4th Quarter & Final Results

Nokia Corporation
1 February 2000
                                          

NOKIA IN 1999
Excellent fourth quarter closes the third consecutive record year

Nokia today reported the strongest annual operating results in its
history. Net sales growth exceeded the company's targets for 1999,
and profits were higher than ever before.

Net sales grew by 48% to EUR 19 772 million and operating profit
increased by 57% to EUR 3 908 million. Operating margin was 19.8%,
and earnings per share increased by 51% to EUR 2.24. Nokia's Board
of Directors will propose a dividend of EUR 0.80 per share in respect
of 1999.

Commenting on the results, Jorma Ollila, Nokia's Chairman and CEO,
said: 'Continued strong growth and excellent profits in the last
quarter drove another year of record performance. We strengthened
our number one market position in handsets and have every reason
to be pleased with our performance.'

'Our sound competitive position, comprehensive product portfolio
and innovative solutions, strong brand and highly efficient global
operations have driven our profitability growth. We will continue
to focus on these areas to enhance our leadership in creating the
mobile information society', said Ollila.


EUR million                 1999    1998  Change %   4Q/1999  4Q/1998
Net sales                 19 772  13 326       +48     6 372    4 352
  Nokia Networks           5 673   4 390       +29     1 740    1 402
  Nokia Mobile Phones     13 182   8 070       +63     4 246    2 703
  Other Operations           995   1 014        -2       403      266
Operating profit           3 908   2 489       +57     1 308      850
Profit before tax and      3 845   2 456       +57     1 273      836
 minority interests
Profit from continuing     2 577   1 680       +53       853      585
 operations
Net profit                 2 577   1 750       +47       853      585
Earnings per share from                                                
 continuing                 2.24    1.48       +51      0.74     0.51
 operations, EUR, basic,
 split adjusted

Proposed dividend, EUR      0.80    0.48       +67                     


NOKIA IN OCTOBER - DECEMBER 1999

Nokia's net sales in the fourth quarter 1999 increased by 46%
compared to the same period in 1998 and totaled EUR 6 372 million
(EUR 4 352 million in the fourth quarter of 1998). Sales growth
continued to be strong especially in mobile phones.

Nokia Networks' net sales for the 1999 fourth quarter increased by
24% to EUR 1 740 million (EUR 1 402 million in 1998). Nokia Mobile
Phones' net sales for the 1999 fourth quarter increased by 57% to
EUR 4 246 million (EUR 2 703 million). Net sales of Other
Operations for the 1999 fourth quarter increased by 52% to EUR 403
million (EUR 266 million).

Operating profit (IAS, International Accounting Standards) for the
1999 fourth quarter increased by 54% to EUR 1 308 million (EUR 850
million in 1998), representing an operating margin of 20.5% (19.5%
in 1998). This includes the following one-time items: gains from
the divestments of Salcomp and the SDH transport business (EUR 80
million and EUR 56 million, respectively), and a charge of EUR 70
million related to exit from the display business. Excluding these
items, operating profit for the fourth quarter was EUR 1 242
million, representing an operating margin of 19.5%.

Operating profit in Nokia Networks in the fourth quarter increased
by 18% to EUR 334 million (EUR 283 million), representing an
operating margin of 19.2% (20.2%). Operating profit in Nokia
Mobile Phones increased by 82% to EUR 1 059 million (EUR 581
million), representing an operating margin of 24.9% (21.5%). Other
Operations, incorporating Nokia Communications Products, Nokia
Ventures Organization, Nokia Research Center and common Group
functions, reported an operating loss of EUR 85 million (operating
loss of EUR 14 million).

Net interest and financial expenses for the fourth quarter 1999
totaled EUR 31 million (EUR 15 million in 1998). Profit before tax
and minority interests (IAS) totaled EUR 1 273 million (EUR 836
million). Net profit totaled EUR 853 million (EUR 585 million).

Earnings per share from continuing operations increased to EUR
0.74 (basic) and to EUR 0.72 (diluted) compared to EUR 0.51
(basic) and to EUR 0.50 (diluted) in the corresponding period in
1998.

Nokia Networks signed a number of contracts during the fourth
quarter as operators continued to invest in their networks through
capacity increases and upgrades, especially in the areas of mobile
data and Internet services.

Nokia won a new GSM customer in Luxembourg, and network expansion
contracts were signed in the Philippines, Taiwan and Austria.
Several operators also selected Nokia solutions for the launch of
services based on WAP (Wireless Application Protocol).

