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As filed with the Securities and Exchange Commission on 3 March 2022

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 31 December 2021

Commission file number 1-13202

Nokia Corporation

(Exact name of Registrant as specified in its charter)

Republic of Finland
(Jurisdiction of incorporation)

Karakaari 7 FI-02610 Espoo, Finland
(Address of principal executive offices)

Esa Niinimäki, Deputy Chief Legal Officer, Corporate, Telephone: +358 (0) 10 44 88 000, Facsimile: +358 (0) 10 44 81 002,
Karakaari 7, FI-02610 Espoo, Finland
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”):

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

American Depositary Shares

NOK

New York Stock Exchange

Shares

New York Stock Exchange(1)

(1)   Not for trading, but only in connection with the registration of American Depositary Shares representing these shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered pursuant to Section 12(g) of the Exchange Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: None

Indicate the number of outstanding shares of each of the registrant’s classes of capital or common stock as of the close of the period covered by the annual report. Shares: 5 675 461 159.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

Yes No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company” or “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer 

Accelerated filer 

Non-accelerated filer  

Smaller reporting company 

Emerging growth company 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued by the International Accounting Standards Board 

Other 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

Cross-reference table to Form 20-F

Form 20-F
Item Number

Form 20-F Heading

Section in Document

ITEM

1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

N/A

ITEM

2

OFFER STATISTICS AND EXPECTED TIMETABLE

N/A

ITEM

3

KEY INFORMATION

3A

[Reserved]

3B

Capitalization and Indebtedness

N/A

3C

Reasons for the Offer and Use of Proceeds

N/A

3D

Risk Factors

Operating and financial review and prospects—Risk factors

ITEM

4

INFORMATION ON THE COMPANY

4A

History and Development of the Company

Cover page, Overview, Introduction and use of certain terms; Business overview—Our history; Operating and financial review and prospects—Liquidity and capital resources; Operating and financial review and prospects—Significant subsequent events; Financial statements—Notes to consolidated financial statements—Note 5, Segment information; Other information—Investor information; Other information—Contact Information

4B

Business Overview

Business overview; Business overview—Our strategy; Operating and financial review and prospects—Liquidity and capital resources; Financial statements—Notes to consolidated financial statements—Note 5, Segment information; General facts on Nokia—Government regulation

4C

Organizational Structure

Business overview—Nokia in 2021; Financial statements—Notes to consolidated financial statements—Note 5, Segment information; Financial statements—Notes to consolidated financial statements—Note 30, Principal Group companies; Financial statements—Notes to consolidated financial statements—Note 1, Corporate information

4D

Property, Plants and Equipment

Business overview; Financial statements—Notes to consolidated financial statements—Note 2, Significant accounting policies; Financial statements—Notes to consolidated financial statements—Note 14, Property, plant and equipment; Business overview—Supply chain, sourcing & manufacturing

4A

UNRESOLVED STAFF COMMENTS

None

ITEM

5

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

5A

Operating Results

Business overview—Our strategy; General facts on Nokia—Government regulation; Financial statements—Notes to consolidated financial statements—Note 2, Significant accounting policies; Financial statements—Notes to consolidated financial statements—Note 34, Financial risk management

5B

Liquidity and Capital Resources

Operating and financial review and prospects—Liquidity and capital resources; Financial statements—Notes to consolidated financial statements—Note 22, Fair value of financial instruments; Financial statements—Notes to consolidated financial statements—Note 23, Derivative financial instruments; Financial statements—Notes to consolidated financial statements—Note 28, Commitments, contingencies and legal proceedings; Financial statements—Notes to consolidated financial statements—Note 34, Financial risk management

5C

Research and Development, Patents and Licenses etc.

Business overview—Our strategy; Business overview—Nokia Technologies—Research and development; Business overview—Nokia Technologies—Patents and licenses; Operating and financial review and prospects—Results of operations; Operating and financial review and prospects—Results of segments

5D

Trend Information

Business overview; Business overview—Our strategy

5E

Critical Accounting Estimates

Operating and financial review and prospects—Liquidity and capital resources; Financial statements—Notes to consolidated financial statements—Note 4, Use of estimates and critical accounting judgements; Financial statements—Notes to consolidated financial statements—Note 34, Financial risk management; Financial statements—Notes to consolidated financial statements—Note 28, Commitments, contingencies and legal proceedings

2

Form 20-F
Item Number

Form 20-F Heading

Section in Document

ITEM

6

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

6A

Directors and senior management

Corporate governance—Corporate Governance Statement

6B

Compensation

Corporate governance—Compensation; Financial statements—Notes to consolidated financial statements—Note 33, Related party transactions

