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Published: 17:45 CET 31-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Oyj
Pörssitiedote
31.10.2016 klo 18.45
Nokia ilmoittaa Alcatel-Lucentin arvopapereita koskevan julkisen ostotarjouksensa tarjousajan päättymisestä
Nokian Alcatel-Lucentin jäljellä olevista osakkeista ("Osakkeet"), Alcatel-Lucentin uusiin tai olemassa oleviin osakkeisiin vaihdettavista, 30.1.2019 erääntyvistä vaihtovelkakirjalainoista ("2019 OCEANE -vaihtovelkakirjalaina") sekä Alcatel-Lucentin uusiin tai olemassa oleviin osakkeisiin vaihdettavista, 30.1.2020 erääntyvistä vaihtovelkakirjalainoista ("2020 OCEANE -vaihtovelkakirjalaina", ja yhdessä 2019 OCEANE -vaihtovelkakirjalainojen kanssa "OCEANE-vaihtovelkakirjalainat") tekemän julkisen ostotarjouksen (Julkinen Ostotarjous) tarjousaika on nyt päättynyt. Täten Alcatel-Lucentin osakkeiden ja OCEANE-vaihtovelkakirjalainojen haltijat eivät voi enää tarjota arvopapereitaan Julkiseen Ostotarjoukseen.
Ranskan arvopaperimarkkinaviranomainen (Autorité des Marchés Financiers, "AMF") julkistaa Julkisen Ostotarjouksen tuloksen 2.11.2016, ja samana päivänä toteutetaan niitä Osakkeita ja OCEANE-vaihtovelkakirjalainoja, joita ei ole tarjottu Julkiseen Ostotarjoukseen, koskeva lunastusmenettely ("Lunastusmenettely", ja yhdessä Julkisen Ostotarjouksen kanssa "Tarjous") AMF:n General Regulation -säännöksen mukaisesti. Lunastusmenettelyssä ne Osakkeet ja OCEANE-vaihtovelkakirjalainat, joita ei ole tarjottu Julkiseen Ostotarjoukseen, siirretään Nokialle vastaavia vastikkeita vastaan kuin Julkisessa Ostotarjouksessa maksetut vastikkeet (ilman kuluja) eli 3,50 euroa jokaisesta Alcatel-Lucentin osakkeesta, 4,51 euroa jokaisesta OCEANE 2019 -vaihtovelkakirjalainasta ja 4,50 euroa jokaisesta OCEANE 2020 -vaihtovelkakirjalainasta.
Tarjoukseen liittyvät asiakirjat, mukaan lukien Nokian ja Alcatel-Lucentin yhteinen tarjousasiakirja (note d'information conjointe) ja Nokian ja Alcatel-Lucentin omat "other information" -asiakirjat, ovat saatavilla AMF:n (www.amf-france.org), Nokian verkkosivuilla (http://ift.tt/1PLjUcw) ja Alcatel-Lucentin (http://ift.tt/2ca5rdy) verkkosivuilla.
Lisätietoja tiedotusvälineille:
Nokia
Viestintä
Puh. 010 448 4900
Sähköposti: press.services@nokia.com
Lisätietoja sijoittajille:
Nokia
Sijoittajasuhteet
Puh. +358 4080 3 4080
Sähköposti: investor.relations@nokia.com
Nokia
Nokia on globaali johtaja teknologioissa, jotka yhdistävät ihmisiä ja esineitä. Näiden teknologioiden merkitys elämässämme kasvaa, kun maailma ympärillämme verkottuu. Nokia Bell Labsin ja Nokia Technologiesin innovointikyvyn avulla Nokia on eturintamassa kehittämässä ja lisensoimassa teknologioita verkottuneen maailman tarpeisiin.
Nokia toimittaa huippuluokan ohjelmistoja, laitteita ja palveluita kaikenlaisiin verkkoihin. Tämän myötä Nokia on avainasemassa tukemassa viestintäpalvelujen tarjoajia, viranomaisia ja suuryrityksiä mahdollisuuksien hyödyntämisessä 5G-teknologian, pilvipalveluiden sekä esineiden internetin alueilla. www.nokia.com
Transaktiosivusto
Tarkempaa tietoa transaktiosta on saatavilla osoitteessa: http://ift.tt/1FPjtuq
EI JULKAISTAVAKSI TAI LEVITETTÄVÄKSI KOKONAAN TAI OSITTAIN MISSÄÄN, MISTÄÄN TAI MIHINKÄÄN VALTIOON TAI ALUEELLE, JOSSA SE OLISI KYSEISESSÄ VALTIOSSA TAI ALUEELLA SOVELLETTAVIEN LAKIEN TAI MÄÄRÄYSTEN VASTAISTA
TULEVAISUUTTA KOSKEVAT LAUSUMAT
Tämä pörssitiedote sisältää tulevaisuutta koskevia lausumia, jotka heijastavat Nokian tämän hetkisiä odotuksia ja näkemyksiä tulevaisuuden tapahtumista ja kehityksestä. Jotkin näistä lausumista voi tunnistaa sanoista tai ilmaisuista kuten "odottaa", "tulee tekemään", ja muista vastaavista ilmaisuista. Tällaisiin tulevaisuutta koskeviin lausumiin kuuluu lausunnot koskien: odotettu tulosten julkistamispäivän ilmoitus AMF:n toimesta, Lunastusmenettelyn toteutumisajankohta ja siinä tarjottu vastike. Tällaisiin tulevaisuutta koskeviin lausumiin sisältyy useita riskejä ja epävarmuustekijöitä, joista monet ovat vaikutusmahdollisuuksiemme ulkopuolella ja joiden johdosta todelliset tulokset saattavat poiketa olennaisesti tulevaisuutta koskevista lausumista. Nämä tulevaisuutta koskevat lausumat perustuvat arvioihimme, oletuksiimme ja odotuksiimme tulevasta kehityksestä meillä tällä hetkellä olevan tiedon valossa. Lausumat ovat ainoastaan ennustuksia, jotka perustuvat tämän hetkisiin odotuksiin ja näkemyksiin tulevaisuuden tapahtumista ja kehityksestä. Tällaisia riskejä ja epävarmuustekijöitä ovat esimerkiksi: AMF:n sääntely koskien Tarjousta sekä muut riskitekijät jotka ilmenevät Nokian ja Alcatel-Lucentin aika ajoin Yhdysvaltain arvopaperimarkkinaviranomaiselle (the U.S. Securities and Exchange Commission, "SEC") jättämistä asiakirjoista.
Tulevaisuutta koskevat lausumat tulee lukea yhdessä muualla esitettyjen muiden varoittavien lausumien kanssa, mukaan lukien Nokian ja Alcatel-Lucentin viimeisin vuosittainen raportointi Yhdysvaltojen arvopaperisäännösten mukaisessa Form 20-F -asiakirjassa, raportoinnit Yhdysvaltojen arvopaperisäännösten mukaisissa Form 6-K -asiakirjoissa, julkisen ostotarjouksen ilmoitus Form CB mukaisesti sekä muut asiakirjat, jotka Nokia ja Alcatel-Lucent ovat jättäneet SEC:lle. Nämä varoituslausunnot koskevat kokonaisuudessaan kaikkia tässä pörssitiedotteessa esitettyjä tulevaisuutta koskevia lausumia, eikä voi olla varmuutta siitä, että odottamamme tulokset tai kehitykset todella toteutuisivat tai että vaikka ne toteutuisivat olennaisilta osin, niillä olisi odotetut seuraukset tai vaikutukset meihin, liiketoimintaamme tai toimintoihimme. Emme sitoudu julkisesti päivittämään tai muuttamaan tulevaisuutta koskevia lausumia uuden tiedon, tulevaisuuden tapahtumien tai muun syyn johdosta, paitsi siltä osin kuin meillä on siihen lainmukainen velvollisuus.
