XML 105 R58.htm IDEA: XBRL DOCUMENT v3.22.4
Fair value of financial instruments (Tables)
12 Months Ended
Dec. 31, 2022
Fair value of financial instruments  
Schedule of fair value of financial assets and liabilities

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying amounts

​

Fair value(1)

​

​

​

​

Fair value through profit or loss

​

Fair value through other comprehensive income(2)

​

​

​

​

EURm

    

Amortized cost

    

Level 1

    

Level 2

    

Level 3

    

Level 2

​

Total

    

Total

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other non-current financial investments

 

–

 

5

 

–

 

823

 

–

​

828

 

828

Other non-current financial assets

 

183

 

–

 

91

 

–

 

27

​

301

 

301

Non-current interest-bearing financial investments

​

697

 

–

 

–

 

–

 

–

​

697

 

659

Other current financial assets

 

296

 

–

 

–

 

–

 

36

​

332

 

332

Derivative assets

​

–

 

–

 

239

 

–

 

–

​

239

 

239

Trade receivables

 

–

 

–

 

–

 

–

 

5 549

​

5 549

 

5 549

Current interest-bearing financial investments

 

1 447

 

–

 

1 633

 

–

 

–

​

3 080

 

3 080

Cash and cash equivalents

 

4 176

 

–

 

1 291

 

–

 

–

​

5 467

 

5 467

Total financial assets

 

6 799

​

5

​

3 254

​

823

​

5 612

​

16 493

​

16 455

Long-term interest-bearing liabilities

 

4 249

 

–

 

–

 

–

 

–

​

4 249

 

4 230

Other long-term financial liabilities

​

–

 

–

 

–

 

48

 

–

​

48

 

48

Short-term interest-bearing liabilities

 

228

 

–

 

–

 

–

 

–

​

228

 

228

Other short-term financial liabilities

 

75

 

–

 

–

 

502

 

–

​

577

 

577

Derivative liabilities

​

–

 

–

 

496

 

–

 

–

​

496

 

496

Discounts without performance obligations

​

539

 

–

 

–

 

–

 

–

​

539

 

539

Trade payables

 

4 730

 

–

 

–

 

–

 

–

​

4 730

 

4 730

Total financial liabilities

 

9 821

 

–

 

496

 

550

 

–

​

10 867

 

10 848

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying amounts

​

Fair value(1)

​

​

​

​

Fair value through profit or loss

​

Fair value through other comprehensive income(2)

​

​

​

​

EURm

    

Amortized cost

    

Level 1

    

Level 2

    

Level 3

    

Level 2

​

Total

    

Total

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other non-current financial investments

 

–

 

8

 

–

 

750

 

–

​

758

 

758

Other non-current financial assets

 

130

 

–

 

101

 

–

 

94

​

325

 

325

Other current financial assets

 

115

 

–

 

–

 

–

 

21

​

136

 

136

Derivative assets

​

–

​

–

​

200

​

–

​

–

​

200

​

200

Trade receivables

 

–

 

–

 

–

 

–

 

5 382

​

5 382

 

5 382

Current interest-bearing financial investments

 

526

 

–

 

2 051

 

–

 

–

​

2 577

 

2 577

Cash and cash equivalents

 

4 627

 

–

 

2 064

 

–

 

–

​

6 691

 

6 691

Total financial assets

 

5 398

 

8

 

4 416

 

750

 

5 497

​

16 069

 

16 069

Long-term interest-bearing liabilities

 

4 537

 

–

 

–

 

–

 

–

​

4 537

 

4 775

Other long-term financial liabilities

​

–

 

–

 

–

 

68

 

–

​

68

 

68

Short-term interest-bearing liabilities

 

116

 

–

 

–

 

–

 

–

​

116

 

116

Other short-term financial liabilities

 

–

 

–

 

–

 

522

 

–

​

522

 

522

Derivative liabilities

​

–

​

–

​

240

​

–

​

–

​

240

​

240

Discounts without performance obligations

​

479

 

–

 

–

 

–

 

–

​

479

 

479

Trade payables

 

3 679

 

–

 

–

 

–

 

–

​

3 679

 

3 679

Total financial liabilities

 

8 811

 

–

 

240

 

590

 

–

​

9 641

 

9 879

(1)The following fair value measurement methods are used for items not carried at fair value: The fair values of long-term interest-bearing liabilities, including current part, are primarily based on publicly available market information (level 2). The fair values of other assets and liabilities, including loan receivables and loans payable, are primarily based on discounted cash flow analysis (level 2). The fair value is estimated to equal the carrying amount for short-term financial assets and financial liabilities due to limited credit risk and short time to maturity. Refer to Note 2, Significant accounting policies.
(2)No financial instruments measured at fair value through other comprehensive income are categorized in fair value hierarchy level 1 or level 3.
Schedule of reconciliation of balances on level 3 financial assets and liabilities

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​

​

​

​

​

​

    

Level 3 financial

​

Level 3 financial

EURm

​

assets

​

liabilities

1 January 2021

​

727

​

(439)

Net gains/(losses) in income statement

 

177

​

(107)

Acquisitions through business combination

​

–

​

(48)

Additions(1)

​

69

​

–

Deductions(1)

​

(218)

​

7

Transfers out of level 3

​

(7)

​

–

Other movements

 

2

​

(3)

31 December 2021

 

750

​

(590)

Net gains in income statement

 

13

​

24

Additions(1)

 

101

​

–

Deductions(1)

 

(39)

​

20

Transfers out of level 3

​

(4)

​

–

Other movements

 

2

​

(4)

31 December 2022

 

823

​

(550)

(1)For level 3 financial assets, additions mainly include capital contributions to venture funds and deductions mainly include distributions from venture funds.