2012-01-25 14:05:46 CET
2012-01-25 14:06:48 CET
REGULATED INFORMATION
Nokia - Company Announcement
Recasting of Nokia quarterly and full year 2010 and first, second and third quarter 2011 results
Nokia Corporation
Stock exchange release
January 25, 2012 at 15:00 (CET +1)
Espoo, Finland - Nokia today provided historical results for its Devices &
Services and Location & Commerce businesses, recasted for comparability
purposes according to the new reporting format that became effective on October
1, 2011, as a result of the formation of the Location & Commerce business which
combines NAVTEQ and Nokia's social location services operations from Devices &Services. The recast also reflects certain reallocations regroupings within
Devices & Services to conform with the current reporting structure.
The historical results set forth below for each quarter and the full year of
2010 as well as the first, second and third quarter of 2011 are reported
results recasted (on an unaudited basis) for comparability purposes according
to Nokia's four reportable segments effective from October 1, 2011:
- Smart Devices (within Devices & Services)
- Mobile Phones (within Devices & Services)
- Location & Commerce
- Nokia Siemens Networks
The key financial performance measures provided for these segments include net
sales, gross margin as well as an additional measure of profit. For Smart
Devices and Mobile Phones, we present these segments' profit contribution,
which consists of revenues less these segments' own costs as well as their
directly assignable and allocated costs. For Location & Commerce and Nokia
Siemens Networks, we present operating profit.
The most significant amounts transferred relate to operating expenses which
were previously in Devices & Services Other - specifically, those relating to
social location services operations - to Location & Commerce. In order to
consistently reflect where the economic value of location services is created,
the recast also impacted Cost of Sales by reportable segment. Amounts
previously in Devices & Services Other Cost of Sales and Smart Devices Cost of
Sales were transferred to Location & Commerce Cost of Sales. As a consequence
of the higher value add performed in Location & Commerce, the recasted numbers
also reflect a higher internal transfer price, which impacted Location &
Commerce Net Sales positively and Smart Devices Cost of Sales negatively. The
internal transfer price represents revenue Net Sales to Location & Commerce and
Cost of Sales to Smart Devices. Location & Commerce will be responsible for
developing the services going forward whereas the services will continue to be
delivered to customers and consumers by Devices & Services in combination with
our devices. In order to consistently reflect deferral of services revenue over
the service period, the recast also impacted Location & Commerce revenue and
corporate Eliminations.
It should be noted that the information provided herein is historical and
therefore does not indicate future performance.
FIRST QUARTER 2010, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Devices Device Locati Nokia Corpor Elimi Nokia
Device Phone & s on Siemen ate natin Group
s 1- s Service && s Commo ns 1- 1-3/20
3/201 1-3/2 s Servi Comme Networ n 3/2010 10
0 01 other ce r ks 1-3/2
0 1- s 1- ce 1- 1-3/20 010
3/2010 3/2010 3/2010 10
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 3,363 3,194 107 6,664 193 2,718 - -53 9,522
sales
Cost of -2,243 -2,233 -55 -4,531 -30 -1,936 - 53 -6,444
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 1,120 961 52 2,133 163 782 - - 3,078
profit
% of 33.3 30.1 48.6 32.0 84.5 28.8 32.3
net
sales
Operati -846 -341 -107 -1,294 -306 -1,015 -12 - -2,627
ng
expense
s
Other 28 - 9 37 1 7 -8 - 37
income
and
expens
es
------------------------------------------------------------------------
Contrib 302 620 -46
ution
% of 9.0 19.4 -43.0
net
sales
--------------------------------------------------------------------------------
-------- -----------------------------------------------
Operati 876 -142 -226 -20 - 488
ng
profit
-------------------------
% of 13.1 -73.6 -8.3 5.1
net
sales
---------------------------------------------------------
SECOND QUARTER 2010, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Devices Device Locati Nokia Corpor Elimin Nokia
