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Financial risk management
 12 Months Ended
Dec. 31, 2023
Disclosure of nature and extent of risks arising from financial instruments [abstract]  
Financial risk management 5.4. Financial risk management
General risk management principles
Nokia has a systematic and structured approach to risk
management. Key risks and opportunities are primarily
identified against business targets either in business
operations or as an integral part of strategy and financial
planning. Risk management covers strategic, operational,
financial, compliance and hazard risks. Key risks and
opportunities are analyzed, managed and monitored as
part of business performance management. The principles
documented in the Nokia Enterprise Risk Management Policy,
which is approved by the Audit Committee of the Board,
require risk management and its elements to be integrated into
key processes. One of the core principles is that the business
or function head is also the risk owner, although all employees
are responsible for identifying, analyzing and managing risks,
as appropriate, given their roles and duties. Nokia’s overall risk
management concept is based on managing the key risks that
would prevent Nokia from meeting its objectives, rather than
focusing on eliminating risks. In addition to the principles
defined in the Nokia Enterprise Risk Management Policy,
other key policies and operating procedures reflect the
implementation of specific aspects of risk management,
including financial risk management.
Financial risks
The objective for treasury activities is to guarantee sufficient
funding at all times and to identify, evaluate and manage
financial risks. Treasury activities support this aim by mitigating
the adverse effects on the profitability of the underlying
business caused by fluctuations in the financial markets,
and by managing the capital structure by balancing the levels
of liquid assets and financial borrowings. Treasury activities
are governed by the Nokia Treasury Policy approved by the
President and CEO, which provides principles for overall
financial risk management and determines the allocation
of responsibilities for financial risk management activities.
Operating procedures approved by the Chief Financial Officer
(CFO) cover specific areas such as foreign exchange risk,
interest rate risk, credit risk and liquidity risk, as well as the use
of derivative financial instruments in managing these risks.
Nokia is risk averse in its treasury activities.
Financial risks are divided into market risk covering foreign
exchange risk and interest rate risk; credit risk covering
business-related credit risk and financial credit risk; and
liquidity risk.
Market risk
Foreign exchange risk
Nokia operates globally and is exposed to transaction and
translation foreign exchange risks. The objective of foreign
exchange risk management is to mitigate adverse impacts from
foreign exchange fluctuations on Nokia’s profitability and cash
flows. Treasury applies a global portfolio approach to manage
foreign exchange risks within approved guidelines and limits.
Transaction risk arises from foreign currency denominated
assets and liabilities together with foreign currency
denominated future cash flows. Transaction exposures are
managed in the context of various functional currencies of
Group companies. Material transactional foreign exchange
exposures are hedged, unless hedging would be uneconomical
due to market liquidity and/or hedging cost. Exposures are
defined using transaction nominal values. Exposures are mainly
hedged with derivative financial instruments, such as foreign
exchange forward contracts and foreign exchange options
with most of the hedging instruments having a duration
of less than a year.
A layered hedging approach is typically used for hedging of
highly probable forecast foreign currency denominated cash
flows with quarterly hedged items defined based on set hedge
ratio ranges for each successive quarter. Hedged items defined
for successive quarters are hedged with foreign exchange
forward contracts and foreign exchange options with a hedge
ratio of 1:1. Hedging level ranges are adjusted on a monthly
basis including hedging instrument designation and
documentation as appropriate. In cases where hedges exceed
the hedge ratio range for any specific quarter, the hedge
portfolio for that specific quarter is adjusted accordingly.
In certain cases, mainly related to long-term construction
projects, Nokia applies fair value hedge accounting for foreign
exchange risk with the objective to reduce the exposure to
fluctuations in the fair value of the related firm commitments
due to changes in foreign exchange rates. Exposures are mainly
hedged with foreign exchange forward contracts with most
of the hedging instruments matching the duration of the
underlying projects. Nokia continuously manages the portfolio
of hedging instruments to ensure appropriate alignment with
the portfolio of hedged items at a hedging ratio of 1:1.
