Nokia published its Nokia in 2012 annual report; reiterating its longer-term financial targets
(Thomson Reuters ONE) -
Nokia Corporation
Stock Exchange Release
March 28, 2013 at 11.35 (CET +1)
Espoo, Finland - Nokia has today published its "Nokia in 2012" annual report,
which includes the review by the Board of Directors and the audited annual
accounts. The publication also includes Nokia's corporate governance statement.
In the report, Nokia reiterates its longer-term financial targets.
The report will be shortly available in pdf format through
www.nokia.com/financials. Shareholders may request a hard copy of the report
free of charge through Nokia's Internet pages.
Longer-term financial targets
In this annual report, Nokia reiterated its longer-term financial targets for
its Devices & Services business and Nokia Siemens Networks.
Longer-term, Nokia continues to target:
- Devices & Services net sales to grow faster than the market.
- Devices & Services non-IFRS operating margin to be 10% or more.
Longer-term, Nokia Siemens Networks continues to target for its non-IFRS
operating margin to be between 5% and 10%.
NON-IFRS INFORMATION
This release includes information on a non-IFRS, or underlying business
performance, basis. Non-IFRS information excludes special items for all periods.
In addition, non-IFRS results exclude intangible asset amortization, other
purchase price accounting related items and inventory value adjustments arising
from the formation of Nokia Siemens Networks and from all business acquisitions.
Nokia believes that non-IFRS financial measures provide meaningful supplemental
information to both management and investors regarding Nokia's performance by
excluding the above-described items that may not be indicative of Nokia's
business operating results. Non-IFRS financial measures should not be viewed in
isolation or as substitutes to the equivalent IFRS measure(s), but should be
used in conjunction with the most directly comparable IFRS measure(s) in the
reported results.
FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its business are exposed to various risks and
uncertainties and certain statements herein that are not historical facts are
forward-looking statements, including, without limitation, those regarding: A)
the expected plans and benefits of our partnership with Microsoft to bring
together complementary assets and expertise to form a global mobile ecosystem
for smartphones; B) the timing and expected benefits of our strategies,
including expected operational and financial benefits and targets as well as
changes in leadership and operational structure; C) the timing of the deliveries
of our products and services; D) our ability to innovate, develop, execute and
commercialize new technologies, products and services; E) expectations regarding
market developments and structural changes; F) expectations and targets
regarding our industry volumes, market share, prices, net sales and margins of
our products and services; G) expectations and targets regarding our operational
priorities and results of operations; H) expectations and targets regarding
collaboration and partnering arrangements; I) the outcome of pending and
threatened litigation, regulatory proceedings or investigations by authorities;
J) expectations regarding the successful completion of restructurings,
investments, acquisitions and divestments on a timely basis and our ability to
achieve the financial and operational targets set in connection with any such
restructurings, investments, acquisitions and divestments; and K) statements
preceded by "believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "aim", "plans," "intends," "will" or similar expressions. These
statements are based on management's best assumptions and beliefs in light of
the information currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect. Factors, including risks and uncertainties that could cause
these differences include, but are not limited to: 1) our ability to make the
Windows Phone ecosystem a competitive and profitable global ecosystem that
achieves sufficient scale, value and attractiveness to relevant market
participants, making Nokia products with Windows Phone a competitive choice for
consumers; 2) our success in the smartphone market, including our ability to
introduce and bring to market quantities of attractive, competitively priced
Nokia products with Windows Phone that are positively differentiated from our
competitors' products, both outside and within the Windows Phone ecosystem; 3)
our ability to produce attractive and competitive devices in our Mobile Phones
business unit, including feature phones and devices with features such as full
touch that can be categorized as smartphones, in a timely and cost efficient
manner with differentiated hardware, software, localized services and
applications; 4) the success of our HERE strategy, including our ability to
establish a successful location-based platform and extend our location-based
services across devices and operating systems; 5) our ability to provide support
for our Devices & Services business and maintain current and create new sources
of revenue from our location-based service and commerce assets; 6) our ability
to protect numerous patented standardized or proprietary technologies from
third-party infringement or actions to invalidate the intellectual property
rights of these technologies; 7) our ability to maintain the existing sources of
intellectual property related revenue and establish new such sources; 8) the
intensity of competition in the various markets where we do business and our
ability to maintain or improve our market position or respond successfully to
changes in the competitive environment; 9) our ability to keep momentum and
increase our speed of innovation, product development and execution in order to
bring new innovative and competitive mobile products and location-based or other
services to the market in a timely manner; 10) the success of our partnership
with Microsoft in connection with the Windows Phone ecosystem; 11) our ability
to effectively and smoothly implement the planned changes in our operational
