Nokia 2015 Annual Report Download - page 182

180 NOKIA IN 2015
Notes to consolidated nancial statements continued
Financial assets and liabilities subject to osetting under enforceable master netting agreements and similar arrangements at December 31:
EURm
Gross amounts of
financial assets/
(liabilities)
Gross amounts of
financial liabilities/
(assets) set off in the
statement of financial
position
Net amounts of
financial assets/
(liabilities) presented
in the statement of
financial position
Related amounts not set off in the
statement of financial position
Net amount
Financial instruments
assets/(liabilities)
Cash collateral
received/(pledged)
2015
Derivative assets 96 –96 67 24 5
Derivative liabilities (114) –(114) (65) (34) (15)
Total (18) –(18) 2(10) (10)
2014
Derivative assets 241 –241 124 85 32
Derivative liabilities (174) –(174) (124) –(50)
Total 67 –67 –85 (18)
The nancial instruments subject to enforceable master netting agreements and similar arrangements are not oset in the consolidated
statement of nancial position where there is no intention to settle net or realize the asset and settle the liability simultaneously.
Liquidity risk
Liquidity risk is dened as nancial distress or extraordinarily high nancing costs arising from a shortage of liquid funds in a situation where
outstanding debt needs to be renanced or where business conditions unexpectedly deteriorate and require nancing. Transactional liquidity
risk is dened as the risk of executing a nancial transaction below fair market value or not being able to execute the transaction at all within a
specic period of time. The objective of liquidity risk management is to maintain sucient liquidity, and to ensure that it is available fast enough
without endangering its value in order to avoid uncertainty related to nancial distress at all times.
The Group aims to secure sucient liquidity at all times through ecient cash management and by investing in short-term liquid
interest-bearing securities. Depending on its overall liquidity position, the Group may pre-nance or renance upcoming debt maturities before
contractual maturity dates. The transactional liquidity risk is minimized by entering into transactions where proper two-way quotes can be
obtained from the market.
Due to the dynamic nature of the underlying business, the Group aims to maintain exibility in funding by maintaining committed and
uncommitted credit lines. At December 31, 2015, the Group’s committed revolving credit facilities totaled EUR 1 500 million (EUR 1 500 million
in2014).
Signicant current long-term funding programs at December 31, 2015:
Issuer: Program: Issued
Nokia Corporation Euro Medium-Term Note Program, totaling EUR 5 000 million –
Signicant current short-term funding programs at December 31, 2015:
Issuer: Program: Issued
Nokia Corporation Local commercial paper program in Finland, totaling EUR 750 million –
Nokia Corporation US Commercial Paper program, totaling USD 4 000 million –
Nokia Corporation and Nokia Finance
International B.V.
Euro Commercial Paper program, totaling USD 4 000 million –
Nokia Solutions and Networks Finance B.V. Local commercial paper program in Finland, totaling EUR 500 million –