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Nokia publishes its Annual Report and refines capital management policy


Nokia Corporation
Stock Exchange Release
2 March 2023 at 19:00 EET

Nokia publishes its Annual Report and refines capital management policy

Espoo, Finland – Nokia has today filed its Annual Report on Form 20-F for 2022 with the U.S. Securities and Exchange Commission. Nokia has also published its Nokia in 2022 Annual Report, which includes audited financial statements, the annual review by the Board of Directors, Nokia’s corporate governance statement and the Remuneration Report for the governing bodies for 2022. Additionally, Nokia updated its capital management policy with a focus on sustaining investment grade rating and improving shareholder returns consistent with the performance of the business. Nokia now targets to maintain a net cash position in the range of 10-15% of net sales.

Updated capital management policy

In today’s publication of Nokia’s Annual Report, the company is announcing an evolution in the company’s cash management policy. In recent years, Nokia has operated with a cash policy to enable it to rebuild the company’s cash position through strong free cash flow generation in 2020 and 2021 and then reinstate shareholder distributions through both a dividend and a share buyback program. Investment in research and development (R&D) has been reinforced to strengthen technology leadership and has delivered improved product competitiveness and put the company on a path to deliver sustainable and profitable growth. These improvements have also now recently been recognised by credit ratings agencies and seen Nokia return to investment grade rating at S&P Global (which upgraded Nokia on 8 February 2023) having already been investment grade rated at Fitch (since 2018).

Nokia’s previous target in terms of cash management was to maintain a gross cash position equivalent to at least 30% of net sales. Going forward Nokia will target to maintain a net cash position in the range of 10-15% of net sales. Nokia intends to maintain a net cash position around this level to ensure it can continue to invest in the necessary R&D to maintain and further improve its technology leadership, fund working capital requirements in support of the company’s growth ambitions and to maintain some flexibility for bolt-on acquisitions.

At the end of 2022, Nokia held a net cash position of approximately 19% of net sales. Nokia is not imminently planning to take action to align this with its target considering the on-going macro-uncertainty, expected growth, and working capital requirements of its business in 2023; along with already announced dividend and share buyback plans for this year. However, assuming the expected significant improvement in cash generation in 2024, Nokia would then look to start acting (such as through increased shareholder returns and/or potential bolt-on acquisitions) to align the net cash position with the long-term target.

The Annual Report on Form 20-F and Nokia in 2022 Annual Report

The Annual Report on Form 20-F and Nokia in 2022 Annual Report will be available in PDF format at Shareholders may request a hard copy of the reports free of charge through Nokia’s website. The corporate governance statement is available also at and the Remuneration Report at  

The financial statements are also published in XHTML format in accordance with the European Single Electronic Format (ESEF) reporting requirements. In accordance with ESEF requirements, the consolidated financial statements are marked with iXBRL tags. The audit firm Deloitte Oy has provided an independent auditor’s report on Nokia’s ESEF financial statements based on a reasonable assurance engagement it has performed in accordance with International Standard on Assurance Engagements ISAE 3000. The ESEF financial statements in Finnish are available in the zip file attached to this release and at

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.


Phone: +358 10 448 4900
Maria Vaismaa, Global Head of Public Relations

Investor Relations
Phone: +358 40 803 4080


Certain statementshereinthat are not historicalfacts are forward-lookingstatements. Theseforward-lookingstatementsreflectNokia'scurrent expectations and views of future developments and includestatementsregarding: A) expectations, plans, benefits or outlookrelated to ourstrategies, productlaunches, growth management, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefitsrelated to future performance of our businesses (including the expected impact, timing and duration of COVID-19 and the generalmacroeconomic conditions on our businesses, oursupplychain and ourcustomers’ businesses) and any future dividends and other distributions of profit; C) expectations and targetsregardingfinancial performance and results of operations, includingmarketshare, prices, net sales, income, margins, cash flows, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investmentfunds, inflation, productcostreductions, competitiveness, revenue generation in anyspecificregion, and licensingincome and payments; D) ability to execute, expectations, plans or benefitsrelated to changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) anystatementspreceded by or including "continue", “believe”, “commit”, “estimate”, “expect”, “aim”, “influence”, "will” or similar expressions. Theseforward-lookingstatements are subject to a number of risks and uncertainties, many of which are beyondour control, whichcould cause ouractualresults to differmateriallyfromsuchstatements. Thesestatements are based on management’s best assumptions and beliefs in light of the information currentlyavailable to them. Theseforward-lookingstatements are onlypredictionsbaseduponourcurrent expectations and views of future events and developments and are subject to risks and uncertaintiesthat are difficult to predictbecausethey relate to events and depend on circumstancesthatwilloccur in the future. Factors, includingrisks and uncertaintiesthatcould cause thesedifferences, includethoserisks and uncertaintiesidentified in our 2022 annual report on Form 20-F published on March 2, 2023 under "Operating and financialreview and prospects–Risk factors" and in ourotherfilings or documents furnishedwith the U.S. Securities and Exchange Commission.


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