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[FrankLorber]

Nokia achieves excellent profitability and continued high cash flow in 4Q and 2002

Mobile phone volumes and market share reach highest ever levels

Fourth quarter 2002 compared with fourth quarter 2001:

Net sales increased 1% to EUR 8 843 million (EUR 8 788 million in 4Q 2001)
Pro forma operating profit increased by 4% to EUR 1 655 million (EUR 1 589 million); pro forma operating margin was 18.7% (18.1%)
Pro forma adjustments for 4Q 2002 were EUR 189 million, consisting of:
Goodwill impairments of EUR 182 million
Goodwill amortization of EUR 48 million
Recovery of MobilCom receivables of EUR 41 million
Pro forma net profit increased by 8% to EUR 1 247 million (EUR 1 153 million)
Pro forma earnings per share (diluted) increased to EUR 0.26 (EUR 0.24)
Reported operating profit increased by 72% to EUR 1 466 million (EUR 853 million)
Reported net profit increased by 132% to EUR 1 046 million (EUR 450 million) and reported earnings per share (diluted) increased to EUR 0.22 (EUR 0.09)
Pro forma and Reported operating profit included a net gain of EUR 87 million from Nokia Venture Partners investments within Nokia Ventures Organization.
Full year 2002 compared with full year 2001:

Net sales decreased 4% to EUR 30 016 million (EUR 31 191 million in 2001)
Pro forma operating profit increased by 3% to EUR 5 420 million (EUR 5 237 million); pro forma operating margin increased to 18.1% (16.8%)
Pro forma adjustments for 2002 were EUR 640 million (EUR 1 875 million)
Pro forma net profit increased by 4% to EUR 3 948 million (EUR 3 789 million)
Pro forma earnings per share (diluted) increased to EUR 0.82 (EUR 0.79)
Reported operating profit increased by 42% to EUR 4 780 million (EUR 3 362 million)
Reported net profit increased by 54% to EUR 3 381 million (EUR 2 200 million) and reported earnings per share (diluted) increased to EUR 0.71 (EUR 0.46)
At year-end, the net cash position increased to EUR 8.8 billion (EUR 5.1 billion) and the net debt-to-equity ratio (gearing) was -61% (-41%)
Nokia`s Board of Directors will propose a dividend of EUR 0.28 per share in respect of 2002

Jorma Ollila, Chairman and CEO:

During 2002, we again succeeded in translating our strong brand, product offering, industry-leading execution and operational efficiency into highly profitable results. While the world economy had an inevitable impact on Nokia`s topline growth, our overall profitability and market position were excellent and we ended the year with our highest ever net cash position of EUR 8.8 billion.

In mobile phones, we saw record sales volumes of 46 million units in the fourth quarter and our highest ever market share, an estimated 39%, as well as continued high profitability. We also shipped a record number of 33 new products for the full year. In 2002, I was very pleased with the uptake of the Series 60 platform, which has fast become the leading platform for smart phones

As the mobile market moves further into this new phase of advanced features and services, driven by color screens, imaging, messaging and mobile games, we see Nokia at the forefront with its expanding product range and scope

Implementation of the new organizational structure in Nokia Mobile Phones has also been proceeding steadily throughout the year, bringing with it a fresh entrepreneurial spirit and commitment to growth.

In the overall handset market for 2002, we were pleased to see a return to volume growth, with Nokia`s own share rising for the fifth consecutive year to an estimated 38% for the full year. We intend to make further market share gains during the current year

For the fourth quarter, Nokia Networks reached the relevant milestones for its dual-mode 3G systems. Furthermore, we were pleased to start operator shipments of our first WCDMA imaging phone, the Nokia 6650, while the first Nokia-delivered WCDMA network was successfully launched in Japan. This is clear evidence that the industry is moving on track towards early commercial WCDMA launches in the first half of 2003.

The Open Mobile Alliance expanded far beyond all industry expectations from about 180 founding members in June to include more than 300 leading companies by the year end.This unprecedented commitment to openness is accelerating the mass-market take up of new data and value-added services for any device on any network.

The strength of our full-year performance in a difficult environment speaks highly for the commitment of the whole Nokia team. My special thanks go to everyone at Nokia for their contribution and dedication during 2002.

