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Innovation and possibilities Nokia in 2015 Nokia is a global leader in the technologies that connect people and things. Powered by the innovation of Bell Labs and Nokia Technologies, we are at the forefront of creating and licensing the technologies that are increasingly at the heart of our connected lives. With state-of-the-art software, hardware and services for any type of network, we are uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things (“IoT”). The year 2015 marked our anniversary as a We also sold our HERE digital mapping and The strength of our businesses puts us 150-year old company, being yet another year location services business to a German in good stead as we move forward to make of fundamental change as we took a major automotive industry consortium (the the large and necessary investments to step forward as the company shaping the “Consortium”), another indication of our plan successfully address the surmountable revolution in connectivity and digitization to focus on seizing major opportunities to challenges ahead of us—the huge demand in the Programmable World. positively impact people’s lives each day and on network performance and access and improve how we access and tap the power the need to simplify, optimize and automate Our transformation continued as we of connectivity. the complex flow of data across the network. announced our acquisition of Alcatel Lucent in a deal that, in early 2016, made us the leading Our two main businesses in 2015, We closed 2015 in a position of strength, player in multiple technology categories, Nokia Networks, a top provider of mobile a reflection not only on how we executed including 4G (“LTE”), 5G, IP, optical and connectivity infrastructure and services, on a day-to-day basis but of the values that fixed networks. and Nokia Technologies, our driver of future underpin our actions. innovation and licensing (Nokia Networks and Nokia Technologies, together “Continuing operations”), further demonstrated their leadership in their respective fields with solid financial performances. Overview Contents Overview 01 Nokia at a glance 02 Nokia in 2015 – Transformation for the next 150 years 06 Key data 08 Business overview 10 Letter from the President and CEO 12 Nokia’s role in the Programmable World 14 Our values 15 Nokia’s strategy 16 Operational governance and leadership 20 Nokia in 2016 24 Networks business in 2016 25 Nokia Technologies in 2016 35 Discontinued operations 39 Principal industry trends affecting operations 40 Board review 44 Board review 46 Results of operations 47 Results of segments 53 Liquidity and capital resources 58 Material subsequent events 61 Sustainability and corporate responsibility at Nokia 62 Employees 65 Shares and share capital 66 Board of Directors and Management 67 Dividend 68 Nokia’s outlook 69 Risk factors 70 Corporate governance 72 Corporate governance statement 74 Compensation 88 General facts on Nokia 102 History of Nokia 104 Memorandum and Articles of Association 106 Selected financial data 108 Shares and shareholders 110 Production of infrastructure equipment and products 117 Key ratios 118 Financial statements 119 Consolidated primary statements 120 Notes to consolidated financial statements 126 Parent Company primary statements 186 Notes to Parent Company financial statements 190 Signing of the Annual Accounts 2015 and proposal by the Board of Directors for distribution of profit 203 Auditor’s Report 204 Other information 205 Forward-looking statements 206 Glossary of terms 208 Investor information 211 Contact information 212 Read more online: company.nokia.com NOKIA IN 2015 01 Nokia at a glance 2015: A year of transformation The year 2015 marked our 150th anniversary Acquisition of Alcatel as a company—an accomplishment that few Lucent and divestment others can match. of our HERE business Our acquisition of Alcatel Lucent, announced in April 2015, has produced a new leader We believe this longevity has been due to a in next-generation technologies for the Programmable World. It was made possible variety of factors, including a capacity for due to the hard work and dedication of our employees who ensured that we were able intelligent adaptation, a pedigree for innovation, to close the deal in early January, 2016, faster than many thought possible. Our integration a focus on the human aspects of technology, planning has been thorough, allowing us to move forward as one company from and a track record for executing on our January 14, 2016. Another critical development in 2015 was the strategic goals. sale of HERE, our digital mapping and location services business, to a German automotive industry consortium, comprising AUDI AG, This past year is a prime example of these BMW Group and Daimler AG (the “Sale of the HERE Business”), in a transaction that was factors combining to make 2015 another believed to be in the best interests of Nokia and its shareholders, its customers as well as year of transformation. the employees of the HERE business. The sale, valued at an enterprise value of EUR 2.8 billion, closed in December 2015. 