TÄRKEÄÄ LISÄTIETOA
Tämä pörssitiedote liittyy, kaikkia Alcatel-Lucentin osakkeita ja OCEANE-vaihtovelkakirjalainoja koskevaan Julkiseen Ostotarjoukseen ja sitä seuraavaan Lunastusmenettelyyn. Tämä pörssitiedote on vain informatiivista tarkoitusta varten eikä se ole tarjous ostaa tai vaihtaa tai pyyntö tehdä tarjousta myydä tai vaihtaa Alcatel-Lucentin osakkeita tai OCEANE-vaihtovelkakirjalainoja. Se ei myöskään korvaa Nokian ja Alcatel-Lucentin yhteistä tarjousasiakirjaa (note d'information conjointe), jonka Nokia on jättänyt AMF:lle ja jonka AMF on hyväksynyt 20.9.2016 päätöksellään No. 16-438 (aika ajoin muutettuna tai täydennettynä "Tarjousasiakirja"). Julkinen Ostotarjous ja sitä seuraava Lunastusmenettely tehdään ainoastaan Tarjousasiakirjan kautta.
SIJOITTAJIA JA ARVOPAPERIEN HALTIJOITA KEHOITETAAN LUKEMAAN TARJOUSASIAKIRJA JA KAIKKI MUUT RELEVANTIT ASIAKIRJAT, JOTKA NOKIA JA ALCATEL-LUCENT REKISTERÖIVÄT TAI JÄTTÄVÄT HYVÄKSYTTÄVÄKSI SEC:LLE TAI AMF:LLE, KUN NE TULEVAT SAATAVILLE, KOSKA NE SISÄLTÄVÄT TÄRKEÄÄ TIETOA, JOTA SIJOITTAJIEN JA ARVOPAPERIEN HALTIJOIDEN TULEE HARKITA ENNEN KUIN TEKEVÄT PÄÄTÖKSEN KOSKIEN JULKISTA OSTOTARJOUSTA JA SITÄ SEURAAVAA LUNASTUSMENETTELYÄ.
Tässä pörssitiedotteessa olevia tietoja ei saa julkistaa tai levittää, joko suoraan tai välillisesti valtioon tai alueelle, jossa se olisi kyseisessä valtiossa tai alueella sovellettavien lakien tai määräysten vastaista. Siksi henkilöiden kyseisissä valtioissa tai alueilla, joilla nämä tiedot julkaistaan tai levitetään, tulee tiedostaa nämä rajoitukset ja noudattaa tällaisia lakeja ja asetuksia. Nokia ja Alcatel-Lucent eivät hyväksy mitään vastuuta kenenkään henkilön tekemästä rikkeestä liittyen tällaisiin rajoituksiin.
Tarjousasiakirja ja kaikki edellä mainitut asiakirjat, jos ne jätetään tai rekisteröidään SEC:n kanssa joko Nokian tai Alcatel-Lucentin toimesta, ovat saatavilla maksutta SEC:n verkkosivuilla (www.sec.gov).
Nokian ja Alcatel-Lucentin yhteinen tarjousasiakirja (note d'information conjointe), jonka AMF on hyväksynyt 20.9.2016 päätöksellään No. 16-438 ja joka sisältää yksityiskohtaista tietoa Julkisesta Ostotarjouksesta ja sitä seuraavasta Lunastusmenettelystä, sekä Nokian ja Alcatel-Lucentin "other information" asiakirjat liittyen erityisesti näiden juridisiin, taloudellisiin ja kirjanpidollisiin erityispiirteisiin, ovat saatavilla AMF:n (www.amf-france.org), Nokian (www.nokia.com) ja Alcatel-Lucentin (http://ift.tt/KcBSP8) verkkosivuilla.
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Published: 17:45 CET 31-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Corporation
Stock Exchange Release
October 31, 2016 at 18:45 (CET +1)
Nokia announces that the offer period of its public buy-out offer for Alcatel-Lucent securities has now closed
Espoo, Finland - The offer period in Nokia's public buy-out offer for Alcatel-Lucent remaining shares (the "Shares"), bonds convertible into new or exchangeable for existing Shares due on January 30, 2019 (the "2019 OCEANEs"), and bonds convertible into new or exchangeable for existing Shares due on January 30, 2020 (the "2020 OCEANEs", and together with the 2019 OCEANEs, the "OCEANEs") (the "Public Buy-Out Offer") has now closed. Accordingly, holders of Alcatel-Lucent Shares and OCEANEs may no longer tender their securities into the Public Buy-Out Offer.
The results of the Public Buy-Out Offer will be published by the French stock market authority (Autorité des marchés financiers, "AMF"), on November 2, 2016, which is also the date on which the squeeze-out of all Alcatel-Lucent Shares and OCEANEs not tendered into the Public Buy-Out Offer will occur (the "Squeeze-Out", and together with the Public Buy-Out Offer, the "Offer"), in accordance with the AMF general regulation. In the Squeeze-Out, the Shares and OCEANEs not tendered into the Public Buy-Out Offer will be transferred to Nokia for the same consideration as the consideration of the Public Buy-Out Offer, i.e., EUR 3.50 per Alcatel-Lucent Share, EUR 4.51 per 2019 OCEANE and EUR 4.50 per 2020 OCEANE, net of all costs.
The documentation relating to the Offer, which includes Nokia and Alcatel-Lucent's joint offer document (note d'information conjointe) and Nokia's and Alcatel-Lucent's respective "other information" documents, is available on the AMF website (www.amf-france.org), on Nokia's website (http://ift.tt/1PLjXFf), and on Alcatel-Lucent's website (http://ift.tt/2ca5rdy).
Media Enquiries:
Nokia
Communications
Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com
Investor Enquiries:
Nokia
Investor Relations
Tel. +358 4080 3 4080
Email: investor.relations@nokia.com
About Nokia
Nokia is a global leader in the technologies that connect people and things. Powered by the innovation of Nokia Bell Labs and Nokia Technologies, the company is 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, Nokia is uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things. www.nokia.com
Microsite details
Further information on the transaction can be found at: http://ift.tt/1FPjtuq
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FORWARD-LOOKING STATEMENTS
This stock exchange release contains forward-looking statements that reflect Nokia's current expectations and views of future events and developments. Some of these forward-looking statements can be identified by terms and phrases such as "expect", "will" and similar expressions. These forward-looking statements include statements relating to: the expected date of announcement of the results by the AMF, the implementation date of the Squeeze-Out, and consideration offered in the Squeeze-Out. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and views of future events and developments. Risks and uncertainties include: AMF's regulation of the Offer as well as other risk factors listed from time to time in Nokia's and Alcatel-Lucent's filings with (or documents furnished to) the U.S. Securities and Exchange Commission ("SEC").
The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including Nokia's and Alcatel-Lucent's most recent annual reports on Form 20-F, reports furnished on Form 6-K, the tender offer notification furnished on Form CB, and any other documents that Nokia or Alcatel-Lucent have filed with (or furnished to) the SEC. Any forward-looking statements made in this stock exchange release are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
IMPORTANT ADDITIONAL INFORMATION
This stock exchange release relates to Nokia's Public Buy-Out Offer followed by a Squeeze-Out for all of the ordinary shares and OCEANE convertible bonds of Alcatel-Lucent. This stock exchange release is for informational purposes only and does not constitute an offer to purchase or exchange, or a solicitation of an offer to sell or exchange, any ordinary shares or OCEANE convertible bonds of Alcatel-Lucent, nor is it a substitute for Nokia and Alcatel-Lucent's joint offer document (note d'information conjointe) filed by Nokia with, and which received visa No. 16-438 from the AMF on September 20, 2016 (as amended and supplemented from time to time, the "Offer Document"). The Public Buy-Out Offer followed by a Squeeze-Out is being made only through the Offer Document.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE OFFER DOCUMENT AND ALL OTHER RELEVANT DOCUMENTS THAT NOKIA OR ALCATEL-LUCENT MAY FURNISHED OR FILED WITH THE SEC OR AMF WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE PUBLIC BUY-OUT OFFER FOLLOWED BY A SQUEEZE-OUT.
