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Delayed Quote. Delayed  - 10/21 10:14:59 pm
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Nokia CEO's pay package halved in 2012

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03/07/2013 | 09:10pm CEST

Nokia Chief Executive Stephen Elop took a 45 percent cut in his pay package last year, according to a U.S. regulatory filing, as the company continued losing market share in smartphones to Samsung and Apple.

Elop, hired in 2010 from Microsoft Corp to turn around the Finnish mobile phone maker, earned 4.33 million euros ($5.63 million) in 2012, down from 7.94 million euros in 2011.

While his base salary rose by 59,500 euros to 1.08 million euros, his stock and option awards fell slightly and he earned no bonus, according to the Thursday filing with the U.S. Securities and Exchange Commission.

His 2011 compensation included about 2 million euros to make up for income lost as a result of his move from Microsoft.

Nokia's shares fell 22 percent last year. The company reported an underlying profit in the fourth quarter thanks to cost cuts, but it axed its annual dividend payment for the first time to shore up its cash position.

The SEC filing included a customary list of risk factors, many of them focused on whether Elop's controversial decision in 2011 to adopt Microsoft's untested Windows Phone software would pay off.

Nokia said on Thursday that it will receive more payments from Microsoft than it pays to the software giant this year, but will be a net payer in royalties starting in 2014.

It said its payments to Microsoft will exceed what it receives from the U.S. company by about 500 million euros ($650 million) over the remainder of their pact. The companies have not disclosed how long their deal will last.

Morgan Stanley said the market had feared a higher net payment from Nokia to Microsoft in coming years. But it said the filing would not affect its forecast for sales of Lumia, Nokia's Windows Phone handsets. It expects Nokia to ship 40 million Windows Phone handsets in 2013.

(Reporting by Ritsuko Ando; Editing by Elaine Hardcastle and John Wallace)

By Ritsuko Ando

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Financials ($)
Sales 2017 93 790 M
EBIT 2017 28 370 M
Net income 2017 19 337 M
Finance 2017 63 576 M
Yield 2017 2,57%
P/E ratio 2017 24,33
P/E ratio 2018 19,75
EV / Sales 2017 4,27x
EV / Sales 2018 4,06x
Capitalization 463 877 M
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Satya Nadella CEO & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Amy E. Hood Chief Financial Officer & Executive Vice President
Harry Shum Executive Vice President-Technology & Research
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