Nokia 2004 Annual Report Download - page 10

Year ended December 31,
2000 2001 2002 2003 2004 2004
(EUR) (EUR) (EUR) (EUR) (EUR) (USD)
(in millions, except per share data)
Balance Sheet Data
Amounts in accordance with IFRS
Fixed assets and other non-current assets . . . 6 388 6 912 5 742 3 837 3 161 4 279
Cash and other liquid assets(3) ............. 4 183 6 125 9 351 11 296 11 542 15 626
Other current assets ..................... 9 319 9 390 8 234 8 787 7 966 10 784
Total assets ........................... 19 890 22 427 23 327 23 920 22 669 30 689
Shareholders’ equity .................... 10 808 12 205 14 281 15 148 14 238 19 275
Minority interests ....................... 177 196 173 164 168 228
Long-term interest-bearing liabilities ....... 173 207 187 20 19 26
Other long-term liabilities ................ 138 253 274 308 275 372
Borrowings due within one year .......... 1 116 831 377 471 215 291
Other current liabilities .................. 7 478 8 735 8 035 7 809 7 754 10 497
Total shareholders’ equity and liabilities .... 19 890 22 427 23 327 23 920 22 669 30 689
Net interest-bearing debt(4) ............... (2 894) (5 087) (8 787) (10 805) (11 308) (15 309)
Share capital .......................... 282 284 287 288 280 379
Amounts in accordance with US GAAP
Total assets ........................... 19 676 22 038 22 977 24 045 22 921 31 030
Shareholders’ equity .................... 10 871 12 021 14 150 15 437 14 576 19 733
(1) Adjusted for share splits.
(2) The cash dividend for 2004 is what the Board of Directors will propose for approval at the
Annual General Meeting convening on April 7, 2005.
(3) Cash and other liquid assets consist of the following captions from our consolidated balance
sheets: (1) bank and cash, (2) available-for-sale investments, cash equivalents and
(3) available-for-sale investments, liquid assets. See Note 2 to the consolidated financial
statements.
(4) Net interest-bearing debt consists of borrowings due within one year and long-term interest-
bearing liabilities, less cash and other liquid assets.
Distribution of Earnings
We distribute retained earnings, if any, within the limits set by the Finnish Companies Act. We
make and calculate the distribution, if any, either in the form of cash dividends, share buy-backs,
or in some other form or a combination of these. There is no specific formula by which the
amount of a distribution is determined, although some limits set by law are discussed below. The
timing and amount of future distributions of retained earnings, if any, will depend on our future
results and financial condition.
Under the Finnish Companies Act, we may distribute retained earnings on our shares only upon a
shareholders’ resolution, on the basis of our annual accounts on a consolidated and individual
basis, as approved by our shareholders and, subject to limited exceptions, in the amount proposed
by our Board of Directors. The amount of any distribution is limited to, among other things, the
lower of our retained earnings on a consolidated and individual basis, in each case as available at
the end of the preceding financial year pursuant to the annual accounts as approved by our
9