RNS Number:7389S
Nokia Corporation
19 October 2000
Nokia in July - September:
Success in networks and smooth product transitions
in phones resulted in a strong quarter for Nokia
Nokia's third quarter 2000 results show strong net sales growth and
profits. Net sales totaled EUR 7 575 million, an increase of 50%
compared to the third quarter a year ago. Operating profit increased
by 39% to EUR 1 322 million resulting in an operating margin of 17.5%.
Jorma Ollila, Nokia Chairman and CEO, said: "Thanks to the continued
healthy market growth and our outstanding execution during the third
quarter, we were able to deliver very strong results. Nokia Networks
successfully continued its leadership in new network technologies, and
Nokia Mobile Phones made smooth and fast product transitions. Both
contributed importantly to a quarter with which I am extremely
pleased."
"Nokia is in better shape than ever to lead the market and technology
development ahead. We continue to build on existing strengths - our
unmatched leadership in technology, design and brand - making Nokia
the world's leading company in mobile communications. By adding
elements of mobility to the Internet we see a great possibility to
further enrich people's daily lives and the efficiency of companies."
"We believe we have gained market share both in new infrastructure
technologies and especially in handsets. Our view of the market
development fundamentals remains unchanged, with more than 400 million
mobile phones estimated to be sold in 2000, leading to an estimated
1 billion users in total during 2002. For 2001 we expect the mobile
phone market to be in the region of 550 million units."
"We have entered the fourth quarter in a very strong position with a
solid order inflow in Nokia Networks as well as the leading product
portfolio in phones. In terms of EPS, we believe we are heading
towards a record-breaking level in the fourth quarter of 2000. For
2001 we reiterate our sales growth target of 25-35% and continued high
profitability," said Ollila.
Change, 1Q-3Q/ 1Q-3Q/
EUR Million 3Q/2000 3Q/1999 % 2000 1999 1999
Net sales 7575 5037 50 21092 13400 19772
Nokia Networks 1926 1435 34 5353 3933 5673
Nokia Mobile Phones 5456 3437 59 15178 8936 13182
Nokia Ventures
Organization 209 58 260 613 189 415
Operating profit 1322 951 39 4050 2600 3908
Nokia Networks 349 248 41 970 748 1082
Nokia Mobile Phones 1068 753 42 3450 2040 3099
Nokia Ventures
Organization - 82 - 38 - 260 - 91 - 175
Common Group Expenses - 13 - 12 - 110 - 97 - 98
Profit before tax and
minority interests 1335 937 42 4092 2572 3845
Net profit 892 638 40 2734 1724 2577
EPS, EUR
Basic 0.19 0.14 36 0.59 0.38 0.56
Diluted 0.19 0.13 46 0.57 0.36 0.54
NOKIA IN JANUARY - SEPTEMBER 2000
THIRD QUARTER 2000 RESULTS
(International Accounting Standards, IAS, comparisons given to the
third quarter 1999 results)
Nokia's net sales increased by 50% to EUR 7 575 million (EUR 5 037
million). Sales growth was strong in all geographic regions. Sales of
Nokia Networks increased by 34% to EUR 1 926 million (EUR 1 435
million) and sales of Nokia Mobile Phones by 59% to EUR 5 456 million
(EUR 3 437 million). Sales of Nokia Ventures Organization increased by
260% and totaled EUR 209 million (EUR 58 million).
Operating profit increased by 39% to EUR 1 322 million (EUR 951
million), representing an operating margin of 17.5% (18.9%). Operating
profit in Nokia Networks increased by 41% to EUR 349 million (EUR 248
million), representing an operating margin of 18.1% (17.3%). Operating
profit in Nokia Mobile Phones increased by 42% to EUR 1 068 million
(EUR 753 million), representing an operating margin of 19.6% (21.9%).
Nokia Ventures Organization reported an operating loss of EUR 82
million (operating loss of EUR 38 million). Common Group Expenses,
which comprises Nokia Head Office and Nokia Research Center, totaled
EUR 13 million (EUR 12 million).
Financial income totaled EUR 18 million (financial expenses EUR 17
million). Profit before tax and minority interests was EUR 1 335
million (EUR 937 million). Net profit totaled EUR 892 million (EUR 638
million).
Earnings per share increased to EUR 0.19 (basic) and to EUR 0.19
(diluted) compared with EUR 0.14 (basic) and EUR 0.13 (diluted).
