11. Financial income and expenses
|
EURm |
|
2017 |
|
2016 |
|
2015 |
|
Continuing operations |
|
|
|
|
|
|
|
Interest income on investments and loans receivable |
|
35 |
|
84 |
|
31 |
|
Net interest expense on derivatives not under hedge accounting |
|
– |
|
(18) |
|
(4) |
|
Interest expense on financial liabilities carried at amortized cost(1) |
|
(472) |
|
(234) |
|
(135) |
|
Net interest expense on defined benefit pensions (Note 27) |
|
(37) |
|
(65) |
|
(9) |
|
Net realized (losses)/gains on disposal of fixed income available-for-sale financial investments(2) |
|
(33) |
|
15 |
|
2 |
|
Net fair value (losses)/gains on investments at fair value through profit and loss |
|
– |
|
(18) |
|
(2) |
|
Net gains/(losses) on other derivatives designated at fair value through profit and loss |
|
– |
|
21 |
|
(5) |
|
Net fair value gains on hedged items under fair value hedge accounting |
|
42 |
|
11 |
|
7 |
|
Net fair value losses on hedging instruments under fair value hedge accounting |
|
(23) |
|
(15) |
|
(12) |
|
Net foreign exchange losses |
|
(157) |
|
(9) |
|
(76) |
|
Other financial income(3) |
|
172 |
|
85 |
|
31 |
|
Other financial expenses(4) |
|
(64) |
|
(144) |
|
(14) |
|
Total |
|
(537) |
|
(287) |
|
(186) |
|
(1) |
In 2017, interest expense includes one-time charges of EUR 220 million related to the Group’s tender offer to purchase USD 300 million 6.50% notes due January 15, 2028, USD 1 360 million 6.45% notes due March 15, 2029, EUR 500 million 6.75% notes due February 4, 2019 and USD 1 000 million 5.375% notes due May 15, 2019 as well as an interest expense of EUR 69 million related to a change in uncertain tax positions. In 2016, interest expense included one-time charges of EUR 41 million, primarily related to the redemption of Nokia of America Corporation USD 650 million 4.625% notes due July 2017, USD 500 million 8.875% notes due January 2020 and USD 700 million 6.750% notes due November 2020. |
|
(2) |
In 2017, includes a one-time charge of EUR 32 million related to the sale of certain financial assets. |
|
(3) |
In 2017, includes distributions of EUR 80 million (EUR 66 million in 2016 and EUR 25 million in 2015) from private venture funds held as non-current available-for-sale investments as well as income of EUR 64 million due to a change in the fair value of the financial liability related to Nokia Shanghai Bell. Refer to Note 33, Significant partly-owned subsidiaries. |
|
(4) |
In 2017, includes impairments of EUR 34 million (EUR 108 million in 2016) related to private venture funds held as non-current available-for-sale investments. Refer to Note 16, Impairment. |