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The overall increase in Asia-Pacific was primarily due to growth in India and Myanmar, partially offset by lower net sales in Japan and South Korea. The overall decrease in Latin America was primarily due to lower net sales in Brazil and Mexico, partially offset by higher net sales in Argentina and Chile.
The overall decrease in Europe was primarily due to lower net sales in Germany and Finland, partially offset by higher net sales in the United Kingdom and Italy. Operating profit The year-on-year decrease in Nokia Networks operating profit in the first nine months of was primarily due to lower operating profit in Mobile Broadband, partially offset by higher operating profit in Global Services.
The decrease in Mobile Broadband operating profit in the first nine months of was primarily due to higher operating expenses, partially offset by higher gross profit. The growth in Global Services operating profit in the first nine months of was primarily due to higher gross profit, partially offset by higher operating expenses. On a year-on-year basis, the decrease in Nokia Networks gross margin in the first nine months of was primarily due to a lower gross margin in Global Services, as well as a negative mix shift due to a higher proportion of Global Services net sales and a lower proportion of Mobile Broadband net sales.
The year-on-year decrease in gross margin in Global Services was primarily due to lower gross margin in the network implementation and network planning and optimization business lines. In Mobile Broadband, the gross margin in the first nine months of was approximately flat on a year-on-year basis. The approximately flat gross margin in Mobile Broadband was primarily due to higher gross margin in overall radio technologies, partially offset by lower gross margin in core networking technologies and a lower proportion of higher gross margin core networking technologies net sales in the sales mix.
In addition, Nokia Networks gross margin was negatively impacted by higher costs related to the short-term impact of strategic entry deals, and challenging market conditions.
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The proportion of high margin software sales in the Nokia Networks sales mix was approximately 1 percentage point lower in the first nine months of , compared to the first nine months of The year-on-year increase in gross profit in Mobile Broadband in the first nine months of was primarily due to higher gross profit in overall radio technologies, partially offset by higher costs related to the short-term impact of strategic entry deals, and challenging market conditions.
The year-on-year increase in Global Services gross profit in the first nine months of was primarily due to higher gross profit in the care and systems integration business lines, partially offset by lower gross profit in the network implementation business line. The impact of this correction was to reduce cost of sales in the first nine months of by EUR 37 million, of which EUR 7 million related to and EUR 30 million to The year-on-year increase in Nokia Networks research and development expenses in the first nine months of was primarily due to increased investments in LTE, small cells, cloud core and 5G.
On a year-on-year basis, Nokia Networks selling, general and administrative expenses increased primarily due to higher personnel expenses. The year-on-year increases in both research and development and selling, general and administrative expenses in the first nine months of were partially offset by continued operational improvement. Nokia Networks other income and expenses was an expense of EUR million in the first nine months of , compared to an expense of EUR million in the first nine months of On a year-on-year basis, the change in Nokia Networks other income and expenses was primarily due to the absence of a EUR 31 million charge in the year-ago period for anticipated contractual remediation costs related to a technical issue with a third party component and lower indirect tax expenses, which were almost entirely offset by higher restructuring and associated charges.
In the first nine months of , Nokia Networks other income and expenses included EUR million of restructuring and associated charges, compared to EUR 51 million of restructuring and associated charges in the first nine months of During the third quarter , Nokia Networks recognized costs of EUR 76 million, related to certain cost reduction and efficiency improvement initiatives. The related annual cost savings are expected to be approximately EUR 50 million in The costs related to the reduction and efficiency improvement initiatives consist of personnel severance charges in Germany, the United States, Japan and China, and are expected to result in cash outflows of approximately EUR 80 million.
In addition, Nokia Networks recognized EUR 27 million of costs following a change in estimate of the Brazil provision for the Global Restructuring Program announced in On a year-on-year basis, foreign exchange fluctuations had a significantly positive impact on gross profit, and a negative impact on operating expenses, resulting in a positive net impact on operating profit in the first nine months of First, approximately two-thirds of the year-on-year growth in Nokia Technologies net sales in the first nine months of related to non-recurring net sales from existing and new agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divestments.
