Nokia Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of EUR 3,476 million against EUR 4,413 million a year ago. Operating profit was EUR 274 million against EUR 239 million a year ago. Profit before tax was EUR 230 million against EUR 279 million a year ago. Profit from continuing operations was EUR 183 million or EUR 0.05 per share basic and diluted against EUR 297 million or EUR 0.06 per share diluted a year ago. Loss attributable to equity holders of the parent was EUR 25 million against profit attributable to equity holders of the parent of EUR 193 million a year ago. Loss for the year was EUR 18 million against profit for the year was EUR 246 million a year ago. Basic and diluted loss per share was EUR 0.01 against basic and diluted earnings per share was EUR 0.05 a year ago. On Non-IFRS basis, the company reported net sales of EUR 3,476 million against EUR 4,413 million a year ago. Operating profit was EUR 408 million against EUR 670 million a year ago. Profit before tax was EUR 364 million against EUR 620 million a year ago. Profit from continuing operations was EUR 317 million or EUR 0.08 per share basic and diluted against EUR 614 million or EUR 0.11 per share basic and diluted a year ago. Profit attributable to equity holders of the parent was EUR 116 million against EUR 204 million a year ago. Profit for the year was EUR 123 million against EUR 419 million a year ago. Basic and diluted loss per share was EUR 0.03 against basic and diluted earnings per share was EUR 0.05 a year ago. Net cash from operating activities was EUR 53 million against EUR 563 million a year ago. Capital expenditures were EUR 73 million against EUR 146 million a year ago.

For the year, the company reported net sales of EUR 12,709 million against EUR 15,400 million a year ago. Operating profit was EUR 519 million against operating loss of EUR 821 million a year ago. Profit before tax was EUR 243 million against loss before tax was EUR 1,179 million a year ago. Profit from continuing operations was EUR 41 million or EUR 0.05 per share basic and diluted against loss from continuing operations of EUR 1,483 million or EUR 0.21 per share diluted a year ago. Loss attributable to equity holders of the parent was EUR 615 million against EUR 3,105 million a year ago. Loss for the year was EUR 739 million against EUR 3,786 million a year ago. Basic and diluted loss per share was EUR 0.17 against EUR 0.84 a year ago. On Non-IFRS basis, the company reported net sales of EUR 12,710 million against EUR 15,401 million a year ago. Operating profit was EUR 1,436 million against EUR 1,142 million a year ago. Profit before tax was EUR 1,160 million against EUR 784 million a year ago. Profit from continuing operations was EUR 878 million or EUR 0.21 per share basic and diluted against EUR 613 million or EUR 0.13 per share basic and diluted a year ago. Profit attributable to equity holders of the parent was EUR 73 million against loss attributable to equity holders of the parent of EUR 644 million a year ago. Profit for the year was EUR 211 million against loss for the year of EUR 472 million a year ago. Basic and diluted earnings per share were EUR 0.02 against basic and diluted loss per share was EUR 0.17 a year ago. Net cash from operating activities was EUR 72 million against net cash used in operating activities was EUR 354 million a year ago. Capital expenditures were EUR 407 million against EUR 461 million a year ago.

The company provided earnings guidance for the year 2014. The company expects non-IFRS operating margin for the full year 2014 to be towards the higher end of company's targeted long term non-IFRS operating margin range of 5% to 10%. It expects Advanced Technologies annualized net sales run rate to increase to approximately EUR 600 million during 2014, after Microsoft becomes a more significant intellectual property licensee in conjunction with the sale of substantially all of its devices & services business to Microsoft. This compares to Advanced Technologies current annualized net sales run rate of approximately EUR 500 million. On a non-IFRS basis, until a pattern of tax profitability is reestablished in Finland, the company expects to record approximately EUR 250 million of annualized tax expense for the continuing operations. This corresponds to the total anticipated cash tax obligations for NSN, HERE, and Advanced Technologies. After a pattern of tax profitability is reestablished in Finland, the company expects to record tax expenses at a long term effective tax rate of approximately 25%, however company's cash tax obligations are expected to remain at approximately EUR 250 million annually until company's Finnish tax losses carried forward of approximately EUR 11 billion have been fully utilized. The company expects full year 2014 capital expenditures for continuing operations to be approximately EUR 200 million, primarily attributable to NSN.

The company expects non-IFRS operating margin in the first quarter 2014 to be approximately 5% plus or minus 4 percentage points. This outlook is based on company's expectation that the first quarter will be seasonally weak, in addition to the factors mentioned above.