Nokia Corp. Files 20-F Annual Report for Fiscal Year 2023

Ticker: NOKBF · Form: 20-F · Filed: Feb 29, 2024 · CIK: 924613

Nokia Corp 20-F Filing Summary
FieldDetail
CompanyNokia Corp (NOKBF)
Form Type20-F
Filed DateFeb 29, 2024
Risk Levellow
Pages13
Reading Time16 min
Sentimentneutral

Sentiment: neutral

Topics: Nokia, 20-F, Annual Report, Financials, Equity

TL;DR

**Nokia Corp. has submitted its 20-F annual report for the fiscal year ending December 31, 2023, providing a comprehensive overview of its financial standing and equity structure.**

AI Summary

NOKIA CORP (NOKBF) filed a Foreign Annual Report (20-F) with the SEC on February 29, 2024. Nokia Corp. filed its 20-F annual report on February 29, 2024, covering the fiscal year ending December 31, 2023. The filing pertains to the company's operations and financial status as reported under IFRS standards. The report includes data for fiscal years 2020, 2021, 2022, and 2023, detailing various equity components. Key financial statement elements such as Issued Capital, Share Premium, Treasury Shares, and Retained Earnings are presented for these periods. The company is incorporated in H9 and its fiscal year ends on December 31. Nokia Corp. is classified under SIC code 3663 for Radio & TV Broadcasting & Communications Equipment. The business and mailing address for Nokia Corp. is located in Espoo, Finland. The filing number with the SEC is 001-13202.

Why It Matters

For investors and stakeholders tracking NOKIA CORP, this filing contains several important signals. The 20-F filing provides investors and analysts with crucial, audited financial data for Nokia Corp., enabling informed investment decisions and performance analysis over multiple fiscal years. This report is essential for understanding Nokia's financial health, equity composition, and compliance with international financial reporting standards, particularly for investors in the US market who rely on 20-F filings for foreign registrants.

Risk Assessment

Risk Level: low — NOKIA CORP shows low risk based on this filing. The filing is a standard annual report (20-F) for a publicly traded company, containing historical financial data and disclosures, which typically carries a low inherent risk of new negative information.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to assess Nokia's performance and outlook for the upcoming fiscal year.

Key Numbers

  • 2023 — Fiscal Year (2023 FY)
  • 2023-12-31 — Fiscal Year End (2023-12-31)
  • 2022-12-31 — Prior Year End (2022-12-31)
  • 2021-12-31 — Prior Year End (2021-12-31)
  • 2020-12-31 — Prior Year End (2020-12-31)
  • EUR — Currency (iso4217:EUR)
  • 293 — Public Document Count (PUBLIC DOCUMENT COUNT)
  • 0 — Working Capital (wc=0)

Key Players & Entities

  • Nokia Corp. (company) — COMPANY CONFORMED NAME
  • 0000924613-24-000013 (filing) — ACCESSION NUMBER
  • 20240229 (date) — FILED AS OF DATE
  • 20231231 (date) — CONFORMED PERIOD OF REPORT
  • 3663 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
  • H9 (location) — STATE OF INCORPORATION
  • 1231 (date) — FISCAL YEAR END
  • 001-13202 (filing) — SEC FILE NUMBER

FAQ

When did NOKIA CORP file this 20-F?

NOKIA CORP filed this Foreign Annual Report (20-F) with the SEC on February 29, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by NOKIA CORP (NOKBF).

Where can I read the original 20-F filing from NOKIA CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NOKIA CORP.

What are the key takeaways from NOKIA CORP's 20-F?

NOKIA CORP filed this 20-F on February 29, 2024. Key takeaways: Nokia Corp. filed its 20-F annual report on February 29, 2024, covering the fiscal year ending December 31, 2023.. The filing pertains to the company's operations and financial status as reported under IFRS standards.. The report includes data for fiscal years 2020, 2021, 2022, and 2023, detailing various equity components..

Is NOKIA CORP a risky investment based on this filing?

Based on this 20-F, NOKIA CORP presents a relatively low-risk profile. The filing is a standard annual report (20-F) for a publicly traded company, containing historical financial data and disclosures, which typically carries a low inherent risk of new negative information.

What should investors do after reading NOKIA CORP's 20-F?

Investors should review the detailed financial statements and risk factors within the 20-F to assess Nokia's performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does NOKIA CORP compare to its industry peers?

Nokia Corp. operates in the Radio & TV Broadcasting & Communications Equipment industry, a sector characterized by rapid technological advancements and global competition.

Are there regulatory concerns for NOKIA CORP?

