Nokia CorporationStock Exchange ReleaseJuly 24, 2017 at
9:00 (CET +1)
Nokia provides recast comparative segment results for 2016
and Q1 2017 reflecting the new financial reporting
structure
Espoo, Finland - Nokia today provided in advance of its next
results announcement recast comparative segment financial
information on a quarterly and annual basis for 2016 and for Q1
2017, reflecting the creation of the Global Services business group
and its effect on Nokia's financial reporting and organizational
structure.
As announced earlier, Nokia will publish its financial report
for the second quarter and half year 2017 on July 27, 2017 at
approximately 8 a.m. Finnish time (CET+1).
Changes in reporting structure, effective from April 1,
2017
On March 17, 2017, Nokia announced changes in its organizational
structure designed to accelerate the execution of its strategy,
including strengthening Nokia's ability to deliver strong financial
performance, drive growth in services, meet changing customer
demands in mobile networks, achieve cost savings and ongoing
transformation goals, and enable strategic innovation across
Nokia's Networks business. These organizational changes included
the separation of Nokia's former Mobile Networks business group
into two distinct organizations: one focused on products and
solutions, called Mobile Networks, and the other on services,
called Global Services.
As a result of these changes, Nokia has changed its financial
reporting structure for its Networks business. As of the second
quarter 2017, Nokia's Networks business is comprised of three
reportable segments and five business groups.
- Ultra Broadband Networks, comprised of the Mobile Networks and
Fixed Networks business groups.
- The Mobile Networks business group is comprised of the products
and solutions that resided within the previous Mobile Networks
business group. As a result of the organization change, services no
longer reside under Mobile Networks. The Mobile Networks business
group provides radio networks, converged core networks and advanced
mobile networks solutions.
- The Fixed Networks business group provides broadband access,
digital home, access management solutions and Fixed Networks
services.
- Global Services, comprised of the Global Services business
group.
- The Global Services business group is comprised of the services
that resided within the previous Mobile Networks business group,
including company-wide managed services. Global Services does not
include the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics, which continue to reside within the
respective business groups. The Global Services business group
provides network planning and optimization, network implementation,
system integration, company-wide managed services and care.
- IP Networks and Applications, comprised of the IP/Optical
Networks and Applications & Analytics business groups.
- The IP/Optical Networks business group provides IP routing,
optics and IP/Optical Networks services.
- The Applications & Analytics business group provides
intelligent software and services that help service providers build
strong digital businesses including business support systems,
operational support systems, service delivery platforms, network
management, emerging businesses, as well as the software and
services offerings from the Comptel acquisition.
Recast comparative segment financial information for 2016 and
Q1 2017
To provide a basis for comparison, the following tables present
a recasting of Nokia's segment financial information on an
unaudited basis for all four quarters of 2016 separately, as well
as for the full year 2016 and Q1 2017.
The tables are also available in Excel format at
http://nokia.com/financials.
Q1'17 |
Ultra Broad-band Net-works1 |
Glo-bal Servi-ces |
IP Net-works and Appli-ca-tions 2 |
Nokia's Net-works busi-ness Total 3 |
Nokia Tech-no-logies |
Group Com-mon and Other |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions 4 |
Nokia Total |
EURmillion |
Netsales |
2 236 |
1 361 |
1 304 |
4 902 |
247 |
254 |
(15) |
5 388 |
(11) |
5 378 |
Cost ofsales |
(1 105) |