JANUARY - SEPTEMBER 2000 RESULTS
(International Accounting Standards, IAS, comparisons given to the
1999 January - September results)
Nokia's net sales increased by 57% and totaled EUR 21 092 million (EUR
13 400 million). Sales of Nokia Networks increased by 36% to EUR 5 353
million (EUR 3 933 million) and sales of Nokia Mobile Phones increased
by 70% to EUR 15 178 million (EUR 8 936 million). Sales of Nokia
Ventures Organization increased by 224% and totaled EUR 613 million
(EUR 189 million). During the first nine months, Europe accounted for
52% (55%) of Nokia's net sales, Asia-Pacific for 24% (22%) and the
Americas for 24% (23%). The five single largest country markets were
the United States, China, the UK, Germany and Italy.
Operating profit increased by 56% to EUR 4 050 million (EUR 2 600
million). Operating profit in Nokia Networks increased by 30% to EUR
970 million (EUR 748 million). Operating profit in Nokia Mobile Phones
increased by 69% to EUR 3 450 million (EUR 2 040 million). Nokia
Ventures Organization reported an operating loss of EUR 260 million
(operating loss of EUR 91 million). Common Group Expenses totaled EUR
110 million (EUR 97 million).
Financial income totaled EUR 51 million (financial expenses EUR 27
million). Profit before tax and minority interests was EUR 4 092
million (EUR 2 572 million). Net profit totaled EUR 2 734 million (EUR
1 724 million).
Earnings per share increased to EUR 0.59 (basic) and to EUR 0.57
(diluted) compared with EUR 0.38 (basic) and EUR 0.36 (diluted). At
the end of September 2000, the total number of issued shares was
4 688 475 923.
At September 30, 2000, net debt-to-equity ratio (gearing) was -28%
(-41% at the end of 1999). During the January - September period 2000,
capital expenditures amounted to EUR 1 171 million (EUR 909 million).
The average number of employees during the first nine-month period was
58 226. At September 30, Nokia employed a total of 60 048 people
(53 713 people at September 30, 1999).
On July 1, 2000 a total of 61 036 Nokia shares were returned to Nokia
pursuant to agreements made in connection with business acquisitions
effected before the reporting period. The aggregate par value of these
shares, which were received without a consideration, is EUR 3 662.16
and they represent 0.001% of the total number of shares and the total
voting rights. The return of these shares does not have any
significant effect on the relative holdings of the other shareholders
of the Company or on the voting powers among them.
On September 30, Nokia group companies owned 4 651 405 Nokia shares.
The shares have an aggregate par value of EUR 279 084.30 and represent
0.1% of the total number of shares and total voting rights.
MAIN DEVELOPMENTS IN THE THIRD QUARTER 2000
During the quarter, Nokia continued to invest in the development of
mobile Internet applications, a central element in operators' revenue
generation in future mobile networks. It entered into a co-operation
with Cable & Wireless to create a global mobile Internet platform,
used by Cable & Wireless to provide fully managed wireless ASP
(Application Service Provider) and Internet services to second and
third generation mobile network operators, ISPs (Internet Service
Providers), fixed operators and large corporate customers.
To further strengthen its mobile Internet solutions offering, Nokia
signed a reseller agreement with Sonera SmartTrust Ltd, enabling Nokia
to offer SmartTrust's wireless PKI (Public Key Infrastructure)
solutions to its operator and service provider customers as part of
its mobile Internet solutions. A cooperation agreement with Sonera Zed
was also made to develop and market platforms for mobile value-added
services.
Nokia also entered into a number of cooperation agreements to offer
mobile e-business applications for corporate customers. Nokia
announced worldwide cooperation agreements with Compaq and Siebel
Systems to develop and market mobile Internet and intranet solutions
to enterprises. Maconomy and Tibco agreed to deploy Nokia's WAP
technology to their software offering, and Nokia agreed to integrate
TANTAU's Wireless Software to enable enterprises to achieve a more
scalable WAP solution.
The acquisition of the US-based DiscoveryCom in August strengthened
Nokia's broadband market position by adding powerful loop management
solutions into its system offering.
In September, Nokia, together with other parties, announced the
creation of the Location Interoperability Forum (LIF) to facilitate
the offering of location-based services worldwide on wireless networks
and terminals.
Also in September, Nokia Mobile Phones, Europe & Africa received the
European Quality Award 2000 from the European Foundation for Quality
Management (EFQM) in the large business category. The award
distinguishes and rewards organizations for excellence in business
operations and processes.