As Nokia has entities where the functional currency is other
than the euro, the shareholders’ equity is exposed to
fluctuations in foreign exchange rates. Changes in shareholders’
equity caused by movements in foreign exchange rates are
shown as currency translation differences in the consolidated
financial statements. The risk management strategy is to
protect the euro counter value of the portion of this exposure
expected to materialize as foreign currency repatriation cash
flows in the foreseeable future. Exposures are mainly hedged
with derivative financial instruments, such as foreign exchange
forward contracts and foreign exchange options with most of
the hedging instruments having a duration of less than a year.
Hedged items are defined based on conservative expectations
of repatriation cash flows based on a range of considerations.
Net investment exposures are reviewed, hedged items
designated, and hedging levels adjusted at minimum on a
quarterly basis with a hedge ratio of 1:1. Additionally, hedging
levels are adjusted whenever there are significant events
impacting expected repatriation cash flows.
The foreign exchange risk arising from foreign currency
denominated interest-bearing liabilities is primarily hedged
using cross-currency swaps that are also used to manage
Nokia’s interest rate profile (refer to the interest rate risk
section below).
Notional amounts in currencies that represent a significant portion of the currency mix in outstanding financial instruments and other hedged items at 31 December:
EURm 
USD
CNY
JPY
INR
2023
  
  
  
  
Foreign exchange exposure designated as hedged item for cash flow hedging, net(1)
606
(232)
281
(153)
Foreign exchange exposure designated as hedged item for fair value hedging for FX risk, net(2)
1 354
—
—
—
Foreign exchange exposure designated as hedged item for net investment hedging(3)
—
788
—
184
Foreign exchange exposure from interest-bearing liabilities(4)
(750)
—
—
—
Foreign exchange exposure from items on the statement of financial position, excluding interest-bearing liabilities, net
2 475
(804)
147
(346)
Other foreign exchange derivatives, carried at fair value through profit and loss, net(5)
(205)
720
(100)
(38)
2022
Foreign exchange exposure designated as hedged item for cash flow hedging, net(1)
854
(402)
311
(68)
Foreign exchange exposure designated as hedged item for fair value hedging for FX risk, net(2)
1 458
—
—
—
Foreign exchange exposure designated as hedged item for net investment hedging(3)
3 007
866
—
192
Foreign exchange exposure from interest-bearing liabilities(4)
(758)
—
—
—
Foreign exchange exposure from items on the statement of financial position, excluding interest-bearing liabilities, net
(2 709)
(888)
204
(272)
Other foreign exchange derivatives, carried at fair value through profit and loss, net(5)
4 214
892
(151)
(1 117)
(1)Includes foreign exchange exposure from forecast cash flows related to sales and purchases. In some currencies, especially the US dollar, Nokia has substantial foreign exchange exposures in both estimated cash inflows and outflows. These underlying exposures have
been hedged.
(2)Includes foreign exchange exposure from contractual firm commitments. These underlying exposures have been substantially hedged.
(3)Includes net investment exposures in foreign operations. These underlying exposures have been hedged.
(4)Includes interest-bearing liabilities that have been hedged with cross-currency swaps and foreign exchange forwards. Refer to Note 5.3. Derivative and firm commitment assets and liabilities.
(5)Items on the statement of financial position are hedged by a portion of foreign exchange derivatives not designated in a hedge relationship and carried at fair value through profit and loss. Embedded derivatives are included in this line item.
Effects of hedge accounting on the financial position and performance
Nokia is using several types of hedge accounting programs to manage its foreign exchange and interest rate risk exposures; refer to Note 5.3. Derivative and firm commitment assets and liabilities.