The information contained in this stock exchange release must not be published, released or distributed, directly or indirectly, in any jurisdiction where the publication, release or distribution of such information is restricted by laws or regulations. Therefore, persons in such jurisdictions into which these materials are published, released or distributed must inform themselves about and comply with such laws or regulations. Nokia and Alcatel-Lucent do not accept any responsibility for any violation by any person of any such restrictions.
The Offer Document and other documents referred to above, if filed or furnished by Nokia or Alcatel-Lucent with the SEC, will be available free of charge at the SEC's website (www.sec.gov).
Nokia and Alcatel-Lucent's joint offer document (note d'information conjointe) which received from the AMF the visa No. 16-438 date September 20, 2016 and contains detailed information with regard to the Public Buy-Out Offer followed by a Squeeze-Out, as well as Nokia's and Alcatel-Lucent's respective "other information" documents relating in particular to their legal, financial and accounting characteristics, are available on the websites of the AMF (www.amf-france.org), Nokia (www.nokia.com) and Alcatel-Lucent (http://ift.tt/KcBSP8).
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Published: 07:30 CEST 28-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Oyj
Pörssitiedote
28.10.2016 klo 08.30
Nokia Oyj:n osakkeiden merkinnät optio-oikeuksilla
Nokia Oyj:n vuoden 2011 optio-ohjelman optio-oikeuksilla on 27.9. - 24.10.2016 välisenä aikana merkitty 38 750 kappaletta Nokian osakkeita. Merkintähinta oli 2,08 euroa osakkeelta 11 250 osakkeen osalta ja 1,82 euroa osakkeelta 27 500 osakkeen osalta. Osakemerkinnöistä saatu merkintähinta, yhteensä 73 450,00 euroa kirjataan kokonaisuudessaan sijoitetun vapaan oman pääoman rahastoon eikä yhtiön osakepääomaa merkintöjen seurauksena koroteta.
Uudet osakkeet tuottavat kaikki osakkeenomistajan oikeudet rekisteröintipäivästä 28.10.2016 lukien. Osakkeet otetaan kaupankäynnin kohteeksi Nasdaq Helsingissä (NOKIA) muiden Nokian osakkeiden kanssa 31.10.2016 alkaen ja Euronext Pariisissa (NOKIA) arviolta 1.11.2016. Euronext Paris julkistaa erillisen tiedotteen, kun se on hyväksynyt uusien osakkeiden listaamisen ja ottamisen kaupankäynnin kohteeksi Euronext Pariisin säännellyllä markkinalla.
Nokian osakkeiden kokonaismäärä on rekisteröinnin jälkeen 5 835 725 262 kappaletta.
Nokia
Nokia on globaali johtaja teknologioissa, jotka yhdistävät ihmisiä ja esineitä. Näiden teknologioiden merkitys elämässämme kasvaa, kun maailma ympärillämme verkottuu. Nokia Bell Labsin ja Nokia Technologiesin innovointikyvyn avulla Nokia on eturintamassa kehittämässä ja lisensoimassa teknologioita verkottuneen maailman tarpeisiin.
Nokia toimittaa huippuluokan ohjelmistoja, laitteita ja palveluita kaikenlaisiin verkkoihin. Tämän myötä Nokia on avainasemassa tukemassa viestintäpalvelujen tarjoajia, viranomaisia ja suuryrityksiä mahdollisuuksien hyödyntämisessä 5G-teknologian, pilvipalveluiden sekä esineiden internetin alueilla. www.nokia.com
Lisätietoja tiedotusvälineille:
Nokia
Viestintä
Puh. +358 (0) 10 448 4900
Sähköposti: press.services@nokia.com
If you wish to unsubscribe please go to: http://ift.tt/1BB5vXa
Published: 07:30 CEST 28-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Corporation
Stock Exchange Release
October 28, 2016 at 08:30 (CET +1)
Exercises with stock options of Nokia Corporation
Espoo, Finland - Based on Nokia Corporation's 2011 Stock Option Plan a total of 38 750 Nokia shares were subscribed for between September 27 and October 24, 2016. The subscription price was EUR 2.08 per share for 11 250 shares and EUR 1.82 per share for 27 500 shares. The total amount of the subscription price, EUR 73 450.00, will be recorded in the fund for invested non-restricted equity and, consequently, the share capital of the company does not increase.
The new shares carry all the shareholder rights as of the registration date October 28, 2016. The shares will commence trading in Nasdaq Helsinki (NOKIA) together with other Nokia shares as of October 31, 2016 and are expected to commence trading on Euronext Paris (NOKIA) as of November 1, 2016. Euronext Paris will publish a notice announcing the admission to trading on Euronext Paris of the new shares.
The amount of Nokia shares after registration of the shares in the Trade Register is 5 835 725 262 shares.
About Nokia
Nokia is a global leader in the technologies that connect people and things. Powered by the innovation of Nokia Bell Labs and Nokia Technologies, the company is 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, Nokia is uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things. www.nokia.com
Media Enquiries:
Nokia
Communications
Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com
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Published: 07:02 CEST 27-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Oyj
Pörssitiedote
27.10.2016 klo 08.02
Nokia ilmoittaa muutoksesta johtokuntansa kokoonpanossa
Nokia julkisti tänään, että Nokian talous- ja rahoitusjohtaja Timo Ihamuotila eroaa yhtiön palveluksesta siirtyäkseen ABB:n palvelukseen Sveitsiin yhtiön talous- ja rahoitusjohtajaksi sekä johtoryhmän jäseneksi. Ihamuotila jatkaa nykyisessä tehtävässään Nokian talous- ja rahoitusjohtajana ja johtokunnan jäsenenä 31.12.2016 saakka. Sen jälkeen hän toimii yhtiön neuvonantajana 28.2.2017 asti.
Kristian Pullola, joka on tällä hetkellä Nokian talousjohtaja, on nimitetty yhtiön talous- ja rahoitusjohtajaksi ja johtokunnan jäseneksi 1.1.2017 alkaen.
Muutoksen seurauksena Nokian johtokuntaan kuuluvat 1.1.2017 alkaen seuraavat henkilöt: Rajeev Suri, Kristian Pullola, Samih Elhage, Federico Guillén, Basil Alwan, Bhaskar Gorti, Hans-Jürgen Bill, Kathrin Buvac, Ashish Chowdhary, Barry French, Marc Rouanne ja Maria Varsellona.
"Timo on auttanut tekemään Nokiasta vahvemman ja paremman yhtiön ja arvostan häntä suuresti", sanoi Nokian toimitusjohtaja Rajeev Suri. "Hän oli keskeisessä roolissa muun muassa kun ostimme Siemensin osuuden Nokia Siemens Networksista, kun myimme Nokian Devices & Services -liiketoiminnan Microsoftille, kun myimme kartta- ja sijaintipalveluja tarjonneen HERE-liiketoimintamme, ja kun hiljattain hankimme Alcatel-Lucentin. Hänellä on myös ollut merkittävä rooli Nokian viime vuosien vahvan tuloksen taustalla. Jäämme kaipaamaan Timoa, mutta ottaen huomioon, että hän palasi Nokian palvelukseen vuonna 1999 ja on toiminut talous- ja rahoitusjohtajan tehtävässä seitsemän vuoden ajan, ymmärrän ja tuen hänen ratkaisuaan siirtyä tässä vaiheessa uraansa uusiin haasteisiin."