In October, Nokia, Motorola and Ericsson, founders of the MeT
initiative, announced that Siemens had also joined the initiative. The
four companies will work together to jointly develop an open and
common industry framework for secure mobile electronic transactions,
facilitating fast adoption of trusted mobile commerce services.
Nokia Networks. GSM operators continued to expand their existing
networks during the third quarter in response to strong subscriber
growth. Nokia signed GSM network expansion contracts in China, France,
the Philippines and Singapore, in addition to winning two new GSM
customers in Austria and Ireland. Nokia also launched Nokia
FriendsTalk, a mobile chat application that enables mobile operators
and service providers to offer enhanced, easy-to-use group
communication services for their subscribers.
Nokia further strengthened its leading position in GPRS, a vital
stepping stone in the evolution to 3G networks. During the quarter,
Nokia signed contracts with 11 customers in Europe and Asia. By the
end of the quarter, Nokia had delivered GPRS core networks to over 50
operators, and believes that it now has the largest installed base of
any supplier. Four operators in Australia, China, Switzerland and
Taiwan launched their commercial GPRS networks, supplied by Nokia.
Supporting the fastest time-to-market of 3G services and applications,
Nokia launched the Nokia 3GPP LiveSite platform, which allows
operators to develop, test and evaluate applications in a real 3G air
interface environment.
Nokia also signed an agreement with Omnitel Pronto Italia to begin
joint activities to develop 3G mobile networks and applications in
Italy. A fully functional 3G Demo Network will be deployed in Italy,
enabling Omnitel to evaluate, test and demonstrate end-to-end mobile
multimedia applications.
Time-to-market capabilities in 3G were further strengthened by the new
laboratory for 3G interoperability testing, and by opening a new
center offering a full range of Systems Integration services to
operators and ISPs in France.
Nokia Networks established a new Mobile Internet Applications division
to concentrate on developing innovative mobile Internet solutions and
applications to operators and service providers. It also merged the
two divisions focusing on core networks and radio access into a new IP
Mobility Networks division, further strengthening its capabilities in
end-to-end mobility networks.
Broadband DSL continued to expand as a means of delivering high
bandwidth applications to both business and residential customers,
with major roll-outs of DSL access technology taking place in several
markets. Nokia continued to build on its leadership by signing new
contracts in China and Latin America and announcing several market
trials in France. Nokia has now an installed base offering a capacity
of over 9 million lines and central offices serving 70 million
premises. Commercial shipments of the Nokia MW1122, which combines an
ADSL modem and a WLAN access point for the residential gateway market,
commenced during the quarter.
Nokia Mobile Phones. Strong mobile phone market growth has continued
throughout the world with Europe as the largest market showing the
biggest growth. Nokia estimates that global mobile phone user
penetration has now surpassed 10% and forecasts the worldwide
subscriber base to reach 700 million by the year-end and to reach an
estimated one billion in 2002.
Nokia's mobile phone sales growth again exceeded global market growth
due to strong positive development especially in Europe and in Asia-
Pacific. In line with the previously stated objective, Nokia has
continued to increase its global market leadership compared to both
the previous year and quarter.
In the third quarter Nokia started deliveries of seven mobile phone
models: the Nokia 8290 model for GSM 1900, the Nokia 8260 and the
upgraded Nokia 5165 for TDMA 800/1900/AMPS and the Nokia 9110i, 6210
and 3310 for GSM 900/1800 markets. The new entry-level Nokia 3310
model with mobile chat feature was unveiled in September with
deliveries commencing before the end of the month. During the ongoing
fourth quarter Nokia also plans to start delivering the previously
unannounced GSM 1900 version of the model, the Nokia 3390.
In September Nokia started to ship the tri-mode Nokia 5185i for CDMA.
Another tri-mode CDMA model - the Nokia 6185i - will start shipping
during the fourth quarter, as well as the Nokia 6250 tough model for
GSM 900/1800.
Production ramp-up of the Nokia 7160 WAP enabled model for TDMA is now
underway while deliveries of the Nokia 7190 WAP model for GSM 1900 are
also scheduled for the ongoing quarter.
In August, Nokia, together with other initiators of SyncML, announced
the availability of Version 1.0 Alpha. The release will enable
supporters of SyncML to review and provide feedback to the data
synchronization specification standard prior to the public release
scheduled for the fourth quarter, 2000.
