6-K 1 tm2425277d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

 

Report on Form 6-K dated September 30, 2024

(Commission File No. 1-13202)

 

Nokia Corporation

Karakaari 7

FI-02610 Espoo

Finland

 

(Translation of the registrant’s name into English and address of registrant’s principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
     
Form 20-F: x   Form 40-F: ¨
     

 

 

 

 

 

Enclosures:

 

·Stock Exchange Release: Nokia provides recast comparative quarterly financial information reflecting the presentation of Submarine Networks business as discontinued operation

·Attachment: EN Web tables recast Submarine

 

 

 1

 

 

STOCK EXCHANGE RELEASE 30 September 2024

 

 

Nokia Corporation

Stock Exchange Release

30 September 2024 at 23:00 EEST

 

Nokia provides recast comparative quarterly financial information reflecting the presentation of Submarine Networks business as discontinued operation

 

Nokia today provides recast comparative financial information for Nokia Group and Network Infrastructure segment for Q1 2024 and Q1-Q4 2023 reflecting the presentation of Submarine Networks business as discontinued operation.

 

Presentation of Submarine Networks business as discontinued operation

 

On 27 June 2024, Nokia announced it had entered into a put option agreement to sell Alcatel Submarine Networks (ASN) to the French State, represented by the Agence des participations de l'Etat (APE), subject to informing and consulting with the relevant employee representatives at ASN and Nokia along with other customary closing conditions and regulatory approvals. The put option agreement contemplates the sale of ASN for an enterprise value of EUR 350 million, while the final proceeds will depend on the working capital and net debt balances of ASN at closing. Upon entering into the agreement Nokia classified the assets and liabilities of ASN as held for sale and recorded an impairment loss of EUR 514 million on the measurement of ASN's net assets to fair value less costs to sell. Beginning from the second quarter of 2024 the Submarine Networks business, which was previously reported as part of Network Infrastructure operating segment, is presented as discontinued operation. The sale is expected to close at the end of 2024 or beginning of 2025.

 

To provide a basis for comparison, the following tables present summarized income statement information for Nokia Group and Network Infrastructure segment on an unaudited basis for all quarters and the full year of 2023, as well as for the first two quarters and first half of 2024, reflecting the presentation of Submarine Networks business as discontinued operation.

 

 

 2

 

 

STOCK EXCHANGE RELEASE 30 September 2024

 

 

Nokia Group

 

   Reported                 
EUR million  Q1'24   Q2'24   Q1-Q2'24                 
Net sales   4 444    4 466    8 910                 
Gross profit   2 210    1 936    4 146                 
Operating profit   405    432    836                 
Profit from continuing operations   451    370    821                 
Loss from discontinued operations   (13)   (512)   (525)                
Profit/(loss) for the period   438    (142)   296                 

 

   Reported 
EUR million  Q1'23   Q2'23   Q3'23   Q4'23   Q1-Q4'23 
Net sales   5 575    5 438    4 709    5 416    21 138 
Gross profit   2 161    2 148    1 892    2 345    8 546 
Operating profit   421    469    237    534    1 661 
Profit/(loss) from continuing operations   283    287    130    (51)   649 
Profit from discontinued operations   7    2    3    18    30 
Profit/(loss) for the period   289    289    133    (33)   679 

 

   Comparable                 
EUR million  Q1'24   Q2'24   Q1-Q2'24                 
Net sales   4 444    4 466    8 910                 
Gross profit   2 246    1 998    4 244                 
Operating profit   600    423    1 023                 
Profit from continuing operations   512    328    840                 
Profit for the period   512    328    840                 

 

   Comparable 
EUR million  Q1'23   Q2'23   Q3'23   Q4'23   Q1-Q4'23 
Net sales   5 575    5 438    4 709    5 416    21 138 
Gross profit   2 172    2 184    1 921    2 421    8 698 
Operating profit   471    619    418    830    2 337 
Profit from continuing operations   332    409    293    555    1 590 
Profit for the period   332    409    293    555    1 590 

 

 

 3

 

 

STOCK EXCHANGE RELEASE 30 September 2024

 

 

Network Infrastructure

 

EUR million  Q1'24   Q2'24   Q1-Q2'24                 
Net sales   1 439    1 522    2 961                 
Gross profit   587    585    1 172                 
Gross margin %   40.8%   38.4%   39.6%                
Research and development expenses   (301)   (300)   (602)                
Selling, general and administrative expenses   (204)   (207)   (410)                
Other operating income and expenses   3    19    22                 
Operating profit   85    97    183                 
Operating margin %   5.9%   6.4%   6.2%                
Share of results of associated companies and joint ventures   —    —    —                 
Depreciation and amortization   (43)   (41)   (84)                

 

EUR million  Q1'23   Q2'23   Q3'23   Q4'23   Q1-Q4'23 
Net sales   1 964    1 706    1 534    1 712    6 917 
Gross profit   820    702    622    765    2 910 
Gross margin %   41.8%   41.1%   40.5%   44.7%   42.1%
Research and development expenses   (306)   (285)   (297)   (323)   (1 212) 
Selling, general and administrative expenses   (196)   (193)   (191)   (195)   (776)
Other operating income and expenses   18    28    30    17    94 
Operating profit   336    252    165    264    1 016 
Operating margin %   17.1%   14.8%   10.8%   15.4%   14.7%
Share of results of associated companies and joint ventures   —    —    —    —    — 
Depreciation and amortization   (42)   (42)   (41)   (45)   (171)

 

About Nokia

 

At Nokia, we create technology that helps the world act together.

 

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

 

Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

 

Inquiries:

 

Nokia 

Communications 

Phone: +358 10 448 4900 

Email: press.services@nokia.com 

Maria Vaismaa, Global Head of External Communications

 

Nokia 

Investor Relations 

Phone: +358 4080 3 4080 

Email: investor.relations@nokia.com

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: September 30, 2024   Nokia Corporation
     
  By: /s/ Johanna Mandelin
  Name: Johanna Mandelin
  Title: Global Head of Corporate Legal