Nokia has submitted its annual report to the SEC, providing an insight into company's current situation.

It doesn't take a rocket scientist to see that Nokia is still in bad shape - what was once a giant now looks more like Bear Grylls trying to escape.....well, Symbiania would probably be the right country. You may recall that Nokia posted e €1.4 billion loss and its net sales amounted to €38.6 billion. In comparison, the previous year saw Nokia post €1.3 billion profit and €42.4 billion in net sales.

The company shipped 339.8 million phones in 2011, which is 3 percent lower than in 2010 and has been attributed to the competition's aggressive pricing and lack of a dual-SIM handset in 1H 2011. Nokia's smartphones fared even worse at 77.3 million sold, which is as much as 25 percent less than in 2010. Again, this is down to aggressive competition as well as the gradual demise of Symbian.

The report is quite clear that Nokia's future smartphone success will have much to do with Windows Phone. Nokia's current plan is to support Symbian through 2016, but Windows Phone will be the OS of choice for mid-range and high-end handsets.

More here.