Nokia Q1 2008 net sales of EUR 12.7 billion, re...

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Profitability strong for the quarter - operating profit up 39% year
on year, excluding special items

Nokia Corporation
Interim Report
April 17, 2008 at 13.00 (CET +1)

The complete press release with tables is available at


http://www.nokia.com/results/results2008Q1e.pdf.


+-------------------------------------------------------------------+
|                                | NOKIA IN THE FIRST QUARTER 2008* |
|--------------------------------+----------------------------------|
| EUR million                    |  Q1/2008** |  Q1/2007** | Change |
|--------------------------------+------------+------------+--------|
| Net sales                      |     12 660 |      9 856 |    28% |
|--------------------------------+------------+------------+--------|
|   Devices & Services           |      9 263 |      8 163 |    13% |
|--------------------------------+------------+------------+--------|
|   Nokia Siemens Networks       |      3 401 |      1 697 |        |
|--------------------------------+------------+------------+--------|
| Operating profit               |      1 531 |      1 272 |    20% |
|--------------------------------+------------+------------+--------|
|   Devices & Services           |      1 883 |      1 252 |    50% |
|--------------------------------+------------+------------+--------|
|   Nokia Siemens Networks***    |        -74 |         78 |        |
|--------------------------------+------------+------------+--------|
|   Group Common Functions       |       -278 |        -58 |        |
|--------------------------------+------------+------------+--------|
| Operating margin (%)           |       12.1 |       12.9 |        |
|--------------------------------+------------+------------+--------|
|   Devices & Services (%)       |       20.3 |       15.3 |        |
|--------------------------------+------------+------------+--------|
|   Nokia Siemens Networks       |            |            |        |
| (%)***                         |       -2.2 |        4.6 |        |
|--------------------------------+------------+------------+--------|
| Net profit                     |      1 222 |        979 |    25% |
|--------------------------------+------------+------------+--------|
| EPS, EUR                       |            |            |        |
|--------------------------------+------------+------------+--------|
|  Diluted***                    |       0.32 |       0.25 |    28% |
+-------------------------------------------------------------------+


*As of April 1, 2007, Nokia results include those of Nokia Siemens
Networks on a fully consolidated basis. Nokia Siemens Networks, a
company jointly owned by Nokia and Siemens, is comprised of the
former Nokia Networks and Siemens' carrier-related operations for
fixed and mobile networks. Accordingly, the results of Nokia Group
and Nokia Siemens Networks for the first quarter 2008 are not
directly comparable to results for the first quarter 2007. Nokia's
first quarter 2007 included the former Nokia Networks business group
only.

As of January 1, 2008, our three mobile device business groups,
Mobile Phones, Multimedia and Enterprise Solutions, and the
supporting horizontal groups were replaced by an integrated business
segment, Devices & Services. Prior period results for Nokia and its
reportable segments have been regrouped for comparability purposes
according to the new reportable segments (on an unaudited basis).
Link to regrouped 2007 financials:  

http://www.nokia.com/investors

** Q1 2008 special items:
- EUR 217 million loss due to transfer of Finnish pension liabilities
(impacting Common Group Functions)
- EUR 81 million facilities impairment and other charges related to
closure of the Bochum site in Germany (impacting Devices & Services
operating profit)
- EUR 65 million gain due to transfer of Finnish pension liabilities
(impacting Nokia Siemens Networks operating profit)
- EUR 100 million restructuring charge (impacting Nokia Siemens
Networks operating profit)
- Excluding the net impact of these special items, diluted EPS was
EUR 0.38

** Q1 2007 special items:
- EUR 32 million restructuring charges (impacting Devices & Services
operating profit)
- EUR 25 million charge related to restructuring of a subsidiary
company (impacting Devices & Services operating profit)
- EUR 12 million charge for Nokia Siemens Networks related
incremental costs expensed during the first quarter (impacting
Networks operating profit)
- Excluding the impact of these special items, diluted EPS was EUR
0.26.

*** Important note to Nokia Siemens Networks Q1 2008 operating profit
and Nokia EPS, both including and excluding special items: In
addition to the 'special items' listed above, Nokia Siemens Networks
reported operating profit also included EUR 120 million of intangible
asset amortization and other purchase price accounting related items
arising from the formation of Nokia Siemens Networks.

