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Creating the Technology to Connect the World

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Creating the Technology to Connect the World Nokia in 2018 Creating the technology to connect the world Contents Business overview 02 We create the technology to connect the world 02 Letter from our President and CEO 04 Market trends driving our strategy 06 Our strategy 08 Networks business 10 Mobile Networks 12 Fixed Networks 14 Global Services 16 IP/Optical Networks 18 Nokia Software 20 Nokia Enterprise 22 Nokia Technologies 24 Nokia Bell Labs 26 Principal industry trends affecting operations 28 Board review 32 Board review 34 Results of operations 35 Results of segments 40 Liquidity and capital resources 47 Significant subsequent events 49 Sustainability and corporate responsibility 50 Shares and share capital 58 Risk factors 60 Corporate governance 62 Corporate governance statement 64 Compensation 82 General facts on Nokia 98 Our history 100 Memorandum and Articles of Association 101 Selected financial data 103 Shares 104 Shareholders 107 Production of infrastructure equipment and products 108 Financial statements 109 Consolidated primary statements 110 Notes to consolidated financial statements 116 Parent company primary statements 184 Notes to the parent company primary statements 188 Signing of the Annual Accounts 2018 202 Auditor’s report 203 Other information 207 Foward-looking statements 208 Use of certain terms 209 Key ratios 207 Alternative performance measures 211 Glossary of terms 212 Investor information 215 Contact information 216 01 We create the technology to connect the world We are at the dawn of a new era. Digital A global technology leader technologies – cloud computing, artificial intelligence, machine learning, the Internet Net sales 2018 by region of Things and 5G networks – are changing our world. Nokia is driving innovation and 1 the future of technology to power this 6 digital age and transform how people live, work and communicate. 2 5 We push the boundaries of what is possible to create new 4 ways of connecting people, things and services instantly 3 and effortlessly. We build upon a foundation of integrity, 1 Asia-Pacific EUR 4 081m (-3%) quality and security. We help our customers navigate 2 Europe(1) EUR 6 489m (-5%) complex choices, drive productivity gains in physical 3 Greater China EUR 2 165m (-14%) 4 Latin America EUR 1 380m (+8%) and digital industries alike, and unlock new opportunities 5 Middle East & Africa EUR 1 874m (-2%) that provide extraordinary experiences in people’s lives 6 North America EUR 6 574m (+3%) each day. Financial highlights For the year ended December 31, 2018 2017 2016 Net sales 2018 by business(2) Continuing operations EURm EURm EURm Net sales 22 563 23 147 23 641 Gross profit 8 446 9 139 8 524 3 Gross margin 37.4% 39.5% 36.1% 2 Operating (loss)/profit (59) 16 (1 100) Operating margin (0.3)% 0.1% (4.7)% Loss for the year (549) (1 437) (912) A C EUR EUR EUR Earnings per share, diluted (0.10) (0.26) (0.13) Dividend per share(1) 0.20 0.19 0.17 2018 2017 2016 B As of December 31 EURm EURm EURm 1 Net cash and current financial investments 3 051 4 514 5 299 1 Nokia’s Networks business EUR 20 121m (-2%) (1) Planned maximum annual distribution for 2018 is EUR 0.20 per share to be paid quarterly subject to shareholders’ and the Board of Directors’ approval. A Ultra Broadband Networks EUR 8 692m (-3%) B Global Services EUR 5 710m (-2%) C IP Networks and Applications EUR 5 719m (0%) 2 Nokia Technologies EUR 1 501m (-9%) 3 Group Common and Other EUR 1 021m (-8%) (1) All Nokia Technologies IPR and Licensing net sales are allocated to Finland. (2) Includes net sales to other segments. The figures are derived from our consolidated financial statements prepared in accordance with IFRS. Year-on-year change is in parenthesis. 02 NOKIA IN 2018 Business overview We have combined global leadership in mobile and fixed network infrastructure with the software, services and advanced technologies to serve customers in approximately 130 countries around the world. Greater China North America Europe Employees 17 200 Employees 14 200 Employees 40 500 Middle East & Africa Asia-Pacific Employees 3 700 Employees 23 100 Latin America Employees 4 300 Net sales in 2018 Countries of operation Average number of employees in 2018 EUR 22.6bn ~130 ~103 000 We have organized our networks-oriented businesses into six business groups: Mobile Networks, Fixed Networks, Global Services, IP/Optical Networks, Nokia Software and Nokia Enterprise (together the “Networks business”); and have kept our driver of future innovation and licensing, Nokia Technologies, as a separate, seventh business group. Nokia’s Networks business Nokia Technologies Mobile Networks IP/Optical Networks Global Services Nokia Technologies Higher quality and more Massively scalable networks Helping customers navigate Technology designed to reliable mobile broadband securely connecting through complexity to bring the human family experiences everyone and everything transform their business