structure and achieve targeted efficiencies and reductions in operating
expenses; 12) our ability to retain, motivate, develop and recruit appropriately
skilled employees; 13) our dependence on the development of the mobile and
communications industry, including location-based and other services industries,
in numerous diverse markets, as well as on general economic conditions globally
and regionally; 14) our ability to maintain and leverage our traditional
strengths in the mobile products market, especially if we are unable retain the
loyalty of our mobile operator and distributor customers and consumers as a
result of the implementation of our strategies or other factors; 15) the
performance of the parties we partner and collaborate with, including Microsoft
and our ability to achieve successful collaboration or partnering arrangements;
16) our ability to deliver our mobile products profitably, in line with quality
requirements and on time, especially if the limited number of suppliers we
depend on fail to deliver sufficient quantities of fully functional products,
components, sub-assemblies, software and services on favorable terms and in
compliance with our supplier requirements; 17) our ability to manage efficiently
our manufacturing and logistics, as well as to ensure the quality, safety,
security and timely delivery of our products and services; 18) any actual or
even alleged defects or other quality, safety and security issues in our
products; 19) any inefficiency, malfunction or disruption of a system or network
that our operations rely on; 20) the impact of cybersecurity breach or other
factors leading to an actual or alleged loss, improper disclosure or leakage of
any personal or consumer data collected by us or our partners or subcontractors,
made available to us or stored in or through our products; 21) our ability to
successfully manage the pricing of our products and costs related to our
products and our operations; 22) the potential complex tax issues and
obligations we may face, including the obligation to pay additional taxes in
various jurisdictions and our actual or anticipated performance, among other
factors, could result in allowances related to deferred tax assets; 23) exchange
rate fluctuations, particularly between the euro, which is our reporting
currency, and the US dollar, the Japanese yen and the Chinese yuan, as well as
certain other currencies; 24) our ability to protect the technologies, which we
or others develop or which we license, from claims that we have infringed third
parties' intellectual property rights, as well as our unrestricted use on
commercially acceptable terms of certain technologies in our product and
services; 25) the impact of economic, regulatory, political or other development
on our sales, manufacturing facilities and assets located in emerging market
countries as well as the impact of regulations against imports to those
countries; 26) the impact of changes in and enforcement of government policies,
technical standards, trade policies, laws or regulations in countries where our
assets are located and where we do business; 27) investigations or claims by
contracting parties in relation to exits from countries, areas or contractual
arrangements; 28) unfavorable outcome of litigation, regulatory proceedings or
investigations by authorities; 29) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices, and the
lawsuits and publicity related to them, regardless of merit; 30) Nokia Siemens
Networks' success in the mobile broadband infrastructure and related services
market and its ability to effectively, profitably and timely adapt business and
operations to the diverse needs of its customers; 31) Nokia Siemens Networks'
ability to maintain and improve its market position and respond successfully to
changes and competition in the mobile broadband infrastructure and related
services market; 32) Nokia Siemens Networks' success in implementing its
restructuring plan and reducing its operating expenses and other costs; 33)
Nokia Siemens Networks' ability to invest in and timely introduce new
competitive products, services, upgrades and technologies; 34) Nokia Siemens
Networks' dependence on limited number of customers and large, multi-year
contracts; 35) Nokia Siemens Networks' liquidity and its ability to meet its
working capital requirements, including access to available credit under its
financing arrangements and other credit lines as well as cash at hand; 36) the
management of Nokia Siemens Networks' customer financing exposure; 37) whether
ongoing or any additional governmental investigations of alleged violations of
law by some former employees of Siemens may involve and affect the carrier-
related assets and employees transferred by Siemens to Nokia Siemens Networks;
38) any impairment of Nokia Siemens Networks customer relationships resulting
from ongoing or any additional governmental investigations involving the Siemens
carrier-related operations transferred to Nokia Siemens Networks, as well as the
risk factors specified on pages 12-47 of Nokia's annual report on Form 20-F for
the year ended December 31, 2012 under Item 3D. "Risk Factors." Other unknown or
unpredictable factors or underlying assumptions subsequently proving to be
incorrect could cause actual results to differ materially from those in the
forward-looking statements. Nokia does not undertake any obligation to publicly
update or revise forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent legally required.
About Nokia
Nokia is a global leader in mobile communications whose products have become an
integral part of the lives of people around the world. Every day, more than 1.3
billion people use their Nokia to capture and share experiences, access
information, find their way or simply to speak to one another. Nokia's
technological and design innovations have made its brand one of the most
recognized in the world. For more information, visit http://www.nokia.com/about-
nokia.
Media Enquiries:
Nokia
Communications
Tel. +358 7180 34900
Email: press.services(at)nokia.com
www.nokia.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NOKIA via Thomson Reuters ONE
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