1462 0 obj <> endobj This is my last quarterly announcement as CEO of Nokia and I want to close with a note of thanks: thanks to our shareholders, thanks to our customers, thanks to our many other stakeholders, and a particular thanks to the great employees of Nokia. Capital structure affects a company’s overall value through its impact on operating cash flows and the cost of capital. Nokia Corporation Stock Exchange Release December 17, 2020, at 08:00 (CET +1) Nokia appoints Nishant Batra as Chief Strategy and Technology Officer and member of the Nokia Group Leadership Team ?… Issuing Shares with Differential Voting Rights: Q2 2020 was the fourth quarter in a row of solid cash performance. Nokia is the only global supplier fully committed to O-RAN with commercial 5G Cloud-RAN networks. Reported diluted EPS in the first six months of 2020 was EUR 0.00, compared to negative EUR 0.11 in the first six months of 2019. This guide will provide an overview of what it is, why its used, how to calculate it, and also pr… We have a particularly powerful portfolio in mid-band mobile radio, with proven products deployed with 55 customers, and the first live C-Band network demonstrated in the U.S. during the quarter. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Preferred Stock, Equity Stock, Reserves and Long- term Debts). We have also established a global command center to manage the supply chain challenges arising from the outbreak; and we are ready to activate relevant business continuity plans should the situation in any part of our organization require this. As we know technology changes at a rapid pace and if Nokia wants to remain competitive they must continue to put fresh ideas into action. These actions demonstrate our strong commitment to supporting global efforts to end the pandemic and overcoming the disruption and challenges we currently face. 1473 0 obj <<4174319d38fa7d275aa9b013ae7eb07b>]>>stream 6 215. Nokia market cap as of January 19, 2021 is $22.92B. Capital Structure. The business risk remains constant and is assumed to be independent of capital structure and financial risk. Nokia Technologies. COVID-19     The COVID-19 crisis has made vividly clear the critical importance of connectivity to keep society functioning. Kinds of Share Capital: A private limited company can have – 1. Ian H. Giddy/NYU Capital Structure -11 Copyright ©2002 Ian H. Giddy Capital Structure 21 Ratings and Spreads Corporate bond spreads: basis points over Treasury curve Pleasingly, our “5G Powered by ReefShark” shipments continue to increase and we believe we remain on track to reach 35% or better by year end. Profitability gains in the quarter were supported by a 4.5 percentage point year-on-year improvement in Networks gross margin, building on a 3.5 percentage point gain in the first quarter, and driving Nokia non-IFRS gross margin to 39.6%. Adhering to the highest ethical standards, we transform how people live, work and communicate. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact and timing of that impact of COVID-19 on our businesses and our customers’ businesses) and any expected future dividends including timing and qualitative and quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness, as well as results of operations including targeted synergies, better commercial management and those results related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal change globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such rollout, and our ability to capitalize on such rollout; as well as the overall readiness of the 5G ecosystem; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations, plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or other R&D expenditures to develop or rollout software and other new products, including 5G and increased digitalization; M) expectations regarding our customers' future actions, including our customers’ capital expenditure constraints and our ability to satisfy customer’s needs and retain their business; and N) statements preceded by or including “believe”, “expect”, “expectations”, “consistent”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should", "will” or similar expressions. Since the interest expense on debt is tax deductible in most countries, a company can reduce its after-tax cost of capital by increasing debt relative to … Nokia … 2. During the COVID-19 pandemic, we have continued to advance our 5G roadmap and product evolution, as planned, and our COVID-19 mitigation actions in R&D have been very successful. The difference between diluted and basic average number of shares was negligible during all the three years stated above. Potential risks and uncertainties related to the scope and duration of the COVID-19 impact and the pace and shape of the economic recovery following the pandemic; Competitive intensity, which is particularly impacting Mobile Access and is expected to continue at a high level in full year 2020, as some competitors seek to take share in the early stage of 5G; Our expectation that we will accelerate our product roadmaps and cost competitiveness through additional 5G investments in 2020, thereby enabling us to drive product cost reductions and maintain the necessary scale to be competitive; Our expectation that we will drive improvements in automation and productivity through additional digitalization investments in 2020; Customer demand could weaken and risk could increase further in India, after the country’s Supreme Court upheld a ruling that telecoms companies must pay retroactive license and spectrum fees; Opportunities and risks in North America following the completion of a merger, and, more broadly, the potential for temporary capital expenditure constraints due to potential mergers or acquisitions by our customers; The timing of completions and acceptances of certain projects; Some customers are reassessing their vendors in light of security concerns, creating near-term pressure to invest in order to secure long-term benefits; Our expectation that we will improve our R&D productivity and reduce support function costs through the successful execution of our cost savings program, which is explained in more detail in the Cost savings program section of Nokia Corporation interim report for Q2 and half year 2020; Our product and regional mix, including the impact of the high cost level associated with our first generation 5G products; and. Nokia Corporation is a Finnish multinational communications corporation, founded in 1865. Nokia supports T-Mobile 5G evolution with five-year expansion deal . We started implementing these measures in some regions in January already and have updated guidance as the situation has developed. 