Nokia 2013 Annual Report Download - page 10

8NOKIA IN 2012
In , other income and expenses included restructur-
ing charges of EUR  million, as well as transaction related
costs of EUR  million related to the Sale of the D&S Business.
In , other income and expenses included restructuring
charges of EUR   million, including EUR  million related
to country and contract exits, impairments of assets of EUR
 million, a negative adjustment of EUR  million to purchase
price allocations related to the fi nal payment from Motorola
as well as amortization of acquired intangible assets of EUR 
million and a net gain on sale of real estate of EUR  million.
OPERATING PROFIT (LOSS)
Our  operating profi t was EUR  million, compared with
an operating loss of EUR  million in . The increased
operating profi t resulted primarily from lower restructuring
charges and purchase price accounting items in general and
an increase in the operating performance of our NSN busi-
ness, which was partially off set by a decrease in the operating
performance of HERE. Our operating profi t in  included
purchase price accounting items, restructuring charges and
other special items of net negative EUR  million compared
to net negative EUR   million in . Our  operating
margin was positive .% compared to negative .% in .
The improvement was primarily due to an increase in our gross
margin and lower expenses in other income and expenses.
CORPORATE COMMON
Corporate common functions’ operating loss totalled EUR 
million in , compared to EUR  million in . In  cor-
porate common included restructuring charges and associated
impairments of EUR  million, as well as transaction related
costs of EUR  million related to the Sale of the D&S Business.
In  corporate common benefi tted from a net gain from
sale of real estate of EUR  million and included restructuring
charges of EUR  million.
NET FINANCIAL INCOME AND EXPENSES
Financial income and expenses, net, was an expense of EUR
 million in  compared to an expense of EUR  million
in . The lower net expense in  was primarily driven by
lower foreign exchange losses.
Our net debt to equity ratio was negative % at December
, , compared with a net debt to equity ratio of negative
% at December , .
PROFIT (LOSS) BEFORE TAXES
Continuing operations profi t before tax was EUR  million
in , compared to a loss of EUR   million in . Taxes
amounted to EUR  million in  and EUR  million in
.
NON-CONTROLLING INTERESTS
Loss attributable to non-controlling interests from continuing
operations totalled EUR  million in , compared with a
loss attributable to non-controlling interests of EUR  million
in . This change was primarily due to an improvement in
NSN’s results and our acquisition of Siemens’ stake in NSN.
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
AND EARNINGS PER SHARE
Nokia Group’s total loss attributable to equity holders of the
parent in  amounted to EUR  million, compared with a
loss of EUR   million in . Continuing operations gener-
ated a profi t attributable to equity holders of the parent in
, amounting to EUR  million, compared with a loss of
EUR  million in . Nokia Group’s total earnings per share
in  increased to EUR – . (basic) and EUR – . (diluted),
compared with EUR – . (basic) and EUR – . (diluted) in
. From continuing operations, earnings per share in 
increased to EUR . (basic) and EUR . (diluted), compared
with EUR – . (basic) and EUR – . (diluted) in .
CASH FLOW AND FINANCIAL POSITION
The following chart sets out Nokia’s continuing operations
cash fl ow for the fi scal years  and , as well as the year-
on-year growth rates.
YoY
EURm 2013 2012 Change
Net cash from operating
activities 72 – 354
Total cash and other
liquid assets 8 971 9 909 – 9%
Net cash and other
liquid assets 1 2 309 4 360 – 47%
 Total cash and other liquid assets minus interest-bearing liabilities.
The items below are the primary drivers of the decrease in
Nokia’s continuing operations net cash and other liquid assets
in  of EUR . billion:
■ Nokia’s continuing operations net profi t adjusted for non-
cash items of positive EUR . billion;
■ Nokia’s continuing operations outfl ow related to the
acquisition of Siemens’ stake in Nokia Siemens Networks of
EUR . billion;
■ Nokia’s continuing operations net working capital-related
cash outfl ows of approximately EUR  million, which
included approximately EUR  million of restructuring
related cash outfl ows;
▪ NSN net working capital-related outfl ows of approximately
EUR  million, which included approximately EUR 
million of restructuring-related cash outfl ows. Excluding