A number of operators are developing their infrastructure with
Nokia for the delivery of mobile data through GPRS (General Packet
Radio Services). Nokia signed several GPRS contracts in this
period with operators in Europe and Asia.

In addition, Nokia signed an agreement for the delivery of its
first TETRA professional mobile radio network in China with the
Hong Kong Police.

Network operators and Internet Service Providers continued to
invest in Nokia's Broadband Solutions to enable high speed fixed
line access to the Internet. Nokia signed contracts with
Conversent Communications in the US and KKF.net in Germany for the
deployment of broadband access equipment, based on Digital
Subscriber Line technologies.

In a transaction closed in December, Marconi Communications
purchased Nokia's SDH/DWDM (Syncronous Digital Hierarchy/Dense
Wave Division Multiplexing) transport equipment business. This
divestment will enable Nokia to focus on its core business areas.

Nokia Mobile Phones again broke its previous sales volume records,
as Nokia's phones continued to be in high demand in all major
markets. Several newly launched products started shipping in the
fourth quarter.

Production volumes of the world's first WAP 1.1 compliant mobile
phone, the Nokia 7110 dual band GSM, ramped up in the fourth
quarter. The Nokia 7110 has experienced strong demand on all
markets.

In October, Nokia created another new category of fashion phones
with the launch of the Nokia 8210. Light-weight at only 79 grams,
this dual band GSM phone is a combination of stylish design and
comprehensive features which can be personalized with changeable
color covers. In mid-December, Nokia commenced shipping of the
Nokia 8210, as well as the Nokia 8850, a premium category dual
band GSM phone, and the data-ready Nokia 5120i and 6120i TDMA
models.

The Nokia Card Phone 2.0,  the world's first high speed (HSCSD)
data terminal, started shipping in January 2000. Deliveries of the
Internet capable Nokia 6185 for CDMA are expected to commence
during the first half of 2000. The tri-mode Nokia 7160 for
AMPS/TDMA 800/1900 and 7190 for GSM 1900 are expected to become
available during the first half of 2000.

Other Operations developed through a number of partnerships,
acquisitions and internal venturing.

During the quarter, Nokia and Check Point announced an expanded
relationship covering the development and distribution of the VPN-
1(Virtual Private Network) Appliance product family. Nokia also
announced the global availability of the Nokia WAP Server 1.0,
which allows secure use of the Internet in mobile environments. To
meet the needs of the developer community, Nokia made available
via the Internet a complimentary trial version of the Nokia WAP
Server 1.0  and a new Nokia WAP Toolkit.

In October, Nokia acquired Telekol Corporation, a company
specializing in intelligent corporate communications solutions. In
December, Nokia acquired the security software unit from TeamWARE
Group to support Nokia solutions for the mobile Internet.

REVIEW BY THE BOARD OF DIRECTORS FOR 1999

Nokia's net sales in 1999 increased by 48% compared to 1998 and
totaled EUR 19 772 million (EUR 13 326 million in 1998). Sales in Nokia Networks
grew by 29% to EUR 5 673 million (EUR 4 390 million) and in Nokia Mobile  Phones
by 63% to EUR 13 182 million (EUR 8 070 million). Sales
decreased in Other Operations by 2% to EUR 995 million (EUR 1 014
million).

Operating profit (IAS, International Accounting Standards) grew by
57% and totaled EUR 3 908 million (EUR 2 489 million in 1998).
Operating margin improved to 19.8% (18.7% in 1998). Operating
profit in Nokia Networks increased to EUR 1 082 million (EUR 960
million) and in Nokia Mobile Phones to EUR 3 099 million (EUR
1 540 million). Operating margin in Nokia Networks was 19.1% (21.9%
in 1998) while the operating margin in Nokia Mobile Phones was
23.5% (19.1% in 1998). Other Operations showed an operating loss
of EUR 273 million (loss of EUR 11 million) primarily due to low
profits at Nokia Communications Products, and substantial
investments related to new business opportunities at Nokia
Ventures Organization.

Net interests and financial expenses totaled EUR 58 million (EUR
39 million 1998). Profit before tax and minority interests totaled
EUR 3 845 million (EUR 2 456 million). Taxes amounted to EUR 1 189
million (EUR 737 million). Profit from continuing operations was
EUR 2 577 million (EUR 1 680 million). Net profit was EUR 2 577
million (EUR 1 750 million).

