Nokia Corporation
(NYSE:NOK)

Nokia Corporation provides mobile and fixed network solutions worldwide. The company operates through four segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. It focuses on mobile radio including macro radio, small cells, and cloud native radio solu...

Website: http://www.nokia.com

Founded: 1865

Full Time Employees: 93,776

Sector: Technology

Industry: Communication Equipment

5G Telecommunication Finland

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• Market Cap:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2024-08-01	2022-12-31	2020-12-31	2019-12-31	2018-12-31	2016-12-31	2015-12-31	2014-12-31	2012-01-26	2011-12-31	2009-12-31	2006-12-31	2006-02-15	2005-12-31

europe									4
middle east & africa									1
greater china									1
asia-pacific									3
north america									1
latin america									1
total									14
net sales									38
yoy
qoq
cost of sales									-27
gross profit									11
yoy
qoq
gross margin %	NaN%							NaN%	28.95%			NaN%	NaN%
research and development expenses									-5
selling and marketing expenses									-3
administrative and general expenses									-1
impairment of goodwill									-1
other income									221
other expenses									-999
operating loss/profit									-1
share of results of associated companies									-23
financial income and expenses									-102
loss/profit before tax									-1
tax									-290
loss/profit									-1
loss/profit attributable to equity holders of the parent									-1
loss attributable to non-controlling interests									-324
earnings per share, eur
basic									-0.31				0.83
diluted									-0.31				0.83
average number of shares
basic									3				4,365,547
diluted									3				4,371,239
depreciation and amortization, total									1
share-based compensation expense, total									18
earnings per share
basic									-0.31				0.83
diluted									-0.31				0.83

Balance Sheets:

Quarterly

Annual

Unit: USD	2024-08-01	2022-12-31	2020-12-31	2019-12-31	2018-12-31	2016-12-31	2016-10-27	2016-08-04	2016-02-11	2015-12-31	2014-12-31	2011-12-31	2009-12-31	2003-12-31

