Nokia 2015 Annual Report Download - page 140
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138 NOKIA IN 2015
Gain on the Sale of the HERE Business
EURm
Fair value of sales proceeds less costs to sell(1) 2 551
Net assets disposed of (2 667)
Total (116)
Foreign exchange dierences reclassied from other comprehensive income(2) 1 174
Gain before tax 1 058
Income tax benet(3) 120
Total gain 1 178
(1) Comprises purchase price of EUR 2 800 million, oset by adjustments for certain dened liabilities of EUR 249 million.
(2) Includes cumulative translation dierences for the duration of ownership from translation of mainly US dollar denominated balances into euro.
(3) The disposal was largely tax exempt, the tax benet is due to hedging-related tax deductible losses.
Assets and liabilities, HERE business
Assets and liabilities disposed of at December 4, 2015:
EURm December 4, 2015
Goodwill and other intangible assets 2 722
Property, plant and equipment 115
Deferred tax assets and non-current assets 151
Inventories 14
Trade and other receivables 174
Prepaid expenses and other current assets 87
Cash and cash equivalents and current available-for-sale investments, liquid assets 56
Total assets 3 319
Deferred tax liabilities and other liabilities 286
Trade and other payables 55
Deferred income and accrued expenses 306
Provisions 5
Total liabilities 652
Net assets disposed of 2 667
Results of Discontinued operations, HERE business
EURm 2015 2014 2013
Net sales 1 075 970 914
Cost of sales (243) (239) (208)
Gross prot 832 731 706
Research and development expenses (498) (545) (648)
Selling, general and administrative expenses (198) (181) (187)
Other income and expenses(1) (18) (1 247) (24)
Operating prot/(loss) 118 (1 242) (153)
Share of results of associated companies and joint ventures ––1
Financial income and expenses 2 5 (3)
Prot/(loss) before tax 120 (1 237) (155)
Income tax (expense)/benet(2) – (310) 68
Prot/(loss) for the period, ordinary activities 120 (1 547) (87)
Gain on the Sale of the HERE Business, net of tax(3) 1 178 – –
Prot/(loss) for the period 1 298 (1 547) (87)
Costs and expenses include:
Depreciation and amortization (33) (57) (241)
Impairment charges – (1 209) –
(1) In 2014, includes impairment of goodwill of EUR 1 209 million.
(2) Excludes the tax impact of the disposal.
(3) Represents net gain on disposal.
Notes to consolidated nancial statements continued