The effect of these programs on Nokia’s financial position and performance at 31 December:
EURm
Cash flow hedges(1)
Net investment hedges(1)
Fair value hedges for FX risk(1)
Fair value and cash flow hedges(1)
2023
Carrying amount of hedging instruments
2
5
(45)
(174)
Notional amount of hedging instruments
(968)
(1 166)
(1 354)
3 205
Notional amount of hedged items
968
1 166
1 354
(3 205)
Change in intrinsic value of hedging instruments since 1 January
22
132
40
89
Change in value of hedged items used to determine hedge effectiveness
(15)
(132)
(42)
(93)
2022
Carrying amount of hedging instruments
46
(9)
(145)
(247)
Notional amount of hedging instruments
(1 350)
(4 299)
(1 456)
3 438
Notional amount of hedged items
1 353
4 299
1 458
(3 438)
Change in intrinsic value of hedging instruments since 1 January
(12)
(126)
(111)
(265)
Change in value of hedged items used to determine hedge effectiveness
20
126
112
262
(1)No significant ineffectiveness has been recorded during the periods presented and economic relationships have been fully effective.
The methodology for assessing foreign exchange risk
exposures: Value-at-Risk
Nokia uses the Value-at-Risk (VaR) methodology to assess
exposures to foreign exchange risks. The VaR-based
methodology provides estimates of potential fair value losses
in market risk-sensitive instruments as a result of adverse
changes in specified market factors, at a specified confidence
level over a defined holding period. Nokia calculates the foreign
exchange VaR using the Monte Carlo method, which simulates
random values for exchange rates in which Nokia has exposures
and takes the non-linear price function of certain derivative
instruments into account. The VaR is determined using
volatilities and correlations of rates and prices estimated from
a sample of historical market data, at a 95% confidence level,
using a one-month holding period. To put more weight on
recent market conditions, an exponentially weighted moving
average is performed on the data with an appropriate decay
factor. This model implies that, within a one-month period, the
potential loss will not exceed the VaR estimate in 95% of
possible outcomes.
In the remaining 5% of possible outcomes, the potential loss
will be at minimum equal to the VaR figure and, on average,
substantially higher. The VaR methodology relies on a number
of assumptions, which include the following: risks are measured
under average market conditions, changes in market risk
factors follow normal distributions, future movements in
market risk factors are in line with estimated parameters and
the assessed exposures do not change during the holding
period. Thus, it is possible that, for any given month, the
potential losses at a 95% confidence level are different and
could be substantially higher than the estimated VaR.
The VaR calculation includes foreign currency denominated
monetary financial instruments, such as current financial
investments, loans and trade receivables, cash, and loans
and trade payables; foreign exchange derivatives carried
at fair value through profit and loss that are not in a hedge
relationship and are mostly used to hedge the statement
of financial position foreign exchange exposure, as well as
embedded derivatives; and foreign exchange derivatives
designated as forecast cash flow hedges, fair value hedges
and net investment hedges as well as the exposures
designated, as hedged items for these hedge relationships.
The VaR risk measures for Nokia’s sensitivity to foreign exchange risks are presented in the Total VaR column and the simulated
impact to financial statements is presented in the profit, other comprehensive income (OCI) and cumulative translation
adjustment (CTA) columns in the table below.
2023
2022
Simulated impact on financial statements
Simulated impact on financial statements
EURm
Total VaR
Profit
OCI
CTA
Total VaR
Profit
OCI
CTA
31 December
72
67
18
—
38
40
33
—
Average for the year
32
25
23
—
31
36
48
—
Range for the year
19-72
12-67
9-40
0-0
12-67
17-59
31-70
0-0
The most significant foreign exchange hedging instruments under cash flow, net investment and fair value hedge accounting at
31 December:
Maturity breakdown of notional amounts (EURm)(1)
Currency
Fair value 
(EURm)
Weighted
average
hedged rate
Total
Within 3
months
Between 3
and 12
months
Between 1
and 3 years
Beyond 3
years
2023
Cash flow hedge accounting
GBP
(1)
0.8640
(219)
(63)
(156)
—
—
USD
5
1.0881
(860)
(231)
(629)
—
—
USD
(2)
1.0832
257
—
119
131
7
Net investment hedge accounting
CNY
4
7.8152
(788)
(788)
—
—
—
Fair value hedge accounting for FX risk
USD
(45)
1.1196
(1 354)
(427)
(301)
(616)
(10)
2022
Cash flow hedge accounting
GBP
5
0.8593
(235)
(76)
(159)
—
—
JPY
5
138.8404
(235)
(66)
(169)
—
—
USD
22
1.0394
(1 261)
(347)
(914)
—
—
USD
12
1.0868
423
—
193
217
13
Net investment hedge accounting
CNY
(8)
7.4193
(866)
(866)
—
—
—
USD
(3)
1.0563
(3 007)
(3 007)
—
—
—
Fair value hedge accounting for FX risk
USD
(145)
1.1358
(1 456)
(448)
(213)
(787)
(8)
(1) Negative notional amounts indicate that hedges sell currency, and positive notional amounts indicate that hedges buy currency.
