Nokia 2011 Annual Report Download - page 280

(9) The 2011, 2010 and 2009 fees paid to Isabel Marey-Semper amounted to an annual total of
EUR 140 000 each year indicated, consisting of a fee of EUR 130 000 for services as a member of
the Board and EUR 10 000 for services as a member of the Audit Committee.
(10) The 2011 and 2010 fees paid to Risto Siilasmaa amounted to an annual total of EUR 155 000
each year indicated, consisting of a fee of EUR 130 000 for service as a member of the Board and
EUR 25 000 for service as Chairman of the Audit Committee. The 2009 fee of Risto Siilasmaa
amounted to an annual total of EUR 140 000, consisting of a fee of EUR 130 000 for services as a
member of the Board and EUR 10 000 for services as a member of the Audit Committee.
Pension arrangements of certain Nokia Leadership Team Members
Stephen Elop, President and CEO, participates in the Finnish TyEL pension system, which provides for
a retirement benefit based on years of service and earnings according to prescribed statutory rules.
Under the Finnish TyEL pension system, base pay, incentives and other taxable fringe benefits are
included in the definition of earnings, although gains realized from equity are not. The Finnish TyEL
pension scheme provides for early retirement benefits at age 62 with a reduction in the amount of
retirement benefits. Standard retirement benefits are available from age 63 to 68, according to an
increasing scale.
32. Notes to cash flow statement
2011 2010 2009
EURm EURm EURm
Adjustments for:
Depreciation and amortization (Note 10) ......................... 1 562 1 771 1 784
(Profit) loss on sale of property, plant and equipment and
available-for-sale investments ................................ (49) (193) (111)
Income taxes (Note 12) ....................................... 290 443 702
Share of results of associated companies (Note 15) ................ 23 (1) (30)
Non-controlling interest ....................................... (324) (507) (631)
Financial income and expenses (Note 11) ........................ 49 191 265
Transfer from hedging reserve to sales and cost of sales (Note 21) . . . (4) (22) 44
Impairment charges (Note 8) ................................... 1 338 110 1 009
Asset retirements (Note 13) .................................... 13 37 35
Share-based compensation (Note 24) ........................... 18 47 16
Restructuring related charges (Note 7, 27) ....................... 565 245 307
Other income and expenses ................................... 5(9) —
Adjustments, total ............................................... 3 486 2 112 3 390
Change in net working capital
Decrease (increase) in short-term receivables ..................... 137 1 281 1 145
Decrease (increase) in inventories .............................. 289 (512) 640
(Decrease) increase in interest-free short-term borrowings .......... (1 145) 1 563 (1 698)
Loans made to customers ..................................... 81 17 53
Change in net working capital ...................................... (638) 2 349 140
In 2010, Nokia Siemens Networks’ EUR 750 million loans and capitalized interest of EUR 16 million
from Siemens were converted into equity impacting the non-controlling interests in the Consolidated
Statements of Financial Position. The Group did not engage in any material non-cash investing
activities in 2011 and 2009.
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