02 NOKIA IN 2015 Overview Our businesses in 2015 In 2015, through our Continuing operations, Our Continuing operations delivered net we had a global presence with operations in sales in 2015 of EUR 12.5 billion with strong Europe, the Middle East & Africa, Greater underlying profitability. We once again made China, North America, Asia-Pacific and Latin significant targeted R&D investments, a America and research and development bedrock of our success in innovation, with (“R&D”) facilities in Europe, North America R&D expenditures equaling approximately and Asia; and sales in approximately EUR 2.1 billion in 2015. 130 countries. We employed approximately 56 000 people at the end of 2015. Net sales 2015 by business Net sales 2015 by region 2 6 5 1 A B 4 2 3 1 1 Nokia Networks €11 490m (+3%) 1 Europe(1) € 3 813m (+9%) A Mobile Broadband € 6 064m (0%) 2 Middle East & Africa € 1 177m (+12%) B Global Services € 5 422m (+6%) 3 Greater China € 1 712m (+24%) 2 Nokia Technologies € 1 024m (+77%) 4 Asia-Pacific € 3 230m (-2%) 5 North America € 1 594m (+4%) 6 Latin America € 973m (-4%) (1) All Nokia Technologies net sales are allocated to Finland. Year-on-year change is in parentheses. Derived from our financial statements which were prepared in accordance with International Financial Reporting Standards, IFRS. NOKIA IN 2015 03 Nokia at a glance continued Our businesses in 2016 The acquisition of Alcatel Lucent closed and Applications & Analytics (together in early January 2016. After the closing, the “Networks business”). The Networks we have approximately 106 000 business is also supported by Bell Labs, employees, and we have organized our research arm and innovation driver. our networks-oriented businesses into Additionally, we have a fifth business four business groups: Mobile Networks, group, Nokia Technologies. Fixed Networks, IP/Optical Networks Mobile Networks Fixed Networks IP/Optical Networks Our end-to-end mobile broadband We are the market leader in fixed We help any organization with products and services meet customers’ access technologies, providing fiber carrier-grade needs meet the challenges ever-increasing demands for content and copper ultra-broadband solutions of evolving network infrastructure. and connectivity, scale with efficiency, to telecommunication operators, cable The shift to Cloud-based applications and deliver high-quality, reliable mobile operators, municipal governments and and the IoT is putting tremendous broadband experience. enterprises. Our innovations power the pressure on our customers’ business largest, fastest and most advanced models and networks. We’ve responded fixed broadband networks in the world, with massively scalable systems, enabling gigabit speeds over both software and services to build dynamic, copper and fiber. high-performance IP and optical networks that connect everyone and everything to the Cloud. 04 NOKIA IN 2015 Overview Applications & Analytics Nokia Technologies Our communications software and Nokia Technologies focuses on advanced applications help network operators, technology development and licensing. enterprises and governments In addition to licensing patents, we create accelerate innovation, gain revenue bold new products such as OZO, the first from services and give their customers commercially available professional a better experience. virtual reality camera. We also explore brand licensing opportunities and, through our technology incubation program, develop new ideas supported by our Labs R&D team. NOKIA IN 2015 05 Nokia in 2015 – Transformation for the next 150 years January February April May June July January 5, 2015 February 24, 2015 April 15, 2015 May 12, 2015 June 1, 2015 July 20, 2015 Nokia Networks Nokia launched its first Nokia announced its Nokia celebrated its Nokia entered the Nokia and Korea th announced it had zero CO2 emission intention to acquire 150 anniversary, Cloud infrastructure Telecom announced completed the base station site Alcatel Lucent, in an marking its start as market with the a plan to set up the business transfer of product offering that all-share transaction a wood pulp mill in launch of a 5G-ready first IoT lab in the a part of the wireless cuts base station site valued at EUR 15.6 southwestern Finland Airframe data center Republic of Korea network business of energy consumption billion, to create an in the 19th century, product that combines in order to provide Panasonic System and CO2 emissions by innovation leader its rise to global the benefits of IoT-related technical Networks Company up to 70%. in next generation prominence in Cloud computing expertise for small Limited in Japan, technology and mobility, and its technologies with and medium-sized originally announced services. transformation today the requirements of companies and to lay in July 2014, aiming to expand the human the core and radio a strong foundation to enhance its existing April 15, 2015 possibilities of the telecommunications for the creation mobile broadband Nokia announced connected world.
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