Nokia 2013 Annual Report Download - page 73

71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 Stephen Elop did not receive remuneration for his services as a member
of the Board. This table does not include remuneration paid to Mr. Elop for
services as the President and CEO. Stephen Elop stepped down from the
board of directors as of September , .
 The ,  and  fees paid to Henning Kagermann amounted to
an annual total of EUR   each year indicated, consisting of a fee of
EUR   for services as a member of the Board and EUR   for
services as Chairman of the Personnel Committee.
 The  and  fees paid to Isabel Marey-Semper amounted to an
annual total of EUR   each year indicated, consisting of a fee of
EUR   for services as a member of the Board and EUR   for
services as a member of the Audit Committee.
 The  and  fees paid to Elizabeth Nelson amounted to an annual
total of EUR  , consisting of a fee of EUR   for services as
a member of the Board and EUR   for services as a member of the
Audit Committee.
Termination benefi ts of the President and CEO
Mr. Elop’s employment contract was amended eff ective as of
September , , as a result of entering into a transaction
with Microsoft for the Sale of D&S Business. Under the terms
of the amendment, Mr. Elop resigned from his position as
President and CEO as of September ,  and assumed
the role of Executive Vice President, Devices & Services. He
also resigned from his position as a member of Board of
Directors as of the same date. After the closing of the Sale
of D&S Business, he transferred to Microsoft as agreed with
Microsoft. In accordance with his service contract he received
a severance payment of EUR . million in total. This amount
included: base salary and management incentive EUR .
million and value of equity awards EUR . million. The
amount of the equity awards was based on the Nokia closing
share price of EUR . per share at NASDAQ OMX Helsinki
on April , . Pursuant to the terms of the purchase
agreement with Microsoft entered into in connection with the
Sale of D&S Business, % of the total severance payment
was borne by Microsoft and the remaining % of the
severance amount (EUR . million) was borne by Nokia.
33. NOTES TO THE CONSOLIDATED
STATEMENTS OF CASH FLOW
EURm 2013 2012 2011
Adjustments for: 1
Depreciation and amortization 728 1326 1 562
Loss (+)/profi t (–) on sale
of property, plant and
equipment and
available-for-sale investments 40 – 131 – 49
Income taxes 401 1 145 291
Share of results of
associated companies (Note 16) – 4 1 23
Non-controlling interest – 124 – 681 – 323
Financial income and expenses 264 333 49
Transfer from hedging reserve
to sales and cost of sales – 87 – 16 – 4
Impairment charges (Note 9) 20 109 1 338
Asset retirements 24 31 13
Share-based compensation 56 13 18
Restructuring related charges 2 446 1 659 565
Other income and expenses 25 52 5
Adjustments, total 1789 3 841 3 488
Change in net working capital
Decrease in short-term
receivables 1 655 2 118 218
Decrease in inventories 193 707 289
(Decrease) in interest-free
short-term borrowings – 2793 – 2706 – 1148
Change in net working capital – 945 119 – 641
 Combines adjustments relating to both continuing and discontinued
operations.
 The adjustments for restructuring related charges represent the non-
cash portion of the restructuring related charges recognized in the
consolidated income statement.
The Group did not engage in any material non-cash investing
activities in ,  and .