FIRST QUARTER 2008 HIGHLIGHTS
- Nokia net sales of EUR 12.7 billion, up 28% year on year (up 35% at
constant currency).
- Nokia diluted EPS of EUR 0.38, growing 46% from Q1 2007, excluding
special items.
- Nokia operating margin of 14.7%, up year on year from 13.6% in Q1
2007, down sequentially from 15.9% in Q4 2007, excluding special
items.
- Nokia Devices & Services operating margin of 21.2%, up year on year
from 16.0%, down sequentially from 22.8% in Q4 2007, excluding
special items.
- Nokia operating cash flow of EUR 0.8 billion.
- Nokia device volumes of 115.5 million units, up 27% year on year
and down 13% sequentially.
- Estimated industry device volumes of 295 million units, up 17% year
on year and down 12% sequentially.
- Nokia estimated device market share of 39%, up from 36% in Q1 2007
and down from 40% in Q4 2007.
- Nokia device ASP of EUR 79, down from EUR 83 in Q4 2007. (Device
ASP excludes net sales from Services & Software)
- Nokia Siemens Networks operating margin was -1.1%, excluding
special items, and was a positive 2.4%, excluding special items and
purchase price accounting related items arising from the formation of
Nokia Siemens Networks.

OLLI-PEKKA KALLASVUO, NOKIA CEO:
"Nokia had strong profitability in the first quarter, with both
operating profit and EPS up significantly year on year. The overall
device market developed as expected, with the greatest demand in
emerging markets, where our position is very strong. The
competitiveness of our product portfolio is reflected in our market
share and we target market share gains in the second quarter. The
portfolio is renewed on a continuous basis. While we will not have
major new products shipping in the second quarter, we expect a number
of new products to be shipping, and to have a positive impact on our
results, in the second half of 2008."

INDUSTRY AND NOKIA OUTLOOK
- Nokia expects industry mobile device volumes in the second quarter
2008 to be up slightly sequentially, similar to the market growth in
the second quarter 2007, compared to the first quarter 2007.
- We expect Nokia's mobile device market share in the second quarter
2008 to increase sequentially.
- Nokia continues to expect industry mobile device volumes in 2008 to
grow approximately 10% from the approximately 1.14 billion units
Nokia estimates for 2007.
- Nokia expects the mobile device market to decline in value in Euro
terms in 2008, compared to 2007. The change from our previous
estimate of value growth for this market primarily reflects the
negative impact of the recently weakened US dollar, the general
economic slowdown in the US, and possibly going forward some economic
slowdown in Europe.
- Nokia continues to expect some decline in industry ASPs in 2008,
primarily reflecting the increasing impact of the emerging markets
and competitive factors in general.
- Nokia continues to target an increase in its market share in mobile
devices in 2008.
- Nokia expects the mobile and fixed infrastructure and related
services market to be flat in Euro terms in 2008, compared to 2007.
The change from the previous estimate of "very slight growth" for
this market primarily reflects the negative impact of the recently
weakened US dollar.
- Nokia and Nokia Siemens Networks target for Nokia Siemens Networks
market share to remain constant in 2008, compared to 2007.
- Nokia and Nokia Siemens Networks cost synergy target for Nokia
Siemens Networks is to achieve substantially all of the EUR 2.0
billion of targeted annual cost synergies by the end of 2008, as
previously announced.

Q1 2008 FINANCIAL HIGHLIGHTS
(Comparisons are given to the first quarter 2007 results, unless
otherwise indicated.)

As of April 1, 2007, Nokia results include those of Nokia Siemens
Networks on a fully consolidated basis. Nokia Siemens Networks, a
company jointly owned by Nokia and Siemens, is comprised of the
former Nokia Networks and Siemens' carrier-related operations for
fixed and mobile networks. Accordingly, the results of Nokia Group
and Nokia Siemens Networks for the first quarter 2008 are not
directly comparable to results for the first quarter 2007. Nokia's
first quarter 2007 included the former Nokia Networks business group
only.

