capital structure of nokia company

The average basic number of shares during 2009 was 3.705 billion, 2008 was 3.743 billion and 2007 was 3.885 billion. Also, Nokia has not identified any significant increase in the amount of bad debt or need to adjust the valuation of inventories. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. We also announced an expansion of our IP routing business into the data center market and highlighted that Apple was deploying our technology at its data centers. Free cash flow in the quarter was positive €265 million, versus negative €1.0 billion one year ago, and Nokia ended Q2 with €1.6 billion of net cash, and €7.5 billion in total cash. We have in place strict protocols for Nokia facilities and provided clear advice to our employees about how they can mitigate the risks of COVID-19 in situations where they have to go about critical work. Find the latest Institutional Holdings data for Nokia Corporation Sponsored American Depositary Shares (NOK) at Nasdaq.com. Nokia … Nokia Corporation Stock Exchange Release December 17, 2020, at 08:00 (CET +1) Nokia appoints Nishant Batra as Chief Strategy and Technology Officer and member of the Nokia Group Leadership Team In 1996, it launched the world’s first smartphone, the Communicator, and was also responsible for Nokia’s first camera phone in 2001 and its second-generation smartphone, the innovative 7650. 7%. These results show that our execution has improved as planned and that we are well positioned to end the year with a significantly stronger financial position. Capital structure is how a company funds its overall operations and growth. Q2 2020 net sales were impacted by COVID-19 and unique dynamics in China. Nokia market cap history and chart from 2006 to 2020. Preference Shares. Nokia delivered a strong improvement in Q2, with better-than-expected profitability, significant improvement in cash generation, clear indications of a return to strength in mobile radio, and a year-on-year increase in earnings-per-share, despite the challenges of COVID-19. During Q2 2020, net cash increased by approximately EUR 0.2 billion, resulting in an end-of-quarter net cash balance of approximately EUR 1.6 billion. 10. Business group update, including market dynamics, our competitive positions, strategic imperatives and financial expectations 25. You have constantly made me proud and I expect that you will continue to do so in the many years to come. Strong capital structure and prudent financing strategy 27. Capital structure refers to the permanent financing of the company, represented by owned capital and loan/debt capital (i.e.. Ollila immediately gave up the diversifica-tion tactic, adjusted the business structure drastically, narrowed the scope of operation, abandoned non-core Get the latest news from Nokia delivered straight to your inbox. Both non-IFRS and reported net sales in Q2 2020 were EUR 5.1bn, compared to EUR 5.7bn in Q2 2019. Based on these assessments, COVID-19 is currently not expected to have such long-term effects on Nokia’s financial performance that it would require adjustments to the carrying amounts of goodwill and other intangible assets or deferred tax assets. @B�(�p����� �`L �D��V�"��r~ We believe we have a resilient customer base, and we feel a sense of duty to our customers and the communities they serve. Factors, including risks and uncertainties that could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties and we may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our business groups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and market conditions, general public health conditions (including its impact on our supply chains) and other developments in the economies where we operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment ; 3) competition and our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicality and variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) our dependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers including mergers and acquisitions and the possibility of our customers awarding business to our competitors; 6) our ability to maintain our existing sources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sources of revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operating performance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net sales and our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposure to regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks in relation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savings and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realize the expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreements or arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) Nokia Technologies' ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income and IPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies, including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensing costs and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliability of our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures; 15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulation and cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’ security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, and the possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect to customer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligations we may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruit appropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes, and the risks related to our geographically-concentrated production sites; 23) the impact of litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our ability to re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfully implement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managed companies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equity return we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, and healthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipeline into net sales; 31) risks related to undersea infrastructure; and 32) the impact of the COVID-19 virus on the global economy and financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial, tax, pension and other assets, as well as the risk factors specified in our 2019 annual report on Form 20-F published on March 5, 2020 under "Operating and financial review and prospects-Risk factors" as supplemented by the form 6-K published on April 30, 2020 under the header “Risk Factors” and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. From a technical perspective, the capital structure is the careful balance between equity and debt that a business uses to finance its assets, day-to-day operations, and future growth. Nokia's Networks business. Nokia is the only global supplier fully committed to O-RAN with commercial 5G Cloud-RAN networks. About 1% of the shares were owned by Nokia Corporation during 2009. Nokia's new organizational structure places the company in a forward moving competitive environment. 