Nokia 2014 Annual Report Download - page 68

NOKIA IN 201466
Main events in 2014
Nokia Corporation
and Grouphighlights
■In April 2014, Nokia completed the Sale of
the D&S Business. The transaction, which
also included an agreement to license
patents to Microsoft, was originally
announced on September 3, 2013.
Inconnection with the completion
ofthetransaction, Nokia repaid the
EUR1.5billion convertible bonds issued
byNokia to Microsoft.
■Following the completion of the transaction,
Nokia made a number of announcements,
including the following:
– The Board appointed Rajeev Suri as
President and CEO of Nokia Corporation
and the new Nokia Group Leadership
Team, effective May 1, 2014. For more
information on the changes in Nokia’s
leadership during 2014, refer to “—Board
of Directors and management—Changes
in Nokia Group Leadership” below.
– Nokia announced its new strategy
building on Nokia’s three businesses:
Nokia Networks, HERE and Nokia
Technologies.
– Nokia announced plans for a EUR 5 billion
capital structure optimization program
focused on recommencing dividend
payments, distributing excess capital
to shareholders, and reducing
interest-bearing debt. Later in the
second quarter 2014, as part of this
program and its debt reduction plan,
Nokia redeemed approximately EUR 950
million of Nokia Networks debt, which
included EUR 800 million of senior notes
issued by Nokia Solutions and Networks
Finance B.V., the finance company of its
Nokia Networks business.
Innovations for more
ecient networks
Our next generation
technology innovations
are designed to help
operators carry more
data in their networks
and dramatically
reducetheir costs,
asthey improve
networkeciency
andmake better use
ofexisting capacity.
“Nokia announced
itsnewstrategy
building on Nokia’s
three businesses:
Nokia Networks,
HEREandNokia
Technologies.”
■In May 2014, Nokia’s credit rating was
upgraded by credit rating agencies Moody’s
and Standard & Poor’s, supporting Nokia’s
long-term target to re-establish its
investment grade credit rating. Standard &
Poor’s upgraded Nokia’s rating to BB from
B+, with a positive outlook, and Moody’s
upgraded Nokia’s rating to Ba2 from B1
and added a positive outlook in
November 2014.
■In May 2014, Nokia launched a USD 100
million Connected Car Fund managed by
Nokia Growth Partners, its venture capital
arm. The fund will identify and invest in
companies whose innovations are deemed
important for a world of connected and
intelligent vehicles. The fund, working
closely with Nokia’s HERE business, will
seekto make investments that also
supportthe growth of the ecosystem
around HERE’s mapping and location
products and services.
■Nokia’s Annual General Meeting, which
was held on June 17, 2014, resolved to
distribute an ordinary dividend of EUR 0.11
per share for year 2013 and a special
dividend of EUR 0.26 per share.
■In June 2014, Nokia ranked sixth in
Interbrand’s annual Best Global Green
Brands report for 2014, measuring the
environmental sustainability performance
of leading global brands.
■In September 2014, Nokia returned to
the EURO STOXX 50 Index.
■In October 2014, Nokia was recognized
inthe Climate Performance Leadership
Index 2014 by the Carbon Disclosure
Project (“CDP”) for corporate action
onclimate change.
■In November 2014, Nokia held its Capital
Markets Day event in London, United
Kingdom, where the company shared its
updated vision, strategic priorities and
long-term financial targets.
■Effective on January 2, 2014, one of
Nokia’s Finnish subsidiaries, Nokia
AssetManagement Oy, merged into
NokiaCorporation.