Nokia 2015 Annual Report Download - page 162
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160 NOKIA IN 2015
Notes to consolidated nancial statements continued
20. Derivative nancial instruments
EURm
Assets Liabilities
Fair value(1) Notional(2) Fair value(1) Notional(2)
2015
Hedges on net investment in foreign subsidiaries:
Forward foreign exchange contracts 2 223 (5) 464
Currency options bought – 106 – –
Currency options sold –––114
Cash ow hedges:
Forward foreign exchange contracts 4 844 (19) 880
Fair value hedges:
Interest rate swaps 52 301 – –
Cash ow and fair value hedges:(3)
Cross-currency interest rate swaps 17 355 (5) 646
Derivatives not designated in hedge accounting relationships carried at fair value
through prot and loss:
Forward foreign exchange contracts 17 2 117 (31) 2 296
Currency options bought 4 350 – –
Currency options sold – – – 48
Interest rate swaps – – (50) 646
Other derivatives – – (4) 37
Total 96 4 296 (114) 5 131
2014
Hedges on net investment in foreign subsidiaries:
Forward foreign exchange contracts 3 217 (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 2 397 – –
Currency options sold – – – 62
Interest rate swaps – – (35) 372
Total 241 5 231 (174) 5 436
(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.