Nokia also announced an agreement with EMI for using EMI Music
Publishing's catalogue for custom downloadable ringing tones.
Nokia Ventures Organization. During the third quarter, Nokia started
licensing the Nokia WAP Browser 2.0, a WAP 1.2 compliant browser, to
mobile phone and other device manufacturers to speed the deployment of
standards-based mobile Internet solutions. The Nokia browser will be
made available as source code.
Nokia Internet Communications, a newly established market leader in
security infrastructure, strengthened its offering by announcing the
WebShield for Nokia Appliance together with McAfee, Network Associates
Inc. Through this relationship, Nokia extended its portfolio of
network security products by delivering a unique Anti-Virus Appliance
dedicated to stopping viruses at the network perimeter.
Nokia Home Communications launched the Media Terminal, a new, powerful
infotainment center for the home with a software platform based on
open standards and technologies. Nokia Media Terminal combines
Internet media technologies and digital broadcasting technologies and
enables full Internet access and push-type Internet services over
broadband networks. Nokia also agreed on a cooperation with Whirlpool
to create joint solutions for the networked home.
Nokia Multimedia Terminals and Fujian Radio and Film Information
Network signed an agreement to cooperate in the delivery of
interactive digital broadcasting services in the Fujian Province,
China. Nokia also launched a new free-to-air Digital Multimedia
Terminal, the Mediamaster 9450, to the Central European and Middle
East markets designed to meet the rapidly increasing digital free-to-
air terminals demand in these regions.
STATEMENT BY JORMA OLLILA, CHAIRMAN AND CEO:
Thanks to the continued healthy market growth and our outstanding
execution during the third quarter, we were able to deliver very
strong results. Nokia Networks successfully continued its leadership
in new network technologies, and Nokia Mobile Phones made smooth and
fast product transitions. Both contributed importantly to a quarter
with which I am extremely pleased.
Nokia is in better shape than ever to lead the market and technology
development ahead. We continue to build on existing strengths - our
unmatched leadership in technology, design and brand - making Nokia
the world's leading company in mobile communications. By adding
elements of mobility to the Internet, we see a great possibility to
further enrich people's daily lives and the efficiency of companies.
In Nokia Networks, we are well prepared for the third generation of
mobile networks, where services will drive investments and offer new
opportunities. Our recent launches and cooperation agreements further
impove our capabilities to offer innovative and cost-efficient
networks to our customers. Our leading position in GPRS - with 11 new
contracts during the quarter, four commercial launches by Nokia
customers, and being first to market in volumes - gives us increased
momentum at the dawn of 3G.
Time-to-market is one of the most critical success factors for our
operator customers. Fast roll-outs of 3G networks and the capability
to offer a variety of value-added services for the mass market from
the very beginning is required. We are fully geared to fast roll-outs
and have demonstrated our aggressive market introduction mode by
establishing partnerships for network implementation. However, the
importance of continuing GSM deliveries remains high.
DSL continues to expand as a means of delivering high bandwidth
applications to both business and residential customers. Our growing
list of end-to-end broadband access solutions makes us ideally
positioned to provide new revenue-generating applications and services
for our network operator customers.
In mobile phones, we strictly followed our previously outlined plans
and started deliveries of several exciting new products. Thanks to our
very strong product competitiveness, leading brand, and successful
product transitions, we were able to maintain handset margins at a
high level and gain market share, even though our new phones only
started to have an impact toward the end of the quarter.
The ramp-up to volume shipments of our new mobile phones was made
faster than ever before. Shortly following their commercial launches,
the Nokia 6210 and 3310 together already sold close to two million
units in September, clearly illustrating the right positioning of
these new models. We believe that our new product portfolio puts us in
a strong competitive position for the Christmas period.
The strong third quarter gives us confidence in achieving our growth,
profitability and market share targets for 2000. By having the right
vision and working consistently to achieve our targets we have been
able to maintain industry-leading profitability whilst we believe we
have gained market share both in new infrastructure technologies and
especially in handsets.
Our view of the market development fundamentals remains unchanged,
with more than 400 million mobile phones estimated to be sold in 2000,
leading to an estimated 1 billion users in total during 2002. For 2001
we expect the mobile phone market to be in the region of 550 million
units. Segmentation is of utmost importance as we go towards more
replacement sales in mobile phones. Both volume and value, rather than
volume alone are increasingly driving the market.
