An explanation of Nokias decision to not pay any dividend to its shareholders is found at the corporate website. Nokia group reported a negative net profit of 3.1 billion EUR for the whole year of 2012, while at the same time its net cash position decreased from 5.6 billion EUR at the end of 2011 to 4.4 billion EUR at the end of 2012. In addition, its results for the fiscal year 2012 were negative.
Considering these results and to ensure strategic flexibility the board proposed that no dividend payment will be made for 2012.
Looking at past fiscal years, we see that Nokias net cash position declined with 20% from its net cash position of 6.99 billion EUR at the end of 2010 to 5.6 billion EUR at the end of 2011.
Disclosure: I am long NOK.