HELSINKI, Finland, Jan. 24, 2002 (PRIMEZONE) -- Nokia (NYSE:NOK):
Fourth quarter 2001 compared with fourth quarter 2000:
-- Net sales decreased 5% to EUR 8 788 million
(EUR 9 284 million in 4Q 2000)
-- Pro forma operating profit was EUR 1 589 million
(EUR 1 728 million); operating margin was 18.1% (18.6%)
-- Pro forma adjustments for 4Q 2001 were
EUR 736 million, consisting of:
-- goodwill amortization of EUR 87 million
-- goodwill impairment of EUR 464 million relating
to Nokia Networks Broadband business and Nokia
Internet Communications
-- restructuring expenses of EUR 105 million
-- impairment of minority investments of EUR
80 million
-- Pro forma net profit was EUR 1 153 million
(EUR 1 210 million)
-- Pro forma earnings per share (diluted) was EUR 0.24
(EUR 0.25)
-- Reported (IAS) net profit was EUR 450 million
(EUR 1 204 million) and reported earnings
per share (diluted) was EUR 0.09 (EUR 0.25)
Full year 2001 compared with full year 2000:
-- Net sales grew 3% to EUR 31 191 million (EUR 30 376
million in 2000)
-- Pro forma operating profit was EUR 5 237 million
(EUR 5 861 million), operating margin was 16.8% (19.3%)
-- Pro forma adjustments for 2001 were EUR 1 875 million
-- Pro forma net profit was EUR 3 789 million (EUR 4 027 million)
-- Pro forma earnings per share (diluted) was EUR 0.79 (EUR 0.84)
-- Reported (IAS) net profit was EUR 2 200 million (EUR 3 938
million) and reported earnings per share (diluted) was
EUR 0.46 (EUR 0.82)
-- At year-end, the net cash position was EUR 5.1 billion
(EUR 2.9 billion) and the net debt-to-equity ratio (gearing)
was -41% (-26%)
Nokia's Board of Directors will propose a dividend of EUR 0.27 per share in respect of 2001.
Jorma Ollila, Nokia Chairman and CEO, said: "The year was characterized by intense competition, extreme volatility and a weakened global economy. Even in this environment, with our strong and focused team we increased sales, sustained solid profitability and achieved extraordinarily strong operating cash flow of EUR 6.5 billion. As we enter 2002, our strategic position is better than ever backed by a very strong brand, product range and operational ability."
"I am more than happy with Nokia's fourth quarter performance. We achieved significant market share gains maintaining excellent profitability in our mobile phone business and succeeded in substantially reducing the impact of a challenging environment on our networks business. We increased our full-year market share in mobile phones for the fourth consecutive year, reaching approximately 37% - almost double the level of 19% in 1997."
-- Nokia plans a mid-quarter update on March 12, 2002. -- Results announcements for 1Q, 2Q and 3Q, 2002 are planned for April 18, July 18 and October 17, respectively. -- The Annual General Meeting will be held on March 21, 2002. (A full-length version of this release has been published on the Nokia website at www.nokia.com)
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