6C

Board Practices

Corporate governance—Corporate governance statement; Corporate governance—Compensation—Remuneration governance; Financial statements—Notes to consolidated financial statements—Note 33, Related party transactions

6D

Employees

Operating and financial review and prospects—Sustainability and corporate responsibility

6E

Share Ownership

Corporate governance—Compensation—Remuneration Report 2021; Corporate governance—Corporate governance statement—Share ownership of the Board of Directors and the Nokia Group Leadership Team; Financial statements—Notes to consolidated financial statements—Note 24, Share-based payments

ITEM

7

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

7A

Major Shareholders

Operating and financial review and prospects—Shares and shareholders

7B

Related Party Transactions

Financial statements—Notes to consolidated financial statements—Note 33, Related party transactions

7C

Interests of Experts and Counsel

N/A

ITEM

8

FINANCIAL INFORMATION

8A

Consolidated Statements and Other Financial Information

Financial statements; Reports of independent registered public accounting firms; Operating and financial review and prospects—Dividend; Financial statements—Notes to consolidated financial statements—Note 28, Commitments, contingencies and legal matters

8B

Significant Changes

Operating and financial review and prospects—Significant subsequent events; Financial statements—Notes to consolidated financial statements—Notes 35, Subsequent events

ITEM

9

THE OFFER AND LISTING

9A

Offer and Listing Details

Operating and financial review and prospects—Shares and shareholders, Other information—Investor information—Stock exchanges

9B

Plan of Distribution

N/A

9C

Markets

Operating and financial review and prospects—Shares and shareholders; Financial statements—Notes to consolidated financial statements—Note 1, Corporate information; Investor information; Other information—Investor information—Stock exchanges

9D

Selling Shareholders

N/A

9E

Dilution

N/A

9F

Expenses of the Issue

N/A

ITEM

10

ADDITIONAL INFORMATION

10A

Share capital

N/A

10B

Memorandum and Articles of Association

Operating and financial review and prospects—Articles of Association; Other information—Exhibits

10C

Material Contracts

Business overview—Our history; Other information—Exhibits

10D

Exchange Controls

General facts on Nokia—Controls and procedures—Exchange controls

10E

Taxation

General facts on Nokia—Taxation

10F

Dividends and Paying Agents

N/A

10G

Statement by Experts

N/A

10H

Documents on Display

Other information—Investor information—Documents on display

10I

Subsidiary Information

N/A

ITEM

11

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Business overview—Our strategy; Financial statements—Notes to consolidated financial statements—Note 34, Financial risk management, —Note 20, Other comprehensive income

ITEM 

12

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

12A

Debt Securities

N/A

12B

Warrants and Rights

N/A

12C

Other Securities

N/A

12D

American Depositary Shares

General facts on Nokia—American Depositary Shares; Introduction and use of certain terms

ITEM

13

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None

ITEM

14

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

None

ITEM

15

CONTROLS AND PROCEDURES

Corporate governance—Regulatory framework—Risk management, internal control and internal audit functions at Nokia; General facts on Nokia—Controls and procedures

3

Form 20-F
Item Number

Form 20-F Heading

Section in Document

ITEM

16

[Reserved]

16A

AUDIT COMMITTEE FINANCIAL EXPERT

Corporate governance—Corporate governance statement—Members of the Board of Directors—Committees of the Board of Directors

16B

CODE OF ETHICS

Corporate governance—Corporate governance statement—Members of the Board of Directors—Further information; Operating and financial review and prospects—Sustainability and corporate responsibility; Other information—Exhibits

16C

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Corporate governance—Corporate governance statement—Auditor fees and services, Corporate governance—Corporate governance statement—Audit Committee pre-approval policies and procedures

16D

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

None

16E

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Corporate Governance—Compensation

16F

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

N/A

16G

CORPORATE GOVERNANCE

Corporate governance—Corporate governance statement—Regulatory framework

16H

MINE SAFETY DISCLOSURE

None

16I

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

N/A

ITEM 

17

FINANCIAL STATEMENTS

N/A

ITEM

18

FINANCIAL STATEMENTS

Financial statements

ITEM 

19

EXHIBITS

Other information—Exhibits

4

Forward-looking statements

Certain statements contained in this report constitute "forward-looking statements." Forward-looking statements provide Nokia's current expectations of future events and trends based on certain assumptions and include any statement that does not directly relate to any current or historical fact. The words “believe,” “expect,” “expectations,” “anticipate,” “foresee,” “see,” “target,” “estimate,” “designed,” “aim,” “plan,” “intend,” “influence,” “assumption,” “focus,” “continue,” “project,” “should," "is to," "will,” "strive," "may" or similar expressions as they relate to us or our management are intended to identify these forward-looking statements, as well as statements regarding:

