25. Derivative financial instruments
|
|
|
Assets |
|
Liabilities |
||||
|
EURm |
|
Fair value(1) |
|
Notional(2) |
|
Fair value(1) |
|
Notional(2) |
|
2017 |
|
|
|
|
|
|
|
|
|
Hedges on net investment in foreign subsidiaries |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
38 |
|
3 491 |
|
(2) |
|
773 |
|
Cash flow hedges |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
56 |
|
1 305 |
|
(6) |
|
465 |
|
Fair value hedges |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
1 |
|
165 |
|
(1) |
|
79 |
|
Firm commitments |
|
17 |
|
133 |
|
(24) |
|
229 |
|
Cash flow and fair value hedges(3) |
|
|
|
|
|
|
|
|
|
Cross-currency interest rate swaps |
|
– |
|
– |
|
(141) |
|
1 512 |
|
Derivatives not designated in hedge accounting relationships carried at fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
73 |
|
5 858 |
|
(88) |
|
7 002 |
|
Currency options bought |
|
12 |
|
664 |
|
– |
|
– |
|
Currency options sold |
|
– |
|
– |
|
(4) |
|
163 |
|
Interest rate swaps |
|
– |
|
– |
|
– |
|
– |
|
Other derivatives |
|
– |
|
– |
|
(2) |
|
100 |
|
Total |
|
197 |
|
11 616 |
|
(268) |
|
10 323 |
|
2016 |
|
|
|
|
|
|
|
|
|
Hedges on net investment in foreign subsidiaries |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
20 |
|
1 829 |
|
(1) |
|
255 |
|
Cash flow hedges |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
12 |
|
382 |
|
(9) |
|
185 |
|
Fair value hedges |
|
|
|
|
|
|
|
|
|
Interest rate swaps |
|
42 |
|
300 |
|
– |
|
– |
|
Forward foreign exchange contracts |
|
21 |
|
350 |
|
(51) |
|
689 |
|
Firm commitments |
|
34 |
|
633 |
|
(6) |
|
311 |
|
Cash flow and fair value hedges(3) |
|
|
|
|
|
|
|
|
|
Cross-currency interest rate swaps |
|
42 |
|
1 002 |
|
– |
|
– |
|
Derivatives not designated in hedge accounting relationships carried at fair value through profit and loss |
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts |
|
61 |
|
3 777 |
|
(135) |
|
7 526 |
|
Currency options bought |
|
3 |
|
569 |
|
– |
|
– |
|
Interest rate swaps |
|
– |
|
– |
|
(29) |
|
329 |
|
Other derivatives |
|
– |
|
– |
|
(5) |
|
157 |
|
Total |
|
235 |
|
8 842 |
|
(236) |
|
9 452 |
|
(1) |
Included in other financial assets and other financial liabilities in the consolidated statement of financial position. |
|
(2) |
Includes the gross amount of all notional values for contracts that have not yet been settled or cancelled. The amount of notional value outstanding is not necessarily a measure or indication of market risk as the exposure of certain contracts may be offset by that of other contracts. |
|
(3) |
Cross-currency interest rate swaps have been designated partly as fair value hedges and partly as cash flow hedges. |