Earnings per share from continuing operations was EUR 2.24 (basic)
and EUR 2.17 (diluted) compared to EUR 1.48 (basic) and EUR 1.43
(diluted) in 1998.

At December 31, 1999, net debt to equity ratio (gearing) was -41%
(-36% at the end of 1998). Total capital expenditures in 1999
amounted to EUR 1 358 million (EUR 761 million).

Increasing global market presence
The global mobile phone market continued to grow rapidly, and the
ensuing strong increase in the sales of Nokia Mobile Phones
further consolidated Nokia's number one position in mobile
handsets.  In infrastructure, Nokia continued to be the world' s
largest GSM 1800 supplier and one of the two largest GSM 900
suppliers, with increasing focus in broadband and IP network
solutions.

In 1999, Europe accounted for 53% of Nokia's net sales (58% in
1998), the Americas 25% (21% in 1998) and Asia Pacific 22% (21%
in 1998). The 10 largest markets were the U.S., China, the UK,
Germany, Italy, France, Brazil, the Netherlands, Finland and
Australia, together representing 67% of total sales.

Intensive research and development
To enable the future growth of the company, Nokia continued to
invest in its worldwide research and development network and
cooperation. At year-end, Nokia had 52 R&D centers in 14 countries
and 17 134 R & D employees, approximately 31% of Nokia's
total personnel. Investments in research and development increased
by 53% (by 50% in 1998) and totaled EUR 1 755 million (EUR 1 150
million in 1998), representing 8.9% of net sales (8.6% of net
sales in 1998).

Expanding operational capabilities
To meet the growing demand for its mobile phones, Nokia continued
to expand its handset manufacturing capabilities globally. Nokia's
operations in Fort Worth, Texas, are increasing mobile phone
capacity gradually during the first half of 2000. Also during the
first half of 2000, mobile phone manufacturing facilities in
Brazil are being expanded, and the mobile phone plant in Mexico is
expected to be ready for additional production.

Construction of the new mobile phone manufacturing and
distribution centre in Komarom, Hungary, proceeded well and the
factory is expected to reach full capacity during the first half
of this year. Investments were also made at the two existing
mobile phone joint ventures in China, and at the plants in Finland
and Germany. The base station factory in Suzhou, China, started
operations in early 2000.

At the end of 1999, Nokia's global production comprised 12
infrastructure manufacturing facilities in 5 countries and 10
mobile phone manufacturing facilities in 8 countries.

Investing in People
In 1999, Nokia increased its personnel by a total of 12 367 new
employees (9 819 in 1998), excluding the businesses sold in 1999.
The average number of personnel for 1999 was 51 177 (41 091 for
1998). At the end of 1999, Nokia employed 55 260 people worldwide
(44 543 at year-end 1998).

Nokia continued to develop motivating and performance-based
compensation and benefit programs to its employees. In 1999, the
51% rise in earnings per share resulted in the maximum 5% bonus,
based on annual base salary being paid to Nokia's personnel
participating in the global Nokia Connecting People Bonus plan.

Focusing on key technologies
To expand its competencies in new emerging business areas, Nokia
carried out several acquisitions in 1999. A number of partnerships
with operators, content and service providers and IT players were
formed to facilitate development of the market for mobile
Internet.

In February, Nokia acquired Diamond Lane Communications
Corporation to enhance its fast Internet access expertise. To
strengthen its capabilities in wireless broadband access
technologies, Nokia acquired Rooftop Communications Corporation in
September. A 40% stake of the UK-based AIRCOM International was
acquired in June to further strengthen Nokia's PC-based network
planning system competence.

To develop its wireless LAN offering, Nokia acquired InTalk
Corporation in February. In October, Nokia acquired Telekol
Corporation, a company specializing in intelligent corporate
communications solutions.

In a move to focus on its core technologies, Nokia sold its wholly-
owned subsidiary Salcomp Oy to EQT Scandinavia II in October. In
addition, Nokia divested its SDH/DWDM transport equipment business
to Marconi Communications in December. Nokia decided to
discontinue its display manufacturing and sold its plant in
Hungary to Elcoteq effective January 1, 2000.