A)

business strategies, market expansion, growth management, and future industry trends and megatrends and our plans to address them;

B)

future performance of our businesses and any future distributions and dividends;

C)

expectations and targets regarding financial performance, results, operating expenses, cash flows, taxes, currency exchange rates, hedging, cost savings and competitiveness, as well as results of operations including targeted synergies and those related to market share, prices, net sales, income and margins;

D)

expectations, plans, timelines or benefits related to changes in our organizational and operational structure;

E)

market developments in our current and future markets and their seasonality and cyclicality, including the communications service provider market, as well as general economic conditions, future regulatory developments and the expected impact, timing and duration of the COVID-19 pandemic on our businesses, our supply chain, our customers’ businesses and the general market and economic conditions;

F)

our position in the market, including product portfolio and geographical reach, and our ability to use the same to develop the relevant business or market and maintain our order pipeline over time;

G)

any future collaboration or business collaboration agreements or patent license agreements or arbitration awards, including income from any collaboration or partnership, agreement or award;

H)

timing of the development and delivery of our products and services, including our short-term and longer-term expectations around the deployment of 5G and our ability to capitalize on such deployment as well as use our global installed base as the platform for success in 5G, and the overall readiness of the 5G ecosystem;

I)

the outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities;

J)

restructurings, investments, capital structure optimization efforts, divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, and capital structure optimization efforts including our ongoing cost savings program;

K)

future capital expenditures, temporary incremental expenditures or other R&D expenditures to develop or rollout new products, including 5G; and

L)

the sustainability and corporate responsibility contained in the sustainability and corporate responsibility section of this report.

These statements are based on management’s best assumptions and beliefs in light of the information currently available to it and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Risks and uncertainties that could affect these statements include but are not limited to the risk factors specified under the section “Operating and financial review and prospects-Risk factors” of this report and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

5

Introduction and use of certain terms

Nokia Corporation is a public limited liability company incorporated under the laws of the Republic of Finland and registered to the Finnish Trade Register since 1896. In this Annual Report on Form 20-F, any reference to “we,” “us,” “the Group,” “the company” or “Nokia” means Nokia Corporation and its consolidated subsidiaries and generally Nokia’s continuing operations, except where we separately specify that the term means Nokia Corporation or a particular subsidiary or business segment only or our discontinued operations. References to “our shares,” matters relating to our shares or matters of corporate governance refer to the shares and corporate governance of Nokia Corporation.

Nokia Corporation has published its consolidated financial statements in euro for periods beginning on or after 1 January 1999. In this Annual Report on Form 20-F, references to “EUR,” “euro” or “€” are to the common currency of the European Economic and Monetary Union, references to “dollars,” “US dollars,” “USD” or “$” are to the currency of the United States, and references to “Chinese yuan” or “Chinese yuan renminbi” or “CNY” are to the official currency of the People’s Republic of China. Solely for the convenience of the reader, this Annual Report on Form 20-F contains conversions of selected euro amounts into US dollars at specified rates or, if not so specified, at the year-end rate of 1.1326 US dollars per euro, and conversions of selected euro amounts into Chinese yuan renminbi at specified rates or, if not specified, at the year-end rate 7.1947 Chinese yuan renminbi per euro. The referred year-end rates were the European Central Bank reference rates on 31 December 2021. No representation is made that the amounts have been, could have been or could be converted into US dollars or Chinese yuan at the rates indicated or at any other rates.

Additional terms are defined in the "Glossary."

The information contained in, or accessible through, the websites linked throughout this Annual Report on Form 20-F is not incorporated by reference into this document and should not be considered a part of this document.

Nokia Corporation furnishes Citibank, N.A., as Depositary, with its consolidated financial statements and a related audit opinion of our independent auditors annually. These financial statements are prepared on the basis of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and in conformity with IFRS as adopted by the European Union. In accordance with the rules and regulations of the SEC, we do not provide a reconciliation of net income and shareholders’ equity in our consolidated financial statements to the generally accepted accounting principles in the US, or US GAAP. We also furnish the Depositary with quarterly reports containing unaudited financial information prepared on the basis of IFRS, as well as all notices of shareholders’ meetings and other reports and communications that are made available generally to our shareholders. The Depositary makes these notices, reports and communications available for inspection by record holders of American Depositary Receipts (ADRs), evidencing American Depositary Shares (ADSs), and distributes to all record holders of ADR notices of shareholders’ meetings received by the Depositary.