We have entered the fourth quarter in a very strong position with a
solid order inflow in Nokia Networks as well as the leading product
portfolio in phones. In terms of EPS, we believe we are heading
towards a record-breaking level in the fourth quarter of 2000. For
2001 we reiterate our sales growth target of 25-35% and continued high
profitability.
CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million
(unaudited)
7-9/00 7-9/99 1-9/00 1-9/99 1-12/99
Net sales 7 575 5 037 21 092 13 400 19 772
Cost of sales -4 915 -3 165 -13 130 -8 277 -12 227
Research and development
expenses -613 -429 -1 820 -1 176 -1 755
Selling, general and
administrative expenses -694 -477 -2 009 -1 303 -1 811
Amortization of goodwill -31 -15 -83 -44 -71
Operating profit 1 322 951 4 050 2 600 3 908
Share of results of
associated companies -5 3 -9 -1 -5
Financial income and
expenses 18 -17 51 -27 -58
Profit before tax and
minority interests 1 335 937 4 092 2 527 3 845
Tax -394 -281 -1 248 -807 -1 189
Minority interests -49 -18 -110 -41 -79
Net profit 892 638 2 734 1 724 2 577
Earnings per share, EUR
Basic 0.19 0.14 0.59 0.38 0.56
Diluted 0.19 0.13 0.57 0.36 0.54
Average number of shares
(1 000 shares)
Basic 4679976 4594752 4669034 4591428 4593761
Diluted 4793623 4741052 4792321 4736760 4743185
Depreciation 279 174 686 458 665
Currency rate September 30, 2000, 1 EUR = 0.852 USD,
1 EUR = 5.94573 FIM
NET SALES BY BUSINESS GROUP, EUR million
(unaudited)
7-9/00 7-9/99 1-9/00 1-9/99 1-12/99
Nokia Networks 1 926 1 435 5 353 3 933 5 673
Nokia Mobile Phones 5 456 3 437 15 178 8 936 13 182
Nokia Ventures
Organization 209 58 613 189 415
Discontinued Display
Products - 133 - 403 580
Inter-business group
eliminations -16 -26 -52 -61 -78
Nokia Group 7 575 5 037 21 092 13 400 19 772
OPERATING PROFIT BY BUSINESS GROUP, EUR million
7-9/00 7-9/99 1-9/00 1-9/99 1-12/99
Nokia Networks 349 248 970 748 1 082
Nokia Mobile Phones 1 068 753 3 450 2 040 3 099
Nokia Ventures
Organization -82 -38 -260 -91 -175
Common Group Expenses -13 -12 -110 -97 -98
Nokia Group 1 322 951 4 050 2 600 3 908
CONDENSED CASH FLOW STATEMENT, IAS, EUR million
(unaudited)
1-9/00 1-9/99 1-12/99
Net cash from operating activities 2 345 2 257 3 102
Net cash used in investing activities -1 347 -989 -1 341
Net cash used in financing activities -1 168 -902 -592
Net decrease/increase in cash and
cash equivalents -170 366 1 169
Cash and cash equivalents at
beginning of period 4 287 2 966 2 990
Cash and cash equivalents at
end of period 4 117 3 332 4 159
Currency rate September 30, 2000, 1 EUR = 0.852 USD,
1 EUR = 5.94573 FIM
CONSOLIDATED BALANCE SHEET, IAS, EUR million
(unaudited) 30.9.2000 30.9.1999 31.12.1999
ASSETS
Fixed assets and other non-current assets
Intangible assets 1 527 743 838
Property, plant and equipment 2 637 1 794 2 031
Investments in associated companies 83 105 76
Investments in other companies 150 36 68
Deferred tax assets 501 285 257
Other assets 871 134 217
5 769 3 097 3 487
Current assets
Inventories 2 420 1 791 1 772
Receivables 7 182 4 485 4 861
Short-term investments 2 620 2 543 3 136
Bank and cash 1 497 789 1 023
13 719 9 608 10 792
Total assets 19 488 12 705 14 279
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 281 291 279
Share issue premium 1 690 934 1 079
Treasury shares -184 -110 -24
Translation differences 435 217 243
Retained earnings 7 433 5 040 5 801
9 655 6 372 7 378
Minority interests 195 82 122
Long-term liabilities
Long-term interest bearing
liabilities 186 275 269
Deferred tax liabilities 69 86 80
Other long-term liabilities 72 47 58
327 408 407
Current liabilities
Short-term borrowings and current
portion of long-term debt 1 158 452 793
Accounts payable 2 898 2 271 2 202
Accrued expenses 5 255 3 120 3 377
9 311 5 843 6 372
Total shareholders' equity and
liabilities 19 488 12 705 14 279
Interest-bearing liabilities 1 344 727 1 062
Shareholders' equity per
share, EUR 2.06 1.39 1.59
Number of shares (1000 shares)* 4 683 825 4 597 220 4 652 679
* Shares owned by Group companies are excluded
Currency rate September 30, 2000, 1 EUR = 0.852 USD,
1 EUR = 5.94573 FIM
