SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a -16 or 15d -16 of
the Securities Exchange Act of 1934
Report on Form 6-K dated July 13, 2021
(Commission File No. 1-13202)
Nokia Corporation
Karakaari 7A
FI-02610 Espoo
Finland
(Name and address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
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Form 20-F: x
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Form 40-F: ¨
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
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Yes: ¨
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No: x
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Yes: ¨
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No: x
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Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes: ¨
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No: x
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Enclosures:
Stock Exchange Release: Nokia expects to revise upwards its 2021 financial
guidance
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Stock
exchange release
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1 (3)
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13 July 2021
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Nokia Corporation
Inside information
13 July 2021 at 9:00 EET
Nokia expects to revise upwards its 2021 financial guidance
Espoo, Finland – Nokia is today providing
an update to its financial guidance for full year 2021. In the second quarter Nokia saw continued strength in the business, improving
its expectations for the full year. Nokia now expects to revise upwards its prior outlook ranges for 2021. Nokia plans to provide full
details on its second quarter and half-year financial performance and revised full year 2021 guidance on 29 July 2021.
The previous outlook for 2021 (reiterated
on 29 April 2021) was:
Net sales, adjusted for currency fluctuations1
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€20.6bn to €21.8bn
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Comparable operating margin
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7 to 10%
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Free cash flow
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Positive
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Comparable ROIC
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10 to 15%
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1) Assuming continuation
of 2020 year-end EUR/USD rate of 1.23.
“We are progressing well with our three-phased
plan to achieve sustainable, profitable growth and technology leadership laid out at our Capital Markets Day in March. Our first half
performance has shown evidence of this in good cost control and also benefited from strength in a number of our end markets. We continue
to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation
for the full year,” said Pekka Lundmark, Nokia President and CEO.
The company will release its second quarter
and half year 2021 financial results on Thursday 29 July 2021.
Nokia will conduct a conference call with
analysts and investors to discuss its second quarter performance and business outlook on 29 July 2021 at 11:30am EET / 9:30am BST / 4:30am
US EST.
About Nokia
At Nokia, we create technology
that helps the world act together.
As a trusted partner for critical
networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual
property and long-term research, led by the award-winning Nokia Bell Labs.
Adhering to the highest standards
of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.
www.nokia.com
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Stock
exchange release
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2 (3)
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13 July 2021
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Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Katja Antila, Head of Media Relations
Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
www.nokia.com
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Stock
exchange release
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3 (3)
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13 July 2021
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Forward-looking statements
It should be noted that Nokia and its businesses
are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements.
These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding:
A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations,
plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of that impact of
COVID-19 on our businesses, our supply chain and our customers’ businesses) and any future dividends including timing and qualitative
and quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results,
the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness,
as well as results of operations including targeted synergies, better commercial management and those results related to market share,
prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure;
E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal change
globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and
achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations,
plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration
awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our
products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such
rollout, and our ability to capitalize on such rollout; I) expectations and targets regarding collaboration and partnering arrangements,
joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our
expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations
by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions,
acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings,
investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations,
plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or other
R&D expenditures to develop or rollout software and other new products, including 5G, ReefShark and increased digitalization; M) expectations
regarding our customers' future actions, including our customers’ capital expenditure constraints and our ability to satisfy customer’s
needs and retain their business; and N) statements preceded by or including “believe”, “expect”, “expectations”,
“deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”,
“intend”, “assumption”, “focus”, “continue”, “should", "will” or
similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our
control, which could cause our actual results to differ materially from such statements. These statements are based on management’s
best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions
based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult
to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties
that could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties and
we may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our business
groups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and market
conditions, general public health conditions (including its impact on our supply chains) and other developments in the economies where
we operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment; 3) competition
and our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies and
bring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicality
and variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) our
dependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers including
mergers and acquisitions and the possibility of our customers awarding business to our competitors; 6) our ability to maintain our existing
sources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sources
of revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operating
performance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net sales
and our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposure
to regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks in
relation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savings
and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realize
the expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreements
or arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) Nokia
Technologies' ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income and
IPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies,
including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensing
costs and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliability
of our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures;
15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulation
and cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’
security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, and
the possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect to
customer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligations
we may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance,
among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruit
appropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes,
our ability to procure certain standard components such as semiconductors, and the risks related to our production sites; 23) the impact
of litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our ability
to re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfully
implement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managed
companies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equity
return (if any) we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, and
healthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipeline
into net sales; 31) risks related to undersea infrastructure; and 32) the scope and duration of the COVID-19 impact on the global economy
and financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial,
tax, pension and other assets, and the shape of the economic recovery following the pandemic as well as the risk factors specified in
our 2020 annual report on Form 20-F published on March 4, 2021 under "Operating and financial review and prospects-Risk factors"
and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors
or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking
statements. We do 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.
www.nokia.com
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date: July 13, 2021
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Nokia Corporation
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By:
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/s/ Esa Niinimäki
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Name:
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Esa Niinimäki
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Title:
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Deputy Chief Legal Officer, Corporate
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