As a foreign private issuer, Nokia Corp. is required to file a Form 20-F annually with the SEC, providing financial and business information to US investors.

Risk Factors

  • Form Type [low — regulatory]: The filing is a 20-F, which is an annual report required for foreign private issuers under the Securities Exchange Act of 1934.
  • Fiscal Year End [low — financial]: The company's fiscal year ends on December 31, providing a consistent reporting period for financial analysis.
  • Reporting Standards [low — financial]: Financial data is presented under IFRS standards, which is important for international comparability.
  • Industry Classification [low — operational]: Nokia Corp. is classified under SIC 3663 (Radio & TV Broadcasting & Communications Equipment), indicating its core business sector.
  • Equity Components [low — financial]: The report details various equity components including Issued Capital, Share Premium, Treasury Shares, and Retained Earnings across multiple fiscal years.

Industry Context

Nokia Corp. operates in the Radio & TV Broadcasting & Communications Equipment industry, a sector characterized by rapid technological advancements and global competition.

Regulatory Implications

As a foreign private issuer, Nokia Corp. is required to file a Form 20-F annually with the SEC, providing financial and business information to US investors.

What Investors Should Do

  1. Review the detailed financial statements for 2023, comparing key metrics like equity components against prior years.
  2. Analyze the business address and contact information to understand the company's operational base in Espoo, Finland.
  3. Note the SIC code 3663 to categorize Nokia within the broader communications equipment market.

Key Dates

  • 2024-02-29: Filing Date — Submission of the 2023 annual report.
  • 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 fiscal year.
  • 2022-12-31: Prior Fiscal Year End — End of the prior reporting period.
  • 2021-12-31: Prior Fiscal Year End — End of the prior reporting period.

Year-Over-Year Comparison

This filing represents the annual 20-F report for the fiscal year 2023, providing updated financial data and disclosures compared to previous filings.

Filing Stats: 4,038 words · 16 min read · ~13 pages · Grade level 18.8 · Accepted 2024-02-29 11:48:06

Filing Documents

Risk Factors

Risk Factors Operating and financial review and prospects—Risk factors ITEM 4 INFORMATION ON THE COMPANY 4A History and Development of the Company Cover page; Business overview; Introduction and use of certain terms; Business overview—Our history; Operating and financial review and prospects—Liquidity and capital resources; General Facts on Nokia—Alternative performance measures; Operating and financial review and prospects—Significant subsequent events; Other information— Investor information 4B Business Overview Business overview—Nokia in 2023; Business overview—Our strategy; Business Overview—Our business groups; Financial statements—Notes to the consolidated financial 4C Organizational Structure Business overview—Nokia in 2023; Financial statements—Notes to the consolidated financial statements—Note 2.2. Segment information ; Financial statements—Notes to the consolidated financial statements—Note 6.2. Principal Group companies ; Financial statements—Notes to the consolidated financial statements—Note 6.3. Significant partly-owned subsidiaries 4D Property, Plants and Equipment Financial statements—Notes to the consolidated financial statements—Note 4.2. Property, plant and equipment ; Financial statements—Notes to the consolidated financial 4A UNRESOLVED STAFF COMMENTS None ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS 5A Operating Results Business overview—Our strategy; General facts on Nokia—Government regulation; Financial statements—Notes to the consolidated financial statements—Section 2. Results for the year; Financial statements—Notes to the consolidated financial statements—Note 5.4. Financial risk management ; Operating and financial review and prospects— Operating and financial review 5B Liquidity and Capital R

Financial statements—Notes to the consolidated financial statements—Note 6.4. Related party transactions

Financial statements—Notes to the consolidated financial statements—Note 6.4. Related party transactions 7C Interests of Experts and Counsel N/A ITEM 8 FINANCIAL INFORMATION 8A Consolidated Statements and Other Financial Information Financial statements; Reports of independent registered public accounting firm; Operating and financial review and prospects—Shares and shareholders—Dividend and share buybacks; Financial statements—Notes to the consolidated financial statements—Note 6.1. Commitments, contingencies and legal proceedings 8B Significant Changes Operating and financial review and prospects—Significant subsequent events; Financial statements—Notes to the consolidated financial statements—Notes 6.5. Subsequent events ITEM 9 THE OFFER AND LISTING 9A Offer and Listing Details Operating and financial review and prospects—Shares and shareholders; Other information—Investor information—Stock exchanges 9B Plan of Distribution N/A 9C Markets Operating and financial review and prospects—Shares and shareholders; Financial statements—Notes to the consolidated financial statements—Note 1.1. Corporate information ; Investor information; Other information—Investor information—Stock exchanges 9D Selling Shareholders N/A 9E

