1st Quarter Results
Nokia Corporation
18 April 2002
PRESS RELEASE
April 18, 2002
Nokia exceeds 1Q profit targets on slightly lower sales
Better-than-expected profitability in mobile phones offsets challenging network
environment
First quarter 2002 compared with first quarter 2001:
• Net sales decreased 12% to EUR 7 014 million (EUR 8 007 million in 1Q
2001)
• Pro forma operating profit was EUR 1 286 million (EUR 1 440 million);
operating margin was 18.3% (18.0%)
• Pro forma adjustments EUR 52 million in goodwill amortization
• Pro forma earnings per share (diluted) was EUR 0.19 (EUR 0.22)
• Reported (IAS) net profit was EUR 863 million (EUR 975 million) and
reported earnings per share (diluted) was EUR 0.18 (EUR 0.20)
1Q 2002 RESULTS PRO FORMA REPORTED
(excludes goodwill amortization and
non-recurring items)
EUR (million) 1Q/2002 1Q/2001 Change (%) 1Q/2002 1Q/2001 Change (%)
Net sales 7 014 8 007 -12 7 014 8 007 -12
Nokia Mobile Phones 5 438 5 830 -7 5 438 5 830 -7
Nokia Networks 1 436 2 022 -29 1 436 2 022 -29
Nokia Ventures Organization 157 169 -7 157 169 -7
Operating profit 1 286 1 440 -11 1 234 1 369 -10
Nokia Mobile Phones 1 208 1 207 0 1 185 1 183 0
Nokia Networks 146 364 -60 122 345 -65
Nokia Ventures Organization -30 -102 71 -35 -130 73
Common Group Expenses -38 -29 -38 -29
Operating margin 18.3% 18.0% 17.6% 17.1%
Nokia Mobile Phones 22.2% 20.7% 21.8% 20.3%
Nokia Networks 10.2% 18.0% 8.5% 17.1%
Nokia Ventures Organization -19.1% -60.3% -22.3% -76.9%
Profit before tax and minority interests 1 313 1 485 1 261 1 414
Net profit 915 1 046 863 975
EPS, EUR
Basic 0.19 0.22 0.18 0.21
Diluted 0.19 0.22 0.18 0.20
JORMA OLLILA, CHAIRMAN AND CEO:
The company put in a solid overall performance for the first quarter 2002, with
mobile phone profitability exceeding all expectations. The strong bottom line in
our mobile handset business continues to be driven by Nokia's global leadership.
Based on Nokia's preliminary research for the first quarter 2002, we believe we
have at least maintained our estimated 37% share of the overall mobile phone
market, in line with our long-term 40% share target.
Continuing challenges in the network infrastructure environment led to
lower-than-expected 2G investments in China and Europe, and we were unable to
meet our first-quarter Nokia Networks sales estimates. However, the operating
margin at Nokia Networks was as forecast, thanks to streamlining measures taken
last year in this business. The transition to 3G is expected to positively
impact sales in our networks business as we go into the second half of the year,
and we believe we are on track to achieving our 35% targeted share of the
overall mobile infrastructure market in the long-term.
This is a year of renewal for our industry. Key enablers for new products and
services are in place but at different stages of maturity and market
penetration. We see multimedia messaging as the main driver in the current
technology shift, with the majority of mobile devices in our product plan for
next year being MMS-enabled.
Nokia is working actively for industry renewal with a continuous flow of new
products supporting a range of technologies. In the first half of this year
alone, we plan to ship more models than in the whole of 2001, driving new mobile
applications and services.
This year will also mark the start of 3G, another key component of industry
renewal, with the transition from 2G to 3G likely to span several years. We are
preparing for the launch of our first 3G mobile device in the third quarter and
are committed to having the very first Nokia-delivered 3G network in operation
during September 2002.
Over the next few years, mobility will be the major technology and lifestyle
driver. A large part of personal and professional communications will be in a
wireless environment with a personal mobile device as the medium. Given Nokia's
solid financials, clear market leadership and long record of success in the
realm of mobility, we continue to anticipate far-reaching growth opportunities
as this industry unfolds.
BUSINESS ENVIRONMENT AND FORECASTS
As the mobile multimedia products and services market prepares to take off, the
industry remains in transition. The speed of this transition has been slower
than was anticipated earlier this year, which has led the company to revisit its
annual growth outlook in both the networks and the handset markets.