Interest rate risk
Nokia is exposed to interest rate risk either through market
value fluctuations of items on the statement of financial
position (price risk) or through changes in interest income or
expenses (refinancing or reinvestment risk). Interest rate risk
mainly arises through interest-bearing liabilities and assets.
Estimated future changes in cash flows and the structure of
the statement of financial position also expose Nokia to
interest rate risk.
The objective of interest rate risk management is to mitigate
adverse impacts arising from interest rate fluctuations on the
income statement, cash flow and financial assets and liabilities
while taking into consideration Nokia’s target capital structure
and the resulting net interest rate exposure. Nokia has entered
into long-term borrowings mainly at fixed rates and swapped
most of them into floating rates, in line with a defined target
interest profile. Nokia has not entered into interest rate swaps
where it would be paying fixed rates. Nokia aims to mitigate
the adverse impacts from interest rate fluctuations by
continuously managing net interest rate exposure arising
from financial assets and liabilities, by setting appropriate
risk management benchmarks and risk limits.
Treasury monitors and manages interest rate exposure
centrally. Nokia uses selective sensitivity analyses to assess and
measure interest rate exposure arising from interest-bearing
assets, interest-bearing liabilities and related derivatives.
Sensitivity analysis determines an estimate of potential
fair value changes in market risk-sensitive instruments by
varying interest rates in currencies in which Nokia has material
amounts of financial assets and liabilities while keeping all
other variables constant.
Sensitivities to credit spreads are not reflected in the
sensitivity analysis.
Interest rate profile of items under interest rate risk management at 31 December:
2023
2022
EURm
Fixed rate
Floating rate(1)
Fixed rate
Floating rate(1)
Non-current interest-bearing financial investments
715
—
697
—
Current interest-bearing financial investments
510
1 055
912
2 168
Cash and cash equivalents
55
6 179
346
5 121
Interest-bearing liabilities
(3 483)
(708)
(3 658)
(819)
Financial assets and liabilities before derivatives
(2 203)
6 526
(1 703)
6 470
Interest rate derivatives
3 057
(3 057)
3 216
(3 216)
Financial assets and liabilities after derivatives
854
3 469
1 513
3 254
(1)All cash equivalents and derivative transaction-related collaterals with initial maturity of three months or less are considered floating rate for the purposes of interest rate risk
management.
Nokia’s sensitivity to interest rate exposure in the investment and debt portfolios is presented in the fair value column in the table
below with simulated impact to the financial statements presented in the profit and other comprehensive income (OCI) columns.
2023
2022
Impact on
Impact on
Impact on
Impact on
Impact on
Impact on
EURm
fair value
profit
OCI
fair value
profit
OCI
Interest rates - increase by 100 basis points
(6)
3
1
(2)
3
(1)
Interest rates - decrease by 100 basis points
8
(4)
(1)
4
(2)
(1)
Credit risk
Credit risk refers to the risk that a counterparty will default on
its contractual obligations resulting in financial loss to Nokia.
Credit risk arises from credit exposures to customers, including
outstanding receivables, financial guarantees and committed
transactions, as well as financial institutions, including bank
and cash, fixed income and money market investments,
and derivative financial instruments. Credit risk is managed
separately for business-related and financial credit exposures.