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR million
(unaudited)
Share
Share issue Treasury Translation Retained
capital premium shares differences Earnings Total
Balance at
December 31, 1998 255 909 -110 182 3 873 5 109
Share issue 61 61
Bonus issues 36 -36 -
Dividend -586 -586
Translation
differences 35 35
Other increase/
decrease, net 29 29
Net profit 1 724 1 724
Balance at
September 30, 1999 291 934 -110 217 5 040 6 372
Balance at
December 31, 1999 279 1 079 -24 243 5 801 7 378
Share issue 2 536 538
Acquisition of
treasury shares -160 -160
Conversion of
stock options
related to acquisitions 75 75
Dividend -931 -931
Translation differences 192 192
Change in accounting
policy -206 -206
Other increase/
decrease, net 35 35
Net profit 2 734 2 734
Balance at
September 30, 2000 281 1 690 -184 435 7 433 9 655
COMMITMENTS AND CONTINGENCIES, EUR million
(unaudited) GROUP
30.9.2000 30.9.1999 31.12.1999
Collateral for own commitments
Mortgages 12 6 6
Assets pledged 4 7 3
Contingent liabilities on behalf of
Group companies
Other guarantees 607 389 427
Contingent liabilities on behalf of
other companies
Guarantees for loans 372 160 234
Other guarantees 1 - -
Leasing obligations 879 590 560
Currency rate September 30, 2000, 1 EUR = 0.852 USD,
1 EUR = 5.94573 FIM
NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS, EUR million 1)
(unaudited)
30.9.2000 30.9.1999 31.12.1999
Foreign exchange forward
contracts 2) 3) 9 854 8 874 9 473
Currency options bought 1 539 1 106 1 184
Currency options sold 1 355 1 288 978
Interest rate forward and
futures contracts 2) - 314 598
Interest rate swaps 250 200 250
Cash settled equity swaps 4) 350 - -
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 amount 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 investment activities.
Currency rate September 30, 2000, 1 EUR = 0.852 USD,
1 EUR = 5.94573 FIM
It should be noted that certain statements herein which are not
historical facts, including, without limitation those regarding 1) the
timing of product deliveries; 2) the Company's ability to develop new
products and technologies; 3) expectations regarding market growth and
developments; 4) expectations for growth and profitability; and 5)
statements preceded by "believes", "expects", "anticipates",
"foresees", or similar expressions, are forward-looking statements.
Because such statements involve risks and uncertainties, actual
results may differ materially from the results currently expected by
the Company. Factors that could cause such differences include, but
are not limited to 1) general economic conditions, such as the rate of
economic growth in the Company's principal geographic markets or
fluctuations in exchange rates, including the impact of the weakening
Euro; 2) industry conditions, such as the strength of product demand,
the intensity of competition, pricing pressures, the acceptability of
new product introductions such as Internet-ready phones, the
introduction of new products by competitors, the impact of changes in
technology, including the Company's success in the emerging 3G market,
the ability of the Company to source components from third parties
without interruption and at reasonable prices, demand for vendor
financing and the Company's ability and willingness to provide such
financing, and the success and financial condition of the Company's
strategic partners and customers; 3) operating factors, such as
continued success of manufacturing activities and the achievement of
efficiencies therein, continued success of product development or
inventory risks due to shifts in market demand; as well as 4) the risk
factors specified on pages 21 to 23 of the Company's Form 20-F for the
year ended December 31, 1999.
NOKIA
Helsinki, October 19, 2000
For more information:
Lauri Kivinen, Corporate Communications, tel. +358 9 1807 495
Ulla James, Investor Relations, tel. +1 972 894 4880
Antti Raikkonen, Investor Relations, tel. +358 9 1807 290
www.nokia.com
Nokia will report its 4Q and whole year 2000 results
on January 30, 2001.
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