Nokia's first-quarter sales declined by 12% compared with the first quarter
2001. Sales for Nokia Mobile Phones decreased by 7% compared with the previous
year, reflecting lower sales in Europe and the Americas, partially offset by
growth in Asia Pacific. Sales for Nokia Networks showed a year-on-year decline
of 29%, reflecting lower-than-expected 2G investments in China and Europe,
partially offset by strong growth in the United States.
Sales for the Nokia group in the second quarter 2002 are anticipated to grow by
2% to 7% compared with the second quarter 2001 (5% to 10% for Nokia Mobile
Phones and -10% to - 5% for Nokia Networks). Overall sales growth is forecast to
accelerate to 15% or more for the second half, culminating in full-year annual
sales growth ranging from 4% to 9% (5% to 10% for Nokia Mobile Phones and 0% to
5% for Nokia Networks).
Despite lower-than-expected sales, the company's profitability outlook remains
strong, driven by increasing operating efficiencies, strong brand and leading
product portfolio. Second-quarter pro forma EPS (diluted) is expected to range
from EUR 0.18 to EUR 0.20. Management expects continuing healthy cash flow and
is comfortable with current consensus estimates for Nokia's full-year diluted
pro forma EPS of EUR 0.83.
Pro forma operating margins for Nokia Mobile Phones are expected to be at around
the 20% level for the remainder of 2002, while in Nokia Networks second quarter
pro forma operating margins are expected to remain at least at the same level as
the first quarter, increasing to the mid-teens for the balance of the year.
Nokia Ventures Organization is expected to post a pro forma loss of around EUR
150 million for 2002.
Based on first-quarter developments, Nokia now expects an annual decline in the
GSM and overall infrastructure market in 2002. Despite robust GSM/EDGE growth in
the United States, Nokia Networks will continue to experience challenging
conditions in its largest market, Europe, and in China for the balance of the
year. The company estimates the second half to be stronger than the first as 3G
network sales enter the books.
Mobile phone market volumes in the first quarter were broadly in line with
company expectations. However, Nokia now believes that general weakness in all
key regions will affect mobile phone demand for the remainder of the year. We
are therefore lowering our total market volume estimates for 2002 to a range of
400 to 420 million units. This would reflect modest growth on last year's
estimated market volume of 380 million units.
NOKIA MOBILE PHONES
Nokia Mobile Phones has already announced 16 new products since the beginning of
2002, with a plan during the first half to ship a record number of new mobile
devices incorporating a broad range of enabling technologies. Among Nokia's
announced new products scheduled for shipping this year, nine will have JavaTM,
five will include multimedia messaging (MMS) capability, two will use XHTML, 10
GPRS, three 1X (CDMA), and one will be enabled by GAIT (GSM/1900/TDMA).
These new products also illustrate Nokia's comprehensive mobile phone portfolio
in terms of lifestyle; they include new models in the categories of Expression,
Active, Classic, Fashion, Premium, Imaging and Business Application phones. Of
particular note are two color screen models: the Nokia 7650, the company's first
imaging phone, which combines a digital camera and MMS, and the Nokia 7210, a
world phone including MMS, JavaTM and an FM radio.
During the quarter, Nokia Mobile Phones took steps to accelerate growth and
enhance both agility and scale benefits with the introduction of a new
operational structure. From May 1, nine new business units will each be
responsible for product and business development within a defined market
segment. This will allow Nokia to optimize its activities in these
vertically-focused areas, while continuing to achieve broad economies of scale
from horizontal functions such as communications technology and application
software development and the company's market-leading demand-supply network.
Nokia is finalizing changes in its manufacturing operations to increase the
company's advantage in the highly competitive mobile phone industry. The US
organization will shift from building phones from start-to-finish to assembling
phones made from components manufactured at Nokia's facilities abroad where the
cost structure is lower. As a result, employment will decrease by approximately
625 full-time employees at Nokia's Texas manufacturing facility.
Vertu, Nokia's wholly-owned subsidiary, announced the start of its operations in
January. Vertu designs, manufactures and sells mobile devices for an exclusive,
high-end niche market and illustrates the opportunities available to tap into
completely new market segments.
NOKIA NETWORKS
Nokia signed four GSM contracts, most notably a USD 300 million GSM expansion
deal with Voicestream, further strengthening the position of GSM technology in
the US market. Deliveries of GSM/EDGE to Nokia's other US customers are
proceeding according to plan. In January, Nokia became the first vendor to begin
shipping EDGE network equipment in volumes.