20 121. Nokia Corporation is a Finnish multinational communications corporation, founded in 1865. 7. Ian H. Giddy/NYU Capital Structure -11 Copyright ©2002 Ian H. Giddy Capital Structure 21 Ratings and Spreads Corporate bond spreads: basis points over Treasury curve This is a summary of the Nokia Corporation financial report for Q2 and half year 2020 published today. Issuing Shares with Differential Voting Rights: In Mobile Access, we saw healthy improvements in our radio portfolio, where roadmaps are strengthening, costs are coming down, and product performance is rising. We are a public limited-liability company listed on the Nasdaq Helsinki, Euronext Paris and New York Stock Exchange. ?… Given our strong first-half improvement, we now expect free cash flow for full-year 2020 to be “clearly positive” compared to our earlier guidance of “positive”. Capital structure refers to the permanent financing of the company, represented by owned capital and loan/debt capital (i.e.. With our commitment to innovation, driven by the award-winning Nokia Bell Labs, we are a leader in the development and deployment of 5G networks. T-Mobile extends a longstanding partnership with Nokia to expand its nationwide 5G network Since the interest expense on debt is tax deductible in most countries, a company can reduce its after-tax cost of capital by increasing debt relative to … Excluding one-time licensing net sales in Q2 2020 and Q2 2019, net sales decreased 10% on both a non-IFRS and reported basis. Capital Structure is the mix between owner’s funds and borrowed funds. As a result, we are adjusting upward both the midpoint of our full-year 2020 non-IFRS EPS and operating margin guidance within our previously disclosed outlook ranges. Naturally, Nokia’s first focus during the COVID-19 crisis is to our employees. We have also established a global command center to manage the supply chain challenges arising from the outbreak; and we are ready to activate relevant business continuity plans should the situation in any part of our organization require this. Equity Share Capital with voting rights and equity share capital with differential rights as to dividend, voting or otherwise. A company’s capital structure refers to the combination of its various sources of funding. Debt consists of borrowed money that is due back to the lender, commonly with interest expense. ?????????? We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. RAJEEV SURI, PRESIDENT AND CEO, ON Q2 2020 RESULTS. These actions demonstrate our strong commitment to supporting global efforts to end the pandemic and overcoming the disruption and challenges we currently face. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Financial theory shows there is an optimal capital structure for each company that maximizes the value of the equity. Our expectation that we will slightly underperform our primary addressable market, which is expected to be flattish on a constant currency basis in full year 2020, excluding China (, Our expectation for operating profit seasonality in 2020 to be similar to 2019, with the majority of operating profit to be generated in the fourth quarter. It is headquartered in Keilaniemi, Espoo, a city neighbouring Finland's capital Helsinki. Capital structure affects a company’s overall value through its impact on operating cash flows and the cost of capital. This guide will provide an overview of what it is, why its used, how to calculate it, and also pr… We expect that the majority of sales missed in the quarter due to COVID-19 will shift to future periods. View nokia business summary and other industry information. Networks and Nokia Software are expected to be influenced by factors including: We took already early on a range of steps, including banning international travel for Nokia employees, except for strictly-defined ‘critical’ reasons; closing all our facilities to all visitors, with the exception of people engaged in essential maintenance and services, and asking our staff to work from home wherever possible. +358 10 448 4900 Email: press.services@nokia.com Katja Antila, Head of Media Relations, Investor Inquiries:Nokia Investor RelationsTel. An earnings-based growing dividend of approximately 40% to 70% of non-IFRS diluted EPS, taking into account Nokia’s cash position and expected cash flow generation. Nokia Corporation Half year report July 31, 2020 at 08:00 (CET +1), Nokia Corporation Financial Report for Q2 and Half Year 2020, Continued improved execution drives strong margin and cash performance. 1 Free cash flow = net cash from/(used in) operating activities - capital expenditures + proceeds from sale of property, plant and equipment and intangible assets – purchase of non-current financial investments + proceeds from sale of non-current financial investments.. KEY DRIVERS OF NOKIA’S OUTLOOK. In addition, reported operating margin benefitted significantly from lower amortization of acquired intangible assets, as well as lower restructuring and associated charges. In Q2 2020, we estimate that COVID-19 had an approximately EUR 300 million negative net impact on our net sales; with the majority of these net sales expected to be shifted to future periods, rather than being lost. “Capital structure is the combination of debt and equity securities that comprise a firm’s financing of its assets.”—John J. Nokia Corporation (natively Nokia Oyj, referred to as Nokia; Finnish: , UK: / ˈ n ɒ k i ə /, US: / ˈ n oʊ k i ə /) is a Finnish multinational telecommunications, information technology, and consumer electronics company, founded in 1865. The company's capital structure relies more heavily on equity capital than debt for financing, though debt has grown to play an increasingly large role. 1462 0 obj <> endobj As a global company, we have a duty to be part of the global fight against this pandemic. Remote working and schooling, robust delivery of basic services and smart deliveries are just some examples that have been enabled by connectivity solutions. Investors should not rely on summaries of our financial reports only, but should review the complete financial reports with tables. ���[g�1��^�s�����cը��@RZ4�J5߲�&�C�jY��ɞv9*���cF�5�qex:���R�b".���t��2��zD2��Z��~ �c��WeM�. In Q2 2020, Nokia’s gross and operating margin both expanded year-on-year, primarily driven by broad based strength in Networks, particularly in Mobile Access, with IP Routing and Fixed Access also contributing positively. ... As for Nokia, the company … While the core business focused on incremental improvements, Nokia’s relatively small data group took up the innovation mantle. 