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Nokia in 2009 Review by the Board of Directors and Nokia Annual Accounts 2009

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Nokia in 2009 Review by the Board of Directors and Nokia Annual Accounts 2009 Nokia in 2009 Review by the Board of Directors and Nokia Annual Accounts 2009 Key data ........................................................................................................................................................................... 2 Review by the Board of Directors ........................................................................................................................... 3 Annual Accounts 2009 Consolidated income statements, IFRS ................................................................................................................... 8 Consolidated statements of comprehensive income, IFRS ................................................................................ 9 Consolidated statements of financial position, IFRS ........................................................................................ 10 Consolidated statements of cash flows, IFRS ..................................................................................................... 11 Consolidated statements of changes in shareholders’ equity, IFRS ............................................................. 12 Notes to the consolidated financial statements ................................................................................................ 14 Income statements, parent company, FAS .......................................................................................................... 52 Balance sheets, parent company, FAS ................................................................................................................... 52 Statements of cash flows, parent company, FAS ............................................................................................... 53 Notes to the financial statements of the parent company ............................................................................. 54 Nokia shares and shareholders .............................................................................................................................. 58 Nokia Group 2005–2009, IFRS ................................................................................................................................. 64 Calculation of key ratios ........................................................................................................................................... 66 Proposal by the Board of Directors for distribution of profit ......................................................................... 67 Auditors’ report .......................................................................................................................................................... 68 Additional information Critical accounting policies ..................................................................................................................................... 70 Corporate governance statement Group Executive Board ......................................................................................................................................... 74 Board of Directors .................................................................................................................................................. 76 Corporate governance .......................................................................................................................................... 78 Compensation of the Board of Directors and the Group Executive Board .................................................. 81 Auditor fees and services ......................................................................................................................................... 96 Investor information ................................................................................................................................................. 97 Contact information .................................................................................................................................................. 