
Investments at fair value through prot and loss,
liquid assets 687 687 687
Available-for-sale investments, liquid assets carried
at fair value 2 167 2 167 2 167
Cash and cash equivalents carried at fair value 6 995 6 995 6 995
Total nancial assets 9 162 1 004 783 3 994 – 14 943 14 933
Long-term interest-bearing liabilities 2 023 2 023 2 100
Current portion of long-term interest-bearing
liabilities 1 1 1
Short-term borrowings 50 50 50
Other nancial liabilities 114 8 122 122
Accounts payable 1 910 1 910 1 910
Total nancial liabilities – – 114 – 3 992 4 106 4 183
(1) For items not carried at fair value, the following fair value measurement methods are used. The fair value is estimated to equal the carrying amount for available-for-sale investments carried at cost less
impairment for which it is not possible to estimate fair value reliably as there is no active market for these private fund investments. These assets are tested for impairment annually using a discounted
cash ow analysis. The fair value of loans receivable and loans payable is estimated based on the current market values of similar instruments (level 2). The fair values of long-term interest bearing
liabilities are based on discounted cash ow analysis (level 2) or quoted prices (level 1). The fair value is estimated to equal the carrying amount for short-term nancial assets and nancial liabilities due
to limited credit risk and short time to maturity. Refer to Note 1, Accounting principles.
Notes to consolidated nancial statements continued