7. Preference Shares. Media representatives can listen in via the link, or call +1-412-717-9224. 1   Free cash flow = net cash from/(used in) operating activities - capital expenditures + proceeds from sale of property, plant and equipment and intangible assets – purchase of non-current financial investments + proceeds from sale of non-current financial investments. Driving a lean corporate structure 29. This, then, would be an example of … Nokia's Networks business. We expect that the majority of sales missed in the quarter due to COVID-19 will shift to future periods. The capital structure of a company is simply the percentage of each type of equity and debt to the total capital of the business. Nokia responded that its investment rating is backed by its "strong liquidity position and capital structure," with a gross cash balance of €9.8 billion ($12.8 billion). These results show that our execution has improved as planned and that we are well positioned to end the year with a significantly stronger financial position. Most companies are funded by a mix of debt and equity, including some short-term debt, some long-term debt, a number of shares of common stock, and perhaps shares of preferred stock. The financial information in this report is unaudited. COVID-19 has affected the valuations of certain assets, including investments in non-publicly quoted assets through Nokia’s venture fund investments and pension plans, the valuation of which is inherently challenging in fast-moving market conditions (for details, please refer to note 5, “Pensions and other post-employment benefits” and note 8, “Fair value of financial instruments” in the "Financial statement information" section included in Nokia Corporation interim report for Q2 and Half Year 2020). Only Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. We also announced an expansion of our IP routing business into the data center market and highlighted that Apple was deploying our technology at its data centers. (. These included the availability of a software upgrade that allows millions of Nokia 4G/LTE radios deployed to more than 350 customers to be migrated seamlessly to 5G; and plans to accelerate leadership in Open RAN. Nokia-level revenue was down in the quarter, with the majority of that the result of COVID-19 as well as a sharp decline in China based on the prudent approach we have taken in that market. As a global company, we have a duty to be part of the global fight against this pandemic. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. About 1% of the shares were owned by Nokia Corporation during 2009. We also feel another sense of duty – to the societies where Nokia operates. Nokia Corporation (natively Nokia Oyj, referred to as Nokia; Finnish: , UK: / ˈ n ɒ k i ə /, US: / ˈ n oʊ k i ə /) is a Finnish multinational telecommunications, information technology, and consumer electronics company, founded in 1865. Our expectation that we will slightly underperform our primary addressable market, which is expected to be flattish on a constant currency basis in full year 2020, excluding China (, Our expectation for operating profit seasonality in 2020 to be similar to 2019, with the majority of operating profit to be generated in the fourth quarter. Kinds of Share Capital: A private limited company can have – 1. 1 Free cash flow = net cash from/(used in) operating activities - capital expenditures + proceeds from sale of property, plant and equipment and intangible assets – purchase of non-current financial investments + proceeds from sale of non-current financial investments.. KEY DRIVERS OF NOKIA’S OUTLOOK. Capital structure affects a company’s overall value through its impact on operating cash flows and the cost of capital. In Q2 2020, we estimate that COVID-19 had an approximately EUR 300 million negative net impact on our net sales; with the majority of these net sales expected to be shifted to future periods, rather than being lost. On a constant currency basis, both non-IFRS and reported net sales decreased 11%. Factors, including risks and uncertainties that could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties and we may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our business groups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and market conditions, general public health conditions (including its impact on our supply chains) and other developments in the economies where we operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment ; 3) competition and our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicality and variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) our dependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers including mergers and acquisitions and the possibility of our customers awarding business to our competitors; 6) our ability to maintain our existing sources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sources of revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operating performance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net sales and our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposure to regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks in relation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savings and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realize the expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreements or arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) Nokia Technologies' ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income and IPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies, including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensing costs and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliability of our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures; 15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulation and cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’ security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, and the possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect to customer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligations we may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruit appropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes, and the risks related to our geographically-concentrated production sites; 23) the impact of litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our ability to re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfully implement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managed companies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equity return we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, and healthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipeline into net sales; 31) risks related to undersea infrastructure; and 32) the impact of the COVID-19 virus on the global economy and financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial, tax, pension and other assets, as well as the risk factors specified in our 2019 annual report on Form 20-F published on March 5, 2020 under "Operating and financial review and prospects-Risk factors" as supplemented by the form 6-K published on April 30, 2020 under the header “Risk Factors” and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. So it relates to the arrangement of capital and excludes short-term borrowings. HERE will continue to operate as a business of Nokia until the sale is completed, but is not included in the planned future organizational structure of Nokia. From a technical perspective, the capital structure is the careful balance between equity and debt that a business uses to finance its assets, day-to-day operations, and future growth. The WACC formula is = (E/V x Re) + ((D/V x Rd) x (1-T)). Non-IFRS diluted EPS in Q2 2020 was EUR 0.06, compared to EUR 0.05 in Q2 2019, primarily driven by higher gross profit in Mobile Access within Networks, continued progress related to our cost savings program and a net positive fluctuation in financial income and expenses. 423. Nokia Corporation (natively Nokia Oyj, referred to as Nokia; Finnish: , UK: / ˈ n ɒ k i ə /, US: / ˈ n oʊ k i ə /) is a Finnish multinational telecommunications, information technology, and consumer electronics company, founded in 1865. Get the latest news from Nokia delivered straight to your inbox. Capital structure refers to the permanent financing of the company, represented by owned capital and loan/debt capital (i.e.. We have in place strict protocols for Nokia facilities and provided clear advice to our employees about how they can mitigate the risks of COVID-19 in situations where they have to go about critical work. Prioritizing capital towards areas where we can achieve leadership 28. We continue to work closely with all our customers, to ensure that the changing needs and requirements at this time are well understood and that we respond appropriately to them. Given our strong first-half improvement, we now expect free cash flow for full-year 2020 to be “clearly positive” compared to our earlier guidance of “positive”. The average basic number of shares during 2009 was 3.705 billion, 2008 was 3.743 billion and 2007 was 3.885 billion. In 1996, it launched the world’s first smartphone, the Communicator, and was also responsible for Nokia’s first camera phone in 2001 and its second-generation smartphone, the innovative 7650. ?????????? In relation to its financial statements as of June 30, 2020, Nokia has considered also the indicators of impairment of goodwill and other intangible assets, recoverability of deferred tax assets, valuation of inventories, and collectability of trade receivables and contract assets. While the core business focused on incremental improvements, Nokia’s relatively small data group took up the innovation mantle. To a much lesser extent, COVID-19 also affected our operational costs (for example, lower travel), capital expenditures (temporary delays), cash outflows related to taxes (tax relief), and net working capital (for example, lower inventories due to temporary disruptions). We believe we remain on track with our plans to drive progressive improvement over the course of 2020. From a technical perspective, the capital structure is the careful balance between equity and debt that a business uses to finance its assets, day-to-day operations, and future growth. About Nokia We create the technology to connect the world. Nokia has a global manufacturing footprint designed for optimized global supply, and to mitigate against risks such as local disruptive events, transportation capacity problems, and political risks. Financial theory shows there is an optimal capital structure for each company that maximizes the value of the equity. 6%. If the capital structure of a company is with greater weightage on preference shares and debentures, the earnings leftover after paying fixed charges of dividend and interest on preference shares and debentures respectively will be claimed by relatively a smaller section of equity shareholders. Find the latest Institutional Holdings data for Nokia Corporation Sponsored American Depositary Shares (NOK) at Nasdaq.com. … In 1996, it launched the world’s first smartphone, the Communicator, and was also responsible for Nokia’s first camera phone in 2001 and its second-generation smartphone, the innovative 7650. Espoo, Finland – Nokia today announced a continuation of its long standing T-Mobile partnership with a five-year deal. Non-IFRS gross margin was 39.6% (reported 39.4%) and non-IFRS operating margin was 8.3% (reported 3.3%). Equity Share Capital with voting rights and equity share capital with differential rights as to dividend, voting or otherwise. In both areas we continue to make good progress. A link to the webcast of the conference call will be available at www.nokia.com/financials. Nokia's other main business group is Nokia Networks, which is responsible for about 30 percent of net sales. While the core business focused on incremental improvements, Nokia’s relatively small data group took up the innovation mantle. Nokia Corporation (referred to as Nokia or Nokia Oyj) is a Finnish multinational communications corporation, founded in 1865, with customers in over 130 countries. +358 40 803 4080Email: investor.relations@nokia.com. Change in net sales at constant currency excludes the effect of changes in exchange rates in comparison to euro, our reporting currency. Manufacturing, supply chain and logistics, Cloud operations, management and orchestration, North America government relations and public affairs, Airtel and Nokia to collaborate on Industry 4.0 applications for enterprises, New consortium to develop a 5G and beyond strategic roadmap for future European connectivity systems and components, Live-stream: Network insights in the time of COVID-19 and beyond, Amortization of acquired intagible assets, Nokia and the United Nations Sustainable Development Goals, Our portfolio – energy efficient and climate-driven, Governmental and multilateral organizations, 2020 Ada Lovelace Honoree Anne Lee “Pioneering Software Engineer” in telecommunications technology, 2020 Ada Lovelace Honoree Paola Galli “Need for Speed” in the field of Silicon Photonics, Dr. Katherine Guo, Nokia’s 2019 Ada Lovelace Honoree. Efforts to end the pandemic and overcoming the disruption and challenges we currently.... 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