Device Phones & s on Siemen ate ations Group
s 4- 4- Service && s Common 4- 4-6/20
6/2010 6/2010 s other Servi Comme Networ 4- 6/2010 10
4- ces rce 4- ks 6/2010
6/2010 4-6/20 6/2010 4-6/20
10 10
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 3,503 3,190 105 6,798 208 3,039 - -42 10,003
sales
Cost of -2,389 -2,304 -60 -4,753 -51 -2,170 - 42 -6,932
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 1,114 886 45 2,045 157 869 - - 3,071
profit
% of 31.8 27.8 42.9 30.1 75.5 28.6 30.7
net
sales
Operati -862 -374 -115 -1,351 -360 -1,034 -29 - -2,774
ng
expens
es
Other 2 1 16 19 -3 -14 -4 - -2
income
and
expens
es
------------------------------------------------------------------------
------------------------------------------------------------------------
Contrib 254 513 -54
ution
% of 7.3 16.1 -51.4
net
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operati 713 -206 -179 -33 - 295
ng
profit
% of 10.5 -99.0 -5.9 2.9
net
sales
--------------------------------------------------------------------------------
THIRD QUARTER 2010, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Device Device Locati Nokia Corpor Elimin Nokia
Device Phones s & s on Siemen ate ations Group
s 7- 7- Servic && s Common 7- 7-
9/2010 9/2010 es Servi Comme Networ 7- 9/2010 9/2010
other ces rc ks 9/2010
7- 7- e 7- 7-9/20
9/2010 9/2010 9/2010 10
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 3,612 3,364 197 7,173 203 2,943 - -49 10,270
sales
Cost of -2,522 -2,506 -68 -5,096 -42 -2,241 1 49 -7,329
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 1,090 858 129 2,077 161 702 1 - 2,941
profit
% of net 30.2 25.5 65.5 29.0 79.3 23.9 28.6
sales
Operatin -785 -383 -105 -1,273 -329 -966 -19 - -2,587
g
expense
s
Other 5 3 57 65 1 -18 1 - 49
income
and
expenses
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Contrib 310 478 81
ution
% of net 8.6 14.2 41.1
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operati 869 -167 -282 -17 - 403
ng
profit
% of net 12.1 -82.3 -9.6 3.9
sales
--------------------------------------------------------------------------------
FOURTH QUARTER 2010, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Device Devices Locatio Nokia Corpor Elimin Nokia
Device Phones s && n & Siemen ate ations Group
s 10-12/ Servic Service Commerc s Common 10- 10-
10- 2010 es s e Networ 10- 12/201 12/201
12/201 other 10-12/ 10-12/ ks 12/201 0 0
0 10- 2010 2010 10-12/ 0
12/201 2010
0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 4,396 3,948 155 8,499 265 3,961 - -74 12,651
sales
Cost -3,133 -2,823 -76 -6,032 -46 -2,919 -1 74 -8,924
of
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 1,263 1,125 79 2,467 219 1,042 -1 - 3,727
profit
% of 28.7 28.5 51.0 29.0 82.6 26.3 29.5
net
sales
Oper -899 -410 -125 -1,434 -365 -1,022 -46 - -2,867
ating
expe
nses
Other
income
and
expens 146 1 -98 49 -2 -19 4 -8 24
es
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Contr 510 716 -144
ibutio
n
% of 11.6 18.1 -92.9
net
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Oper 1,082 -148 1 -43 -8 884
ating
profi
t
% of 12.7 -55.8 0.0 7.0
net
sales
--------------------------------------------------------------------------------
FULL YEAR 2010, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
--
Smart Mobile Device Devices Locati Nokia Corpor Elimin Nokia
Devices Phones s & on Siemen ate atio Group
1- 1- & Servic & s Common ns 1-
12/2010 12/201 Servic es Commer Networ 1- 1-12/
12/2010
0 es 1- ce 1- ks 12/201 2
other 12/2010 12/201 1- 0 010
1- 0 12/201
12/201 0
0
--------------------------------------------------------------------------------
-
--------------------------------------------------------------------------------
-
Net 14,874 13,696 564 29,134 869 12,661 - -218
42,446
sales
Cost -10,287 -9,866 -259 -20,412 -169 -9,266 - 218
-29,629
of
sales
--------------------------------------------------------------------------------
-
--------------------------------------------------------------------------------
-
Gross 4,587 3,830 305 8,722 700 3,395 - -
12,817
profit
% of 30.8 28.0 54.1 29.9 80.6 26.8
30.2
net
sales
Operat -3,392 -1,508 -452 -5,352 -1,360 -4,037 -106 -
-10,855
ing
expens
es
Other 181 5 -16 170 -3 -44 -7 -8
108
income
and
expen
ses
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Contri 1,376 2,327 -163
