Final Results - Part 2

Nokia Corporation 30 January 2001 PART 2 CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million (audited) 10-12/00 10-12/99 1-12/00 1-12/99 Net sales 9 284 6 372 30 376 19 772 Cost of sales -5 942 -3 950 -19 072 -12 227 Research and development -764 -579 -2 584 -1 755 expenses Selling, general and -795 -508 -2 804 -1 811 administrative expenses Amortization of goodwill -57 -27 -140 -71 Operating profit 1 726 1 308 5 776 3 908 Share of results of associated -7 -4 -16 -5 companies Financial income and expenses 51 -31 102 -58 Profit before tax and minority 1 770 1 273 5 862 3 845 interests Tax -536 -382 -1 784 -1 189 Minority interests -30 -38 -140 -79 Net profit 1 204 853 3 938 2 577 Earnings per share, EUR Net profit Basic 0.26 0.19 0.84 0.56 Diluted 0.25 0.18 0.82 0.54 Average number of shares (1 000 shares) Basic 4685458 4601169 4673162 4593761 Diluted 4795272 4765031 4792980 4743184 Depreciation and amortization, 323 207 1 009 665 total Currency rate December 31, 2000, 1 EUR = 0.890 USD, 1 EUR = 5.94573 FIM NET SALES BY BUSINESS GROUP, EUR million (audited) 10-12/00 10-12/99 1-12/00 1-12/99 Nokia Networks 2 361 1 740 7 714 5 673 Nokia Mobile Phones 6 709 4 246 21 887 13 182 Nokia Ventures 241 226 854 415 Organization Discontinued Display - 177 - 580 Products Inter-business group -27 -17 -79 -78 eliminations Nokia Group 9 284 6 372 30 376 19 772 OPERATING PROFIT BY BUSINESS GROUP, EUR million (audited) 10-12/00 10-12/99 1-12/00 1-12/99 Nokia Networks 388 334 1 358 1 082 Nokia Mobile Phones 1 429 1 059 4 879 3 099 Nokia Ventures -127 -84 -387 -175 Organization Common Group Expenses 36 -1 -74 -98 Nokia Group 1 726 1 308 5 776 3 908 PERSONNEL 31.12.2000 31.12.1999 Nokia Networks 23 965 23 718 Nokia Mobile Phones 28 047 23 775 Nokia Ventures Organization 2 570 2 305 Other Operations 5 707 5 462 Nokia Group 60 289 55 260 Finland 24 379 23 267 Other Europe and Africa 14 986 14 323 Americas 11 837 10 586 Asia-Pacific 9 087 7 084 CONDENSED CASH FLOW STATEMENT, IAS, EUR million (audited) 1-12/00 1-12/99 Net cash from 3 509 3 102 operating activities Net cash used in -2 293 -1 341 investing activities Net cash used in -1 272 -592 financing activities Net decrease/increase in cash and -56 1 169 cash equivalents Cash and cash equivalents at 4 239 2 990 beginning of period Cash and cash equivalents at 4 183 4 159 end of period Currency rate December 31, 2000, 1 EUR = 0.890 USD, 1 EUR = 5.94573 FIM CONSOLIDATED BALANCE SHEET, IAS, EUR million (audited) 31.12.2000 31.12.1999 ASSETS Fixed assets and other non-current assets Intangible assets 1 994 838 Property, plant and equipment 2 732 2 031 Investments in associated companies 61 76 Investments in other companies 150 68 Deferred tax assets 401 257 Other assets 1 050 217 6 388 3 487 Current assets Inventories 2 263 1 772 Receivables 7 056 4 861 Short-term investments 2 774 3 136 Bank and cash 1 409 1 023 13 502 10 792 Total assets 19 890 14 279 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 282 279 Share issue premium 1 695 1 079 Treasury shares -157 -24 Translation differences 347 243 Retained earnings 8 641 5 801 10 808 7 378 Minority interests 177 122 Long-term liabilities Long-term interest bearing liabilities 173 269 Deferred tax liabilities 69 80 Other long-term liabilities 69 58 311 407 Current liabilities Short-term borrowings and 1 116 793 current portion of long-term debt Accounts payable 2 814 2 202 Accrued expenses 4 664 3 377 8 594 6 372 Total shareholders' equity and 19 890 14 279 liabilities Interest-bearing liabilities 1 289 1 062 Shareholders' equity per share, EUR 2.30 1.59 Number of shares (1000 shares) * 4 692 133 4 652 679 * Shares owned by Group companies are excluded Currency rate December 31, 2000, 1 EUR = 0.890 USD, 1 EUR = 5.94573 FIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR million (audited) 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 3 191 194 Bonus issues 36 -36 - Cancellation of -15 15 110 -110 - treasury shares Acquisition of -24 24 - treasury shares Dividend -586 -586 Dividend of 31 31 treasury shares Translation 61 61 differences Other increase/ -8 -8 decrease, net Net profit 2 577 2 577 Balance at December 31, 1999 279 1 079 -24 243 5 801 7 378 Share issue 3 554 557 Acquisition of -160 -160 treasury shares Disposal of 27 27 treasury shares Stock options 75 75 issued on acquisitions Stock options -13 -13 exercised related to acquisitions Dividend -931 -931 Translation 104 104 differences Change in -206 -206 accounting policy Other increase/ 39 39 decrease, net Net profit 3 938 3 938 Balance at December 31, 2000 282 1 695 -157 347 8 641 10 808 COMMITMENTS AND CONTINGENCIES, EUR million (audited) GROUP 31.12.2000 31.12.1999 Collateral for own commitments Mortgages 12 6 Assets pledged 4 3 Collateral given on behalf of other companies Assets pledged 23 - Contingent liabilities on behalf of Group companies Other guarantees 656 427 Contingent liabilities on behalf of other companies Guarantees for loans 298 234 Leasing obligations 895 560 Currency rate December 31, 2000, 1 EUR = 0.890 USD, 1 EUR = 5.94573 FIM NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS1), EUR million (audited) 31.12.2000 31.12.1999 Foreign exchange forward contracts 2)3) 10 497 9 473 Currency options bought 3) 2 165 1 184 Currency options sold 3) 2 029 978 Interest rate forward and - 598 futures contracts 2) Interest rate swaps 250 250 Cash settled equity swaps 4) 336 - 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) As at December 31, 2000 notional amount includes contracts amounting to EUR 0.7 billion used to hedge the net investments in foreign subsidiaries (December 31, 1999 EUR 0.6 billion). 4) Cash settled equity swaps are used to hedge risks relating to incentive programs and investment activities. Currency rate December 31, 2000, 1 EUR = 0.890 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. 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 will publish its 1Q results for 2001 on April 20, 2Q results on July 19 and 3Q results on October 19, 2001.

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