Nokia Corporation
Stock Exchange Release
April 18, 2019 at 9:00 (CET 1)
Nokia provides recast comparative segment results and additional financial disclosures for 2018 reflecting the new financial reporting structure
Espoo, Finland - Nokia today provided recast comparative segment financial information and additional financial disclosures on a quarterly and annual basis for 2018, reflecting the previously announced organizational changes to accelerate its strategy execution.
Nokia will publish its first-quarter 2019 interim report on April 25, 2019 at approximately 8 a.m. Finnish time (CET 1) in accordance with its new reporting structure. Analyst and media call details are provided below.
Changes in reporting structure, effective from January 1, 2019
Nokia announced organizational changes to accelerate its strategy execution on October 25, November 22 and December 31, 2018. Accordingly, Nokia has revised its financial reporting structure to better reflect its strategy, organizational structure and the way it evaluates operational performance and allocates resources.
As of January 1, 2019, Nokia has three reportable segments: (i) Networks, (ii) Nokia Software and (iii) Nokia Technologies. In addition, Nokia also discloses segment-level data for Group Common and Other.
Within the new Networks reportable segment, Nokia is providing net sales disclosure for the following businesses: (i) Mobile Access, (ii) Fixed Access, (iii) IP Routing and (iv) Optical Networks.
Certain reclassifications have been made in order to reflect the new organizational structure of the company, the most significant of which are: (i) activities related to our cloud core offering have been reclassified from the former Mobile Networks business group and former Global Services reportable segment to the new Nokia Software reportable segment and (ii) activities related to the former Mobile Networks business group and former Global Services reportable segment that are not reclassified to the new Nokia Software reportable segment are now reported together under the new Mobile Access business.
Nokia is also providing separate net sales disclosure for its different customer types: (i) Communication Service Providers, (ii) Enterprises and (iii) Licensees.
Additionally, Nokia is providing adjusted financial disclosure for its Networks and Nokia Software reportable segments, with amounts related to licensing and Nokia Bell Labs allocated 85% to Networks and 15% to Nokia Software, in accordance with their approximate value contribution.
Recast comparative segment financial information for 2018
To provide a basis for comparison, the following tables present a recasting of Nokias segment financial information on an unaudited basis for all four quarters of 2018 separately, as well as for the full year 2018.
The tables are also available in Excel format at http://nokia.com/financials.
Q1-
Q418
(unau-
dited) Networks1 Nokia Soft-
ware Nokia Techn-
ologies Gro-
up Common and Other Eli-
mi-
nations Non-IF-
RS total Non-IF-
RS exc-
lusions2 Nokia
To-
tal
EUR
million
Net
sales 17
404 2
713 1
501 1
024 (63) 22 580 (17) 22 563
Cost
of
sales (11
369) (1 346) (22) (870) 63 (13 545) (572) (14 117)
Gross
profit 6
035 1
367 1
479 154 0 9 035 (5
90) 8
446
% of
net
sales 34.7
% 50.4
% 98.5
% 15.0
% 40.0% 37.4%
Research
and
deve-
lopment
expenses (3
091) (486) (145) (293) 0 (4 014) (606) (4 620)
Sell-
ing,
gene-
ral
and
admini-
strative
expe-
nses (2
140) (429) (127) (201) 0 (2 896) (567) (3 463)
Other
income
and
expenses (31) (3) (5) 93 0 55 (477) (422)
Ope-
rating
profit/
(loss) 773 450 1 203 (246) 0 2 180 (2 239) (59)
%
of
net
sales 4.4
% 16.6
% 80.1
% (24.0)% 9.7
% (0.3)%
Depre-
ciation
and
amor-
tization (384) (65) (21) (46) 0 (515) (940) (1 455)
Share of
results
of
asso-
ciated
compa-
nies
and
joint
ventures 12 0 0 0 0 12 0 12
EBI-
TDA 1
169 515 1
224 (200) 0 2 708 (1 300) 1
408
1 Mobile Access net sales of EUR 11 273 million, Fixed Access net sales of EUR 1 980 million, IP Routing net sales of EUR 2 545 million and Optical Networks net sales of EUR 1 606 million.
2 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 Nokias underlying business performance.
Q118
(unau-
dited) Networks1 Nokia Soft-ware Nokia Techn-ologies Gro-
up Common and Other Eli-
mi-
nations Non-IF-
RS total Non-
IF-
RS exc-
lusions2 Nokia To-
tal
EUR
million
Net
sales 3
783 541 365 252 (12) 4
929 (5) 4
924
Cost
of
sales (2
466) (308) (10) (216) 12 (2 988) (131) (3 119)
Gross
profit 1
317 233 355 36 0 1 941 (135) 1
805
% of
net
sales 34.8% 43.1% 97.3% 14.3% 39.4% 36.7%
Research
and
deve-
lopment
expenses (766) (128) (43) (74) 0 (1 011) (156) (1 167)
Sell-
ing,
gene-
ral
and
Admi-
nistrative
expe-
nses (532) (111) (39) (52) 0 (732) (116) (847)
Other
income
and
expenses 27 8 0 7 0 41 (168) (127)
Ope-
rating
profit/
(loss) 46 1 274 (83) 0 239 (575) (336)
%
of
net
sales 1.2
% 0.2
% 75.1
% (32.9)% 4.8% (6.8)%
Depre-
ciation
and
amor-
tization (96) (17) (5) (12) 0 (130) (242) (372)
Share of
results
of
ass-
ociated
compa-
nies
and
joint
ventures (4) 0 1 0 0 (4) 0 (4)
EBI-
TDA 137 19 279 (71) 0 365 (333) 32
1 Mobile Access net sales of EUR 2 426 million, Fixed Access net sales of EUR 445 million, IP Routing net sales of EUR 550 million and Optical Networks net sales of EUR 363 million.
2 Non-IFRS results exclude costs related to the Alcatel-Lucent transaction a
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