Financial instruments contain an element of risk resulting from
changes in the market price due to counterparties becoming
less creditworthy or risk of loss due to counterparties being
unable to meet their obligations. Financial credit risk is
measured and monitored centrally by Treasury. Financial
credit risk is managed actively by limiting counterparties to
a sufficient number of major banks and financial institutions,
and by monitoring the creditworthiness and the size of
exposures continuously. Additionally, Nokia enters into netting
arrangements with all major counterparties, which give the
right to offset in the event that the counterparty would not
be able to fulfill its obligations. Nokia enters into collateral
agreements with most counterparties, which require
counterparties to post collateral against derivative receivables.
Investment decisions are based on strict creditworthiness and
maturity criteria as defined in the Treasury-related policies and
procedures. As a result of this investment policy approach and
active management of outstanding investment exposures,
Nokia has not been subject to any material credit losses in its
financial investments in the years presented. Due to the high
credit quality of Nokia’s financial investments, the expected
credit loss for these investments is deemed insignificant based
on 12 months’ expected credit losses at 31 December 2023.
For information on expected credit losses for customer-related
balances, refer to Note 4.5. Trade receivables and other
customer-related balances.
Nokia has restricted bank deposits primarily related to
employee benefits of EUR 119 million (EUR 122 million in 2022)
that are presented in other non-current financial assets.
Nokia has assessed the counterparty credit risk for these
financial assets and concluded that expected credit losses
are not significant.
Outstanding non-current and current interest-bearing financial investments, cash equivalents and cash classified by credit
rating grades ranked in line with S&P Global Ratings categories at 31 December:
Cash equivalents and interest-bearing financial investments
EURm
Rating(1)
Cash
Due within 3
months
Due between 3
and 12 months
Due between 1
and 3 years
Due between 3
and 5 years
Due beyond 5
years
Total(2)(3)
2023
AAA
—
1 443
25
—
—
—
1 468
AA+ - AA-
1 042
149
74
—
8
—
1 273
A+ - A-
2 183
1 340
301
255
245
23
4 347
BBB+ - BBB-
456
242
134
230
227
—
1 289
Other
133
4
—
—
—
—
137
Total
3 814
3 178
534
485
480
23
8 514
2022
AAA
—
1 046
—
—
—
—
1 046
AA+ - AA-
683
643
250
—
—
—
1 576
A+ - A-
1 553
2 314
865
190
234
203
5 359
BBB+ - BBB-
39
477
52
291
197
70
1 126
Other
123
6
—
—
8
—
137
Total
2 398
4 486
1 167
481
439
273
9 244
(1)Bank Parent Company ratings are used here for bank groups. Actual bank subsidiary ratings may differ from the Bank Parent Company rating.
(2)Non-current and current interest-bearing financial investments and cash equivalents include bank deposits, structured deposits, investments in money market funds and
investments in fixed income instruments.
(3)Instruments that include a call feature have been presented at their final maturities. Instruments that are contractually due beyond three months include EUR 332 million
(EUR 551 million in 2022) of instruments that have a call period of less than three months.
The following table sets out financial assets and liabilities subject to offsetting under enforceable master netting agreements
and similar arrangements at 31 December. To reconcile the items presented to the statement of financial position, items that
are not subject to offsetting would need to be included, refer to Note 5.3. Derivative and firm commitment assets and liabilities.
Related amounts not set off in the statement of financial position
EURm
Net amounts of financial assets/
(liabilities) presented in the
statement of financial position
Financial instruments
assets/(liabilities)
Cash collateral
  (received)/pledged
Net amount
2023
 
Derivative assets
131
(115)
(15)
1
Derivative liabilities
(285)
115
164
(6)
Total
(154)
—
149
(5)
2022
Derivative assets
182
(158)
(20)
4
Derivative liabilities
(496)
158
327
(11)
Total
(314)
—
307
(7)
The financial instruments subject to enforceable master netting agreements and similar arrangements are not offset in the
statement of financial position as there is no intention to settle net or realize the asset and settle the liability simultaneously.