assets
goodwill	5						5	5	237	237	2	4	5
other intangible assets	961						5	5	323	323	350	1	2
property, plant and equipment	1	2	1	1	1	1	1	1	695	695	716	1	1
right-of-use assets	815	929	805	912
investments in associated companies and joint ventures	89	199	233	165	145	116	101	100	84	84
non-current interest-bearing financial investments	438	697
other non-current financial assets	1	252	306	445	373	254	225	178
defined benefit pension assets	6	6	5	4	4	3	3	3
deferred tax assets	3	3	1	5	4	5	5	5	2	2	2	1	1
other non-current receivables	196	239
total non-current assets	20	22	17	22	21	24
inventories	2	3	2	2	3	2	2	2	1	1	1	2	1
trade receivables	3	5	5	5	4
contract assets	782	1	1	1	1
current income tax assets	344	153	265	279	227	279	327	299	171	171	124
other current receivables	933	934
current interest-bearing financial investments	1	3
other current financial and firm commitment assets	362	615
cash and cash equivalents	6	5	6	5	6	7	6	8	6	6
total current assets	17	20	18	16	18	20
assets held for sale	828				5	44	70	53
total assets	38	42	36	39	39	44	43	45	20	20	21	36	35	24,000,000
shareholders’ equity and liabilities
share capital	246	246	246	246	246	246	246	246	246	246	246	246	246	288,000,000
share premium	733	503
treasury shares	-449	-352	-352	-352	-408	-881
translation differences	13	169	-1	-372	-592	483			292	292	1	771	-127
fair value and other reserves	3	3	1	1	1	488			148	204	22	154	69
reserve for invested unrestricted equity	15	15	15	15	15
retained earnings	1					3	2	3	6	6	4	7	10
total shareholders’ equity	20
non-controlling interests	94	93	80	76	82	881	867	1	21	21	58	2
total equity	21	21	12	15	15	20	19	20	10	10	8	13	14
long-term interest-bearing liabilities	2	4	5	3	2	3	3	3	2	2	2	3	4	20,000,000
long-term lease liabilities	719	858	721	771
defined benefit pension and post-employment liabilities	2	2	4	4
deferred tax liabilities	664	332	260	390	350	403	360	553	62	61	32	800	1
contract liabilities	234	120	566	915	1
other non-current liabilities	106
provisions	534	622	736	556	572	808	644	531	250	250	301	2	2
total non-current liabilities	7	8	11	11	10	11
short-term interest-bearing liabilities	932	228	561	292	994	370
short-term lease liabilities	209	184	189	259
other financial and firm commitment liabilities	756	1
current income tax liabilities	169	185	188	187	268	634	495	463	446	446	481
trade payables	2	4	3	3	4
other current liabilities	2													7,000,000
total current liabilities	9	12	11	12	14	12
liabilities associated with assets held for sale	801
total shareholders’ equity and liabilities	38					44	43	45	20	20	21	36	35	24,000,000
shareholders’ equity per share, eur	3.81						3.22	3.29	2.65
number of shares	5						5	5	3
31 december
non-current assets							23	23	5
goodwill and intangible assets		6
other non-current financial investments		828
current assets							20	22	15
shareholders' equity and liabilities
capital and reserves attributable to equity holders of the parent							18	18	10					15,000,000
retained earnings/		1
total capital and reserves attributable to equity holders of the parent		21	12	15	15	20
non-current liabilities							11	11	4
deferred revenue and other non-current liabilities		103
current liabilities							12	13	6
deferred revenue and other current liabilities		3
total liabilities		21	23	23	24	23				10	12
total shareholders' equity and liabilities		42	36	39	39
as of december 31
intangible assets			7	7	8	10
non-current financial investments			745	740	690
other non-current assets			217	292	308	328	314	319	51	51	77	3	6
prepaid expenses and accrued income			850	908	1	1	1	1	749	749	913	4	4
other current financial assets			214	164
current financial investments			1	97	612
share issue premium			443	427	436	439	427	381	380	380	439	362	279
accumulated deficit			-4	-1
deferred revenue and other long-term liabilities			541	712	852	1	1	1	1	1	2
other financial liabilities			738	803	891	236	213	296	113	114	174	483	245
accrued expenses, deferred revenue and other liabilities			3	3	3	6	6	7	3	3	3
other financial assets					243	296	195	244	107	107	266	500	329
(accumulated deficit)/retained earnings					-1
defined benefit pension and post-retirement liabilities					4	5	5	5
available-for-sale investments						1	1	1	948	1	828	641	554
accounts receivable						6	6	6	3	3	3	7	7
investments at fair value through profit and loss, liquid assets						327	481	747	687	687	418	433	580
available-for-sale investments, liquid assets						1	2	1	2	2	2	1	2
reserve for invested non-restricted equity						15	15	15	3	3	3	3	3
accounts payable						3	3	3	1	1	2	5	4
social security, vat and other indirect taxes							564	670	258
divestment related receivables							90	130	160
other							649	665	331
assets of disposal groups classified as held for sale
treasury shares at cost										-718	-988
advance payments and deferred revenue							1	1	1
short-term interest bearing liabilities							335	317
salaries, wages and social charges							1	1
liabilities of disposal groups classified as held for sale
interest-bearing liabilities, eur million							3	3	2
long-term loans receivable									49	49	34	99	46
prepaid pension costs									25	25
current portion of long-term loans receivable									21	21	1	54	14
defined benefit pension									423
current portion of interest-bearing liabilities									1
short-term borrowing									50
advance payments									695
deferred revenue									1
salaries and wages									741
at december 31
defined benefit pension liabilities										423
current portion of long-term interest-bearing liabilities										1	1
short-term borrowings										50	115	995	727
investments in associated companies											51	67	69
available-for-sale investments, cash equivalents											2	7	4
bank and cash											2	1	1
capitalized development costs												6	143
treasury shares, at cost												-644	-681
other long-term liabilities												76	66	308,000,000
current portion of long-term loans												357	44
accrued expenses and other liabilities												7
minority interests													1	164,000,000
accrued expenses													6
profit and loss account data
amounts in accordance with ifrs
net sales														29,000,000
operating profit														4,000,000
profit before tax														5,000,000
profit attributable to equity holders of the parent														3,000,000
earnings per share
basic earnings per share														740,000
diluted earnings per share														740,000
cash dividends per share														300,000
average number of shares
basic														4,000,000
diluted														4,000,000
amounts in accordance with us gaap
net income														4,000,000
balance sheet data
fixed assets and other non-current assets														3,000,000
cash and other liquid assets														11,000,000
other current assets														8,000,000
borrowings due within one year														471,000,000
net interest-bearing debt														-10,000,000
shareholders’ equity														15,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2016-10-27	2016-08-04	2016-02-11