Shipments of Nokia's WCDMA networks are continuing on time, and we expect the
first Nokia-delivered 3G network to be operational in the second half 2002.
Nokia also signed three third-generation deals with T-Mobile International,
Proximus in Belgium and E-Plus of Germany, bolstering the company's already
strong position in 3G-network infrastructure.
During the first quarter, Nokia launched its all-IP network strategy and related
products, which combine the cost efficiencies of IP technology with the
reliability of telecommunications systems. This is in preparation for our
operator customers to meet future demands for higher capacity and to improve
economies of scale.
NOKIA VENTURES ORGANIZATION
Following a decline in the Internet security market in 2001, Nokia Internet
Communications revenue grew slightly from the last quarter of 2001 and its
financial performance improved substantially. Building on its expanded global
expertise, the unit strengthened its Internet security portfolio while
continuing to deploy IP network security solutions.
Nokia Home Communications launched the Nokia Mediamaster 210 T, a terrestrial
digital television receiver. Nokia Venture Partners continued to invest in
mobile Internet start-ups and one of its portfolio companies, PayPal, had a
successful initial public stock offering. The Nokia Early Stage Technology Fund,
Nokia's internal corporate venture fund, made its first three investments.
NOKIA IN JanUARY-MARCH 2002 REPORTED
(International Accounting Standards, IAS, comparisons given to the first quarter
2001 results unless otherwise indicated.)
Nokia's net sales decreased by 12% to EUR 7 014 million (EUR 8 007 million).
Sales of Nokia Mobile Phones declined by 7% to EUR 5 438 million (EUR 5 830
million). Sales of Nokia Networks decreased by 29% to EUR 1 436 million (EUR 2
022 million). Sales of Nokia Ventures Organization decreased by 7% and totaled
EUR 157 million (EUR 169 million).
Operating profit decreased by 10% to EUR 1 234 million (EUR 1 369 million),
representing an operating margin of 17.6% (17.1%). Operating profit in Nokia
Mobile Phones was virtually unchanged at EUR 1 185 million (EUR 1 183 million),
representing an operating margin of 21.8% (20.3%). Operating profit in Nokia
Networks decreased by 65% to EUR 122 million (EUR 345 million), representing an
operating margin of 8.5% (17.1%). Nokia Ventures Organization reported an
operating loss of EUR 35 million (operating loss of EUR 130 million). Common
Group Expenses, which comprises Nokia Head Office and Nokia Research Center,
totaled EUR 38 million (EUR 29 million).
Financial income totaled EUR 35 million (EUR 47 million). Profit before tax and
minority interests was EUR 1 261 million (EUR 1 414 million). Net profit totaled
EUR 863 million (EUR 975 million). Earnings per share decreased to EUR 0.18
(basic) and to EUR 0.18 (diluted) compared with EUR 0.21 (basic) and EUR 0.20
(diluted).
At March 31, 2002, net debt-to-equity ratio (gearing) was -48% (-41% at December
31, 2001). During the January to March period in 2002, capital expenditures
amounted to EUR 158 million (EUR 305 million).
At the end of March, outstanding long-term customer loans totaled EUR 1 415
million, while guarantees given on behalf of third parties totaled EUR 130
million. In addition, Nokia had financing commitments totaling EUR 3.1 billion
at March 31. Of the total committed and outstanding customer financing at the
end of March, EUR 3.9 billion related to 3G networks.
The average number of employees during the quarter was 53 070. At March 31,
Nokia employed a total of 52 875 people (53 849 people at December 31, 2001).
On March 31, the Group companies owned 1 405 539 Nokia shares. The shares had an
aggregate par value of EUR 84 332.34, representing 0.03% of the share capital of
the company and the total voting rights. The number of issued shares on March 31
was 4 738 057 501 and the share capital was EUR 284 283 450.06.
