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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