NOKIA NETWORKS

Nokia Networks strengthened its offering by introducing several
key elements for high capacity and indoor solutions, future data
and third generation mobile networks. Launches in 1999 included
Nokia InSite, the world's smallest base station, and the Nokia
third generation system solution, including Nokia UltraSite, a
triple mode base station supporting GSM, EDGE (Enhanced Data Rates
for Global Evolution) and WCDMA (Wideband Code Division Multiple
Access). Nokia also launched a complete network solution for GPRS
(General Packet Radio Service). In wireless data, the new Nokia
Artus Messaging Platform supporting WAP 1.1 for GSM and TDMA
standards, and the Nokia Artus Picture Messaging Platform further
broadened Nokia's portfolio.

In 1999, operators continued to invest in the capacity of their
GSM networks. Nokia supplied significant GSM network expansion to
its customers in all market areas, with strongest growth in the
Asia Pacific region and the U.S. Nokia won new GSM customers in
China, Denmark, Hungary, Russia and Spain.
Many operators strengthened their wireless data services with WAP
and SMS applications, and prepared their networks to deliver HSCSD
(High Speed Circuit Switched Data) and GPRS. Nokia gained a strong
market position in HSCSD and GPRS and had signed contracts
involving these technologies with more than 20 customers by year-
end.

In professional mobile radio networks, Nokia delivered TETRA
networks and expansions to operators in the U.K., China, France,
Italy and Spain.

In fixed networks, the market for broadband DSL (Digital
Subscriber Line) technologies experienced strong growth in the
U.S., and a similar development is expected to take place in
Europe and Asia. The Nokia Broadband IP Access Solution, a
complete solution aimed at  revolutionizing access to IP-based
services, integrates ADSL (Asymmetric Digital Subscriber Line)
technology with IP technology to provide operators an advanced,
end-to-end Internet access system. Nokia gained a sound market
position in DSL technology, with orders amounting to approximately
3 million DSL lines at year-end.

NOKIA MOBILE PHONES

The mobile phone market growth continued in 1999 at a rate
exceeding 60% globally. Nokia estimates that approximately 275
million mobile phones were sold worldwide in 1999, compared to 168
million units in the previous year. Of the total market volume in
1999, the share of upgrade sales was approximately 40%, and Nokia
further estimates that this share will rise to around 50% this
year.

The growth of Nokia's mobile phone sales volume exceeded market
growth throughout 1999. As a result, Nokia continued to gain
market share and strengthen its market position as the world's
largest mobile phone manufacturer. Nokia's total mobile phone
sales volume in 1999 was 78.5 million units, an increase of 92%
from the previous year's 40.8 million units.

Approximately 40% of the world's mobile phone users are based in
Europe, the biggest mobile phone region in terms of cellular
subscribers and annual sales volumes. However, the country with
the biggest mobile phone market is the United States, followed by
Japan, China and the United Kingdom.

During 1999 Nokia launched a total of 18 new mobile phone models.
These included the Nokia 7110, 3210, 6090, 8850, Card Phone 2.0,
7190 and 8210 for GSM; the Nokia 6100i-models, 8860 and 7160 for
TDMA; and the Nokia 5170, 5180 and 6185 for CDMA. Nokia also
introduced its first ultra-thin Lithium Polymer (Li-Polymer)
battery in September.

In October, Nokia and Palm Computing Inc., a 3Com company,
announced a joint development and licensing agreement to create a
new category of pen-based wireless communications devices
integrating mobile telephony with data applications, information
management features and value-added services.

OTHER OPERATIONS

In order to strengthen Nokia's ability to serve the business
communications market, a new unit, Nokia Internet Communications,
was formed in October. The aim is to build a powerful channel to
the enterprise market through offering world-class VPN (Virtual
Private Network) and e-business products and solutions. These
products will be crucial to delivery of secure, reliable, and
scalable solutions and new connectivity infrastructure for
enterprises.

Two new ventures were established within the Nokia Ventures
Organization. Nokia Home Communications will focus on the
development of digital home platforms and IP technology-based
communications solutions for the home environment. Nokia Mobile
Display Appliances, in turn, will focus on the development of
display-centric devices enabling Internet-based, visually rich
communications.

In May, Nokia introduced a comprehensive Wireless LAN solution as
part of its Global IP Mobility strategy. Nokia's Wireless LAN
product portfolio comprises wireless access points, wireless LAN
cards, and sophisticated software providing seamless extension to
a fixed network. In December, Nokia announced commercial
availability of the Nokia WAP Server 1.0 software product.