As of January 1, 2008, our three mobile device business groups,
Mobile Phones, Multimedia and Enterprise Solutions, and the
supporting horizontal groups were replaced by an integrated business
segment, Devices & Services. Prior period results for Nokia and its
reportable segments have been regrouped for comparability purposes
according to the new reportable segments (on an unaudited basis).
Devices & Services has three business units, Devices, Services &
Software and Markets, supported by a Corporate Development Office.
Link to regrouped 2007 financials: www.nokia.com/investors.

Nokia Group
Nokia's first quarter 2008 net sales increased 28% to EUR 12.7
billion, compared with EUR 9.9 billion in the first quarter 2007. At
constant currency, group net sales would have increased 35%.

Nokia's first quarter 2008 operating profit grew 20% to EUR 1.5
billion (including the EUR 333 million net negative impact of special
items), compared with EUR 1.3 billion in the first quarter 2007
(including a EUR 69 million negative impact of special items). The
special items for the first quarter 2008 included a EUR 217 million
loss due to transfer of Finnish pension liabilities (impacting Common
Group Functions), a EUR 65 million gain due to transfer of Finnish
pension liabilities (impacting Nokia Siemens Networks operating
profit) and a EUR 100 million restructuring charge in Nokia Siemens
Networks (impacting Nokia Siemens Networks operating profit). The
special items for the first quarter 2008 also included a EUR 81
million facilities impairment and other charges related to the
closure of the Bochum site in Germany (impacting Devices & Services
operating profit), which did not include any of the people related
costs of EUR 200 million already disclosed. The remaining charges are
expected to be recorded during the subsequent periods in 2008.
Nokia's first quarter 2008 operating margin was 12.1% (12.9%),
including the EUR 333 million net negative impact of the special
items. Excluding the special items, Nokia's first quarter 2008
operating margin was 14.7% (13.6%).

Operating cash flow for the first quarter 2008 was EUR 0.8 billion,
compared with EUR 1.6 billion for the first quarter 2007, and total
combined cash and other liquid assets were EUR 10.4 billion on March
31, 2008, compared with EUR 11.8 billion at December 31, 2007. As of
March 31, 2008, our net debt-equity ratio (gearing) was -53%,
compared with -61% at December 31, 2007.

Devices & Services
In the first quarter 2008, the total mobile device volume of our
Devices & Services group reached 115.5 million units, representing
27% year on year growth and a 13% sequential decrease. The overall
industry volume for the same period reached an estimated 295 million
units, representing 17% year on year growth and a 12% sequential
decrease.

Converged device industry volumes increased to an estimated 33.3
million units, compared with an estimated 23.5 million units in the
first quarter 2007. Our own converged device volumes rose to 14.6
million units, compared with 11.8 million units in the first quarter
2007. We shipped close to 10 million Nokia Nseries and almost 2
million Nokia Eseries devices during the first quarter 2008.

The following chart sets out our mobile device volumes for the
periods indicated, as well as the year on year and sequential growth
rates, by geographic area.


+-------------------------------------------------------------------+
| NOKIA MOBILE DEVICE VOLUME BY GEOGRAPHIC AREA                     |
|-------------------------------------------------------------------|
|                 |         |        |      YoY |        |      QoQ |
|                 |         |     Q1 |   Change |     Q4 |   Change |
| (million units) | Q1 2008 |   2007 |      (%) |   2007 |      (%) |
|-----------------+---------+--------+----------+--------+----------|
| Europe          |    25.7 |   23.9 |      7.5 |   37.2 |    -30.9 |
|-----------------+---------+--------+----------+--------+----------|
| Middle East &   |         |        |          |        |          |
| Africa          |    20.2 |   15.7 |     28.7 |   23.6 |    -14.4 |
|-----------------+---------+--------+----------+--------+----------|
| China           |    21.0 |   15.7 |     33.8 |   20.2 |      4.0 |
|-----------------+---------+--------+----------+--------+----------|
| Asia-Pacific    |    34.1 |   23.7 |     43.9 |   34.0 |      0.3 |
|-----------------+---------+--------+----------+--------+----------|
| North America   |     2.6 |    4.8 |    -45.8 |    5.1 |    -49.0 |
|-----------------+---------+--------+----------+--------+----------|
| Latin America   |    11.9 |    7.3 |     63.0 |   13.4 |    -11.2 |
|-----------------+---------+--------+----------+--------+----------|
| Total           |   115.5 |   91.1 |     26.8 |  133.5 |    -13.5 |
+-------------------------------------------------------------------+