Suri jatkoi lisäämällä: "Olen iloinen, että voimme nimittää Kristian Pullolan Timon seuraajaksi 1.1.2017 alkaen. Kristianin panostus osana Nokia-yhteisöä on ollut huomattava siitä lähtien, kun hän tuli yhtiön palvelukseen vuonna 1999. Hänellä on asiantuntemusta Nokian taloushallinnon ja rahoituksen kaikilta osa-alueilta, vahvaa osaamista liiketoimintamme avainalueilla kuten patenttilisensoinnissa, ja hän on ollut tiiviisti mukana Nokian uudistumisen keskeisissä vaiheissa. Kristianin näytöt ja hänen vuosien läheinen yhteistyönsä Timon kanssa saavat minut vakuuttuneeksi siitä, että hänen siirtymisensä uuteen tehtäväänsä tulee olemaan sujuva ja tehokas. Olemme erittäin innoissamme siitä, että Kristian liittyy Nokian johtokuntaan Timon seuraajana".
Timo Ihamuotila sanoi: "Nokia on ollut tärkeä osa elämääni. Yli 15 vuoden jälkeen yhtiön palveluksessa minun on kuitenkin aika tarttua uusiin haasteisiin uudessa yhtiössä uudella toimialalla. Olen tyytyväinen nähdessäni erinomaisen ja pitkäaikaisen kollegani ottavan tehtävän vastaan, ja lähden yhtiöstä tietäen, että se on hyvissä asemissa tulevaisuutta ajatellen, keskittynyt oikeisiin asioihin, ja sillä on vahva toimeenpanokyky sekä mahtava henkilöstö. Nokialla tulee aina olemaan paikka sydämessäni ja toivon sen työntekijöille kaikkea hyvää tulevina vuosina."
Kristian Pullola sanoi: "Minulle on kunnia tulla valituksi Nokian uudeksi talous- ja rahoitusjohtajaksi. Odotan innolla työskentelyä Rajeevin ja muun Nokia-tiimin kanssa luodaksemme osakkeenomistajille arvoa tulevina vuosina".
Nokia
Nokia on globaali johtaja teknologioissa, jotka yhdistävät ihmisiä ja esineitä. Näiden teknologioiden merkitys elämässämme kasvaa, kun maailma ympärillämme verkottuu. Nokia Bell Labsin ja Nokia Technologiesin innovointikyvyn avulla Nokia on eturintamassa kehittämässä ja lisensoimassa teknologioita verkottuneen maailman tarpeisiin.
Nokia toimittaa huippuluokan ohjelmistoja, laitteita ja palveluita kaikenlaisiin verkkoihin. Tämän myötä Nokia on avainasemassa tukemassa viestintäpalvelujen tarjoajia, viranomaisia ja suuryrityksiä mahdollisuuksien hyödyntämisessä 5G-teknologian, pilvipalveluiden sekä esineiden internetin alueilla. www.nokia.com
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Published: 07:02 CEST 27-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Corporation
Stock Exchange Release
October 27, 2016 at 08:02 (CET +1)
Nokia announces a change in the composition of the Group Leadership Team
Espoo, Finland - Nokia announced today that Timo Ihamuotila, Chief Financial Officer of Nokia, resigns from the company to join ABB in Switzerland as Chief Financial Officer and a member of the Executive committee. Ihamuotila will continue in his current role as Nokia CFO and as a member of the company's Group Leadership Team until December 31, 2016, and will remain as an advisor to the company until February 28, 2017.
Kristian Pullola, who currently is Nokia's Senior Vice President, Corporate Controller, is appointed as Chief Financial Officer and member of the Group Leadership Team as of January 1, 2017.
As a result of this change, effective from January 1, 2017, the Nokia Group Leadership Team will consist of the following members: Rajeev Suri, Kristian Pullola, Samih Elhage, Federico Guillén, Basil Alwan, Bhaskar Gorti, Hans-Jürgen Bill, Kathrin Buvac, Ashish Chowdhary, Barry French, Marc Rouanne and Maria Varsellona.
"Timo has helped make Nokia a stronger and better company, and he has my admiration," said Rajeev Suri, President and Chief Executive Officer of Nokia. "He was instrumental in the purchase of the Siemens share of Nokia Siemens Networks; the sale of Nokia's Devices & Services business to Microsoft; the divestment of HERE, our former mapping business; the recent acquisition of Alcatel-Lucent, and more. He has also played an important role in driving the strong performance of Nokia in recent years. Timo will be missed, but given that he rejoined Nokia in 1999, and now has been in the CFO role for seven years, I understand and support his desire for a new challenge at this point in his career."
Suri further adds: "I am delighted that we are able to appoint Kristian Pullola as Timo's successor, effective January 1, 2017. Kristian has been a strong contributor to the Nokia team since he joined us in 1999. He has expertise in all aspects of the CFO function, deep knowledge across our business in critical areas such as patent licensing and has been heavily involved in all key aspects of the Nokia transformation. Kristian's track record, plus his close collaboration with Timo over many years, makes me confident that his transition into the role will be smooth and effective. We are very excited to have Kristian join the Group Leadership Team as Timo's successor."
Timo Ihamuotila said: "Nokia has been an important part of my life. After over 15 years with the company, it is time for me to take on a new challenge in a new company in a new industry. I am pleased to see a great long-time colleague taking over the role, and I leave knowing that the company is well-positioned for the future and focused on the right areas, with strong execution capabilities and a great team. Nokia will always have a place in my heart and I wish everyone in the company the very best for the coming years."
Kristian Pullola said: "I am honored to have been selected as the new Chief Financial Officer of Nokia, and look forward to working with Rajeev and the rest of the Nokia team to create shareholder value in the years to come."
About Nokia
Nokia is a global leader in the technologies that connect people and things. Powered by the innovation of Nokia Bell Labs and Nokia Technologies, the company is 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, Nokia is uniquely positioned to help communication service providers, governments, and large enterprises deliver on the promise of 5G, the Cloud and the Internet of Things. www.nokia.com
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Published: 07:00 CEST 27-10-2016 /GlobeNewswire /Source: NOKIA / : NOKIA /ISIN: FI0009000681
Nokia Corporation
Interim Report
October 27, 2016 at 08:00 (CET +1)
Solid financial and operational performance across the company
This is a summary of the Nokia Corporation interim report for third quarter 2016 and January-September 2016 published today. The complete interim report for third quarter 2016 and January-September 2016 with tables is available at http://ift.tt/16bfVyq. Investors should not rely on summaries of our interim reports only, but should review the complete interim reports with tables.