CHANGES IN SHARE CAPITAL

In 1999, Nokia's share capital increased by EUR 3 857 758.08 as a
result of the issue of 16 073 992 new shares upon exercise of
warrants issued to key personnel in 1994, 1995 and 1997. Nokia's
share capital was also increased in September by EUR 127 087.20
when 529 530 shares were issued to finance the acquisition of
Rooftop Communications Corporation. The shares were issued for a
subscription price of EUR 80.17 per share which was the average
market price of the Nokia ADS on the New York Stock Exchange for a
20 business-day period before the closing of the transaction. Due
to the limited number of shares issued, this issuance did not have
any significant effect on the division of the holdings or voting
rights of other shareholders in Nokia.

In August, Nokiterra Oy, a 100% owned subsidiary, merged into
Nokia Corporation as a result of which the parent company received
64 280 684 Nokia shares with an aggregate nominal value of
EUR 15 427 364.16. These shares, representing 5.3% of the total
number of shares and the total voting rights, were cancelled in
December pursuant to resolution of the Extraordinary General
Meeting.

The total number of shares at December 31, 1999 was 1 163 515 966.
As the result of the new share issues, Nokia received a total of
EUR 195 297 621.78 additional shareholders' equity in 1999. In
addition, the share capital was increased by EUR 36 051 274.79
through a bonus issue in connection with the conversion of the
share capital into euros. The cancellation of 64 280 684 shares
did not reduce the restricted capital. At December 31, 1999, the
share capital was EUR 279 243 831.84.

On December 31, 1999, the Group companies owned 346 194 Nokia
shares. The shares have an aggregate nominal value of EUR 
83 086.56 and represent 0.03% of the total number of shares and the
total voting rights.

OUTLOOK

Nokia's strategic intent is to take a leading, brand-recognized
role in the creation of the mobile information society by
combining mobility and the Internet and stimulating the creation
of new services.  In pursuing this, Nokia emphasizes speed in
anticipating and fulfilling evolving customer needs, quality in
products and processes and openness with people and to new ideas
and solutions. Based on its resources, including technological
know-how, market position and continuous building of competencies,
Nokia is well positioned to achieve its future goals.

DIVIDEND

The Nokia Board of Directors will propose to the Annual General
Meeting on March 22, 2000, that a dividend of EUR 0.80 per share (EUR
0.48 per share for 1998, split adjusted) be paid.

JORMA OLLILA, CHAIRMAN AND CEO:

Nokia closed the year 1999 with another outstanding quarter.
Continued strong growth and excellent profits in the last quarter
led to the third consecutive record year during which we exceeded
our overall growth and profitability targets. As planned, we
strengthened our number one market position in handsets and have
every reason to be pleased with our performance.

We reached good profitability in our infrastructure business and
outstanding profitability in our handset business. In addition,
continued successful working capital management contributed to our
solid financial position and performance in 1999, resulting in net
cash flow from operations of EUR 3.1 billion.

Our sound competitive position, comprehensive product portfolio
and innovative solutions, appealing brand and highly efficient
global operations have driven our profitability development. We
will continue to focus in these areas with the aim of enhancing
our leadership in creating the mobile information society.

We believe that our foresight in market trends and concepts, such
as combining mobility and Internet, have brought us increasing
customer confidence that we highly value. We have also been
recognized for our ability to implement our vision in the form of
viable product concepts. With the emergence of mobile Internet, we
strive to enhance this customer confidence.

We estimate that at the end of 1999 there were approximately 480
million mobile phone subscribers in the world, an increase of more
than 50% from the previous year's 310 million. We currently
estimate that by the end of year 2002 there will be more than one
billion mobile phone users in the world.

New solutions introduced during the year demonstrate our leading-
edge position in infrastructure systems. We completed several GPRS
development and testing milestones, and have already started
deliveries of our GPRS core network infrastructure, thus paving
the way for the implementation of full third generation solutions
starting from year 2001.

To meet our near-term challenges and to build the foundation for
continued growth, we remain committed to constantly renewing our
operations with focused efforts on new business creation. In the
Internet business, we will continue to emphasize solutions that
not only enable mobile Internet, but also are secure to use.
Mobility and security of use are key drivers for sustained growth
of e-business.

While the changes in economic and industry conditions make
forecasting difficult, strong growth is expected to continue in
those telecommunications segments in which we have chosen to
operate. We reiterate our previously stated target for net sales
growth of 30-40% this year.

During last year we increased our personnel by 12 367 to 55 260
persons worldwide. I am impressed by the dedication and commitment
with which Nokia employees met the challenges of continued fast
growth and change.

CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million
(audited)

                            10-12/99  10-12/98    1-12/99    1-12/98
                                                                   
Net sales                      6 372     4 352     19 772     13 326
Cost of goods sold            -3 950    -2 740    -12 227     -8 299
Research and development        -579      -363     -1 755     -1 150
 expenses
Selling, general and            -508      -393     -1 811     -1 368
 administrative expenses
Amortization of goodwill         -27        -6        -71        -20
                                                                   
Operating profit               1 308       850      3 908      2 489
Share of results of               -4         1         -5          6
 associated companies
Financial income and             -31       -15        -58        -39
 expenses
                                                                   
Profit before tax and          1 273       836      3 845      2 456
minority interests
                                                                   
                                                                   
Tax                             -382      -249     -1 189       -737
Minority interests               -38        -2        -79        -39
                                                                   
Profit from continuing           853       585      2 577      1 680
 operations
Cumulative prior year net         -          -          -         70
 effect of change in
 accounting policies
                                                                   
Net profit                      853        585      2 577      1 750
                                                                   
                                                                   
Earnings per share, EUR                                            
Continuing operations                                              
Basic                          0.74       0.51       2.24       1.48
Diluted                        0.72       0.50       2.17       1.43
                                                                   
Net profit                                                         
Basic                          0.74       0.51       2.24       1.54
Diluted                        0.72       0.50       2.17       1.49
                                                                   
Average number of shares                                           
(1 000 shares)                                                     
Basic                     1 150 292  1 140 517  1 148 440  1 138 341
Diluted                   1 191 258  1 177 161  1 185 796  1 173 301
        
Depreciation and                207        139        665        509
 amortization, total

Currency rate December 31, 1999, 1 EUR = 1.008 USD, 
1 EUR = 5.94573 FIM


NET SALES BY BUSINESS GROUP, EUR million
(audited)

                         10-12/99   10-12/98    1-12/99    1-12/98
                                                                  
Nokia Networks              1 740      1 402      5 673      4 390
Nokia Mobile Phones         4 246      2 703     13 182      8 070
Other Operations              403        266        995      1 014
Inter-business group          -17        -19        -78       -148
 eliminations
                                                                  
Nokia Group                 6 372      4 352     19 772     13 326

OPERATING PROFIT BY BUSINESS GROUP, EUR million
(audited)

                         10-12/99   10-12/98    1-12/99    1-12/98
                                                                  
Nokia Networks                334        283      1 082        960
Nokia Mobile Phones         1 059        581      3 099      1 540
Other Operations              -85        -14       -273        -11
                                                                  
Nokia Group                 1 308        850      3 908      2 489

PERSONNEL                                         31.12.     31.12.
                                                   1999       1998            
   

Nokia Networks                                   23 718     20 638
Nokia Mobile Phones                              23 775     18 627
Other Operations                                  7 767      5 278
Nokia Group                                      55 260     44 543
                                                                  
Finland                                          23 267     21 093
Other Europe                                     14 243     11 022
Americas                                         10 586      6 836
Asia-Pacific                                      7 084      5 562
Other Countries                                      80         30
                                                                  

CONDENSED CASH FLOW STATEMENT, IAS, EUR million
(audited)

                                                1-12/99    1-12/98
                                                                  
Net cash from                                     3 102      1 687
 operating activities
Net cash used in                                 -1 341       -780
 investing activities
Net cash used in                                   -592        -63
 financing activities
Net increase in cash                              1 169        844
 and cash equivalents
Cash and cash equivalents at                      2 990      2 047
 beginning of period
Cash and cash equivalents at end of period        4 159      2 891

Dividends
Net cash used in financing activities 1-12/99 includes dividends
paid EUR 597 million (1-12/98 EUR 374 million).

