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Derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative financial instruments  
Schedule of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

Assets

 

Liabilities

EURm

    

Fair value(1)

    

Notional(2)

    

Fair value(1)

    

Notional(2)

2019

 

  

 

  

 

  

 

  

Hedges on net investment in foreign subsidiaries

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

36

 

3 807

 

(2)

 

517

Cash flow hedges

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

 7

 

660

 

(18)

 

749

Currency options bought

 

 1

 

343

 

 –

 

 –

Fair value hedges

 

  

 

  

 

  

 

 

Foreign exchange forward contracts

 

 7

 

697

 

(7)

 

549

Firm commitments

 

 6

 

606

 

(2)

 

255

Cash flow and fair value hedges(3)

 

  

 

  

 

  

 

  

Cross currency swaps

 

 –

 

 –

 

(49)

 

1 246

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

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

17

 

3 491

 

(72)

 

8 070

Currency options bought

 

 7

 

654

 

 –

 

 –

Other derivatives

 

 –

 

 –

 

(7)

 

84

Total

 

81

 

10 258

 

(157)

 

11 470

2018

 

  

 

  

 

  

 

  

Hedges on net investment in foreign subsidiaries

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

11

 

2 559

 

(23)

 

4 075

Currency options bought

 

 1

 

240

 

 –

 

 –

Cash flow hedges

 

  

 

  

 

  

 

  

Foreign exchange forward contracts

 

 5

 

621

 

(26)

 

818

Currency options bought

 

 9

 

522

 

 –

 

44

Currency options sold

 

 –

 

 –

 

 –

 

15

Fair value hedges

 

  

 

  

 

 

 

 

Interest rate swaps

 

 7

 

600

 

 –

 

 –

Foreign exchange forward contracts

 

 2

 

218

 

(6)

 

548

Firm commitments

 

14

 

466

 

(1)

 

234

Cash flow and fair value hedges(3)

 

  

 

  

 

 

 

 

Cross currency 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

 

6 230

 

(43)

 

5 329

Currency options bought

 

 1

 

103

 

 –

 

 –

Other derivatives

 

 –

 

 –

 

(10)

 

104

Total

 

131

 

11 819

 

(178)

 

12 679

(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 swaps have been designated partly as fair value hedges and partly as cash flow hedges.