23. Interest-bearing liabilities
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Carrying amount EURm |
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Issuer/borrower |
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Instrument |
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Currency |
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Nominal (million) |
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Final maturity |
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2017 |
|
2016 |
|
Nokia Corporation |
|
6.75% Senior Notes(1) |
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EUR |
|
231 |
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February 2019 |
|
241 |
|
527 |
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Nokia Corporation |
|
5.375% Senior Notes(2) |
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USD |
|
581 |
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May 2019 |
|
487 |
|
961 |
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Nokia Corporation |
|
1.00% Senior Notes(1) |
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EUR |
|
500 |
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March 2021 |
|
498 |
|
– |
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Nokia Corporation |
|
3.375% Senior Notes(2) |
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USD |
|
500 |
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June 2022 |
|
406 |
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– |
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Nokia Corporation |
|
2.00% Senior Notes(1) |
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EUR |
|
750 |
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March 2024 |
|
744 |
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– |
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Nokia Corporation |
|
4.375% Senior Notes(2) |
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USD |
|
500 |
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June 2027 |
|
404 |
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– |
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Nokia of America Corporation |
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6.5% Senior Notes(1)(2) |
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USD |
|
74 |
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January 2028 |
|
62 |
|
287 |
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Nokia of America Corporation |
|
6.45% Senior Notes(1)(2) |
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USD |
|
206 |
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March 2029 |
|
174 |
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1 306 |
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Nokia Corporation |
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6.625% Senior Notes |
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USD |
|
500 |
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May 2039 |
|
424 |
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482 |
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Nokia Corporation |
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Revolving Credit Facility |
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EUR |
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1 579 |
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June 2020 |
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– |
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– |
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Nokia Corporation and various subsidiaries |
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Other liabilities(3) |
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|
|
|
|
|
|
326 |
|
464 |
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Total |
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|
|
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|
3 766 |
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4 027 |
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(1) |
In March 2017, the Group issued EUR 500 million 1.00% Senior Notes due 2021 and EUR 750 million 2.00% Senior Notes due 2024 under the 5 billion Euro Medium-Term Note Programme. The proceeds of the new notes were used to redeem (nominal amounts) EUR 269 million of the 2019 Euro Notes, USD 86 million of the 2028 USD Notes and USD 401 million of the 2029 USD Notes and for general corporate purposes. |
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(2) |
In June 2017, the Group issued USD 500 million 3.375% Senior Notes due 2022 and USD 500 million 4.375% Senior Notes due 2027 under U.S. Securities Act of 1933, as amended. The proceeds of the new notes were used to redeem (nominal amounts) USD 419 million of the 2019 USD Notes, USD 140 million of the 2028 USD Notes and USD 753 million of the 2029 USD Notes and for general corporate purposes. |
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(3) |
Includes liabilities related to the French research and development tax credits (Crédits d’Impôt Recherche) of EUR 62 million (EUR 132 million in 2016) that have been sold to banks on a recourse basis and hence remain on the consolidated statement of financial position. |
All borrowings presented above are senior unsecured and have no financial covenants.
Changes in interest-bearing liabilities arising from financing activities:
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|
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Long-term interest-bearing liabilities |
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Short-term interest-bearing liabilities |
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Derivatives held to hedge long-term borrowings |
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Total |
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As of January 1, 2017 |
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3 657 |
|
370 |
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(30) |
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3 997 |
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Cash flows |
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132 |
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(40) |
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(49) |
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43 |
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Non-cash changes: |
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Acquisitions |
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– |
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4 |
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– |
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4 |
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Translation differences |
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(291) |
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(12) |
|
199 |
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(104) |
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Changes in fair value |
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(46) |
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– |
|
15 |
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(31) |
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Other |
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5 |
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(13) |
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– |
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(8) |
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As of December 31, 2017 |
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3 457 |
|
309 |
|
135 |
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3 901 |