NOKIA 4Q and 2002 - PRO FORMA
(excludes goodwill amortization and non-recurring items)
EUR million 4Q/2002 4Q/2001 Change
(%) 2002 2001 Change
(%)
Net sales 8 843 8 788 1 30 016 31 191 -4
Nokia Mobile
Phones 6 742 6 710 23 211 23 158
Nokia Networks 2 084 1 957 6 6 539 7 534 -13
Nokia Ventures
Organization 107 142 -25 459 585 -22
Operating profit 1 655 1 589 4 5 420 5 237 3
Nokia Mobile
Phones 1 655 1 479 12 5 293 4 648 14
Nokia Networks 19 254 -93 416 1 073 -61
Nokia Ventures
Organization 59 -61 -59 -327
Common Group
Expenses -88 -83 -230 -157
Operating margin (%) 18.7 18.1 18.1 16.8
Nokia Mobile
Phones (%) 24.7 22.0 22.8 20.1
Nokia Networks (%) 0.9 13.0 6.4 14.2
Nokia Ventures
Organization (%) 55.1 -43.0 -12.9 -55.9
Financial income and
expenses 52 45 16 156 125 25
Profit before tax and
minority interests 1 707 1 631 5 5 557 5 350 4
Net profit 1 247 1 153 8 3 948 3 789 4
EPS, EUR
Basic 0.26 0.24 8 0.83 0.81 2
Diluted 0.26 0.24 8 0.82 0.79 4


NOKIA 4Q and 2002 - REPORTED


EUR million 4Q/2002 4Q/2001 Change
(%) 2002
(audited) 2001
(audited) Change
(%)
Net sales 8 843 8 788 1 30 016 31 191 -4
Nokia Mobile
Phones 6 742 6 710 23 211 23 158
Nokia Networks 2 084 1 957 6 6 539 7 534 -13
Nokia Ventures
Organization 107 142 -25 459 585 -22
Operating profit 1 466 853 72 4 780 3 362 42
Nokia Mobile
Phones 1 642 1 457 13 5 201 4 521 15
Nokia Networks -82 -73 -12 -49 -73
Nokia Ventures
Organization -6 -374 -141 -855
Common Group
Expenses -88 -157 -231 -231
Operating margin (%) 16.6 9.7 15.9 10.8
Nokia Mobile
Phones (%) 24.4 21.7 22.4 19.5
Nokia Networks (%) -3.9 -3.7 -0.7 -1.0
Nokia Ventures
Organization (%) -5.6 -263.4 -30.7 -146.2
Financial income and
expenses 52 45 16 156 125 25
Profit before tax and
minority interests 1 518 895 70 4 917 3 475 41
Net profit 1 046 450 132 3 381 2 200 54
EPS, EUR
Basic 0.22 0.10 120 0.71 0.47 51
Diluted 0.22 0.09 144 0.71 0.46 54


Press conference will be held in Finland 1.30 pm Helsinki time (CET + 1), 11.30 London, 6.30 New York, 5.30 Dallas. View the live webcast

Q4 2002 Nokia Earnings Conference Call
23rd January, 2003 at 15:00 hours Helsinki time (13:00 hours London time) (8:00 AM New York time).

Nokia in the fourth quarter (PDF file, 210 KB)

Nokian neljäs vuosineljännes (PDF file, 147 KB)

Tables (XLS file, 60 KB)

Taulukko-osa (XLS file, 60 KB)

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[macsoja]

26 statt den erwarteten 23 cent!

Das ist schon mal gut und auch der Umsatz sieht gut aus. Wann kommt der Ausblick?

[Bieda]

Perfekt!

[FrankLorber]

kurs geht aber ganz schön runter aktuell 14.10 war heute schon viel höher!

[SuperChritzie]

Liegt daran, dass die ganzen "Englischexperten" erst mal
den Text übersetzen müssen.

[dany67]

Nokia soll gasagt haben (laut CNBC), daß die Handysverkaufzahl für Q1 2003 unter die von Q1 2002 liegen könnten...das ist weniger gut

[macsoja]

shit, echt?

Dann bekommen wir unser Intel-Szenario

[Batschek]

Nokia-Zahlen innerhalb der Erwartungen. Nokia wagt aber keinen Ausblick daher gibt es auch keine positive Kursimpulse- basta.