Nokia files annual report providing additional information on its agreement with Microsoft
Written by Nokia
Tuesday, 12 March 2013
Espoo, Finland - Nokia announced that it is today
filing its annual report on Form 20-F for 2012 with the US Securities
and Exchange Commission. In the report, Nokia reiterates longer-term
financial targets, and provides additional information in relation to
its agreement with Microsoft.
The report will be shortly available in pdf format through http://www.nokia.com/financials. Shareholders may request a hard copy of the report free of charge through Nokia's Internet pages.
Longer-term financial targets
In
this annual report, Nokia reiterated its longer-term financial targets
for its Devices & Services business and Nokia Siemens Networks.
Longer-term, Nokia continues to target:
- Devices & Services net sales to grow faster than the market.
- Devices & Services non-IFRS operating margin to be 10% or more.
Longer-term, Nokia Siemens Networks continues to target for its non-IFRS operating margin to be between 5% and 10%.
Additional disclosure on Microsoft agreement
This
annual report also includes additional information in relation to
Nokia's agreement with Microsoft, including mainly the following:
-
The remaining minimum software royalty commitment payments from Nokia
to Microsoft are expected to exceed the remaining platform support
payments from Microsoft to Nokia by a total of approximately EUR 0.5
billion over the remaining life of the agreement.
-
However, in 2013 the amount of the platform support payments from
Microsoft to Nokia is still expected to slightly exceed the total amount
of the minimum software royalty commitment payments from Nokia to
Microsoft.
This release includes information on a
non-IFRS, or underlying business performance, basis. Non-IFRS
information excludes special items for all periods. In addition,
non-IFRS results exclude intangible asset amortization, other purchase
price accounting related items and inventory value adjustments arising
from the formation of Nokia Siemens Networks and from all business
acquisitions. Nokia believes that non-IFRS financial measures provide
meaningful supplemental information to both management and investors
regarding Nokia's performance by excluding the above-described items
that may not be indicative of Nokia's business operating results.
Non-IFRS financial measures should not be viewed in isolation or as
substitutes to the equivalent IFRS measure(s), but should be used in
conjunction with the most directly comparable IFRS measure(s) in the
reported results.
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