31 december
assets
non-current assets			5
goodwill and intangible assets
property, plant and equipment			695
right-of-use assets
investments in associated companies and joint ventures			84
non-current interest-bearing financial investments
other non-current financial investments
deferred tax assets			2
other non-current financial assets
defined benefit pension assets
other non-current receivables
total non-current assets
current assets			15
inventories			1
trade receivables
contract assets
other current receivables
current income tax assets			171
other current financial and firm commitment assets
current interest-bearing financial investments
cash and cash equivalents			6
total current assets
total assets			20
shareholders' equity and liabilities
capital and reserves attributable to equity holders of the parent	18	18	10
share capital	246	246	246
share premium
treasury shares
translation differences			292
fair value and other reserves			148
reserve for invested unrestricted equity
retained earnings/
total capital and reserves attributable to equity holders of the parent
non-controlling interests	867	1	21
total equity	19	20	10
non-current liabilities	11	11	4
long-term interest-bearing liabilities	3	3	2
long-term lease liabilities
deferred tax liabilities	360	553	62
defined benefit pension and post-employment liabilities
contract liabilities
deferred revenue and other non-current liabilities
provisions	644	531	250
total non-current liabilities
current liabilities	12	13	6
short-term interest-bearing liabilities
short-term lease liabilities
other financial and firm commitment liabilities
current income tax liabilities	495	463	446
trade payables
deferred revenue and other current liabilities
total current liabilities
total liabilities
total shareholders' equity and liabilities