98 Key data * Based on financial Nokia, EURm 2009 2008 Change, % statements according to Net sales 40 984 50 710 – 19 International Financial Operating profit 1 197 4 966 – 76 Reporting Standards, IFRS Profit before tax 962 4 970 – 81 Profit attributable to equity holders’ of the parent 891 3 988 – 78 Research and development expenses 5 909 5 968 – 1 % 2009 2008 Return on capital employed 6.7 27.2 Net debt to equity (gearing) – 25 – 14 EUR 2009 2008 Change, % Earnings per share, basic 0.24 1.07 – 78 Dividend per share 0.40 ** 0.40 — Average number of shares (1 000 shares) 3 705 116 3 743 622 ** Board’s proposal Reportable segments, EURm 2009 2008 Change, % Devices & Services Net sales 27 853 35 099 – 21 Operating profit 3 314 5 816 – 43 NAVTEQ Net sales 670 361 Operating profit – 344 – 153 125 Nokia Siemens Networks Net sales 12 574 15 309 – 18 Operating profit – 1 639 – 301 Personnel, December 31 2009 2008 Change, % Devices & Services 54 773 61 130 – 10 NAVTEQ 4 571 4 049 13 Nokia Siemens Networks 63 927 60 295 6 Corporate Common Functions 282 355 – 21 Nokia Group 123 553 125 829 – 2 10 major markets, net sales; EURm 2009 2008 China 5 990 5 916 India 2 809 3 719 UK 1 916 2 382 Germany 1 733 2 294 USA 1 731 1 907 Russia 1 528 2 083 Indonesia 1 458 2 046 Spain 1 408 1 497 Brazil 1 333 1 902 Italy 1 252 1 774 10 major countries, personnel, December 31 2009 2008 Finland 21 559 23 320 Main currencies, exchange India 18 376 15 562 rates at the end of 2009 China 15 419 14 505 Germany 11 582 12 309 1 EUR USD 1.4648 Brazil 10 288 8 557 GBP 0.9006 United States 7 294 8 060 CNY 10.0018 Hungary 6 342 7 541 INR 68.3223 UK 4 010 4 313 RUB 44.1402 Mexico 2 619 3 559 JPY 130.30 Poland 1 937 1 646 * On July 10, 2008, Nokia completed the acquisition of NAVTEQ Corporation. NAVTEQ is a a separate reportable segment of Nokia starting from the third quarter 2008. Accordingly, the results of NAVTEQ are not available for the prior periods. 2 Nokia in 2009 Review by the Board of Directors 2009 In 2009, Nokia’s net sales decreased 19 % to EUR 40 984 currency market volatility. The demand environment, Main events in 2009 million (EUR 50 710 million in 2008). Net sales of De- in particular for mobile devices, improved during the vices & Services for 2009 decreased 21 % to EUR 27 853 latter part of the year as the global economy started Nokia Group million (EUR 35 099 million). Net sales of NAVTEQ * were showing initial signs of recovery. EUR 670 million in 2009 (EUR 361 million for the six Reported research and development expenses » Nokia formed Solutions, a new unit responsible months ended December 31, 2008). Net sales of Nokia were EUR 5 909 million in 2009, down 1 % from EUR for driving Nokia’s offering of solutions, with the Siemens Networks decreased 18 % to EUR 12 574 mil- 5 968 million in 2008. Research and development aim of integrating the mobile device, services and lion (EUR 15 309 million). costs represented 14.4 % of Nokia net sales in 2009, content into a unique and compelling offering for In 2009, Europe accounted for 3 6 % (37 %) of up from 11.8 % in 2008. Research and development the consumer. The unit formally started operating Nokia’s net sales, Asia-Pacific 22 % (22 %), Greater expenses included purchase price accounting items on October 1, 2009. China 16 % (13 %), Middle East & Africa 14 % (14 %), and other special items of EUR 564 million in 2009 » Nokia announced changes to its Group Executive Latin America 7 % (10 %), and North America 5 % (4 %). (EUR 550 million in 2008). At December 31, 2009, Nokia Board, with Robert Andersson leaving Nokia’s The 10 markets in which Nokia generated the greatest employed 37 020 people in research and development, Group Executive Board as of September 30, 2009 net sales in 2009 were, in descending order of magni- representing approximately 30 % of the group’s total in connection with his transfer to new duties tude, China, India, the UK, Germany, the United States, workforce, and had a strong research and develop- in Nokia’s Corporate Development unit; Alberto Russia, Indonesia, Spain, Brazil and Italy, together ment presence in 16 countries. Torres joining Nokia’s Group Executive Board representing approximately 52 % of total net sales in In 2009, Nokia’s selling and marketing expenses as of October 1, 2009 in connection with his 2009. In comparison, the 10 markets in which Nokia were EUR 3 933 million, compared with EUR 4 380 appointment as head of the Solutions unit, and; generated the greatest net sales in 2008 were China, million in 2008. Selling and marketing expenses for Simon Beresford-Wylie leaving the Group Execu- India, the UK, Germany, Russia, Indonesia, the United Nokia represented 9.6 % of its net sales in 2009 (8.6 %). tive Board on September 30, 2009 after stepping States, Brazil, Italy and Spain, together representing Selling and marketing expenses included purchase down as Chief Executive Officer of Nokia Siemens approximately 50 % of total net sales in 2008. price accounting items and other special items of EUR Networks. Nokia’s gross margin in 2009 was 32.4 %, com- 413 million in 2009 (EUR 341 million). pared to 34.3 % in 2008. Nokia’s 2009 operating profit Administrative and general expenses were EUR » Nokia announced that Rajeev Suri was appointed decreased 76 % to EUR 1 197million, compared with 1 145 million in 2009 compared to EUR 1 284 million in as Chief Executive Officer of Nokia Siemens Net- EUR 4 966 million in 2008. Nokia’s 2009 operating 2008. Administrative and general expenses were equal works as
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