Based on our preliminary market estimate, Nokia's market share for
the first quarter 2008 was 39%, compared with 36% in the first
quarter 2007 and 40% in the fourth quarter 2007. Our year on year
market share increase was driven primarily by our strong position in
the fastest growing markets globally and by strong share gains in
Latin America, Asia-Pacific, China and to a lesser extent in Europe.
Our market share decreased significantly year on year in North
America. Our market share in Middle East & Africa was approximately
at the same level year on year. We had strong sequential market share
gains in Latin America. Our market share decreased significantly
sequentially in Middle East & Africa and North America and to a
lesser extent in Europe and Asia-Pacific. Our market share in China
was approximately at the same level sequentially.

Our device average selling price (ASP) in the first quarter 2008 was
EUR 79, down from EUR 89 in the first quarter 2007 and down from EUR
83 in the fourth quarter 2007. The lower year on year ASP was
primarily due to a higher proportion of lower priced products and to
a lesser extent the negative impact of the weaker US dollar. The
sequential ASP decrease was primarily due to a higher proportion of
lower priced products, a mix shift to lower ASP regions and to a
lesser extent the negative impact of the weaker US dollar. Starting
from the first quarter 2008, our device ASP excludes net sales from
our Services & Software business. Prior periods have been
reclassified for comparability purposes.

First quarter 2008 Devices & Services net sales grew 13% to EUR 9.3
billion, compared with EUR 8.2 billion in the first quarter 2007.
Strong overall volume growth was partially offset by a significant
ASP decrease, driven primarily by a higher proportion of lower priced
products and to a lesser extent the negative impact of the weaker US
dollar on net sales in the first quarter 2008, compared to the first
quarter 2007.

Net sales year on year growth was strongest in Latin America,
followed by Asia-Pacific, Middle East & Africa, China and Europe. Net
sales were down significantly in North America year on year. Of our
total Devices & Services net sales, Services & Software net sales
were EUR 84 million in the first quarter 2008.

Devices & Services gross profit grew 33% to EUR 3.6 billion, compared
with EUR 2.7 billion in the first quarter 2007, with a gross margin
of 38.5% (32.8%). Devices & Services operating profit grew 50% to EUR
1.9 billion (including the negative impact of the EUR 81 million
special item), compared with EUR 1.3 billion in the first quarter
2007 (including the negative impact of the EUR 57 million special
item), with an operating margin of 20.3% (15.3%). First quarter 2008
operating profit included a EUR 81 million facilities impairment and
other charges related to the closure of the Bochum site in Germany.
First quarter 2007 operating profit included charges of EUR 57
million primarily related to restructuring. The 50% year on year
increase in operating profit for the first quarter 2008 was driven
primarily by an improved gross margin, compared to the first quarter
2007. The gross margin improvement was primarily due to newer and
more profitable devices shipping in volumes. Excluding the special
items, Device & Services first quarter 2008 operating margin was
21.2% (16.0%).

Nokia Siemens Networks
First quarter 2008 net sales were EUR 3.4 billion. The first quarter
2008 results of Nokia Siemens Networks are not directly comparable to
the first quarter of 2007 as it included the former Nokia Networks
business group only. However, net sales were down 26% compared to the
fourth quarter of 2007. This primarily reflects a normal seasonally
lower first quarter, compared to a strong fourth quarter 2007.
The following chart sets out Nokia Siemens Networks net sales for the
periods indicated by geographic area.


+-----------------------------------------------------------+
| NOKIA SIEMENS NETWORKS NET SALES BY GEOGRAPHIC AREA       |
|-----------------------------------------------------------|
| EUR million          | Q1 2008 | Q4 2007 | QoQ Change (%) |
|----------------------+---------+---------+----------------|
| Europe               |   1 212 |   2 045 |          -40.8 |
|----------------------+---------+---------+----------------|
| Middle East & Africa |     448 |     540 |          -17.0 |
|----------------------+---------+---------+----------------|
| China                |     269 |     492 |          -45.3 |
|----------------------+---------+---------+----------------|
| Asia-Pacific         |     944 |     838 |           12.7 |
|----------------------+---------+---------+----------------|
| North America        |     192 |     243 |          -21.1 |
|----------------------+---------+---------+----------------|
| Latin America        |     336 |     424 |          -20.7 |
|----------------------+---------+---------+----------------|
| Total                |   3 401 |   4 582 |          -25.8 |
+-----------------------------------------------------------+