Nokia Technologies first nine months of net sales includes revenue from all licensing negotiations, litigations and arbitrations to the extent that we believe is currently required, but is not a forecast of the likely future outcome of ongoing licensing projects. Operating profit The year-on-year increase in Nokia Technologies operating profit in the first nine months of was primarily due to higher gross profit, partially offset by higher operating expenses.
The increase in Nokia Technologies research and development expenses was primarily due to higher investments in business activities which target long-term growth opportunities, as well as higher patent portfolio costs. On a year-on-year basis, Nokia Technologies selling, general and administrative expenses increased primarily due to higher costs related to patent licensing cases, as well as higher business support costs. On a year-on-year basis, foreign exchange fluctuations had a positive impact on gross profit, and a slightly negative impact on operating expenses, resulting in a slightly positive net impact on operating profit in the first nine months of Discontinued operations net sales in both the first nine months of and the third quarter were primarily attributable to HERE.
Operating profit The year-on-year decrease in operating profit for discontinued operations was primarily due to the absence of a gain of EUR 3. This was partially offset by the absence of a EUR 1. Profit The year-on-year change in profit for discontinued operations was primarily due to lower operating profit, partially offset by lower tax expenses and lower financial expenses. Foreign exchange rates had an approximately EUR 30 million positive impact on the translation of gross cash and approximately EUR million positive impact on net cash.
In the first nine months of , Nokia had net cash outflows from investing activities primarily related to approximately EUR million related to acquisitions completed in the first nine months of , approximately EUR 40 million related to foreign exchange impact on short-term loans receivable and approximately EUR million of capital expenditures.
Additionally, Nokia discontinued operations had cash inflows related to sale of businesses totaling approximately EUR 50 million in the first nine months of In the first nine months of , Nokia had net cash outflows from financing activities primarily related to share repurchases, which totaled approximately EUR million and the payment of the dividend, which totaled approximately EUR million. In addition, Nokia had cash outflows of approximately EUR 30 million related to the acquisition of subsidiary shares from a non-controlling interest holder.
Shares The total number of Nokia shares on September 30, , equaled 3 On September 30, , Nokia and its subsidiary companies owned 53 Nokia shares, representing approximately 1.
Nokia Corporation Interim Report October 29, Current liabilities 6 7 7 Liabilities of disposal groups classified as held for sale 0 0 Total shareholders' equity and liabilities 20 20 21 Interest-bearing liabilities, EUR million Shareholders' equity per share, EUR Number of shares 1 shares, shares owned by Group companies are excluded 2 2. The figures in the consolidated statement of cash flows cannot be directly traced from the statement of financial position without additional information as a result of acquisitions and disposals of subsidiaries and net foreign exchange differences arising on consolidation.
The notes are an integral part of these consolidated financial statements. Notes to Financial statements 1. The condensed interim financial statements should be read in conjunction with the annual financial statements for , which have been prepared in accordance with IFRS as published by the IASB. The same accounting policies, methods of computation and applications of judgement are followed in these interim financial statements as were followed in the consolidated financial statements of Nokia for These interim financial statements were authorized for issue by management on October 28, Non-IFRS measures presented in this document exclude certain non-recurring items special items for all periods.
In addition, non-IFRS results exclude intangible asset amortization and other purchase price accounting-related items arising from business acquisitions. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Nokia may not be comparable to similarly titled amounts used by other companies or persons.
Percentages and figures presented herein may include rounding differences and therefore may not add up precisely to the totals presented and may vary from previously published financial information. We have two businesses: Nokia Networks and Nokia Technologies, and three operating and reportable segments for financial reporting purposes: Mobile Broadband and Global Services within Nokia Networks, and Nokia Technologies. We also present certain segment data for discontinued operations. HERE continues to form an operating segment with results of operations reported in Note 8, Discontinued operations.