FINANCIAL HIGHLIGHTS
Nokia's Networks business
Nokia Technologies
Group Common and Other
Q3 and January-September 2016 non-IFRS results. Refer to note 1 to the interim financial statements for further details 1,2 |
|||||||||
|
|
Combined company histori-cals2 |
|
|
|
|
Combined company histori-cals2 |
|
|
EUR million |
Q3'16 |
Q3'15 |
YoY change |
Q2'16 |
QoQ change |
Q1- |
Q1- |
YoY change |
|
Net sales - |
|
|
(6)% |
|
4% |
|
|
(8)% |
|
Net sales |
5 950 |
6 395 |
(7)% |
5 676 |
5% |
17 230 |
18 887 |
(9)% |
|
Nokia's Networks |
5 322 |
6 020 |
(12)% |
5 228 |
2% |
15 730 |
17 578 |
(11)% |
|
Ultra Broadband |
3 903 |
4 469 |
(13)% |
3 807 |
3% |
11 438 |
12 999 |
(12)% |
|
IP Networks and |
1 419 |
1 552 |
(9)% |
1 421 |
0% |
4 292 |
4 579 |
(6)% |
|
Nokia Technologies |
353 |
169 |
109% |
194 |
82% |
745 |
661 |
13% |
|
Group Common |
298 |
211 |
41% |
271 |
10% |
805 |
668 |
21% |
|
Gross profit |
2 365 |
2 410 |
(2)% |
2 202 |
7% |
6 771 |
7 170 |
(6)% |
|
Gross margin % |
39.7% |
37.7% |
200bps |
38.8% |
90bps |
39.3% |
38.0% |
130bps |
|
Operating profit |
556 |
682 |
(18)% |
332 |
67% |
1 233 |
1 607 |
(23)% |
|
Nokia's Networks |
432 |
678 |
(36)% |
312 |
38% |
1 081 |
1 399 |
(23)% |
|
Ultra Broadband |
326 |
478 |
(32)% |
228 |
43% |
788 |
954 |
(17)% |
|
IP Networks and |
106 |
200 |
(47)% |
84 |
26% |
293 |
445 |
(34)% |
|
Nokia Technologies |
225 |
84 |
168% |
89 |
153% |
420 |
381 |
10% |
|
Group Common |
(101) |
(80) |
|
(68) |
|
(268) |
(173) |
|
|
Operating margin % |
9.3% |
10.7% |
(140)bps |
5.8% |
350bps |
7.2% |
8.5% |
(130)bps |
Q3 and January-September 2016 reported results, unless otherwise specified. Refer to note 1 to the interim financial statements for further details1,3 |
|||||||||
|
|
Nokia stand-alone histori-cals3 |
|
|
|
|
Nokia stand-alone histori-cals3 |
|
|
EUR million |
Q3'16 |
Q3'15 |
YoY change |
Q2'16 |
QoQ change |
Q1-Q3'16 |
Q1- |
YoY change |
|
Net Sales - |
|
|
95% |
|
5% |
|
|
91% |
|
Net sales |
5 890 |
3 036 |
94% |
5 583 |
5% |
16 972 |
8 890 |
91% |
|
Nokia's Networks |
5 322 |
2 877 |
85% |
5 228 |
2% |
15 730 |
8 277 |
90% |
|
Ultra Broadband |
3 903 |
2 548 |
53% |
3 807 |
3% |
11 438 |
7 343 |
56% |
|
IP Networks and |
1 419 |
329 |
331% |
1 421 |
0% |
4 292 |
934 |
360% |
|
Nokia Technologies |
353 |
163 |
117% |
194 |
82% |
745 |
624 |
19% |
|
Group Common |
298 |
0 |
|
271 |
10% |
805 |
0 |
|
|
Non-IFRS |
(60) |
0 |
|
(93) |
|
(258) |
0 |
|
|
Gross profit |
2 216 |
1 316 |
68% |
2 028 |
9% |
5 798 |
3 843 |
51% |
|
Gross margin % |
37.6% |
43.3% |
(570)bps |
36.3% |
130bps |
34.2% |
43.2% |
(900)bps |
|
Operating profit |
55 |
333 |
(83)% |
(760) |
|
(1 417) |
1 054 |
|
|
Nokia's Networks |
432 |
412 |
5% |
312 |
38% |
1 081 |
854 |
27% |
|
Ultra Broadband |
326 |
360 |
(9)% |
228 |
43% |
788 |
805 |
(2)% |
|
IP Networks and |
106 |
52 |
104% |
84 |
26% |
293 |
49 |
498% |
|
Nokia Technologies |
225 |
89 |
153% |
89 |
153% |
420 |
383 |
10% |
|
Group Common |
(101) |
(23) |
|
(68) |
|
(268) |
(14) |
|
|
Non-IFRS |
(501) |
(145) |
246% |
(1 092) |
(54)% |
(2 650) |
(168) |
1 477% |
|
Operating |
0.9% |
11.0% |
(1 010) |
(13.6)% |
1 450 |
(8.3)% |
11.9% |
(2 020) |
|
Profit (non-IFRS) |
264 |
297 |
(11)% |
171 |
54% |
574 |
816 |
(30)% |
|
(Loss)/profit 4 |
(133) |
188 |
|
(726) |
(82)% |
(1 570) |
695 |
|
|
EPS, diluted |
0.04 |
0.08 |
(50)% |
0.03 |
33% |
0.11 |
0.21 |
(48)% |
|
EPS, diluted 4 |
(0.02) |
0.05 |
|
(0.12) |
|
(0.25) |
0.18 |
|
|
Net cash and |
5 539 |
4 120 |
34% |
7 077 |
(22)% |
5 539 |
4 120 |
34% |
|
1Results are as reported unless otherwise specified. The results information in this report is unaudited. Non-IFRS results exclude costs related to the Alcatel-Lucent transaction and related integration, goodwill impairment charges, intangible asset amortization and purchase price related items, restructuring and associated charges, and certain other items that may not be indicative of Nokia's underlying business performance. For details, please refer to the Non-IFRS Exclusions section included in discussions of both the quarterly and year to date performance and note 2, "Non-IFRS to reported reconciliation", in the notes to the financial statements attached to this report. A reconciliation of the Q3 2015 non-IFRS combined company results to the reported results can be found in the "Nokia provides recast segment results for 2015 reflecting new financial reporting structure" stock exchange release published on April 22, 2016. Change in net sales at constant currency excludes the impact of changes in exchange rates in comparison to Euro, our reporting currency. For more information on currency exposures, please refer to note 1, "Basis of Preparation", in the notes to the financial statements attached to this report. |
|||||||||
2Combined company historicals reflect Nokia's new operating and financial reporting structure, including Alcatel-Lucent, and are presented as additional information as described in the stock exchange release published on April 22, 2016. For more information on the combined company historicals, please refer to note 1, "Basis of Preparation", in the notes to the financial statements attached to this report. |
|||||||||
3Nokia standalone historicals are the recasting of Nokia's historical standalone financial results, reflecting Nokia's updated segment reporting structure, excluding Alcatel-Lucent. Beginning from the first quarter 2016, Nokia results include those of Alcatel-Lucent on a consolidated basis. Accordingly, Nokia results beginning from the first quarter 2016 are not directly comparable to prior period Nokia standalone results. |
|||||||||
4Reported Q1-Q3'16 result is not comparable to the reported results published previously due to an update to the Alcatel-Lucent purchase price allocation in Q3'16 which resulted in an adjustment to the reported Q1'16 income tax benefit. Refer to note 6, "Acquisitions", in the notes to the financial statements attached to this report for further details. |
SUBSEQUENT EVENTS
New expiration date announced for Nokia's public buy-out offer for Alcatel-Lucent securities; Squeeze-out expected to occur on November 2, 2016
On October 4, 2016, the French stock market authority (Autorité des marchés financiers, "AMF") announced that a legal action was filed before the Paris Court of Appeal (the "Court") on September 30, 2016 for annulment of the AMF's clearance decision regarding Nokia's public buy-out offer (the "Public Buy-Out Offer"), which would be followed by a squeeze-out (the "Squeeze-Out", together with the Public Buy-Out Offer, the "Offer"), for all remaining securities of Alcatel-Lucent.
On October 25, 2016, the AMF announced the continuation of the timetable of the Offer and, accordingly, the Public Buy-Out Offer period will end on October 31, 2016 and the Squeeze-Out will be implemented on November 2, 2016. In connection with the continuation of the timetable, as a precautionary measure, Nokia has agreed to certain commitments that are in force until the decision of the Court, and in the event that the AMF's clearance decision would be nullified or amended by the Court.
The legal challenge filed before the Court against the AMF's clearance decision regarding the Offer is still pending and the Court is expected to issue a decision during the first quarter of 2017. Nokia believes that the Offer complies with all applicable laws and regulations and that the legal challenge is without merit.
Nokia adjusts planned share repurchase program to EUR 1.0 billion, after using approximately EUR 560 million in cash to acquire Alcatel-Lucent securities in order to reach the 95% squeeze-out threshold
On October 29, 2015, Nokia announced a EUR 7 billion Capital Structure Optimization Program, including EUR 1.5 billion of share repurchases. The shareholder distributions were calculated assuming ownership of all outstanding shares of Alcatel-Lucent and conversion of all Nokia and Alcatel-Lucent convertible bonds.
