Nokia Corp. (NOK) | Debt and Solvency

Ratios (Summary)

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Nokia Corp., debt and solvency ratios

Source: Based on data from Nokia Corp. Annual Reports

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Nokia Corp.'s debt-to-equity ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Nokia Corp.'s debt-to-capital ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Nokia Corp.'s interest coverage ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions, translated from EUR €)
	Short-term borrowings
	Current portion of long-term loans
	Long-term interest-bearing liabilities
	Total debt
	Capital and reserves attributable to equity holders of the parent
	Debt to Equity, Comparison to Industry
	Nokia Corp.¹
	Industry, Technology

Source: Based on data from Nokia Corp. Annual Reports

2011 Calculations

¹ Debt to equity = Total debt ÷ Capital and reserves attributable to equity holders of the parent
= ÷ =

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Nokia Corp.'s debt-to-equity ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions, translated from EUR €)
	Short-term borrowings
	Current portion of long-term loans
	Long-term interest-bearing liabilities
	Total debt
	Capital and reserves attributable to equity holders of the parent
	Total capital
	Debt to Capital, Comparison to Industry
	Nokia Corp.¹
	Industry, Technology

Source: Based on data from Nokia Corp. Annual Reports

2011 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Nokia Corp.'s debt-to-capital ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions, translated from EUR €)
	Profit (loss) attributable to equity holders of the parent
	Add: (Profit) loss attributable to non-controlling interests
	Add: Interest expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)
	Interest Coverage, Comparison to Industry
	Nokia Corp.¹
	Industry, Technology

Source: Based on data from Nokia Corp. Annual Reports

2011 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Nokia Corp.'s interest coverage ratio improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.