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Nokia in 2020 Nokia in 2020 Nokia in 2020 Business overview 02 Key highlights 04 Letter from our President and CEO 06 Our strategy 10 Our history 19 Innovation 21 Nokia Bell Labs 22 Sales and Marketing 25 Business groups 26 Mobile Networks 26 Global Services 28 Fixed Networks 30 IP/Optical Networks 32 Nokia Software 34 Nokia Enterprise 36 Nokia Technologies 40 Principal industry trends 44 Corporate governance 46 Corporate governance statement 48 Compensation 66 Board review 80 Business description 82 Board’s review 83 Selected financial data 84 Operating and financial review 85 Our response to COVID-19 94 Sustainability and corporate responsibility 98 Shares and shareholders 108 Articles of Association 112 Risk factors 114 Significant subsequent events 117 Key ratios 118 Alternative performance measures 119 Financial statements 120 Consolidated financial statements 122 Notes to consolidated financial statements 127 Parent company financial statements 193 Notes to the Parent Company financial statements 197 Signing of the Annual Accounts and the Review of the Board of Directors 2020 211 Auditor’s report 212 Other information 216 Forward-looking statements 218 Introduction and use of certain terms 219 Glossary 220 Investor information 223 Contact information 224 Cover image 5G testing in the Stargate antenna chamber. Visitors to our Executive Experience Center in Espoo, Finland gain a first-hand understanding of our business. NOKIA IN 2020 01 02 NOKIA IN 2020 Business overview Key highlights 04 Letter from our President and CEO 06 Our strategy 10 Our history 19 Innovation 21 Nokia Bell Labs 22 Sales and Marketing 25 Business groups 26 Mobile Networks 26 Global Services 28 Fixed Networks 30 IP/Optical Networks 32 Nokia Software 34 Nokia Enterprise 36 Nokia Technologies 40 Principal industry trends 44 In Oulu, Finland our controlled environment enables multiple 5G customer use cases and configurations to be tested at the same time. NOKIA IN 2020 03 Nokia in 2020 Humanity, connected Key The world has made it through a uniquely difficult year. We lived, learned, worked and socialized online. It was a vast change, which happened quickly and without highlights warning. Our customers were put under immense pressure. But with our help, they delivered. This reminds us that connectivity is not a ‘nice to have’. It is a fundamental part of modern society, one that Nokia has a responsibility to provide. And we are doing so. In 2020 our products and services underpinned new innovations in efficient public services, remote education, optimized logistics, smart healthcare, digital startups, clean energy generation, waste-free manufacturing and traditional networking, among many other uses. We carried out this work with a permanent focus on security, value and performance. This is the connectivity that the world deserves. We will continue to deliver it. Global reach Regional split of employees We have combined global leadership in mobile and fixed network infrastructure with the software, services and advanced technologies to serve customers around the world. Europe Greater China 38 800 Net sales in 2020 North America 13 700 12 000 Middle East & Africa EUR 21.9bn 3 300 Countries of operation Latin America Asia Pacific ~130 3 700 20 500 Average number of employees in 2020 ~92 000 04 NOKIA IN 2020 Business overview Financial highlights Business groups For the year ended December 31, 2020 2019 2018 Mobile Networks Continuing operations EURm EURm EURm Higher quality and more reliable mobile Net sales 21 852 23 315 22 563 broadband experiences Gross profit 8 193 8 264 8 312 Global Services Gross margin 37.5% 35.4% 36.8% Helping customers navigate complexity Operating profit/(loss) 885 485 (59) to transform and digitalize their business Operating margin 2.1% (0.3)% 4.0% Fixed Networks (Loss)/profit for the year (2 513) 18 (549) Using intelligent access to create networks EUR EUR EUR that are faster, better, smarter Earnings per share, diluted (0.45) 0.00 (0.10) IP/Optical Networks (1) Dividend per share 0.00 0.00 0.10 Massively scalable networks that underpin the digital world’s dynamic interconnectivity 2020 2019 2018 As of December 31 EURm EURm EURm Nokia Software Net cash and current financial Intelligent software platforms optimizing and automating network performance investments 2 485 1 730 3 053 Nokia Enterprise (1) No dividend is proposed by the Board of Directors related to the financial year 2020. Digitalizing asset-intensive industries with mission and business-critical needs Nokia Technologies Technology designed to bring the human family closer together Net sales 2020 by reportable segment(1) Net sales 2020 by region Reportable segments In 2020, Nokia had three reportable segments. 