In addition to the materials delivered to holders of ADRs by the Depositary, holders can access our consolidated financial statements, and other information included in our annual reports and proxy materials, at nokia.com/financials. This Annual Report on Form 20-F is also available at nokia.com/financials as well as on Citibank’s website at https://app.irdirect.net/company/49733/hotline/. Holders may also request a hard copy of this annual report by calling the toll-free number 1-877-NOKIA-ADR (1-877-665-4223), or by directing a written request to Citibank, N.A., Shareholder Services, PO Box 43077, Providence, RI 02940-3081, United States. With each annual distribution of our proxy materials, we offer our record holders of ADRs the option of receiving all of these documents electronically in the future.

6

Nokia Annual Report on Form 20-F 2021

Contents

Business overview

8

Nokia in 2021

9

Letter from our President and CEO

14

Our strategy

16

Our history

21

Customer Experience

23

Business groups

24

Mobile Networks

24

Network Infrastructure

26

Cloud and Network Services

28

Nokia Technologies

29

Supply chain, sourcing and manufacturing

31

Corporate governance

33

Corporate governance statement

34

Compensation

48

Operating and financial review and prospects

60

Selected financial data

61

Operating and financial review

62

Sustainability and corporate responsibility

74

Shares and shareholders

87

Articles of Association

90

Risk factors

92

Significant subsequent events

108

General facts on Nokia

109

American Depositary Shares

110

Controls and procedures

110

Government regulation

111

Sales in United States-sanctioned countries

111

Taxation

112

Key ratios

114

Alternative performance measures

114

Financial statements

118

Consolidated statements

119

Notes to consolidated financial statements

124

Reports of independent registered public accounting firms

178

Other information

182

Exhibits

183

Glossary

184

Investor information

188

Contact information

189

Signatures

190

7

Nokia in 2021

The platform for our future

The Nokia platform guides everything we do across our global organization. Its three elements shape our ambition, our strategy and our culture.

Our purpose

At Nokia, we create technology that helps the world act together.

While lives may be getting longer, healthier and richer, the world is facing fundamental challenges: pressure on the planet is increasing, productivity is stalling and access to opportunity remains stubbornly unequal. Technology is central to the solution.

With our customers, we create the critical networks that bring together the world’s people, machines and devices, sensing and acting in real time.

Responding to climate change through more efficient use and re-use of the world’s resources
Restoring productivity growth by bringing digital to the physical industries it has not yet reached
Providing more inclusive access globally to work, healthcare, markets and education
Meaningful interactions, to drive human progress

Our commitment

We deliver critical networks through technology leadership and trusted partnerships.

Four strategic commitments define our role in an evolving market:

We are a trusted partner for critical networks
We focus on technology leadership in each of our businesses
We capture the value shift to cloud and new business models
We create value with long-term research and intellectual property

Read more on page 18.

Essentials

Our guiding principles for the ways of working with and for Nokia are being open, fearless and empowered.

We are continuously working to create a company culture that is inclusive and our essentials lay the foundation of our cultural renewal that is required to deliver our purpose, our strategic commitment and to better serve our customers. Our essentials reflect what we all want to experience.

Open - in mindset, to opportunity, through/with transparency
Fearless - bringing authenticity, sharing ideas and opinions, embracing collaboration
Empowered - to make decisions, to act with clear accountability

Read more on page 83.

9

Helping the world act together

At Nokia, we create technology that helps the world act together.

We have a responsibility to enable digitalization. We partner with our customers so our technology can help meet some of the most pressing challenges the world faces such as climate change, the digital divide and stalling productivity growth.

Today, the vast majority of the world’s economy has not yet been digitalized, leaving a lot of potential. Our products and services can radically accelerate the digitalization process, making operations safer, more connected and more efficient.

In 2021, we significantly reduced the carbon footprint of our products, which in turn reduces the ecological impact of our customers. Driving the acceleration of digitalization is critical for making industries more sustainable, offers significant business opportunities and is key to addressing our global challenges.

Through technology leadership and trusted partnerships we are making a difference in the world.

Map

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Global reach

Our technology solutions enable critical networks for communications service providers (CSPs), enterprise verticals and hyperscalers around the world.

Net sales in 2021

EUR 22.2bn

Countries of operation

~130

Average number of employees in 2021

~87 900

10

Financial Highlights

2021

2020

2019

For the year ended 31 December, Continuing operations

    

EURm

EURm

EURm

Net sales

 

22 202

 

21 852

 

23 315

Gross profit

 

8 834

 

8 193

 

8 264

Gross margin

 

39.8 %

37.5 %

35.4 %

Operating profit

 

2 158

 

885

 

485

Operating margin

 

9.7 %

4.0 %

2.1 %

Profit/(loss) for the year

1 654

 

(2 513)

18

EUR

EUR

EUR