(1 118) |
(744) |
(2 967) |
(13) |
(227) |
15 |
(3 192) |
(61) |
(3 252) |
Grossprofit |
1 131 |
243 |
560 |
1 935 |
234 |
27 |
0 |
2 196 |
(71) |
2 125 |
% ofnet sales |
50.6% |
17.9% |
42.9% |
39.5% |
94.7% |
10.6% |
|
40.8% |
|
39.5% |
|
|
|
|
|
|
|
|
|
|
|
Researchand deve-lopmentexpenses |
(583) |
(23) |
(338) |
(944) |
(61) |
(76) |
0 |
(1 080) |
(184) |
(1 265) |
% ofnet sales |
26% |
2% |
26% |
19% |
25% |
30% |
|
20% |
|
24% |
|
|
|
|
|
|
|
|
|
|
|
Selling,generaland admi-nistra-tiveexpenses |
(300) |
(164) |
(203) |
(667) |
(58) |
(56) |
0 |
(781) |
(138) |
(919) |
% ofnet sales |
13% |
12% |
16% |
14% |
23% |
22% |
|
14% |
|
17% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
(3) |
(2) |
4 |
0 |
0 |
6 |
0 |
6 |
(74) |
(69) |
Opera-tingprofit(loss) |
245 |
55 |
23 |
324 |
116 |
(99) |
0 |
341 |
(468) |
(127) |
% ofnet sales |
11.0% |
4.0% |
1.8% |
6.6% |
47.0% |
(39.0)% |
|
6.3% |
|
(2.4)% |
1 Mobile Networks net sales of EUR 1 735 million,
Fixed Networks net sales of EUR 501 million. |
2 IP Routing net sales of EUR 621 million, Optical
Networks net sales of EUR 324 million and Applications &
Analytics net sales of EUR 359 million. |
3 Includes Total Services net sales of EUR 1 909
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 1 361 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
FullYear2016 |
Ultra Broad-band Net-works 1 |
Glo-bal Ser-vi-ces |
IP Net-works and Appli-ca-tions2 |
Nokia's Net-works busi-ness Total3 |
Nokia Tech-no-logies |
Group Com-monand Other |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions4 |
Nokia Total |
EURmillion |
Netsales |
9 758 |
6 036 |
6 036 |
21 830 |
1 053 |
1 142 |
(53) |
23 972 |
(331) |
23 641 |
Cost ofsales |
(5 210) |
(4 825) |
(3 335) |
(13 370) |
(42) |
(957) |
53 |
(14 316) |
(801) |
(15 117) |
Grossprofit |
4 548 |
1 211 |
2 701 |
8 460 |
1 011 |
185 |
0 |
9 657 |
(1 133) |
8 524 |
% ofnet sales |
46.6% |
20.1% |
44.7% |
38.8% |
96.0% |
16.2% |
|
40.3% |
|
36.1% |
|
|
|
|
|
|
|
|
|
|
|
Re-searchand deve-lopmentexpenses |
(2 393) |
(96) |
(1 288) |
(3 777) |
(249) |
(287) |
0 |
(4 314) |
(683) |
(4 997) |
% ofnet sales |
25% |
2% |
21% |
17% |
24% |
25% |
|
18% |
|
21% |
|
|
|
|
|
|
|
|
|
|
|
Selling,generaland admi-nistra-tiveexpenses |
(1 212) |
(679) |
(773) |
(2 664) |
(184) |
(235) |
0 |
(3 082) |
(685) |
(3 767) |
% ofnet sales |
12% |
11% |
13% |
12% |
17% |
21% |
|
13% |
|
16% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
(21) |
(30) |
(25) |
(76) |
1 |
(13) |
0 |
(88) |
(772) |
(860) |
Opera-tingprofit/(loss) |
922 |
406 |
615 |
1 943 |
579 |
(350) |
0 |
2 172 |
(3 272) |
(1 100) |
% ofnet sales |
9.4% |
6.7% |
10.2% |
8.9% |
55.0% |
(30.6)% |
|
9.1% |
|
(4.7)% |
1 Mobile Networks net sales of EUR 7 357 million,
Fixed Networks net sales of EUR 2 401 million. |
2 IP Routing net sales of EUR 2 941 million, Optical
Networks net sales of EUR 1 564 million and Applications &
Analytics net sales of EUR 1 532 million. |
3 Includes Total Services net sales of EUR 8 531
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 6 036 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
Q1'16 |
Ultra Broad-band Net-works1 |
Glo-bal Ser-vi-ces |
IPNet-worksand Appli-ca-tions2 |
Nokia's Net-works busi-ness Total3 |
Nokia Tech-no-lo-gies |
Group Com-monand Other |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions4 |
Nokia Total |
EURmillion |
Netsales |
2 297 |
1 444 |
1 453 |
5 193 |
198 |
235 |
(11) |
5 615 |
(104) |
5 511 |
Cost ofsales |
(1 251) |
(1 137) |
(800) |
(3 188) |
(2) |
(209) |
11 |
(3 388) |
(547) |
(3 935) |
Grossprofit |
1 046 |
307 |
653 |
2 005 |
196 |
27 |
0 |
2 228 |
(651) |
1 577 |
% ofnet sales |
45.5% |
21.3% |
44.9% |
38.6% |
99.0% |
11.5% |
|
39.7% |
|
28.6% |
|
|
|
|
|
|
|
|
|
|
|
Re-searchand deve-lopment expenses |
(612) |
(25) |
(340) |
(977) |
(58) |
(73) |
0 |
(1 108) |
(156) |
(1 264) |
% ofnet sales |
27% |
2% |
23% |
19% |
29% |
31% |
|
20% |
|
23% |
|
|
|
|
|
|
|
|
|
|
|
Selling,generaland admi-nistra-tive expenses |
(299) |
(173) |
(198) |
(669) |
(32) |
(47) |
0 |
(748) |
(224) |
(972) |
% ofnet sales |
13% |
12% |
14% |
13% |
16% |
