Nokia 2007 Annual Report Download - page 9

2003 2004 2005 2006 2007
(1)
2007
(1)
(EUR) (EUR) (EUR) (EUR) (EUR) (USD)
Year ended December 31,
(in millions, except per share data)
Balance Sheet Data
Fixed assets and other noncurrent
assets ......................... 3991 3315 3501 4031 8305 12128
Cash and other liquid assets
(3)
....... 11296 11542 9910 8537 11753 17163
Other current assets ............... 8787 7966 9041 10049 17541 25615
Total assets ...................... 24074 22823 22452 22617 37599 54906
Capital and reserves attributable to
equity holders of the parent . . ..... 15302 14385 12309 11968 14773 21573
Minority interests ................. 164 168 205 92 2565 3746
Longterm interestbearing liabilities . . 20 19 21 69 203 296
Other longterm liabilities........... 308 275 247 327 1082 1580
Borrowings due within one year . . . . . 471 215 377 247 1 071 1 564
Other current liabilities ............. 7809 7761 9293 9914 17905 26147
Total shareholders’ equity and
liabilities ...................... 24074 22823 22452 22617 37599 54906
Net interestbearing debt
(4)
......... (10805) (11 308) (9 512) (8 221) (10 479) (15 302)
Share capital ..................... 288 280 266 246 246 359
(1)
As from April 1, 2007, our consolidated financial data includes that of Nokia Siemens Networks on
a fully consolidated basis. Nokia Siemens Networks, a company jointly owned by Nokia and
Siemens, is comprised of our former Networks business group and Siemens’ carrierrelated
operations for fixed and mobile networks. Accordingly, our consolidated financial data for the year
ended December 31, 2007 is not directly comparable to our consolidated financial data for the
prior years. Our consolidated financial data for the years prior to the year ended December 31,
2007 included our former Networks business group only.
(2)
The cash dividend for 2007 is what the Board of Directors will propose for shareholders’ approval
at the Annual General Meeting convening on May 8, 2008.
(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.
(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 and subject to limited exceptions, in the amount proposed by our Board of
Directors. The amount of any distribution is limited to the amount of distributable earnings of the
parent company pursuant to the last annual accounts approved by our shareholders, taking into
account the material changes in the financial situation of the company after the end of the last
financial period and a statutory requirement that the distribution of earnings must not result in
insolvency of the company. Subject to exceptions relating to the right of minority shareholders to
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