Nokia Siemens Networks had a first quarter operating loss of EUR 74
million, with an operating margin of -2.2% (including the net
negative impact of EUR 35 million in special items). The reported
first quarter 2008 operating loss included a EUR 65 million gain due
to the transfer of Finnish pension liabilities and a restructuring
charge of EUR 100 million. The operating margin for the first quarter
2008, excluding these special items, was -1.1%, down from the
comparable fourth quarter 2007 operating margin of 1.4%. The
operating profit in the first quarter 2008 also included EUR 120
million of intangible asset amortization and other purchase price
accounting related items arising from the formation of Nokia Siemens
Networks. First quarter 2008 operating margin was a positive 2.4%,
excluding both the special items and the purchase price accounting
related items arising from the formation of Nokia Siemens Networks,
down from the comparable fourth quarter 2007 operating margin of
4.3%. Operationally, the main factor for the sequential decline in
the operating margin in the first quarter 2008 was the lower
sequential net sales, driving higher operating expenses as a percent
of net sales. Nokia Siemens Networks continued to be on track to
deliver the targeted annual EUR 2 billion cost synergy target as
previously announced.

Q1 2008 OPERATING HIGHLIGHTS
Nokia
- On January 28, 2008, Nokia and Trolltech ASA announced that they
had entered into an agreement that Nokia will make a public voluntary
tender offer to acquire Trolltech, a company headquartered in Oslo,
Norway and publicly listed on the Oslo Stock Exchange. Trolltech is a
recognized software provider with world-class software development
platforms and frameworks. The tender offer has commenced and
completion of the acquisition is subject to customary closing
conditions, including regulatory approvals.
- We launched a technology concept called "Morph", jointly developed
by Nokia Research Center and the University of Cambridge, UK. The
concept shows how future mobile devices might benefit from
nanotechnology research to be flexible and environmentally intuitive,
sensing and reacting to the needs of users as well as objects around
them.
- Nokia and UC Berkeley researchers tested technology for gathering
traffic information from mobile devices in cars as an alternative to
networks of sensors on the highways. One hundred cars equipped with
the GPS-enabled Nokia N95 traveled a 10-mile stretch of highway near
San Francisco to show how real-time information could be collected
from the GPS feed to predict traffic flows and holdups, while
preserving the privacy of the devices' owners.
- We opened a satellite design studio in Rio de Janeiro, reflecting
the increasing impact Latin American style and culture are expected
to have on the future design of mobile devices and services.
- We launched the 2008 Nokia Mobile Filmmaking Awards to support
Pangea Day. Through 'Share on Ovi' consumers can upload, vote and
share content for the Pangea Day broadcast on May 10, 2008.

Devices
- At the Mobile World Congress 2008, we unveiled a new line up of
converged devices and Internet services. The Nokia N96, Nokia N78,
Nokia 6210 Navigator and Nokia 6220 classic all feature different
location based and multimedia experiences, from pedestrian navigation
to geotagging and movie viewing to video and photo sharing.
- Nokia and Google announced a cooperation to integrate Google's
popular search engine with the Nokia Search application. The
integration will begin in select markets with the Nokia N96, Nokia
N78, Nokia 6210 Navigator and Nokia 6220 classic.

Services & Software
- At the Mobile World Congress 2008, we announced the next step
towards our Ovi Internet service environment by introducing 'Nokia
Maps 2.0' and 'Share on Ovi', a personal media sharing community that
makes it easy to upload, manage and share personal media.
- We continued to expand the Nokia Music Store's geographical reach,
opening online stores in Germany and Finland.
- Orange and Nokia signed a memorandum of understanding in order to
partner on value-added services such as location based services,
maps, mobile advertising and gaming.
- We launched the N-Gage First Access Program, which allows consumers
to try all N-Gage games for free from any one of the tens of millions
of compatible Nokia devices in the market. They can then download and
buy games with a mobile device or PC.

