Nokia 2015 Annual Report Download - page 200

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198 NOKIA IN 2015
17. Distributable earnings
EURm 2015 2014
Reserve for invested non-restricted equity 3 805 3 067
Retained earnings 5 275 826
Prot for the year 1 087 5 383
Total retained earnings 10 167 9 276
Treasury shares at cost (711) (988)
Total 9 456 8 288
18. Fair value and other reserves
EURm
Hedging reserve Available-for-sale investments Total
Gross Tax Net Gross Tax Net Gross Tax Net
At January 1, 2014 (17) (17) (2) (2) (19) (19)
Cash ow hedges:
Net fair value gains 3 3 3 3
Transfer of gains to income statement as
adjustment to net sales (2) (2) (2) (2)
Transfer of losses to income statement as
adjustment to cost of sales 18 18 18 18
Available-for-sale investments:
Net fair value gains 11 11 11 11
At December 31, 2014 2 2 9 9 11 11
Cash ow hedges:
Net fair value gains 7 (2) 5 7 (2) 5
Available-for-sale investments:
Net fair value gains 14 (4) 10 14 (4) 10
Transfer to income statement on disposal (1) (1) (1) (1)
At December 31, 2015 9 (2) 7 22 (4) 18 31 (6) 25
Notes to Parent Company nancial statements continued