CONSOLIDATED PROFIT AND LOSS ACCOUNT, EUR million
(unaudited)
Pro forma Pro forma Reported, IAS Reported, IAS
1-3/02 1-3/01 1-3/02 1-3/01
Net sales 7,014 8,007 7,014 8,007
Cost of sales -4,244 -5,028 -4,244 -5,028
Research and development expenses -703 -766 -703 -766
Selling, general and administrative expenses -781 -773 -781 -773
Amortization of goodwill - - -52 -71
Operating profit 1,286 1,440 1,234 1,369
Share of results of associated companies -8 -2 -8 -2
Financial income and expenses 35 47 35 47
Profit before tax and minority interests 1,313 1,485 1,261 1,414
Tax -378 -418 -378 -418
Minority interests -20 -21 -20 -21
Net profit 915 1,046 863 975
Earnings per share, EUR
Basic 0.19 0.22 0.18 0.21
Diluted 0.19 0.22 0.18 0.20
Average number of shares
(1,000 shares)
Basic 4,736,461 4,693,211 4,736,461 4,693,211
Diluted 4,802,327 4,788,743 4,802,327 4,788,743
Depreciation and amortization, total 313 313
CONSOLIDATED PROFIT AND LOSS ACCOUNT, EUR million
(unaudited)
Pro forma Reported, IAS
1-12/01 1-12/01
Net sales 31,191 31,191
Cost of sales 1) -19,693 -19,787
Research and development expenses -2,985 -2,985
Selling, general and administrative expenses 2) -3,276 -3,443
One-time customer finance charges 3) - -714
Impairment of minority investments - -80
Impairment of goodwill - -518
Amortization of goodwill - -302
Operating profit 5,237 3,362
Share of results of associated companies -12 -12
Financial income and expenses 125 125
Profit before tax and minority interests 5,350 3,475
Tax -1,478 -1,192
Minority interests -83 -83
Net profit 3,789 2,200
Earnings per share, EUR
Basic 0.81 0.47
Diluted 0.79 0.46
Average number of shares (1,000 shares)
Basic 4,702,852 4,702,852
Diluted 4,787,219 4,787,219
Depreciation and amortization, total 1,430
Non-recurring items
1) Includes non-recurring charges of EUR 71 million from 2Q and EUR 23 million from 4Q.
2) Includes non-recurring charges of EUR 85 million from 2Q, including a EUR 24 million gain from the disposal of
certain production operations, and a total of EUR 82 million from 4Q.
3) Includes one-time customer finance charges from 3Q.
NET SALES BY BUSINESS GROUP, EUR million
(unaudited)
1-3/2002 1-3/2001 Change (%) 1-12/2001
Nokia Mobile Phones 5,438 5,830 -7 23,158
Nokia Networks 1,436 2,022 -29 7,534
Nokia Ventures Organization 157 169 -7 585
Inter-business group eliminations -17 -14 -86
Nokia Group 7,014 8,007 -12 31,191
OPERATING PROFIT BY BUSINESS GROUP, EUR million
(unaudited)
Pro forma 1-3/2002 1-3/2001 1-12/2001
Nokia Mobile Phones 1,208 1,207 4,648
Nokia Networks 146 364 1,073
Nokia Ventures Organization -30 -102 -327
Common Group Expenses -38 -29 -157
Nokia Group 1,286 1,440 5,237
Goodwill amortization 1-3/2002 1-3/2001 1-12/2001
Nokia Mobile Phones -23 -24 -92
Nokia Networks -24 -19 -105
Nokia Ventures Organization -5 -28 -105
Common Group Expenses - - -
Nokia Group -52 -71 -302
Non-recurring items 1-3/2002 1-3/2001 1-12/2001
Nokia Mobile Phones - - -35
Nokia Networks - - -1,041
Nokia Ventures Organization - - -423
Common Group Expenses - - -74
Nokia Group - - -1,573
Reported, IAS 1-3/2002 1-3/2001 1-12/2001
Nokia Mobile Phones 1,185 1,183 4,521
Nokia Networks 122 345 -73
Nokia Ventures Organization -35 -130 -855
Common Group Expenses -38 -29 -231
Nokia Group 1,234 1,369 3,362
CONSOLIDATED BALANCE SHEET, IAS, EUR million (unaudited)
ASSETS 31.3.2002 31.3.2001 31.12.2001
Fixed assets and other non-current assets
Capitalized development costs 953 692 893
Goodwill 803 1,211 854
Other intangible assets 229 220 237
Property, plant and equipment 2,323 2,707 2,514
Investments in associated companies 71 60 49
Available-for-sale investments 371 334 399
Deferred tax assets 958 449 832
Long-term loans receivable 1,415 842 1,128
Other non-current assets 37 63 6
7,160 6,578 6,912
Current assets
Inventories 1,873 2,213 1,788
Accounts receivable 5,127 4,986 5,719
Prepaid expenses and accrued income 1,433 1,428 1,480
Short-term loans receivable 242 296 403
Available-for-sale investments 5,070 3,715 4,271
Bank and cash 1,875 1,559 1,854
15,620 14,197 15,515
Total assets 22,780 20,775 22,427
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 284 282 284
