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Nokia in 2010 Review by the Board of Directors and Nokia Annual Accounts 2010 Nokia in 2010 Review by the Board of Directors and Nokia Annual Accounts 2010 Key data ........................................................................................................................................................................... 2 Review by the Board of Directors 2010 ................................................................................................................ 3 Annual Accounts 2010 Consolidated income statements, IFRS ................................................................................................................ 16 Consolidated statements of comprehensive income, IFRS ............................................................................. 17 Consolidated statements of financial position, IFRS ........................................................................................ 18 Consolidated statements of cash flows, IFRS ..................................................................................................... 19 Consolidated statements of changes in shareholders’ equity, IFRS ............................................................. 20 Notes to the consolidated financial statements ................................................................................................ 22 Income statements, parent company, FAS .......................................................................................................... 66 Balance sheets, parent company, FAS ................................................................................................................... 66 Statements of cash flows, parent company, FAS ............................................................................................... 67 Notes to the financial statements of the parent company ............................................................................. 68 Nokia shares and shareholders .............................................................................................................................. 72 Nokia Group 2006–2010, IFRS ................................................................................................................................. 78 Calculation of key ratios ............................................................................................................................................ 80 Signing of the Annual Accounts 2010 and proposal for distribution of profit .......................................... 81 Auditors’ report ........................................................................................................................................................... 82 Additional information Critical accounting policies ..................................................................................................................................... 84 Corporate governance statement Corporate governance .......................................................................................................................................... 90 Board of Directors .................................................................................................................................................. 94 Nokia Leadership Team ........................................................................................................................................ 96 Compensation of the Board of Directors and the Nokia Leadership Team .............................................. 100 Auditors fees and services ..................................................................................................................................... 120 Investor information ................................................................................................................................................ 121 Contact information ................................................................................................................................................. 123 KEY DATA Key data Based on financial statements Nokia, EURm 2010 2009 Change, % according to International Financial Net sales 42 446 40 984 4 Reporting Standards, IFRS Operating profit 2 070 1 197 73 Profit before tax 1 786 962 86 Profit attributable to equity holders’ of the parent 1 850 891 108 Research and development expenses 5 863 5 909 – 1 % 2010 2009 Return on capital employed 11.0 6.7 Net debt to equity (gearing) – 43 – 25 EUR 2010 2009 Change, % Earnings per share, basic 0.50 0.24 108 Dividend per share 0.40 * 0.40 — Average number of shares (1 000 shares) 3 708 816 3 705 116 * Board’s proposal Reportable segments, EURm 2010 2009 Change, % Devices & Services Net sales 29 134 27 853 5 Operating profit 3 299 3 314 NAVTEQ Net sales 1 002 670 50 Operating profit – 225 – 344 – 35 Nokia Siemens Networks Net sales 12 661 12 574 1 Operating profit – 686 – 1 639 – 58 Personnel, December 31 2010 2009 Change, % Devices & Services 60 492 54 773 10 NAVTEQ 5 452 4 571 19 Nokia Siemens Networks 66 160 63 927 3 Corporate Common Functions 323 282 15 Nokia Group 132 427 123 553 7 10 major markets, net sales; EURm 2010 2009 China 7 149 5 990 India 2 952 2 809 Germany 2 019 1 733 Russia 1 744 1 528 USA 1 630 1 731 Brazil 1 506 1 333 UK 1 470 1 916 Spain 1 313 1 408 Italy 1 266 1 252 Indonesia 1 157 1 458 Main currencies, exchange rates 10 major countries, personnel, December 31 2010 2009 at the end of 2010 India 22 734 18 376 China 20 668 15 419 1 EUR USD 1.3187 Finland 19 841 21 559 GBP 0.8495 Germany 11 243 11 582 CNY 8.7867 Brazil 10 925 10 288 INR 59.7792 USA 7 415 7 294 RUB 40.5401 Hungary 5 931 6 342 UK 3 859 4 010 JPY 110.45 Mexico 2 554 2 619 Poland 2 122 1 937 2 Nokia in 2010 REVIEW BY THE BOARD OF DIRECTORS Review by the Board of Directors 2010 Before the statutory information and disclosures of the review by the son, the 10 markets in which Nokia generated the greatest net sales in Board of Directors, the Nokia Board of Directors outlines a brief summary 2009 were China, India, the United Kingdom, Germany, the United States, of the key developments and actions taken during 2010 and early 2011. Russia, Indonesia, Spain, Brazil and Italy, together representing approxi- mately 52% of total net sales in 2009. » At the Nokia Annual General Meeting in May 2010, the Chairman of the Nokia’s gross margin in 2010 was 30.2%, compared to 32.4% in 2009. Board, Jorma Ollila acknowledged that 2009 had not been a satisfac- Nokia’s 2010 operating profit increased 73% to EUR 2.1 billion, compared tory year and that Nokia shareholders were justified in being unhappy with EUR 1.2 billion in 2009. Nokia’s 2010 operating margin was 4.9% with the share price development. The Board was, as the Chairman (2.9%). Nokia’s operating profit in 2010 included purchase price account- noted, painfully aware of the situation and very determined to change ing items and other special items of net negative EUR 1.1 billion (net it around. negative EUR 2.3 billion). Devices & Services operating profit was EUR 3.3 billion, compared with EUR 3.3 billion in 2009, with a reported operat- » During the summer 2010, the Board searched for and identified a ing margin of 11.3% (11.9%). Devices & Services operating profit in 2010 new CEO with a strong background in software and a proven record included purchase price accounting items and other special items of net in change management, who replaced the previous CEO in September positive EUR 137 million (net negative EUR 174 million). NAVTEQ’s operat- 2010. ing loss for 2010 was EUR 225 million (EUR 344 million), representing an operating margin of – 22.5% (– 51.3%). NAVTEQ’s operating loss included » During the fourth quarter of 2010 and ending in early 2011, an in- purchase price accounting items and other special items of negative EUR depth review of the challenges of the company, both operational and 489 million (net negative EUR 465 million). Nokia Siemens Networks had strategic, was undertaken by the CEO with the full support and close an operating loss of EUR 0.7 billion, compared with a EUR 1.6 billion oper- involvement of the Board. ating loss in 2009, representing an operating margin of – 5.4% (– 13.0%). Nokia Siemens Networks operating loss in 2010 included purchase price » Based on the review, a new strategy was established, and approved accounting items and other special items of net negative EUR 0.8 billion and disclosed in February 2011. The strategy is built around three (net negative EUR 1.7 billion, including EUR 908 million impairment of “pillars”: regaining leadership in the smartphone market, reinforc- goodwill). Group Common Functions expenses totaled EUR 114 million in ing our leadership position in mobile phones and investing in future 2010, compared to EUR 134 million in 2009. disruptive technologies. For the full year 2010, Nokia’s net sales and profitability benefited from improved economic and financial conditions following the signifi- » During 2010 and continuing in 2011, the Board has held more meet- cant deterioration in demand during the second half of 2008 and 2009. In ings both formal and informal and interacted more intensively with 2010, we saw volume and value growth in the global mobile device market management during and between board meetings than ever before. driven by rapid growth in converged mobile devices. At the same time, the competitive environment in mobile devices intensified, adversely impact- » The Board is closely monitoring the implementation of the new strat- ing our competitive position in the market. Our device volumes were egy as
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