closer together to the cloud Fixed Networks Nokia Software Nokia Enterprise Using intelligent access to Intelligent software Digitalizing asset-intensive create networks that are platforms optimizing industries with mission and faster, better, smarter and automating business critical needs network performance For more information on our business performance: Our strategy Our businesses Results of operations Financial statements Results of segments See pages 8–9 See pages10–27 See pages 35–46 See page 109 NOKIA IN 2018 03 Letter from our President and CEO “2018 saw the commercial deployment of 5G move forward in lead countries, and Nokia was at the forefront of this activity. In 2019 we expect to see more organizations around the world take their first steps in creating the infrastructure for the Fourth Industrial Revolution – and Nokia is ready to be their trusted partner.” Financial highlights ‘first-movers’ with over 25 5G commercial deals and nearly 100 trials and pilots of the Although our performance in 2018 was below new technologies. our expectations overall, we exited 2018 with a strong finish, confirming our expectation In our second pillar – expanding network of accelerated sales momentum as the year sales to select vertical markets – we support progressed. Indeed, we had a strong second a wide and growing range of organizations half with every one of our Networks Business as they evaluate how best to digitalize their Net sales in 2018 Groups delivering year-on-year growth, operations. Enterprises are increasingly excluding the impact of changes in foreign looking at dedicated networks to enable them currency exchange rates. This drove growth in to have full control over networking solutions EUR 22.6bn Nokia’s net sales for the year of 1%, excluding that have the characteristics they need for the impact of changes in foreign currency their business. Today we serve approximately exchange rates. 1 000 customers outside of our traditional Proposed dividend per share (maximum) Communications Service Provider base, Our Networks business delivered bringing connectivity to some of the most approximately 2% growth in 2018, excluding complex, fast-moving industries on earth, the impact of changes in foreign currency including a number of new automotive, energy exchange rates, fueled by the continued EUR 0.20 and transportation customers that placed success of our end-to-end strategy and the their trust in our technologies in 2018. conversion of a healthy pipeline into net sales. This allowed us to take share in certain In our third pillar – building a strong segments of the market, while the overall standalone software business at scale – we market itself declined slightly. High customer see clear signs of our strategy bearing fruit. engagement in multiple elements of our Nokia Software is now a truly verticalized 5G portfolio sees us enter 2019 with business, driven by a renewed sales a strong Networks order backlog. In Nokia organization, underpinned by simpler Technologies, we maintained our strong processes and boasting a modern, growth track record with 11% year-on-year cloud-native common software foundation. growth in recurring licensing revenue. The attractiveness of this proposition is borne out through strong 2018 sales momentum Reflecting this momentum in the year, the including wins with AT&T, BT, STC, Sky, Telenor Board of Directors will propose a maximum One Europe and Verizon and the industry dividend of EUR 0.20 per share for 2018: a 5% analyst research firm, Analysys Mason, ranked increase compared to 2017. us the leading telecoms software company by revenue. Progress in our strategy In our fourth pillar – creating new licensing In our first pillar – leading in opportunities – our successes in 2018 with high-performance, end-to-end networks existing and new licensee customers have with Communications Service Providers – validated our direction for Nokia Technologies. we have proven our capabilities as the This year we have extended our patent commercialization of 5G begins. We proudly licensing agreement with Samsung; signed serve as a partner to most of 5G’s a new multi-year patent license agreement 04 NOKIA IN 2018 Business overview with Chinese smartphone maker OPPO; The 5G investment cycle No other global company touches every and benefitted from continued progress made link in this cycle. No matter how early From the first trials to the first roll-outs, by our brand licensee, HMD Global, which or late stage the investment, be it a 2018 was the year in which 5G became a unveiled a range of new products throughout ‘first-mover’ or ‘fast-follower’ geography, a commercial reality. It is my firm belief that 2018 with production capacity to deliver on Communications Service Provider innovator we now stand at the start of a meaningful, demand. We see further potential in licensing or a digitally-minded enterprise, Nokia’s long-term technology trend that bodes to smartphone makers and in other markets end-to-end portfolio means that we can uniquely well for Nokia.
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