Share issue premium 2,054 1,700 2,060
Treasury shares -27 -154 -21
Translation differences 328 291 326
Fair value and other reserves -17 -132 20
Retained earnings 9,118 8,292 9,536
11,740 10,279 12,205
Minority interests 224 196 196
Long-term liabilities
Long-term interest-bearing liabilities 186 126 207
Deferred tax liabilities 225 59 177
Other long-term liabilities 72 74 76
483 259 460
Current liabilities
Short-term borrowings 974 1,351 831
Current portion of long-term debt 25 47 -
Accounts payable 2,607 2,491 3,074
Accrued expenses 4,456 4,137 3,477
Provisions 2,271 2,015 2,184
10,333 10,041 9,566
Total shareholders' equity and liabilities 22,780 20,775 22,427
Interest-bearing liabilities 1,185 1,524 1,038
Shareholders' equity per share, EUR 2.48 2.19 2.58
Number of shares (1,000 shares) * 4,736,652 4,694,209 4,736,302
Dividends to Nokia's shareholders, EUR 1,279 million (EUR 1,314 in 2001), were deducted from retained earnings and
recorded within accrued expenses as a liability at the end of the first quarter both in 2002 and 2001. Cash flow impact
will be shown in the second quarter.
* Shares owned by Group companies
CONSOLIDATED CASH FLOW STATEMENT, IAS, EUR million
1-3/2002 1-3/2001 1-12/2001
Cash flow from operating activities
Net profit 863 975 2,200
Adjustments, total 746 706 4,132
Net profit before change in net working capital 1,609 1,681 6,332
Change in net working capital 71 239 978
Cash generated from operations 1,680 1,920 7,310
Interest received 53 74 226
Interest paid -14 -29 -155
Other financial income and expenses -12 87 99
Income taxes paid -799 -329 -933
Net cash from operating activities 908 1,723 6,547
Cash flow from investing activities
Acquisition of Group companies, net of acquired cash - -143 -131
Purchase of non-current available-for-sale investments -28 -8 -323
Additions in capitalized development costs -107 -89 -431
Long-term loans made to customers -287 -73 -1,129
Proceeds from (+), payment (-) of other long-term receivables - -25 84
Proceeds from (+), payment (-) of short-term loan receivables 144 -10 -114
Capital expenditures -158 -306 -1 041
Proceeds from disposal of Group companies,
net of disposed cash 105 - -
Proceeds from sale of non-current available-for-sale investments 1 10 204
Proceeds from sale of fixed assets 86 64 175
Dividends received 8 - 27
Net cash used in investing activities -236 -580 -2,679
Cash flow from financing activities
Proceeds from share issue 2 4 77
Purchase of treasury shares -13 - -21
Capital investment by minority shareholders - - 4
Proceeds from long-term borrowings 4 - 102
Repayment of long-term borrowings -5 -25 -59
Proceeds from (+)/repayment of (-) short-term borrowings 133 6 -602
Dividends paid - - -1,396
Net cash provided by/used in financing activities 121 -15 -1,895
Foreign exchange adjustment 29 -37 -43
Net increase in cash and cash equivalents 822 1,091 1,930
Cash and cash equivalents at beginning of period 6,125 4,183 4,183
Cash and cash equivalents at end of period 6,947 5,274 6,113
Change in net fair value of current available-for-sale investments -2 - 12
As reported on balance sheet 6,945 5,274 6,125
NB: The figures in the consolidated cash flow statement cannot be directly traced from the balance sheet without
additional information as a result of acquisitions and disposals of subsidiaries and net foreign exchange differences
arising on consolidation.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR million
(unaudited)
Share Fair value
Share issue Treasury Translation and other Retained
capital premium shares differences reserves Earnings Total
Balance at December 31, 2000 282 1,695 -157 347 - 8,641 10,808
Effect of adopting IAS 39 -56 -56
Balance at January 1, 2001, restated 282 1,695 -157 347 -56 8,641 10,752
Share issue 4 4
Reissuance of treasury shares 3 3
Stock options issued on acquisitions 4 4
Stock options exercised
related to acquisitions -3 -3
Dividend -1,314 -1,314
Translation differences -31 -31
Net investment hedge gains / (losses) -25 -25
Cash flow hedges and -76 -76
available-for-sale investments
Other increase/decrease, net -10 -10
Net profit 975 975
Balance at March 31, 2001 282 1,700 -154 291 -132 8,292 10,279