Nokia intended to reach the 95% squeeze-out threshold through the initial and subsequent public share exchange offers made in Q4 2015 and Q1 2016 for all outstanding Alcatel-Lucent securities. However, as the 95% threshold was not reached through the exchange offers, Nokia has, in addition to using its shares, used approximately EUR 560 million in cash to acquire Alcatel-Lucent securities in order to reach the 95% threshold. If the Alcatel-Lucent securities that were purchased in cash by Nokia would have instead been exchanged for Nokia shares at the 0.55 exchange ratio for Alcatel-Lucent shares or the 0.704 exchange ratio for the relevant Alcatel-Lucent convertible bonds, approximately 87 million more Nokia shares would have been issued. Ultimately, including the expected cash to be used for the Public Buy-Out Offer and Squeeze-Out of approximately EUR 630 million, Nokia expects to use a total of approximately EUR 1.2 billion in cash to acquire Alcatel-Lucent securities; and instead of having approximately 6 billion Nokia shares outstanding at the end of the transaction, Nokia now expects approximately 5.8 billion outstanding shares.
Nokia considers the approximately EUR 560 million in cash that was used to reach the 95% squeeze-out threshold as indirect share repurchases, and thus, part of the planned EUR 1.5 billion share repurchase program. Consequently, under Nokia's Capital Structure Optimization program, Nokia has already completed EUR 560 million of indirect share repurchases and intends to proceed with EUR 1.0 billion of share repurchases, starting after the completion of the squeeze-out and continuing through the end of 2017.
Nokia and China Huaxin continue negotiations to create a new joint venture combining Nokia China and Alcatel-Lucent Shanghai Bell
Nokia and China Huaxin Post & Telecommunication Economy Development Center ("China Huaxin") are continuing their discussions under the memorandum of understanding, as originally announced on August 28, 2015, to combine Nokia's telecommunications infrastructure businesses in China ("Nokia China") and Alcatel-Lucent Shanghai Bell into a new joint venture.
The expected time frame to reach a definitive agreement was within nine months after completion of Nokia's proposed combination with Alcatel-Lucent in January 2016. Due to the complexity of the negotiations, Nokia and China Huaxin have not reached final terms of how the new joint venture would be created. Therefore, Nokia and China Huaxin continue negotiations to create a new joint venture combining Nokia China and Alcatel-Lucent Shanghai Bell, while continuing to operate under the existing interim operating agreement.
NON-IFRS RESULTS
Non-IFRS results provide meaningful supplemental information regarding underlying business performance
In addition to information on our reported IFRS results, we provide certain information on a non-IFRS, or underlying business performance, basis. We believe that our non-IFRS results provide meaningful supplemental information to both management and investors regarding Nokia's underlying business performance by excluding the below-described items that may not be indicative of Nokia's business operating results. These 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.
Non-IFRS results exclude costs related to the Alcatel-Lucent transaction and related integration, goodwill impairment charges, intangible asset amortization and purchase price related items, restructuring and associated charges, and certain other items that may not be indicative of Nokia's underlying business performance. The non-IFRS exclusions are not allocated to the segments, and hence they are reported only at the Nokia consolidated level.
Financial discussion
The financial discussion included in this interim report of Nokia's results comprises the results of Nokia's businesses - Nokia's Networks business and Nokia Technologies, as well as Group Common and Other. For more information on the changes to our reportable segments, please refer to note 3, "Segment information and eliminations", in the notes to the financial statements attached to this report.
In the discussion of Nokia's results in the third quarter 2016 comparisons are given to the third quarter 2015 and second quarter 2016 results on a combined company basis, unless otherwise indicated. This data has been prepared to reflect the financial results of the continuing operations of Nokia as if the new financial reporting structure had been in operation for the full year 2015. Certain accounting policy alignments, adjustments and reclassifications have been necessary, and these are explained in the "Basis of preparation" section of Nokia's stock exchange release published on April 22, 2016. These adjustments also include reallocation of items of costs and expenses based on their nature and changes to the definition of the line items in the combined company accounting policies, which also affect numbers presented in these interim financial statements for 2015.
In the discussion of Nokia's reported results for the third quarter 2016 and January-September 2016 comparisons are given to the third quarter 2015 and January-September 2015 Nokia standalone historical results, which have been recast to reflect Nokia's updated segment reporting structure excluding Alcatel-Lucent, unless otherwise indicated. From the beginning of 2016, Nokia's results include those of Alcatel-Lucent on a consolidated basis and accordingly are not directly comparable to Nokia standalone historical results.
CEO STATEMENT
Nokia delivered solid third quarter results. Nokia Technologies led the way, with a sharp year-on-year increase in net sales, largely driven by revenues related to the Samsung licensing agreement that was announced in Q3. The results also reflect another excellent quarter from Fixed Networks, which improved both net sales and profitability from one year ago.
When we announced our second quarter results in August, we said that we expected to see slight sequential improvement in both net sales and operating margin in the third quarter in our Networks business, and we delivered in both of those areas. I was particularly pleased with our operating margin performance in the quarter, which reflects the strong, focused execution across the organization.
We were able to deliver these solid results despite market conditions that are softer than expected, particularly in mobile infrastructure. As we look forward, we expect those conditions to stabilize somewhat in 2017, with the primary addressable market in which Nokia competes likely to decline in the low single digits for that year.
I believe that Nokia remains well-positioned for this environment. Our disciplined operating model of tight cost controls, prudent investment and focused innovation; our constant industrialization of best practices across the company; our structured approach to fast integration and synergy capture -- all help give us a competitive advantage.
In addition, the power of our broad portfolio was evident in the quarter. We have the unique scope necessary to be able to design and deliver end-to-end networks and thus anchor ourselves in the long-term purchasing strategies of our customers. We also have the capability to diversify into new areas where high-performance, end-to-end networks are increasingly required, such as for large Internet and enterprise vertical market companies. We are seeing good growth in these segments, and have plans to target them further as we move forward.
While the fourth quarter is expected to be soft from a topline perspective, I believe that we will meet our guidance for our Networks business of significant sequential sales and operating margin increase for Q4 and our full-year operating margin guidance of 7% to 9%. In short, we remain on track in our execution and focused on creating value for our customers and shareholders.
Rajeev Suri
President and CEO
NOKIA IN Q3 2016 - NON-IFRS
Non-IFRS Net sales and non-IFRS operating profit
Nokia non-IFRS net sales decreased 7% year-on-year and increased 5% sequentially. On a constant currency basis, Nokia non-IFRS net sales would have decreased 6% year-on-year and increased 4% sequentially.
Year-on-year changes
EUR million, non-IFRS |
Net Sales |
% change |
Gross profit |
(R&D) |
(SG&A) |
Other income and (expenses) |
Operating profit |
Change in operating margin % |
Networks business |
(699) |
(12)% |
(246) |
23 |
1 |
(24) |
(246) |
(320)bps |
Nokia Technologies |
184 |
109% |
175 |
(10) |
(23) |
0 |
142 |
1 410bps |
Group Common and Other |
87 |
41% |
26 |
(6) |
(10) |
(31) |
(21) |
400bps |
Eliminations |
(16) |
|
0 |
0 |
0 |
0 |
0 |
|
Nokia |
(444) |
(7)% |
(46) |
7 |
(32) |
(55) |
(126) |
(140)bps |
Sequential changes
EUR million, non-IFRS |
Net Sales |
% change |
Gross profit |
(R&D) |
(SG&A) |
Other income and (expenses) |
Operating profit |
Change in operating margin % |
Networks business |
94 |
2% |
28 |
44 |
16 |
33 |
121 |
210bps |
Nokia Technologies |
160 |
82% |
154 |
(9) |
(11) |
2 |
137 |
1 780bps |
Group Common and Other |
27 |
10% |
(19) |
(4) |
(5) |
(5) |
(33) |
(880)bps |
Eliminations |
(6) |
|
0 |
0 |
0 |
0 |
0 |
|
Nokia |
274 |
5% |
163 |
31 |
0 |
30 |
224 |
350bps |
Sequentially, Nokia's non-IFRS gross profit, non-IFRS other income and expense and non-IFRS operating profit benefitted from the absence of an adverse effect related to a customer in Latin America undergoing judicial recovery in Q2 2016.