Liquidity risk
Liquidity risk is defined as financial distress or extraordinarily
high financing costs arising from a shortage of liquid funds in
a situation where outstanding debt needs to be refinanced
or where business conditions unexpectedly deteriorate and
require financing. Transactional liquidity risk is defined as
the risk of executing a financial transaction below fair market
value or not being able to execute the transaction at all
within a specific period of time. The objective of liquidity risk
management is to maintain sufficient liquidity, and to ensure
that it is readily available without endangering its value in order
to avoid uncertainty related to financial distress at all times.
Nokia aims to secure sufficient liquidity at all times through
efficient cash management and by investing primarily in highly
liquid money market investments. Depending on its overall
liquidity position, Nokia may pre-finance or refinance upcoming
debt maturities before contractual maturity dates. The
transactional liquidity risk is minimized by entering into
transactions where proper two-way quotes can be obtained
from the market. Nokia aims to ensure flexibility in funding
by maintaining committed and uncommitted credit lines.
Certain changes in financial liabilities do not have a direct
impact on Nokia’s liquidity position. A disaggregation of cash
and non-cash changes in financial liabilities has been presented
in the adjacent table.
Nokia’s significant credit facilities and funding programs at 31 December:
Utilized (million)
Committed/uncommitted
Financing arrangement
Currency
Nominal (million)
2023
2022
Committed
Revolving Credit Facility(1)
EUR
1 500
—
—
Uncommitted
Finnish Commercial Paper Programme
EUR
750
—
—
Uncommitted
Euro-Commercial Paper Programme
EUR
1 500
—
—
Uncommitted
Euro Medium Term Note Programme(2)
EUR
5 000
2 300
2 500
Total
2 300
2 500
(1)The facility has its maturity in June 2026, except for EUR 88 million having its maturity in June 2024.
(2)All euro-denominated bonds have been issued under the Euro Medium Term Note Programme.
Changes in lease liabilities, interest-bearing liabilities and associated derivatives arising from financing activities:
EURm
Long-term
interest-bearing
liabilities
Short-term
interest-bearing
liabilities
Derivatives held
to hedge long-
term
borrowings(1)
Lease liabilities(2)
Total
1 January 2023
4 249
228
246
1 042
5 765
Cash flows
(283)
(40)
(19)
(239)
(581)
Non-cash changes:
Changes in foreign exchange rates
(34)
(3)
25
(12)
(24)
Changes in fair value
83
—
(79)
—
4
Reclassification between long-term and short-term
(374)
374
—
—
—
Additions(3)
—
—
—
206
206
Other
(4)
(5)
1
—
(8)
31 December 2023
3 637
554
174
997
5 362
1 January 2022
4 537
116
53
1 009
5 715
Cash flows
(1)
27
7
(217)
(184)
Non-cash changes:
Changes in foreign exchange rates
69
1
(57)
8
21
Changes in fair value
(282)
—
243
—
(39)
Reclassification between long-term and short-term
(84)
84
—
—
—
Additions(3)
—
—
—
242
242
Other
10
—
—
—
10
31 December 2022
4 249
228
246
1 042
5 765
(1)Includes derivatives designated in fair value and cash flow hedge accounting relationships as well as derivatives not designated in hedge accounting relationship but hedging
identifiable long-term borrowing exposure.
(2)Includes non-current and current lease liabilities.
(3)Includes new lease contracts as well as modifications and remeasurements of existing lease contracts.
The following table presents an undiscounted, contractual cash flow analysis for lease liabilities, financial liabilities and financial assets presented on the statement of financial position as well as
loan commitments given and obtained. The line-by-line analysis does not directly reconcile with the statement of financial position.