Nokia Siemens Networks
- In February, Nokia Siemens Networks acquired Apertio, a leading
provider of open real-time subscriber data platforms and
applications. The Apertio platform was a key component of a major
subscriber management deal signed with T-Mobile Germany in March.
- Nokia Siemens Networks services capabilities and global reach were
influential in winning a number of deals, including a pan-India
contract for single Interactive Voice Response for Bharti Airtel; a
large turnkey network expansion, including managed services, with
Hutchison Telecom Indonesia; and a major consulting and systems
integration DVB-H deal with Global Mediacom in Indonesia.
- At the Mobile World Congress 2008, Nokia Siemens Networks launched
its LTE solution for radio and core networks, including the new Flexi
Multimode Base Station.
- Nokia Siemens Networks signed a first customer deal, with Vodacom
Tanzania, for the Village Connection solution, which brings mobile
connectivity to customers in rural and suburban communities in new
growth markets.
- Nokia Siemens Networks continued to win strategic contracts in
important markets, including a frame agreement to cover future
network expansion with Megafon in Russia; key reference deals for its
all-IP Internet High Speed Packet Access architecture solution, with
T2 Slovenia and Stelera Wireless in the US; and an agreement with
BSNL in India to expand broadband access to 25 000 villages.
For more information on the operating highlights mentioned above,
please refer to related press announcements, which can be accessed at
the following link: 

http://www.nokia.com/press and


http://www.nokiasiemensnetworks.com/press.

NOKIA IN THE FIRST QUARTER 2008
(International Financial Reporting Standards (IFRS) comparisons given
to the first quarter 2007 results, unless otherwise indicated.)

As of April 1, 2007, Nokia results include those of Nokia Siemens
Networks on a fully consolidated basis. Nokia Siemens Networks, a
company jointly owned by Nokia and Siemens, is comprised of the
former Nokia Networks and Siemens' carrier-related operations for
fixed and mobile networks. Accordingly, the results of Nokia Group
and Nokia Siemens Networks for the first quarter 2008 are not
directly comparable to results for the first quarter 2007. Nokia's
first quarter 2007 included the former Nokia Networks business group
only.

As of January 1, 2008, our three mobile device business groups,
Mobile Phones, Multimedia and Enterprise Solutions, and the
supporting horizontal groups were replaced by an integrated business
segment, Devices & Services. Prior period results for Nokia and its
reportable segments have been regrouped for comparability purposes
according to the new reportable segments (on an unaudited basis).
Devices & Services has three business units, Devices, Services &
Software and Markets, supported by a Corporate Development Office.
Link to regrouped 2007 financials: www.nokia.com/investors.

Nokia's net sales increased 28% to EUR 12.7 billion (EUR 9.9
billion). Net sales of Devices & Services increased 13% to EUR 9.3
billion (EUR 8.2 billion). Net sales of Nokia Siemens Networks were
EUR 3.4 billion.

Operating profit increased 20% to EUR 1.5 billion (EUR 1.3 billion),
representing an operating margin of 12.1% (12.9%). Operating profit
in Devices & Services increased 50% to EUR 1.9 billion (EUR 1.3
billion), representing an operating margin of 20.3% (15.3%). The
operating loss in Nokia Siemens Networks was EUR 74 million,
representing an operating margin of -2.2%. Group Common Functions
expenses totaled EUR 278 million (EUR 58 million).

Financial income was EUR 68 million (EUR 48 million). Profit before
tax and minority interests was EUR 1 607 million (EUR 1 325 million).
Net profit totaled EUR 1 222 million (EUR 979 million). Earnings per
share increased to EUR 0.32 (basic) and to EUR 0.32 (diluted),
compared to EUR 0.25 (basic) and EUR 0.25 (diluted) in the first
quarter 2007. Earnings per share, excluding special items, increased
to EUR 0.38 (diluted), compared to EUR 0.26 (diluted) in the first
quarter 2007.

PERSONNEL
The average number of employees during January-March 2008 was 114
735. At March 31, 2008, we employed a total of 116 378 people (112
262 people at December 31, 2007).

SHARES
The total number of Nokia shares on March 31, 2008 was 3 797 402 044.
On March 31, 2008, Nokia and its subsidiary companies owned 10 661
635 Nokia shares, representing approximately 0.3% of the total number
of Nokia shares and the total voting rights.

