Nokia provides recast comparative quarterly financial information reflecting the presentation of Submarine Networks business as discontinued operation
September 30 2024 - 3:00PM
UK Regulatory
Nokia provides recast comparative quarterly financial information
reflecting the presentation of Submarine Networks business as
discontinued operation
Nokia Corporation
Stock Exchange Release
30 September 2024 at 23:00 EEST
Nokia provides recast comparative quarterly financial
information reflecting the presentation of Submarine Networks
business as discontinued operation
Nokia today provides recast comparative financial information
for Nokia Group and Network Infrastructure segment for Q1 2024 and
Q1-Q4 2023 reflecting the presentation of Submarine Networks
business as discontinued operation.
Presentation of Submarine Networks business as
discontinued operation
On 27 June 2024, Nokia announced it had entered into a put
option agreement to sell Alcatel Submarine Networks (ASN) to the
French State, represented by the Agence des participations de
l'Etat (APE), subject to informing and consulting with the relevant
employee representatives at ASN and Nokia along with other
customary closing conditions and regulatory approvals. The put
option agreement contemplates the sale of ASN for an enterprise
value of EUR 350 million, while the final proceeds will depend on
the working capital and net debt balances of ASN at closing. Upon
entering into the agreement Nokia classified the assets and
liabilities of ASN as held for sale and recorded an impairment loss
of EUR 514 million on the measurement of ASN's net assets to fair
value less costs to sell. Beginning from the second quarter of 2024
the Submarine Networks business, which was previously reported as
part of Network Infrastructure operating segment, is presented as
discontinued operation. The sale is expected to close at the end of
2024 or beginning of 2025.
To provide a basis for comparison, the following tables present
summarized income statement information for Nokia Group and Network
Infrastructure segment on an unaudited basis for all quarters and
the full year of 2023, as well as for the first two quarters and
first half of 2024, reflecting the presentation of Submarine
Networks business as discontinued operation.
Nokia Group
|
Reported |
|
|
EUR million |
Q1'24 |
Q2'24 |
Q1-Q2'24 |
|
|
Net sales |
4 444 |
4 466 |
8 910 |
|
|
Gross profit |
2 210 |
1 936 |
4 146 |
|
|
Operating
profit |
405 |
432 |
836 |
|
|
Profit from
continuing operations |
451 |
370 |
821 |
|
|
Loss from
discontinued operations |
(13) |
(512) |
(525) |
|
|
Profit/(loss) for
the period |
438 |
(142) |
296 |
|
|
|
|
|
|
|
|
|
Reported |
EUR million |
Q1'23 |
Q2'23 |
Q3'23 |
Q4'23 |
Q1-Q4'23 |
Net sales |
5 575 |
5 438 |
4 709 |
5 416 |
21 138 |
Gross profit |
2 161 |
2 148 |
1 892 |
2 345 |
8 546 |
Operating
profit |
421 |
469 |
237 |
534 |
1 661 |
Profit/(loss)
from continuing operations |
283 |
287 |
130 |
(51) |
649 |
Profit from
discontinued operations |
7 |
2 |
3 |
18 |
30 |
Profit/(loss) for the period |
289 |
289 |
133 |
(33) |
679 |
|
Comparable |
|
|
EUR million |
Q1'24 |
Q2'24 |
Q1-Q2'24 |
|
|
Net sales |
4 444 |
4 466 |
8 910 |
|
|
Gross profit |
2 246 |
1 998 |
4 244 |
|
|
Operating
profit |
600 |
423 |
1 023 |
|
|
Profit from
continuing operations |
512 |
328 |
840 |
|
|
Profit for the
period |
512 |
328 |
840 |
|
|
|
|
|
|
|
|
|
Comparable |
EUR million |
Q1'23 |
Q2'23 |
Q3'23 |
Q4'23 |
Q1-Q4'23 |
Net sales |
5 575 |
5 438 |
4 709 |
5 416 |
21 138 |
Gross profit |
2 172 |
2 184 |
1 921 |
2 421 |
8 698 |
Operating
profit |
471 |
619 |
418 |
830 |
2 337 |
Profit from
continuing operations |
332 |
409 |
293 |
555 |
1 590 |
Profit for the period |
332 |
409 |
293 |
555 |
1 590 |
Network Infrastructure
EUR million |
Q1'24 |
Q2'24 |
Q1-Q2'24 |
|
|
Net sales |
1 439 |
1 522 |
2 961 |
|
|
Gross profit |
587 |
585 |
1 172 |
|
|
Gross margin
% |
40.8% |
38.4% |
39.6% |
|
|
Research and
development expenses |
(301) |
(300) |
(602) |
|
|
Selling, general
and administrative expenses |
(204) |
(207) |
(410) |
|
|
Other operating
income and expenses |
3 |
19 |
22 |
|
|
Operating
profit |
85 |
97 |
183 |
|
|
Operating margin % |
5.9% |
6.4% |
6.2% |
|
|
Share of results of associated companies and joint ventures |
— |
— |
— |
|
|
Depreciation and amortization |
(43) |
(41) |
(84) |
|
|
|
|
|
|
|
|
EUR million |
Q1'23 |
Q2'23 |
Q3'23 |
Q4'23 |
Q1-Q4'23 |
Net sales |
1 964 |
1 706 |
1 534 |
1 712 |
6 917 |
Gross profit |
820 |
702 |
622 |
765 |
2 910 |
Gross margin
% |
41.8% |
41.1% |
40.5% |
44.7% |
42.1% |
Research and
development expenses |
(306) |
(285) |
(297) |
(323) |
(1 212) |
Selling, general
and administrative expenses |
(196) |
(193) |
(191) |
(195) |
(776) |
Other operating
income and expenses |
18 |
28 |
30 |
17 |
94 |
Operating
profit |
336 |
252 |
165 |
264 |
1 016 |
Operating margin % |
17.1% |
14.8% |
10.8% |
15.4% |
14.7% |
Share of results of associated companies and joint ventures |
— |
— |
— |
— |
— |
Depreciation and amortization |
(42) |
(42) |
(41) |
(45) |
(171) |
About Nokia
At Nokia, we create technology that helps the world act
together.
As a B2B technology innovation leader, we are pioneering
networks that sense, think and act by leveraging our work across
mobile, fixed and cloud networks. In addition, we create value with
intellectual property and long-term research, led by the
award-winning Nokia Bell Labs.
Service providers, enterprises and partners worldwide trust
Nokia to deliver secure, reliable and sustainable networks today –
and work with us to create the digital services and applications of
the future.
Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications
Nokia
Investor Relations
Phone: +358 4080 3 4080
Email: investor.relations@nokia.com
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