2023
2022
Due
Due
EURm
within 3
months
between 3 and
12 months
between 1
and 3 years
between 3
and 5 years
beyond 5
years
Total
within 3
months
between 3 and
12 months
between 1
and 3 years
between 3
and 5 years
beyond 5
years
Total
Non-current financial assets
Non-current interest-bearing financial investments
—
—
394
385
—
779
5
7
376
275
104
767
Other non-current financial assets(1)
—
—
60
8
46
114
—
—
30
2
46
78
Current financial assets
Other current financial assets excluding derivatives(1)
216
31
—
—
—
247
207
77
—
—
—
284
Current interest-bearing financial investments(2)
998
595
—
—
—
1 593
2 146
946
—
—
—
3 092
Cash and cash equivalents(2)
6 017
52
30
138
26
6 263
4 947
31
136
200
195
5 509
Cash flows related to derivative financial assets net settled:
Derivative contracts – receipts
(7)
(2)
(11)
(12)
(10)
(42)
—
—
—
—
—
—
Cash flows related to derivative financial assets gross settled:
Derivative contracts – receipts
8 407
1 582
358
6
—
10 353
9 170
2 109
297
20
—
11 596
Derivative contracts – payments
(8 349)
(1 560)
(353)
(6)
—
(10 268)
(9 089)
(2 038)
(282)
(20)
—
(11 429)
Trade receivables
3 834
1 316
184
—
—
5 334
4 885
1 004
123
2
—
6 014
Non-current financial and lease liabilities
Long-term interest-bearing liabilities
(33)
(115)
(1 766)
(1 200)
(1 528)
(4 642)
(43)
(98)
(2 182)
(1 397)
(1 628)
(5 348)
Long-term lease liabilities
—
—
(353)
(199)
(304)
(856)
—
—
(340)
(200)
(327)
(867)
Other non-current financial liabilities
—
—
(11)
(11)
(11)
(33)
—
—
(17)
—
—
(17)
Current financial and lease liabilities
Short-term interest-bearing liabilities
(473)
(98)
—
—
—
(571)
(131)
(99)
—
—
—
(230)
Short-term lease liabilities
(44)
(179)
—
—
—
(223)
(61)
(162)
—
—
—
(223)
Other financial liabilities excluding derivatives(3)
(458)
(24)
—
—
—
(482)
(482)
(20)
—
—
—
(502)
Cash flows related to derivative financial liabilities net settled:
Derivative contracts - payments
(4)
(29)
(41)
(12)
—
(86)
5
(31)
(1)
7
7
(13)
Cash flows related to derivative financial liabilities gross settled:
Derivative contracts – receipts
6 475
1 322
735
541
767
9 840
8 832
1 271
919
573
826
12 421
Derivative contracts – payments
(6 553)
(1 353)
(806)
(551)
(858)
(10 121)
(8 992)
(1 303)
(1 003)
(542)
(778)
(12 618)
Discounts without performance obligations
(151)
(212)
(40)
(1)
—
(404)
(205)
(211)
(121)
(2)
—
(539)
Trade payables
(3 154)
(204)
(64)
—
(1)
(3 423)
(4 561)
(165)
(3)
—
(1)
(4 730)
Commitments given and obtained
Loan commitments given undrawn(4)
(1)
(4)
—
—
—
(5)
(13)
(13)
—
—
—
(26)
Loan commitments obtained undrawn(5)
(1)
86
1 408
—
—
1 493
(1)
(3)
80
1 410
—
1 486
(1)Other non-current financial assets and other current financial assets excluding derivatives include mainly customer financing-related loan receivables.
(2)Instruments that include a call feature have been presented at their final maturities. Instruments that are contractually due beyond three months include EUR 332 million (EUR 551 million in 2022) of instruments that have a call period of less than three months.
(3)Other financial liabilities excluding derivatives include a conditional obligation to China Huaxin presented in the earliest period as the exercise period is open.
(4)Loan commitments given undrawn have been included in the earliest period in which they could be drawn or called.
(5)Loan commitments obtained undrawn have been included based on the period in which they expire. These amounts include related commitment fees.