NOKIA IN Q3 2016 - REPORTED
FINANCIAL DISCUSSION
Net sales
Nokia net sales increased 94% year-on-year, compared to Nokia standalone net sales, and increased 5% sequentially. On a constant currency basis, Nokia net sales would have increased 95% year-on-year, compared to Nokia standalone net sales, and 5% sequentially.
Year-on-year discussion
The year-on-year increase in Nokia net sales in the third quarter 2016, compared to Nokia standalone net sales, was primarily due to growth in Nokia's Networks business and Group Common and Other, both of which primarily related to the acquisition of Alcatel-Lucent, as well as growth in Nokia Technologies. This was partially offset by purchase price allocation adjustment related to the reduced valuation of deferred revenue that existed on Alcatel-Lucent's balance sheet at the time of the acquisition.
Sequential discussion
The sequential increase in Nokia net sales in the third quarter 2016 was primarily due to growth in Nokia Technologies and Nokia's Networks business, the positive impact related to the purchase price allocation adjustment associated with the reduced valuation of deferred revenue that existed on Alcatel-Lucent's balance sheet at the time of the acquisition and growth in Group Common and Other.
Operating profit
Year-on-year discussion
The year-on-year decrease in Nokia operating profit, compared to Nokia standalone operating profit, was primarily due to higher research and development ("R&D") expenses and higher selling, general and administrative ("SG&A") expenses, partially offset by higher gross profit, all of which related primarily to the acquisition of Alcatel-Lucent.
The increase in gross profit was primarily due to Nokia's Networks business and, to a lesser extent, Nokia Technologies and Group Common and Other, partially offset by non-IFRS exclusions related to deferred revenue.
The increase in R&D expenses was primarily due to Nokia's Networks business, non-IFRS exclusions related to amortization of intangible assets and, to a lesser extent, Group Common and Other and Nokia Technologies.
The increase in SG&A expenses was primarily due to Nokia's Networks business, non-IFRS exclusions related to amortization of intangible assets, as well as transaction and integration related costs and, to a lesser extent, Group Common and Other and Nokia Technologies.
Nokia's other income and expenses was an expense of EUR 39 million in the third quarter 2016, compared to an expense of EUR 80 million in the year-ago period. The net positive fluctuation was primarily related to non-IFRS exclusions attributable to lower restructuring and associated charges, partially offset by the absence of realized gains related to certain of Nokia's investments made through its venture funds.
Sequential discussion
Nokia operating profit increased primarily due to lower restructuring and associated charges and higher gross profit. Sequentially, Nokia's gross profit benefitted from the absence of an adverse effect related to a customer in Latin America undergoing judicial recovery in Q2 2016.
The increase in gross profit was primarily due to Nokia Technologies.
Nokia's other income and expenses was an expense of EUR 39 million in the third quarter 2016, compared to an expense of EUR 643 million in the second quarter 2016. The decrease was primarily due to lower restructuring and associated charges. Sequentially, Nokia's other income and expense benefitted from the absence of an adverse effect related to a customer in Latin America undergoing judicial recovery in Q2 2016.
Description of non-IFRS exclusions in Q3 2016
Non-IFRS exclusions consist of costs related to the Alcatel-Lucent transaction and related integration, goodwill impairment charges, intangible asset amortization and purchase price related items, restructuring and associated charges, and certain other items that may not be indicative of Nokia's underlying business performance. For additional details, please refer to note 2, "Non-IFRS to reported reconciliation, Continuing Operations", in the notes to the financial statements attached to this report.
|
|
Nokia standalone historicals1 |
|
|
|
EUR million |
Q3'16 |
Q3'15 |
YoY change |
Q2'16 |
QoQ change |
Net sales |
(60) |
0 |
(93) |
(35)% |
|
Gross profit |
(149) |
0 |
|
(174) |
(14)% |
R&D |
(179) |
(8) |
2 138% |
(162) |
10% |
SG&A |
(145) |
(37) |
292% |
(154) |
(6)% |
Other income and expenses |
(29) |
(100) |
(602) |
||
Operating profit/(loss) |
(501) |
(145) |
|
(1 092) |
(54)% |
Financial income and expenses |
(1) |
0 |
(3) |
(67)% |
|
Taxes |
105 |
35 |
200% |
200 |
(48)% |
Profit/(loss) |
(397) |
(109) |
|
(896) |
(56)% |
Profit/(loss) attributable to the shareholders of the parent |
(378) |
(109) |
|
(862) |
(56)% |
Non-controlling interests |
(20) |
0 |
|
(34) |
(41)% |
1Nokia standalone historicals are the recasting of Nokia's historical standalone financial results, reflecting Nokia's updated segment reporting structure, excluding Alcatel-Lucent. Beginning from the first quarter 2016, Nokia results include those of Alcatel-Lucent on a consolidated basis. Accordingly, Nokia results beginning from the first quarter 2016 are not directly comparable to prior period Nokia standalone results. |
Net sales
In the third quarter 2016, non-IFRS exclusions in net sales amounted to EUR 60 million, and related to purchase price allocation adjustment related to the reduced valuation of deferred revenue that existed on Alcatel-Lucent's balance sheet at the time of the acquisition.
Operating profit
In the third quarter 2016, non-IFRS exclusions in operating profit amounted to EUR 501 million, and were attributable to non-IFRS exclusions that negatively affected gross profit, R&D, SG&A and other income and expenses as follows:
In the third quarter 2016, non-IFRS exclusions in gross profit amounted to EUR 149 million, and primarily due to product portfolio integration costs related to the acquisition of Alcatel-Lucent, and the deferred revenue.
In the third quarter 2016, non-IFRS exclusions in R&D expenses amounted to EUR 179 million, and primarily related to the amortization of intangible assets resulting from the acquisition of Alcatel-Lucent and, to a lesser extent, product portfolio integration costs related to the acquisition of Alcatel-Lucent.
In the third quarter 2016, non-IFRS exclusions in SG&A expenses amounted to EUR 145 million, and primarily related to the amortization of intangible assets resulting from the acquisition of Alcatel-Lucent, as well as integration and transaction related costs.
In the third quarter 2016, non-IFRS exclusions in other income and expenses amounted to EUR 29 million, and primarily related to EUR 34 million of restructuring and associated charges for Nokia's cost reduction and efficiency improvement initiatives.
Cost savings program
The following table summarizes the financial information related to our cost savings program, as of the end of the third quarter 2016. Balances related to previous Nokia and Alcatel-Lucent restructuring and cost savings programs have been included as part of this overall cost savings program.
