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Derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative financial instruments  
Schedule of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

Assets

 

Liabilities

EURm

    

Fair value(1)

    

Notional(2)

    

Fair value(1)

    

Notional(2)

2018

 

  

 

  

 

  

 

  

Hedges on net investment in foreign subsidiaries

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

11

 

2 562

 

(23)

 

4 050

Currency options bought

 

 1

 

235

 

 –

 

 –

Cash flow hedges

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

 5

 

619

 

(26)

 

787

Currency options bought

 

 9

 

507

 

(0)

 

40

Currency options sold

 

 –

 

 –

 

(0)

 

15

Fair value hedges

 

  

 

  

 

  

 

  

Interest rate swaps

 

 7

 

600

 

 –

 

 –

Foreign exchange forward contracts

 

 2

 

218

 

(6)

 

543

Firm commitments

 

14

 

466

 

(1)

 

234

Cash flow and fair value hedges(3)

 

  

 

  

 

  

 

  

Cross-currency interest rate swaps

 

22

 

260

 

(69)

 

1 512

Derivatives not designated in hedge accounting relationships carried at fair value through profit and loss

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

59

 

6 257

 

(43)

 

5 315

Currency options bought

 

 1

 

99

 

 –

 

 –

Other derivatives

 

 –

 

 –

 

(10)

 

104

Total

 

131

 

11 823

 

(178)

 

12 600

2017

 

  

 

  

 

  

 

  

Hedges on net investment in foreign subsidiaries

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

38

 

3 491

 

(2)

 

773

Cash flow hedges

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

56

 

1 305

 

(6)

 

465

Fair value hedges

 

  

 

  

 

 

 

 

Foreign exchange forward 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

 

  

 

  

 

 

 

 

Foreign exchange forward contracts

 

73

 

5 858

 

(88)

 

7 002

Currency options bought

 

12

 

664

 

 –

 

 –

Currency options sold

 

 –

 

 –

 

(4)

 

163

Other derivatives

 

 –

 

 –

 

(2)

 

100

Total

 

197

 

11 616

 

(268)

 

10 323

(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.

Cross-currency interest rate swaps have been designated partly as fair value hedges and partly as cash flow hedges.