Nokia's net sales down 17% in 2013

Finnish company experienced improvement in fourth quarter
Nokia

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Nokia's full year net sales for 2013 were EUR 12.7 billion, down 17% compared to the previous year.

Despite this, Nokia’s telecoms equipment business, NSN, saw underlying operating profits improve to EUR 1.1 billion or 9.7% of net sales, compared to EUR 0.8 billion or 5.7% of net sales in 2012, reflecting strong gross margin and continued progress relative to its strategy.

NSN’s net profit improved to EUR 15 million, compared to a reported net loss of EUR 1.4 billion in 2012, reflecting lower levels of restructuring charges, strong operational performance in global services and mobile broadband, and lower purchase price accounting related expenses.

NSN achieved its target to reduce non-IFRS annualised operating expenses and production overheads by more than EUR 1.5 billion by the end of 2013, compared to the end of 2011.

Near the end of the year, Nokia’s overall sales improved. Its net sales in Q4 2013 were EUR 3.5 billion, up 18% compared to Q3 2013.

Nokia Group ended 2013 with a strong balance sheet and solid cash position with gross cash of EUR 9 billion and net cash of EUR 2.3 billion.

Risto Siilasmaa, Nokia’s chairman and interim CEO, said: "The fourth quarter of 2013 was a watershed moment in Nokia's history. Having received overwhelmingly strong support from our shareholders at our extraordinary general meeting in November for the sale of our phones business to Microsoft, we are diligently working towards defining Nokia's future direction.

“I am pleased with the progress we have made thus far in our strategy evaluation and excited by the opportunities ahead for each of our three continuing businesses: NSN, HERE and Advanced Technologies,” he added.
 

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