Numbers are always presented for the continuing operations of Nokia, unless otherwise indicated. Below is a description of our three reportable segments. Mobile Broadband provides mobile operators with radio and core network software together with the hardware needed to deliver mobile voice and data services.
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Global Services provides mobile operators with a broad range of services, including network implementation, care, managed services, network planning and optimization as well as systems integration. Nokia Networks also contains Nokia Networks Other, which includes net sales and related cost of sales and operating expenses of non-core businesses, IPR net sales and related costs.
It also includes restructuring and associated charges for Nokia Networks business. On January 1, , the Group completed the acquisition of the wireless network business from Panasonic in Japan. The purchase accounting was not finalized at the end of Q3 , as it is still subject to completion of adjustments to the payments on closing. On April 15, Nokia and Alcatel-Lucent announced their intention to combine to create an innovation leader in next generation technology and services for an IP connected world.
The two companies have entered into a memorandum of understanding under which Nokia will make an offer for all of the equity securities issued by Alcatel-Lucent, through a public exchange offer in France and in the United States, on the basis of 0. During the second quarter , the Group recorded amounts in order to correct items previously reported in and as cost of sales and reductions to accounts receivable. The error related to businesses divested in where the Group continued to operate certain accounting functions under a transitional arrangement and erroneously recorded pass through costs of the disposed businesses as costs of the Group.
During the first quarter the Group recorded a correction which increased the results of associated companies by EUR 25 million in the current period. This correction related to the results of an associate for the fourth quarter of Nokia had historically accounted for the results of the associated company in arrears as the results have not been material. The Group evaluated these items in relation to the current period as well as the periods in which they originated and determined that the corrections are immaterial to the consolidated financial statements in all periods.
They comprise amendments that result in accounting changes for presentation, recognition or measurement purposes as well as terminology or editorial amendments related to a variety of individual IFRS standards. The amendments did not have a material impact on the Group's consolidated financial statements. Non-IFRS results exclude certain non-recurring items special items for all periods. In addition, non-IFRS results exclude intangible asset amortization and other purchase price accounting related items arising from business acquisitions.
These non-IFRS financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure s , but should be used in conjunction with the most directly comparable IFRS measure s in the reported results. Partial release of the provision for anticipated contractual remediation charges recorded in Q3'14 of EUR 3 million in Q3'15 and Q1-Q3' In Q3'14, Nokia Networks Other includes net sales and related cost of sales and operating expenses of non-core businesses, IPR net sales and related costs.
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The sale was completed on April 25, Subsequently, Nokia presents its HERE business as a discontinued operation and accordingly has reclassified the comparative periods on the consolidated condensed income statement. Three hierarchical levels are based on an increasing amount of judgment associated with the inputs used to derive fair valuation for these assets and liabilities; Level 1 being market values and Level 3 requiring most management judgment.
At the end of each reporting period Nokia categorizes its financial assets and liabilities to appropriate level of fair value hierarchy. Instruments with quoted prices in active markets Level 1 Valuation technique using observable data Level 2 Valuation technique using non-observable data Level 3 At September 30, , EUR million Total Available-for-sale investments, publicly quoted equity shares Available-for-sale investments, carried at fair value Other current financial assets, derivatives Investments at fair value through profit and loss, liquid assets Available-for-sale investments, liquid assets carried at fair value Cash and cash equivalents carried at fair value 13 3 0 1 4 0 13 0 12 0 0 0 0 0 0 13 1 4 Total assets 6 7 Other financial liabilities, derivatives 0 95 0 95 Total liabilities 0 95 0 95 Nokia Corporation Interim Report October 29, The fair value is set to carrying amount for available-for-sale investments carried at cost less impairment for which no reliable fair value has been possible to estimate.
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