…Offers Recast Comparative Quarterly Financial Information
By Oystein Bergmann, Bureau Chief, Scandinavia
Nokia has just provided a recast comparative financial information for Nokia Group and Network Infrastructure segment for Q1 2024 and Q1-Q4 2023 reflecting the presentation of Submarine Networks business as discontinued operation, Cyber Era NG learns.
On June 27, 2024, Nokia announced it had entered into a put option agreement to sell Alcatel Submarine Networks (ASN) to the French State, represented by the Agence des participations de l’Etat (APE), subject to informing and consulting with the relevant employee representatives at ASN and Nokia along with other customary closing conditions and regulatory approvals.
The put option agreement contemplates the sale of ASN for an enterprise value of EUR 350 million(US$389.73million), while the final proceeds will depend on the working capital and net debt balances of ASN at closing. Upon entering into the agreement Nokia classified the assets and liabilities of ASN as held for sale and recorded an impairment loss of EUR 514 million on the measurement of ASN’s net assets to fair value less costs to sell.
Beginning from the second quarter of 2024 the Submarine Networks business, which was previously reported as part of Network Infrastructure operating segment, is presented as discontinued operation.
The sale is expected to close at the end of 2024 or beginning of 2025.