4 3 1 Nokia also discloses segment-level data for Group Common and Other. For more details, 2 6 refer to Note 5, Segment information, in the consolidated financial statements. Networks D A Nokia provides net sales disclosure for the 2 following businesses within the Networks C 5 reportable segment: (i) Mobile Access B 4 (comprises Mobile Networks and Global 3 1 Services operating segments), (ii) Fixed Access (comprises Fixed Networks operating segment), (iii) IP Routing (comprises part 1 Networks(2) EUR 16 852m (-7%) 1 Asia Pacific EUR 3 847m (-16%) (3) of IP/Optical Networks operating segment) A Mobile Access EUR 10 630m (-9%) 2 Europe EUR 6 620m (0%) and (iv) Optical Networks (comprises part B Fixed Access EUR 1 759m (-6%) 3 Greater China EUR 1 376m (-25%) C IP Routing EUR 2 768m (-5%) 4 Latin America EUR 995m (-32%) of IP/Optical Networks operating segment). D Optical Networks EUR 1 695m (-3%) 5 Middle East & Africa EUR 1 893m (1%) 2 Nokia Software EUR 2 656m (-4%) 6 North America EUR 7 121m (2%) Nokia Software 3 Nokia Technologies EUR 1 402m (-6%) Nokia Technologies 4 Group Common and Other EUR 982m (3%) This Annual Report describes the operations and performance of Nokia in 2020. During that time, Nokia had seven business groups and three reportable segments listed above. As of 2021, (1) Includes net sales to other segments. Net sales (3) All Nokia Technologies IPR and Licensing net sales are Nokia has a new operating model comprising four business to enterprise customers are included in Networks, allocated to Finland. groups that are also our reportable segments: (i) Mobile Nokia Software and Group Common and Other net sales. Networks, (ii) Network Infrastructure, (iii) Cloud and Network Year-on-year change is in parenthesis. Services, and (iv) Nokia Technologies. (2) Nokia provides net sales disclosure for the following businesses within the Networks reportable segment: (i) Mobile Access, (ii) Fixed Access, (iii) IP Routing, and (iv) Optical Networks. NOKIA IN 2020 05 Letter from our President and CEO Development in an extraordinary year Letter Overall in 2020, we saw improvement both in our gross margin and operating margin performance up by 2.1 percentage points and 1.9 percentage points year-on-year respectively. This development was from our supported by a regional mix shift towards the higher-margin North America region, our ongoing R&D efforts to enhance product quality and cost competitiveness, and President improvements in our Networks business. Nokia delivered a strong cash performance for the year and we ended 2020 with net cash and current financial investments at approximately EUR 2.5 billion, up and CEO approximately EUR 0.8 billion from 2019. Net sales decreased by 6% year-on-year primarily due to network deployment and planning services within Mobile Access. In Nokia Enterprise, we continued to make great progress in 2020 and delivered double digit year-on-year growth in net sales. Overall, we took important steps in improving on execution. I was particularly pleased to see Change and continuity 2020 was the year businesses realized that the clear financial improvement in Mobile This was a year of unprecedented change, the old adage of “things must change to Access, reflecting our ongoing efforts to but also one in which we saw the importance remain the same” has never been more true. strengthen the competitiveness and cost of our technology. Fixed and mobile networks Companies that had done the most to position of our mobile radio products. kept the global economy and critical modernize their operations were those In 2020, we saw growth in radio access infrastructure running even as the COVID-19 best equipped to deal with the disruption. products and the 5G gross margin increase pandemic led to nationwide shutdowns The pandemic accelerated the need for due to product cost reduction, partly helped across the world. widespread digitalization and automation, by higher ReefShark shipment volumes. leading to the increasing importance of critical Our aim was to be above 35% for our KPI on I was proud of the role we played in enabling networks – networks that combine flexibility shipments of our 5G Powered by ReefShark emergency services, food suppliers, and with carrier-grade performance. public health agencies to stay connected product portfolio; we ended the year at 43% throughout a global crisis. Kitchens became We launched a strategic analysis into these and we remain on track to realize 70% by classrooms and boardrooms operated from industry trends, which found that value would the end of 2021. Our progress was validated bedrooms as millions of people turned to increasingly move away from monolithic by our customers. We ended the year with bandwidth-intensive video conferencing and systems towards software, silicon and 188 commercial 5G agreements and streaming applications. This contributed to a services with the importance of virtualization, 44 live 5G networks. year’s worth of traffic growth in a matter of cloud-native architecture, and open interfaces We strengthened our technology leadership days, but we were able to support our CSP becoming ever greater.
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