Currency rate December 31, 1999, 1 EUR = 1.008 USD, 
1 EUR = 5.94573 FIM


CONSOLIDATED BALANCE SHEET, IAS, EUR million
(audited)

                                        31.12.1999   31.12.1998
ASSETS                                                         
                                                               
Fixed assets and other non-current assets                             
    Intangible assets                          838          484
    Property, plant and equipment            2 031        1 331
    Investments in associated companies         76           90
    Investments in other companies              68           75
    Deferred tax assets                        257          196
    Other assets                               217           44
                                             3 487        2 220
Current assets                                                 
    Inventories                              1 772        1 292
    Receivables                              4 861        3 631
    Short-term investments                   3 136        2 165
    Bank and cash                            1 023          726
                                            10 792        7 814
                                                               
Total assets                                14 279       10 034
                                                               

SHAREHOLDERS' EQUITY AND LIABILITIES                                      
                                                               
Shareholders' equity                                           
    Share capital                              279          255
    Share issue premium                      1 079          909
    Treasury shares                            -24         -110
    Translation differences                    243          182
    Retained earnings                        5 801        3 873
                                             7 378        5 109
                                                               
Minority interests                             122           63
                                                               
Long-term liabilities                                          
    Long-term interest bearing liabilities     269          257
    Deferred tax liabilities                    80           88
    Other long-term liabilities                 58           64
                                               407          409
Current liabilities                                            
    Short-term borrowings                      792          699
    Current portion of long-term debt            1           61
    Accounts payable                         2 202        1 357
    Accrued expenses                         3 377        2 336
                                             6 372        4 453
                                                               
Total shareholders' equity and              14 279       10 034
 liabilities
                                                               
Interest-bearing liabilities                 1 062        1 017
Shareholders' equity per share, EUR           6.34         4.45
Number of shares (1000 shares) *         1 163 170    1 146 871
 (split-adjusted)                                               

* Shares owned by Group companies are excluded

Currency rate December 31, 1999, 1 EUR = 1.008 USD, 
1 EUR = 5.94573 FIM

SHAREHOLDERS' EQUITY, EUR million
(audited)

                   Share  Share  Treasury Translation Retained  Total        
                 capital  issue    shares differences earnings  
                         premium                   

Balance at           252    803      -110         182    2 493  3 620
 December 31, 1997
Share issue            3    106                                   109
Dividend                                                  -378   -378
Translation                                                         -
 differences
Other increase/                                              8      8
 decrease, net
Net profit                                               1 750  1 750
Balance at           255    909      -110         182    3 873  5 109
 December 31, 1998
Share issue            3    191                                   194
Bonus issue           36    -36                                     -
Cancellation of      -15     15       110                 -110      -
 treasury shares
Acquisition of                        -24                   24      -
 treasury shares
Dividend                                                  -586   -586
Translation                                        61              61
 differences
Other increase/                                             23     23
 decrease, net
Net profit                                               2 577  2 577
Balance at           279  1 079       -24         243    5 801  7 378
 December 31, 1999



COMMITMENTS AND CONTINGENCIES, EUR million
(audited)

                                                 GROUP
                                        31.12.1999  31.12.1998
Collateral for own commitments                            
Mortgages                                        6           6
Assets pledged                                   3           9
                                                          
Contingent liabilities on behalf of 
 Group companies
Other guarantees                               427         283
                                                          
Contingent liabilities on behalf of                       
 associated companies
Guarantees for loans                             -           1
                                                          
Contingent liabilities on behalf of                       
 other companies
Guarantees for loans                           234          84
                                                          
Leasing obligations                            560         463


Currency rate December 31, 1999, 1 EUR = 1.008 USD, 
1 EUR = 5.94573 FIM


NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS 1), EUR million
(audited)

                               31.12.1999   31.12.1998
                                                      
Foreign exchange forward            9 473       15 638
 contracts 2) 3)
Currency options bought             1 184          741
Currency options sold                 979          876
Interest rate forward and             598            -
 futures contracts 2)
Interest rate swaps                   250           67

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. As at December 31, 1999
   notional amount includes contracts amounting to 0.6 billion EUR
   used to hedge the shareholders' equity of foreign subsidiaries
   and as at December 31, 1998 respectively 1.3 billion EUR.

Currency rate December 31, 1999, 1 EUR = 1.008 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) expectations regarding market
growth and developments; 3) expectations for net sales growth and
profitability; and 4) 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; 2) industry conditions, such as the strength of product
demand, the intensity of competition, pricing pressures, the
acceptability of new product introductions, the introduction of
new products by competitors, changes in technology or the ability
of the Company to source components from third parties without
interruption and at reasonable prices and the financial condition
of the Company's 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 in the Company's Form 20-F for the year
ended December 31, 1998.


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

Instead of International Accounting Standards (IAS), Nokia will 
start reporting according to U.S.GAAP as of January, 2000

Nokia will publish its 1Q results for 2000 on April 27, 2Q results
on July 27 and 3Q results on October 26, 2000.