20% |
|
13% |
|
18% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
(8) |
(6) |
(8) |
(22) |
0 |
(5) |
0 |
(27) |
(25) |
(52) |
Opera-tingprofit/(loss) |
127 |
102 |
107 |
337 |
106 |
(99) |
0 |
345 |
(1 057) |
(712) |
% ofnet sales |
5.5% |
7.1% |
7.4% |
6.5% |
53.5% |
(42.1)% |
|
6.1% |
|
(12.9)% |
1 Mobile Networks net sales of EUR 1 678 million,
Fixed Networks net sales of EUR 619 million. |
2 IP Routing net sales of EUR 717 million, Optical
Networks net sales of EUR 377 million and Applications &
Analytics net sales of EUR 359 million. |
3 Includes Total Services net sales of EUR 2 022
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 1 444 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
Q2'16 |
Ultra Broad-band Net-works1 |
Glo-bal Ser-vi-ces |
IP Net-worksand Appli-ca-tions2 |
Nokia's Net-works busi-ness Total3 |
Nokia Tech-no-lo-gies |
Group Com-monandOther |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions 4 |
Nokia Total |
EURmillion |
Netsales |
2 356 |
1 444 |
1 421 |
5 222 |
194 |
270 |
(16) |
5 670 |
(93) |
5 576 |
Cost ofsales |
(1 246) |
(1 201) |
(809) |
(3 256) |
(7) |
(218) |
16 |
(3 464) |
(81) |
(3 545) |
Grossprofit |
1 110 |
244 |
612 |
1 966 |
187 |
52 |
0 |
2 205 |
(174) |
2 031 |
% ofnet sales |
47.1% |
16.9% |
43.1% |
37.6% |
96.4% |
19.3% |
|
38.9% |
|
36.4% |
|
|
|
|
|
|
|
|
|
|
|
Re-searchanddeve-lopmentexpenses |
(614) |
(24) |
(310) |
(948) |
(57) |
(70) |
0 |
(1 074) |
(162) |
(1 236) |
% ofnet sales |
26% |
2% |
22% |
18% |
29% |
26% |
|
19% |
|
22% |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and admi-nistra-tive expenses |
(304) |
(170) |
(190) |
(664) |
(39) |
(63) |
0 |
(765) |
(154) |
(919) |
% ofnet sales |
13% |
12% |
13% |
13% |
20% |
23% |
|
13% |
|
16% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
(9) |
(15) |
(17) |
(41) |
(2) |
10 |
0 |
(34) |
(602) |
(636) |
Opera-tingprofit/(loss) |
184 |
34 |
95 |
313 |
89 |
(70) |
0 |
332 |
(1 092) |
(760) |
% ofnet sales |
7.8% |
2.4% |
6.7% |
6.0% |
45.9% |
(25.9)% |
|
5.9% |
|
(13.6)% |
1 Mobile Networks net sales of EUR 1 727 million,
Fixed Networks net sales of EUR 629 million. |
2 IP Routing net sales of EUR 713 million, Optical
Networks net sales of EUR 375 million and Applications &
Analytics net sales of EUR 334 million. |
3 Includes Total Services net sales of EUR 2 039
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 1 444 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
Q3'16 |
Ultra Broad-band Net-works1 |
Glo-bal Ser-vi-ces |
IPNet-worksand Appli-ca-tions2 |
Nokia's Net-works busi-ness Total3 |
Nokia Tech-no-lo-gies |
Group Com-monandOther |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions4 |
Nokia Total |
EURmillion |
Netsales |
2 519 |
1 389 |
1 421 |
5 329 |
353 |
297 |
(22) |
5 956 |
(60) |
5 896 |
Cost ofsales |
(1 358) |
(1 158) |
(815) |
(3 330) |
(12) |
(255) |
22 |
(3 575) |
(88) |
(3 663) |
Grossprofit |
1 161 |
231 |
607 |
1 998 |
341 |
42 |
0 |
2 381 |
(149) |
2 233 |
% ofnet sales |
46.1% |
16.6% |
42.7% |
37.5% |
96.6% |
14.1% |
|
40.0% |
|
37.9% |
|
|
|
|
|
|
|
|
|
|
|
Re-searchand deve-lopment expenses |
(575) |
(23) |
(303) |
(901) |
(65) |
(70) |
0 |
(1 037) |
(179) |
(1 216) |
% ofnet sales |
23% |
2% |
21% |
17% |
18% |
24% |
|
17% |
|
21% |
|
|
|
|
|
|
|
|
|
|
|
Selling, generaland admi-nistra-tive expenses |
(301) |
(168) |
(188) |
(657) |
(50) |
(65) |
0 |
(772) |
(145) |
(916) |
% ofnet sales |
12% |
12% |
13% |
12% |
14% |
22% |
|
13% |
|
16% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
(7) |
(1) |
3 |
(5) |
0 |
(11) |
0 |
(17) |
(29) |
(45) |
Operatingprofit/(loss) |
278 |
39 |
119 |
435 |
226 |
(105) |
0 |
556 |
(501) |
55 |
% ofnet sales |
11.0% |
2.8% |
8.4% |
8.2% |
64.0% |
(35.4)% |
|
9.3% |
|
0.9% |
1 Mobile Networks net sales of EUR 1 924 million,
Fixed Networks net sales of EUR 595 million. |
2 IP Routing net sales of EUR 696 million, Optical
Networks net sales of EUR 352 million and Applications &
Analytics net sales of EUR 373 million. |
3 Includes Total Services net sales of EUR 1 972
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 1 389 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
