Nokia (NOK) May Skip Dividend Payout Again for FY13, Analysts Say
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Nokia (NOK) Suspends Dividend for FY13; Approves 370M Buyback Plan
January 24, 2013 7:00 AM ESTNokia (NYSE: NOK) announced today that its Board of Directors has resolved to convene the Annual General Meeting on May 7, 2013 and that the Board and its Committees submit the below proposals to the Annual General Meeting.
* Proposal not to pay dividend
* Proposals on the Board composition and remuneration
* Proposals to authorize the Board to repurchase and issue shares
* Proposals on the re-election of the external auditor and remuneration
Proposal on the payment of dividend
The Board proposes to the Annual General Meeting that no dividend be paid for the fiscal year 2012.
Nokia Group 2012 reported net profit was negative EUR 3.1 billion and Nokia Group net cash position decreased from EUR 5.6 billion at the end of 2011 to EUR 4.4 billion at the end of 2012. In addition, Nokia Corporation's results for fiscal year 2012 were negative.
To ensure strategic flexibility, the Board proposes that no dividend payment will be made for 2012. Nokia's fourth quarter 2012 financial performance combined with this dividend proposal further solidifies the company's strong liquidity position.
Proposals on Board composition and remuneration
Dame Marjorie Scardino and Ms Isabel Marey-Semper have informed that they will no longer be available for re-election to the Nokia Board of Directors after the Annual General Meeting. Dame Marjorie Scardino has been a Nokia Board member since 2001 and Ms Isabel Marey-Semper... More