for the year ended 31 december
cash flow from operating activities
profit for the year
adjustments, total	766	1
change in net working capital
decrease in receivables
decrease in inventories
decrease in non-interest-bearing liabilities
cash flows from operations
interest received	16	34	7
interest paid
income taxes paid
net cash flows from operating activities
cash flow from investing activities
purchase of property, plant and equipment and intangible assets
proceeds from sale of property, plant and equipment and intangible assets	10	1
acquisition of businesses, net of cash acquired
purchase of interest-bearing financial investments
proceeds from maturities and sale of interest-bearing financial investments
purchase of other non-current financial investments
proceeds from sale of other non-current financial investments
foreign exchange hedging of cash and cash equivalents
other	302	301	331
net cash flows from investing activities
cash flow from financing activities
acquisition of treasury shares
proceeds from long-term borrowings			19
repayment of long-term borrowings
proceeds from/(repayment of) short-term borrowings
payment of principal portion of lease liabilities
dividends paid and other contributions to shareholders
net cash flows (used in)/from financing activities
net increase in cash and cash equivalents
cash and cash equivalents at 1 january
cash and cash equivalents at 31 december
for the year ended december 31
(loss)/profit for the year
(increase)/decrease in receivables
decrease/(increase) in inventories
cash from operations	346
net cash from operating activities	234		460
proceeds from disposal of businesses, net of disposed cash	28	2	2
purchase of current financial investments
proceeds from maturities and sale of current financial investments
purchase of non-current financial investments
proceeds from sale of non-current financial investments
net cash from investing activities		371	2
proceeds from stock option exercises	1
(purchase of)/proceeds from sale of equity instruments of subsidiaries
(repayment of)/proceeds from short-term borrowings
dividends paid
net cash from/(used in) financing activities
net increase/(decrease) in cash and cash equivalents
cash and cash equivalents as of january 1
cash and cash equivalents as of december 31
profit/(loss) for the year
decrease/(increase) in receivables
(decrease)/increase in non-interest bearing liabilities
acquisition of businesses, net of acquired cash
payment of other long-term loans receivable
net cash (used in)/from investing activities
purchase of treasury shares
purchase of equity instruments of subsidiaries
net cash from financing activities
net decrease in cash and cash equivalents
loss for the year
(increase)/decrease in inventories
cash from/(used in) operations
net cash from/(used in) operating activities
proceeds from/(repayment) of short-term borrowings
net (decrease)/increase in cash and cash equivalents
cash (used in)/from operations
net cash (used in)/from operating activities
purchase of current available-for-sale investments, liquid assets
purchase of investments at fair value through profit and loss, liquid assets
purchase of non-current available-for-sale investments
proceeds from/(payment of) other long-term loans receivable
proceeds from/(payment of) short-term loans receivable	46
purchases of property, plant and equipment, and intangible assets
proceeds from disposal of shares in associated companies		10
proceeds from maturities and sale of current available-for-sale investments, liquid assets	1	1	455
proceeds from maturities and sale of investments at fair value through profit and loss,liquid assets
proceeds from sale of non-current available-for-sale investments	15	59	74
proceeds from sale of property, plant and equipment and other intangible assets
dividends received	1
repayment of short-term borrowings
shareholders’ equity and liabilities
share issue premium	427	381	380
treasury shares at cost
reserve for invested non-restricted equity	15	15	3
retained earnings	2	3	6
defined benefit pension and post-retirement liabilities	5	5
deferred revenue and other long-term liabilities	1	1	1
advance payments and deferred revenue	1	1	1
short-term interest bearing liabilities	335	317
other financial liabilities	213	296	113
accounts payable	3	3	1
accrued expenses, deferred revenue and other liabilities	6	7	3
salaries, wages and social charges	1	1
liabilities of disposal groups classified as held for sale
total shareholders’ equity and liabilities	43	45	20
interest-bearing liabilities, eur million	3	3	2
shareholders’ equity per share, eur	3.22	3.29	2.65
number of shares	5	5	3
eur million
profit for the period			1
income taxes, net paid
(payment of)/proceeds from other long-term loans receivable
capital expenditures	0		0
free cash flows	234		460
proceeds from maturities and sale of investments at fair value through profit and loss, liquid assets	250
proceeds/(payment of) from short-term borrowings	21
foreign exchange adjustment		17	14
cash and cash equivalents at beginning of period	8	9	4
cash and cash equivalents at end of period	6	8	6
acquisition of businesses, including acquired cash
(payment of)/proceeds from short-term loans receivable
purchase of a subsidiary’s equity instruments
proceeds from/(payment of) short-term borrowings		80
goodwill			237
other intangible assets			323
available-for-sale investments			948
long-term loans receivable			49
prepaid pension costs			25
other non-current assets			51
accounts receivable, net of allowances for doubtful accounts			3
prepaid expenses and accrued income			749
social security, vat and other indirect taxes			258
divestment related receivables			160
current portion of long-term loans receivable			21
other financial assets			107
investments at fair value through profit and loss, liquid assets			687
available-for-sale investments, liquid assets			2
defined benefit pension			423
current portion of interest-bearing liabilities			1
short-term borrowing			50
advance payments			695
deferred revenue			1
salaries and wages			741
cash generated from operations			685
other financial income and expenses
proceeds from (+) / payment of (-) other long-term loans receivable
proceeds from (+) / payment of (-) short-term loans receivable			27
cash flow used in financing activities
proceeds from (+) / payment of (-) short-term borrowings
net increase (+) / decrease (-) in cash and cash equivalents			2
other financial income and expenses, net (paid)/received
proceeds from/(payment for) disposal of businesses, net of disposed cash
proceeds from disposal/(purchase) of shares in associated companies
proceeds from maturities and sale of investments, liquid assets
net cash from/(used in) investing activities
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
profit/(loss) attributable to equity holders of the parent
purchases of investments, liquid assets
proceeds from/(payment of) other long-term receivables
proceeds from short-term loans receivable
proceeds from sale of property, plant and equipment, and intangible assets
net decrease in cash and equivalents
cash and cash equivalents comprise:
bank and cash
available-for-sale investments, cash equivalents
total
profit attributable to equity holders of the parent
acquisition of group companies, net of acquired cash
purchase of shares in associated companies
additions to capitalized development costs
proceeds from (+) / payment of (-) other long-term receivables
proceeds from disposal of shares in group companies, net of disposed cash
proceeds from disposal of businesses
proceeds from sale of fixed assets
net cash from / used in investing activities
other contributions from shareholders
proceeds from (+) / repayment of (-) short-term borrowings

Nokia Corporation(NYSE:NOK)

Nokia Corporation
(NYSE:NOK)