Q4'16 |
Ultra Broad-band Net-works1 |
Glo-bal Ser-vi-ces |
IPNet-worksand Appli-ca-tions2 |
Nokia's Net-works busi-ness Total3 |
Nokia Tech-no-lo-gies |
Group Com-monandOther |
Eli-mi-na-tions |
Non-IFRS total |
Non-IFRS exclu-sions4 |
Nokia Total |
EURmillion |
Netsales |
2 586 |
1 759 |
1 740 |
6 086 |
309 |
340 |
(3) |
6 731 |
(74) |
6 657 |
Cost ofsales |
(1 355) |
(1 329) |
(912) |
(3 596) |
(21) |
(275) |
3 |
(3 889) |
(85) |
(3 974) |
Grossprofit |
1 231 |
430 |
829 |
2 490 |
287 |
65 |
0 |
2 842 |
(159) |
2 683 |
% ofnet sales |
47.6% |
24.4% |
47.6% |
40.9% |
92.9% |
19.1% |
|
42.2% |
|
40.3% |
|
|
|
|
|
|
|
|
|
|
|
Re-searchand deve-lopment expenses |
(592) |
(24) |
(335) |
(951) |
(70) |
(74) |
0 |
(1 095) |
(185) |
(1 281) |
% ofnet sales |
23% |
1% |
19% |
16% |
23% |
22% |
|
16% |
|
19% |
|
|
|
|
|
|
|
|
|
|
|
Selling, generaland admi-nistra-tive expenses |
(308) |
(169) |
(197) |
(674) |
(63) |
(60) |
0 |
(797) |
(162) |
(959) |
% ofnet sales |
12% |
10% |
11% |
11% |
20% |
18% |
|
12% |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
Otherincomeandexpenses |
3 |
(7) |
(3) |
(8) |
4 |
(6) |
0 |
(10) |
(116) |
(126) |
Operatingprofit/(loss) |
333 |
230 |
294 |
858 |
158 |
(76) |
0 |
940 |
(622) |
317 |
% ofnet sales |
12.9% |
13.1% |
16.9% |
14.1% |
51.1% |
(22.4)% |
|
14.0% |
|
4.8% |
1 Mobile Networks net sales of EUR 2 028 million,
Fixed Networks net sales of EUR 558 million. |
2 IP Routing net sales of EUR 815 million, Optical
Networks net sales of EUR 460 million and Applications &
Analytics net sales of EUR 466 million. |
3 Includes Total Services net sales of EUR 2 498
million which consists of all of the services sales of Nokia's
Networks business, including Global Services of EUR 1 759 million
and the services of Fixed Networks, IP/Optical Networks and
Applications & Analytics. |
4 Non-IFRS results exclude costs related to the
Alcatel-Lucent transaction and related integration, goodwill
impairment charges, intangible asset amortization and purchase
price related items, restructuring and associated charges, and
certain other items that may not be indicative of Nokia's
underlying business performance. |
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FORWARD-LOOKING STATEMENTSIt 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, including, without limitation, those
regarding: A) our ability to integrate Alcatel Lucent into our
operations and achieve the targeted business plans and benefits,
including targeted synergies in relation to the acquisition of
Alcatel Lucent; B) expectations, plans or benefits related to our
strategies and growth management; C) expectations, plans or
benefits related to future performance of our businesses; D)
expectations, plans or benefits related to changes in
organizational and operational structure; E) expectations regarding
market developments, general economic conditions and structural
changes; F) expectations and targets regarding financial
performance, results, operating expenses, taxes, currency exchange
rates, hedging, cost savings and competitiveness, as well as
results of operations including targeted synergies and those
related to market share, prices, net sales, income and margins; G)
expectations, plans or benefits related to any future collaboration
or to the business collaboration agreement and the patent license
agreement between Nokia and Apple announced on May 23, 2017,
including income to be received under any collaboration or
partnership or agreement; H) timing of the deliveries of our
products and services; 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; and L)
statements preceded by or including "believe," "expect,"
"anticipate," "foresee," "sees," "target," "estimate," "designed,"
"aim," "plans," "intends," "focus," "continue," "project,"
"should," "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 execute our strategy, sustain or
improve the operational and financial performance of our business
and correctly identify and successfully pursue business
opportunities or growth; 2) our ability to achieve the anticipated