Dilution

Dilution N/A 9F Expenses of the Issue N/A ITEM 10 ADDITIONAL INFORMATION 10A Share capital N/A 10B Memorandum and Articles of Association Operating and financial review and prospects—Articles of Association; Other information—Exhibits 10C Material Contracts N/A 10D Exchange Controls General facts on Nokia—Controls and procedures—Exchange controls 10E Taxation General facts on Nokia—Taxation 10F Dividends and Paying Agents N/A 10G N/A 10H Documents on Display Other information—Investor information—Documents on display 10I Subsidiary Information N/A ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Business overview—Our strategy; Operating and financial review and prospects—Risk factors—Financial and tax-related uncertainties; Financial statements—Notes to the consolidated financial statements—Note 5.4. Financial risk management ; Financial statements—Notes to the consolidated financial statements—Note 4.5. Trade receivables and other customer-related balances ITEM 12

DESCRIPTION OF SECURITIES OTHER THAN

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 12A Debt Securities N/A 12B Warrants and Rights N/A 12C Other Securities N/A 12D American Depositary Shares General facts on Nokia—American Depositary Shares; Introduction and use of certain terms ITEM 13 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES None Form 20-F Item Number Form 20-F Heading Section in Document ITEM 14 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS None ITEM 15

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES Corporate governance—Corporate governance statement—Risk management, internal control and internal audit functions at Nokia; General facts on Nokia—Controls and procedures ITEM 16 [Reserved] 16A AUDIT COMMITTEE FINANCIAL EXPERT Corporate governance—Corporate governance statement—Board of Directors—Committees of the Board of Directors 16B CODE OF ETHICS Corporate governance—Corporate governance statement—Regulatory Framework; Operating and financial review and prospects—Sustainability and corporate responsibility; Other information—Exhibits 16C PRINCIPAL ACCOUNTANT FEES AND SERVICES Corporate governance—Corporate governance statement—Auditor fees and services; Corporate governance—Corporate governance statement—Audit Committee pre- approval policies and procedures 16D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES None 16E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS Operating and financial review and prospects—Shares and shareholders—Purchases of equity securities by the Company and affiliated purchasers Corporate Governance—Compensation 16F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT N/A 16G CORPORATE GOVERNANCE Corporate governance—Corporate governance statement—Regulatory framework 16H MINE SAFETY DISCLOSURE None 16I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS N/A 16J INSIDER TRADING POLICIES N/A 16K CYBERSECURITY Corporate governance—Corporate Governance Statement—Risk management, internal control and internal audit functions at Nokia; Operating and financial review and prospects—Risk factors—Risks impacting our competitiveness ITEM 17

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Financial statements

Financial statements ITEM 18

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Financial statements

Financial statements ITEM 19 EXHIBITS Other information—Exhibits Certain statements contained in this report constitute "forward-looking statements." Forward-looking statements provide Nokia's current expectations of future events and trends based on certain assumptions and include any historical fact. The words "believe," "expect," "expectations," "anticipate," "foresee," "see," "target," "estimate," "designed," "aim," "plan," "intend," "influence," "assumption," "focus," "continue," "project," "should," "is to," "will," "strive," "may," "could," "forecast," or similar expressions as they relate to us or our management are intended to identify these forward- looking statements, as well as statements regarding: a) business strategies, projects, market expansion, growth management, and future industry trends and megatrends and our plans to address them; b) future performance of our businesses and any future distributions and dividends; c) expectations and targets regarding financial performance, results, operating expenses, cash flows, 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; d) expectations, plans, timelines or benefits related to changes in our organizational and operational structure; e) market developments in our current and future markets and their seasonality and cyclicality, including the communications service provider market, as well as general economic conditions, future regulatory developments and the expected impact, timing and duration of potential global pandemics and geopolitical conflicts on our businesses, our supply chain, our customers' businesses and the general market and economic conditions; f) our position in the market, including product portfolio and geographical reach, and o