In EUR million, approximately |
Q3'16 |
Opening balance of restructuring and associated liabilities |
970 |
+ Charges in the quarter |
40 |
- Cash outflows in the quarter |
200 |
= Ending balance of restructuring and associated liabilities |
810 |
of which restructuring provisions |
780 |
of which other associated liabilities |
30 |
|
|
Total expected restructuring and associated charges |
1 200 |
- Cumulative recorded |
640 |
= Charges remaining to be recorded |
560 |
|
|
Total expected restructuring and associated cash outflows |
1 650 |
- Cumulative recorded |
280 |
= Cash outflows remaining to be recorded |
1 370 |
OUTLOOK
|
Metric |
Guidance |
Commentary |
Nokia |
Annual cost savings for Nokia, excluding Nokia Technologies |
Approximately EUR 1.2 billion of total annual cost savings to be achieved in full year 2018 |
Compared to the combined non-IFRS operating costs of Nokia and Alcatel-Lucent for full year 2015, excluding Nokia Technologies. Under this expanded cost savings program, restructuring and associated charges are expected to total approximately EUR 1.2 billion, of which approximately EUR 640 million was recorded as of Q3 2016. Related restructuring and associated cash outflows are expected to total approximately EUR 1.65 billion, of which approximately EUR 230 million was recorded as of Q3 2016. In addition to the above amounts, note that Nokia's overall charges and cash outflows will also include amounts related to network equipment swaps. The charges related to network equipment swaps will be recorded as non-IFRS exclusions and, therefore, will not affect Nokia's non-IFRS operating profit. |
|
FY16 Non-IFRS financial income and expense |
Expense of approximately EUR 300 million |
Primarily includes net interest expenses related to interest-bearing liabilities, interest costs related to the defined benefit pension and other post-employment benefit plans, as well as the impact from changes in foreign exchange rates on certain balance sheet items. This outlook may vary subject to changes in the above listed items. |
|
FY16 Non-IFRS tax rate |
Approximately 40% for Q4 2016 and above 40% for full year 2016 (update) |
The increase in the non-IFRS tax rate for the combined company, compared to Nokia on a standalone basis, is primarily attributable to unfavorable changes in the regional profit mix as a result of the acquisition of Alcatel-Lucent. Nokia expects its effective long-term non-IFRS tax rate to be clearly below the full year 2016 level, and intends to provide further commentary later in 2016. (This update adds Q4 2016 guidance to unchanged full year 2016 guidance.) |
|
FY16 Cash outflows related to taxes |
Approximately EUR 400 million |
May vary due to profit levels in different jurisdictions and the amount of licensing income subject to withholding tax. |
|
FY16 Capital expenditures |
Approximately EUR 550 million (update) |
Primarily attributable to Nokia's Networks business. (This is an update to the earlier outlook for EUR 650 million.) |
Nokia's Networks business |
FY16 net sales |
Decline YoY |
Combined company net sales and operating margin are expected to be influenced by factors including:
|
FY16 operating margin |
7-9% |
||
Nokia Technologies |
FY16 Net sales
|
Not provided |
Due to risks and uncertainties in determining the timing and value of significant licensing agreements, Nokia believes it is not appropriate to provide an annual outlook for fiscal year 2016. Nokia expects annualized net sales related to patent and brand licensing to grow to a run rate of approximately EUR 950 million by the end of 2016. License agreements which currently contribute approximately EUR 150 million to the annualized net sales run rate are set to expire before the end of 2016. If we do not renew these license agreements, nor sign any new licensing agreements, the annualized net sales run rate would be approximately EUR 800 million in early 2017. Furthermore, the contribution of the Withings acquisition to Nokia Technologies net sales is expected to be approximately EUR 50 million in the second half of 2016, with strong Q4 seasonality. The contribution of the acquisition to Nokia Technologies operating profit is expected to be slightly negative for the second half of 2016. |
RISKS AND FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) our ability to integrate Alcatel Lucent into our operations and achieve the targeted business plans and benefits, including targeted synergies in relation to the acquisition of Alcatel Lucent announced on April 15, 2015 and closed in early 2016; B) our ability to squeeze out the remaining Alcatel Lucent shareholders in a timely manner or at all to achieve full ownership of Alcatel Lucent; C) expectations, plans or benefits related to our strategies and growth management; D) expectations, plans or benefits related to future performance of our businesses; E) expectations, plans or benefits related to changes in our management and other leadership, operational structure and operating model, including the expected characteristics, business, organizational structure, management and operations following the acquisition of Alcatel Lucent; F) expectations regarding market developments, general economic conditions and structural changes; G) expectations and targets regarding financial performance, results, operating expenses, taxes, currency exchange rates, hedging, cost savings and competitiveness, as well as results of operations including targeted synergies and those related to market share, prices, net sales, income and margins; H) timing of the deliveries of our products and services; I) expectations and targets regarding collaboration and partnering arrangements, joint-ventures or the creation of joint-ventures, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities, including the implications of the legal action brought against the French stock market authority's (Autorité des marchés financiers) clearance decision on Nokia's proposed public buy-out offer followed by a squeeze-out; K) expectations regarding restructurings, investments, 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, divestments and acquisitions; and L) statements preceded by or including "believe," "expect," "anticipate," "foresee," "sees," "target," "estimate," "designed," "aim," "plans," "intends," "focus," "continue," "project," "should," "will" or similar expressions. These statements are based on the management's best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors, including risks and uncertainties, that could cause such differences include, but are not limited to: 1) our ability to execute our strategy, sustain or improve the operational and financial performance of our business or correctly identify or successfully pursue business opportunities or growth; 2) our ability to achieve the anticipated business and operational benefits and synergies from the Alcatel Lucent transaction, including our ability to integrate Alcatel Lucent into our operations and within the timeframe targeted, and our ability to implement our organization and operational structure efficiently; 3) our ability to complete the purchases of the remaining outstanding Alcatel Lucent securities and realize the benefits of the public exchange offer for all outstanding Alcatel Lucent securities, and the outcome of the decision by the French Court of Appeal in relation to the clearance decision of Nokia's proposed public buy-out offer and squeeze-out; 4) our dependence on general economic and market conditions and other developments in the economies where we operate; 5) our dependence on the development of the industries in which we operate, including the cyclicality and variability of the telecommunications industry; 6) our 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; 7) our ability to effectively and profitably compete and invest in new competitive high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 8) our dependence on a limited number of customers and large multi-year agreements; 9) Nokia Technologies' ability to maintain and establish new sources of patent licensing income and IPR-related revenues, particularly in the smartphone market; 10) 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; 11) 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; 12) our reliance on third-party solutions for data storage and the distribution of products and services, which expose us to risks relating to security, regulation and cybersecurity breaches; 13) Nokia Technologies' ability to generate net sales and profitability through licensing of the Nokia brand, the development and sales of products and services, as well as other business ventures which may not materialize as planned; 14) our exposure to legislative frameworks and jurisdictions that regulate fraud, economic trade sanctions and policies, and Alcatel Lucent's previous and current involvement in anti-corruption allegations; 15) 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; 16) our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 17) our ability to retain, motivate, develop and recruit appropriately skilled employees; 18) our ability to manage our manufacturing, service creation, delivery, logistics and supply chain processes, and the risk related to our geographically concentrated production sites; 19) the impact of unfavorable outcome of litigation, arbitration, agreement-related disputes or allegations of product liability associated with our businesses; 20) exchange rate fluctuations, as well as hedging activities; 21) inefficiencies, breaches, malfunctions or disruptions of information technology systems; 22) our ability to optimize our capital structure as planned and re-establish our investment grade credit rating or otherwise improve our credit ratings; 23) uncertainty related to the amount of dividends and equity return we are able to distribute to shareholders for each financial period; 24) our ability to achieve targeted benefits from or successfully implement planned transactions, as well as the liabilities related thereto; 25) our involvement in joint ventures and jointly-managed companies or failures to create planned joint ventures; 26) performance failures by our partners or failure to agree to partnering arrangements with third parties; 27) our ability to manage and improve our financial and operating performance, cost savings, competitiveness and synergy benefits after the acquisition of Alcatel Lucent; 28) adverse developments with respect to customer financing or extended payment terms we provide to customers; 29) the carrying amount of our goodwill may not be recoverable; 30) risks related to undersea infrastructure; 31) unexpected liabilities with respect to pension plans, insurance matters and employees; and 32) unexpected liabilities or issues with respect to the acquisition of Alcatel Lucent, including pension, postretirement, health and life insurance and other employee liabilities or higher than expected transaction costs as well as the risk factors specified on pages 69 to 87 of our annual report on Form 20-F filed on April 1, 2016 under "Operating and financial review and prospects-Risk factors", as well as in Nokia's other filings with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. 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.
The financial statements were authorized for issue by management on October 26, 2016.
Media and Investor Contacts:
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Investor Relations, tel. +358 4080 3 4080 email: investor.relations@nokia.com
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