The complete press release with tables is available at


http://www.nokia.com/results/results2008Q1e.pdf.

FORWARD-LOOKING STATEMENTS

It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding: A)
the timing of product, services and solution deliveries; B) our
ability to develop, implement and commercialize new products,
services, solutions and technologies; C) expectations regarding
market growth, developments and structural changes; D) expectations
regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations;
F) the outcome of pending and threatened litigation; G) expectations
regarding the successful completion of contemplated acquisitions on a
timely basis and our ability to achieve the set targets upon the
completion of such acquisitions; and H) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the information
currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results
that we currently expect. Factors that could cause these differences
include, but are not limited to: 1) competitiveness of our product,
service and solutions portfolio; 2) the extent of the growth of the
mobile communications industry and general economic conditions
globally; 3) the growth and profitability of the new market segments
that we target and our ability to successfully develop or acquire and
market products, services and solutions in those segments; 4) our
ability to successfully manage costs; 5) the intensity of competition
in the mobile communications industry and our ability to maintain or
improve our market position or respond successfully to changes in the
competitive landscape; 6) the impact of changes in technology and our
ability to develop or otherwise acquire complex technologies as
required by the market, with full rights needed to use; 7) timely and
successful commercialization of complex technologies as new advanced
products, services and solutions; 8) our ability to protect the
complex technologies, which we or others develop or that we license,
from claims that we have infringed third parties' intellectual
property rights, as well as our unrestricted use on commercially
acceptable terms of certain technologies in our products, services
and solution offerings; 9) our ability to protect numerous Nokia and
Nokia Siemens Networks patented, standardized or proprietary
technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 10) Nokia
Siemens Networks' ability to achieve the expected benefits and
synergies from its formation to the extent and within the time period
anticipated and to successfully integrate its operations, personnel
and supporting activities; 11) whether, as a result of investigations
into alleged violations of law by some current or former employees of
Siemens AG ("Siemens"), government authorities or others take further
actions against Siemens and/or its employees that may involve and
affect the carrier-related assets and employees transferred by
Siemens to Nokia Siemens Networks, or there may be undetected
additional violations that may have occurred prior to the transfer,
or ongoing violations that may have occurred after the transfer, of
such assets and employees that could result in additional actions by
government authorities; 12) any impairment of Nokia Siemens Networks
customer relationships resulting from the ongoing government
investigations involving the Siemens carrier-related operations
transferred to Nokia Siemens Networks; 13) occurrence of any actual
or even alleged defects or other quality issues in our products,
services and solutions; 14) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality,
safety, security and timely delivery of our products, services and
solutions; 15) inventory management risks resulting from shifts in
market demand; 16) our ability to source sufficient amounts of fully
functional components and sub-assemblies without interruption and at
acceptable prices; 17) any disruption to information technology
systems and networks that our operations rely on; 18) developments
under large, multi-year contracts or in relation to major customers;
19) economic or political turmoil in emerging market countries where
we do business; 20) our success in collaboration arrangements
relating to development of technologies or new products, services and
solutions; 21) the success, financial condition and performance of
our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the
euro, which is our reporting currency, and the US dollar, the Chinese
yuan, the UK pound sterling and the Japanese yen, as well as certain
other currencies; 23) the management of our customer financing
exposure; 24) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices
and lawsuits related to them, regardless of merit; 25) unfavorable
outcome of litigations; 26) our ability to recruit, retain and
develop appropriately skilled employees; 27) the impact of changes in
government policies, laws or regulations; and 28) our ability to
effectively and smoothly implement our new organizational structure;
as well as the risk factors specified on pages 10-25 of Nokia's
annual report on Form 20-F for the year ended December 31, 2007 under
"Item 3.D Risk Factors." Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Nokia does not undertake any obligation
to update publicly or revise forward-looking statements, whether as a
result of new information, future events or otherwise, except to the
extent legally required.


Nokia, Helsinki - April 17, 2008

Media and Investor Contacts:
Corporate Communications, tel. [phone] or [phone]
Investor Relations Europe, tel. [phone]
Investor Relations US, tel. [phone]

- Nokia plans to report its Q2 results on July 17, 2008
- The Annual General Meeting will be held on May 8, 2008

www.nokia.com


 
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