Forward-looking statements

Forward-looking statements Nokia Corporation is a public limited liability company incorporated under the laws of the Republic of Finland and registered to the Finnish Trade Register since 1896. In this Annual Report on Form 20-F, any reference to "we," "us," "the Group," "the company" or "Nokia" means Nokia Corporation and its consolidated subsidiaries and generally Nokia's continuing operations, except where we separately specify that the term means Nokia Corporation or a particular subsidiary or business segment only or our discontinued operations. References to "our shares," matters relating to our shares or matters of corporate governance refer to the shares and corporate governance of Nokia Corporation. Nokia Corporation has published its consolidated financial 1999. In this Annual Report on Form 20-F, references to "EUR," "euro" or "" are to the common currency of the European Economic and Monetary Union, references to "dollars," "US dollars," "USD" or "

quot; are to the currency of the United States, and references to "Chinese yuan" or "Chinese yuan renminbi" or "CNY" are to the official currency of the People's Republic of China. Additional terms are defined in the "Glossary." The information contained in, or accessible through, the websites linked throughout this Annual Report on Form 20-F is not incorporated by reference into this document and should not be considered a part of this document. Nokia Corporation furnishes Citibank, N.A., as Depositary, with its consolidated financial statements and a related audit opinion of our independent auditors annually. These financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in conformity with IFRS as adopted by the European Union. In accordance with the rules and regulations of the SEC, we do not provide a reconc

Selected financial data

Selected financial data 73 Operating and financial review 74 Sustainability and corporate responsibility 85 Shares and shareholders 107 Articles of Association 111

Risk factors

Risk factors 113 Significant subsequent events 130 General facts on Nokia 131 American Depositary Shares 132

Controls and procedures

Controls and procedures 132 Government regulation 133 Sales in United States-sanctioned countries 133 Taxation 134 Key ratios 137 Alternative performance measures 138

Financial statements

Financial statements 141 Consolidated financial statements 142 Notes to the consolidated financial statements 147 Reports of independent registered public accounting firm 204 Other information 207 Exhibits 208 Glossary 209 Investor information 212

Signatures

Signatures 213 Contents 1 Nokia Annual Report on Form 20-F 2023

Business

Business overview Nokia in 2023 3 Letter from our President and CEO 9 Our customers 13 Our strategy 15 Our history 21 Business groups 23 Network Infrastructure 23 Mobile Networks 25 Cloud and Network Services 27 Nokia Technologies 29 Supply chain, sourcing and manufacturing 31

Business

Business overview Corporate governance Operating and financial review and prospects General facts on Nokia Financial Other information 2 Nokia Annual Report on Form 20-F 2023

Business

Business overview Corporate governance Operating and financial review and prospects General facts on Nokia Financial Other information 3 Nokia in 2023 Nokia Annual Report on Form 20-F 2023 The platform for our future The Nokia platform guides everything we do across our global organization. Its three elements shape our ambition, our strategy and our culture. Our purpose At Nokia, we create technology that helps the world act together. While our lives may be getting longer, healthier and richer, the world is facing fundamental challenges: Productivity is stalling, pressure on the planet is increasing and access to opportunity remains stubbornly unequal. Digitalization is central to the solution. We see the potential of digital to transform business, industry and society. When the world's organizations, machines and devices are in sync with each other and the people they serve, a new capability unfolds to create a more productive, sustainable and accessible future. Our commitment We are delivering the next evolution in critical networking through technology leadership and trusted partnerships. We are meeting the new demands placed on networks through the next evolution of networking where networks meet cloud with networks that sense, think and act'. These networks go beyond connecting people and things, bits and bytes. They're adaptable, autonomous, and consumable. They're alive with intelligence' and enable people, machines and devices to interact in real time, like never before. Critically, networks that sense, think and act' are creating new opportunities for our customers and partners, both existing and new, to access and harness the full power of networking like never before. How? By sensing' and understanding human and machine parameters using next generation mobile and optical technologies By thinking' of actions before a fault occurs in the network or in an enterprise using next generation analyt

Business

Business overview Corporate governance Operating and financial review and prospects General facts on Nokia Financial Other information 4 Nokia in 2023 continued Nokia Annual Report on Form 20-F 2023 Global reach Our technology solutions enable critical networks for communications service providers (CSPs) and enterprises around the world. Net sales in 2023 EUR 22.3 bn Countries of operation ~130 Average number of employees in 2023 ~ 86 700 Strengthening our technology leadership R&D investment since 2000 EUR ~150bn Patent families declared as essential to 5G standard 6 000+ Nobel Prizes awarded for ground-breaking achievements in global innovation 1 0

Business

Business overview Corporate governance Operating and financial review and prospects General facts on Nokia Financial Other information 5 Nokia in 2023 continued Nokia Annual Report on Form 20-F 2023 (1) Regional net sales figures exclude net sales of Submarine Networks business. Regional split of employees and net sales (1) Key ESG data for 2023 We have gathered a visual summary of key ESG (environmental, social and governance) data points and a view of our recognitions from external ratings organizations. This provides a snapshot with more information in the "Sustainability and corporate responsibility" section of this report. Nokia carbon footprin

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