benefits, synergies, cost savings and efficiencies of the
acquisition of Alcatel Lucent, and our ability to implement our
organizational and operational structure efficiently; 3) general
economic and market conditions and other developments in the
economies where we operate; 4) competition and our ability to
effectively and profitably compete and invest in new competitive
high-quality products, services, upgrades and technologies and
bring them to market in a timely manner; 5) our dependence on the
development of the industries in which we operate, including the
cyclicality and variability of the information technology and
telecommunications industries; 6) 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; 7) our
ability to manage and improve our financial and operating
performance, cost savings, competitiveness and synergies after the
acquisition of Alcatel Lucent; 8) our dependence on a limited
number of customers and large multi-year agreements; 9) exchange
rate fluctuations, as well as hedging activities; 10) Nokia
Technologies' ability to protect its IPR and to maintain and
establish new sources of patent licensing income and IPR-related
revenues, particularly in the smartphone market; 11) our ability to
successfully realize the expectations, plans or benefits related to
any future collaboration or to the business collaboration agreement
and the patent license agreement between Nokia and Apple announced
on May 23, 2017, including income to be received under any
collaboration or partnership or agreement; 12) 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; 13) 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; 14) our ability to
identify and remediate material weaknesses in our internal control
over financial reporting; 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; 17) Nokia Technologies' ability to
generate net sales and profitability through licensing of the Nokia
brand, particularly in digital media and digital health, and the
development and sales of products and services, as well as other
business ventures which may not materialize as planned; 18) our
exposure to various legislative frameworks and jurisdictions that
regulate fraud and enforce economic trade sanctions and policies,
and the possibility of proceedings or investigations that result in
fines, penalties or sanctions; 19) adverse developments with
respect to customer financing or extended payment terms we provide
to customers; 20) 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; 21) our actual or
anticipated performance, among other factors, which could reduce
our ability to utilize deferred tax assets; 22) our ability to
retain, motivate, develop and recruit appropriately skilled
employees; 23) disruptions to our manufacturing, service creation,
delivery, logistics and supply chain processes, and the risks
related to our geographically-concentrated production sites; 24)
the impact of litigation, arbitration, agreement-related disputes
or product liability allegations associated with our business; 25)
our ability to optimize our capital structure as planned and
re-establish our investment grade credit rating or otherwise
improve our credit ratings; 26) our ability to achieve targeted
benefits from or successfully achieve the required administrative,
legal, regulatory and other conditions and implement planned
transactions, as well as the liabilities related thereto; 27) our
involvement in joint ventures and jointly-managed companies; 28)
the carrying amount of our goodwill may not be recoverable; 29)
uncertainty related to the amount of dividends and equity return we
are able to distribute to shareholders for each financial period;
30) pension costs, employee fund-related costs, and healthcare
costs; and 31) risks related to undersea infrastructure, as well as
the risk factors specified on pages 67 to 85 of our 2016 annual
report on Form 20-F under "Operating and financial review and
prospects-Risk factors" and in our other filings 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.
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