b
ution
% of 9.3 17.0 -28.9
net
sales
--------------------------------------------------------------------------------
-
--------------------------------------------------------------------------------
-
Operat 3,540 -663 -686 -113 -8
2,070
ing
profit
% of 12.2 -76.3 -5.4
4.9
net
sales
--------------------------------------------------------------------------------
-
FIRST QUARTER 2011, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Device Device Locatio Nokia Corpor Elim Nokia
Device Phones s & s n Siemen ate inatio Group
s 1- 1- Servic && s Common ns 1-
3/2011 3/2011 es Servi Commerc Networ 1- 1-3/2 3/2011
other ces e ks 3/2011 011
1- 1-3/20 1-3/20 1-3/20
3/2011 11 11 11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 3,528 3,407 152 7,087 232 3,171 - -91 10,399
sales
Cost of -2,508 -2,456 -84 -5,048 -44 -2,324 - 91 -7,325
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 1,020 951 68 2,039 188 847 - - 3,074
profit
% of 28.9 27.9 44.7 28.8 81.0 26.7 29.6
net
sales
Operati -834 -387 -104 -1,325 -321 -990 -22 - -2,658
ng
expense
s
Other - -2 17 15 1 1 6 - 23
income
and
expens
e
s
------------------------------------------------------------------------
------------------------------------------------------------------------
Contrib 186 562 -19
ution
% of 5.3 16.5 -12.5
net
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operati 729 -132 -142 -16 - 439
ng
profit
% of 10.3 -56.9 -4.5 4.2
net
sales
--------------------------------------------------------------------------------
SECOND QUARTER 2011, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Device Device Locati Nokia Corpor Elimin Nokia
Device Phones s & s on Siemen at ations Group
s 4- 4-6/20 Servic && s e 4- 4-
6/2011 11 es Servi Comme Networ Commo 6/2011 6/2011
other ces rc ks n
4- 4- e 4-6/20 4-6/20
6/2011 6/2011 4-6/2 11 11
011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 2,351 2,568 548 5,467 271 3,642 - -105 9,275
sales
Cost of -1,811 -1,933 -56 -3,800 -50 -2,698 - 105 -6,443
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 540 635 492 1,667 221 944 - - 2,832
profit
% of net 23.0 24.7 89.8 30.5 81.5 25.9 30.5
sales
Operatin -752 -420 -95 -1,267 -325 -1,056 -51 - -2,699
g
expenses
Other -4 -1 -611 -616 - 1 -5 - -620
income
and
expense
s
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Contribu -216 214 -214
tion
% of net -9.2 8.3 -39.1
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operatin -216 -104 -111 -56 - -487
g
profit
% of net -4.0 -38.4 -3.0 -5.3
sales
--------------------------------------------------------------------------------
THIRD QUARTER 2011, REPORTED, EUR million
(unaudited)
--------------------------------------------------------------------------------
-
Smart Mobile Device Device Locati Nokia Corpor Elimin Nokia
Device Phones s & s on Siemen ate ations Group
s 7- Servic && s Common 7- 7-
7-9/2 9/2011 es Servi Comme Networ 7- 9/2011 9/2011
011 other ces rc ks 9/2011
7- 7- e 7- 7-9/20
9/2011 9/2011 9/2011 11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net 2,194 2,915 283 5,392 282 3,413 - -107 8,980
sales
Cost of -1,739 -2,226 -43 -4,008 -52 -2,518 - 107 -6,471
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross 455 689 240 1,384 230 895 - - 2,509
profit
% of net 20.7 23.6 84.8 25.7 81.6 26.2 27.9
sales
Operatin -656 -404 -67 -1,127 -314 -1,035 -37 -2,513
g
expense
s
Other 11 10 -110 -89 -1 26 -3 -67
income
and
expense
s
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Contrib -190 295 63
ution
% of net -8.7 10.1 22.3
sales
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operatin 168 -85 -114 -40 - -71
g profit
% of net 3.1 -30.1 -3.3 -0.8
sales
--------------------------------------------------------------------------------
About Nokia
Nokia is a global leader in mobile communications whose products have become an
integral part of the lives of people around the world. Every day, more than 1.3
billion people use their Nokia to capture and share experiences, access
information, find their way or simply to speak to one another. Nokia's
technological and design innovations have made its brand one of the most
recognized in the world. For more information, visit
http://www.nokia.com/about-nokia
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