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
Prot 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