Balance at December 31, 2001 284 2,060 -21 326 20 9,536 12,205
Share issue 2 2
Acquisition of treasury shares -13 -13
Disposal of treasury shares 7 7
Stock options exercised
related to acquisitions -8 -8
Dividend -1,279 -1,279
Translation differences 11 11
Net investment hedge gains / (losses) -9 -9
Cash flow hedges -21 -21
Available-for-sale investments -16 -16
Other increase/decrease, net -2 -2
Net profit 863 863
Balance at March 31, 2002 284 2,054 -27 328 -17 9,118 11,740
COMMITMENTS AND CONTINGENCIES, EUR million
(unaudited) GROUP
31.3.2002 31.3.2001 31.12.2001
Collateral for own commitments
Mortgages 18 12 18
Assets pledged 4 4 4
Collateral given on behalf of other companies
Securities pledged 33 23 33
Contingent liabilities on behalf of Group companies
Other guarantees 485 692 505
Contingent liabilities on behalf of other
companies
Guarantees for loans 97 249 95
Leasing obligations 922 1,142 1,246
NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS, EUR million 1)
(unaudited)
31.3.2002 31.3.2001 31.12.2001
Foreign exchange forward contracts 2) 3) 25,156 10,350 20,978
Currency options bought 406 2,011 1,328
Currency options sold 448 1,837 1,209
Interest rate swaps - 51 -
Cash settled equity swaps 4) 156 313 182
1) The notional amounts of derivatives summarized here do not represent amounts exchanged by the parties and, thus are
not a measure of the exposure of Nokia caused by its use of derivatives.
2) Notional amounts outstanding include positions, which have been closed off.
3) Notional amounts includes contracts used to hedge the net investments in foreign subsidiaries.
4) Cash settled equity swaps are used to hedge risks relating to incentive programs and investments activities.
EUR 1 = USD 0.883
It should be noted that certain statements herein which are not historical
facts, including, without limitation those regarding A) the timing of product
deliveries; B) our ability to develop and implement new products and
technologies; C) expectations regarding market growth and developments; D)
expectations for growth and profitability; and E) statements preceded by
'believe,' 'expect,' 'anticipate,' 'foresee' or similar expressions, are
foreward-looking statements. Because these statements 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) developments in the mobile communications market including
the continued development of the replacement market and the Company's success in
the 3G market; 2) demand for products and services; 3) market acceptance of new
products and service introductions; 4) the availability of new products and
services by operators; 5) weakened economic conditions in many of the Company's
principal markets; 6) pricing pressures; 7) intensity of competition; 8) the
impact of changes in technology; 9) consolidation or other structural changes in
the mobile communications market; 10) the success and financial condition of the
Company's partners, suppliers and customers; 11) the management of the Company's
customer financing exposure; 12) the continued success of product development by
the Company; 13) the continued success of cost-efficient, effective and flexible
manufacturing by the Company; 14) the ability of the Company to source component
production and R&D without interruption and at acceptable prices; 15) inventory
management risks resulting from shifts in market demand; 16) fluctuations in
exchange rates, including, in particular, the fluctuations in the euro exchange
rate between the US dollar and the Japanese yen; 17) impact of changes in
government policies, laws or regulations; 18) the risk factors specified on
pages 10 to 16 of the Company's Form 20-F for the year ended December 31, 2000.
NOKIA
Helsinki, April 18, 2002
For more information:
Lauri Kivinen, Corporate Communications, tel. +358 7180 34495
Ulla James, Investor Relations, tel. +1 972 894 4880
Antti Raikkonen, Investor Relations, tel. +358 7180 34290
www.nokia.com
- Nokia plans a mid-quarter update on June 11, 2002.
- Results announcements for 2Q and 3Q, 2002 are planned for July 18 and October
17, respectively.
This information is provided by RNS
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