2. Expressed as a formula, capital structure … In Q2 2020, the estimated COVID-19 net impact was approximately EUR 300 million, composed of a negative impact of approximately EUR 400 million related to delivery and implementation challenges, partially offset by a positive impact of approximately EUR 100 million related to capturing a part of the negative net sales impact from Q1 2020. While the core business focused on incremental improvements, Nokia’s relatively small data group took up the innovation mantle. COVID-19 has affected the valuations of certain assets, including investments in non-publicly quoted assets through Nokia’s venture fund investments and pension plans, the valuation of which is inherently challenging in fast-moving market conditions (for details, please refer to note 5, “Pensions and other post-employment benefits” and note 8, “Fair value of financial instruments” in the "Financial statement information" section included in Nokia Corporation interim report for Q2 and Half Year 2020). In Q2 2020, connectivity continued to bring together people isolated from each other by the COVID-19 pandemic. The financial information in this report is unaudited. During the COVID-19 pandemic, we have continued to advance our 5G roadmap and product evolution, as planned, and our COVID-19 mitigation actions in R&D have been very successful. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact and timing of that impact of COVID-19 on our businesses and our customers’ businesses) and any expected future dividends including timing and qualitative and quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness, as well as results of operations including targeted synergies, better commercial management and those results related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal change globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such rollout, and our ability to capitalize on such rollout; as well as the overall readiness of the 5G ecosystem; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations, plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or other R&D expenditures to develop or rollout software and other new products, including 5G and increased digitalization; M) expectations regarding our customers' future actions, including our customers’ capital expenditure constraints and our ability to satisfy customer’s needs and retain their business; and N) statements preceded by or including “believe”, “expect”, “expectations”, “consistent”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should", "will” or similar expressions. ... the focus is on changing the organizational structure of the company into four main business. Non-IFRS income taxes are expected at a rate of approximately 26% in full year 2020 and approximately 25% over the longer-term, subject to the absolute level of profits, regional profit mix and changes to our operating model; Cash outflows related to income taxes are expected to be approximately EUR 400 million in full year 2020 and approximately EUR 450 million per annum over the longer term until our US or Finnish deferred tax assets are fully utilized (, Capital expenditures are expected to be approximately EUR 550 million in full year 2020 and approximately EUR 600 million per annum over the longer-term. Capital structure is a permanent type of funding that supports a company's growth and related assets. As previously announced, Nokia agreed to sell HERE, its mapping and location services business, to a consortium of leading German automotive companies. This, then, would be an example of … Preferred Stock, Equity Stock, Reserves and Long- term Debts). The company competes with Nokia in this area but the total global addressable market is large, projected to be $700 billion in 2030 compared to less than $10 billion today. Preference Shares. HERE will continue to operate as a business of Nokia until the sale is completed, but is not included in the planned future organizational structure of Nokia. Nokia-level revenue was down in the quarter, with the majority of that the result of COVID-19 as well as a sharp decline in China based on the prudent approach we have taken in that market. About Nokia We create the technology to connect the world. The capital structure of a company is simply the percentage of each type of equity and debt to the total capital of the business. The difference between diluted and basic average number of shares was negligible during all the three years stated above. Non-IFRS results exclude costs related to the acquisition of Alcatel-Lucent and related integration, goodwill impairment charges, intangible asset amortization and other purchase price fair value adjustments, restructuring and associated charges and certain other items that may not be indicative of Nokia's underlying business performance. Nokia's headquarters are in Espoo, Finland, in the greater Helsinki metropolitan area. In 1996, it launched the world’s first smartphone, the Communicator, and was also responsible for Nokia’s first camera phone in 2001 and its second-generation smartphone, the innovative 7650. Nokia Technologies. The difference between diluted and basic average number of shares was negligible during all the three years stated above. Capital Structure and Liabilities Management at Nokia. 1   Free cash flow = net cash from/(used in) operating activities - capital expenditures + proceeds from sale of property, plant and equipment and intangible assets – purchase of non-current financial investments + proceeds from sale of non-current financial investments. This is my last quarterly announcement as CEO of Nokia and I want to close with a note of thanks: thanks to our shareholders, thanks to our customers, thanks to our many other stakeholders, and a particular thanks to the great employees of Nokia. Media representatives can listen in via the link, or call +1-412-717-9224. Firm ’ s best assumptions and beliefs in light of the shares were owned by Nokia Corporation is leading... Access business and improving cash generation represented by long-term debt, preferred and... We feel a sense of duty – to the arrangement of capital structure refers to the webcast of the call. 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To adjust the valuation of inventories the COVID-19 crisis is to our...., but should review the complete financial reports with tables demonstrated by the COVID-19 crisis has made vividly clear critical! Would have a sharp focus on our Mobile Access business and improving cash generation assumptions and beliefs light. Leadership 28 post, we shall examine the capital structure is how a company ’ s funds and funds... 'S capital Helsinki 1-T ) ) in China investors should not rely on summaries of financial. About 30 percent of net sales decreased 10 % on both a non-IFRS and reported net sales 11...

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