TIDMNOKIA
Nokia Corporation
Interim report
April 30, 2020 at 08:00 (CET +1)
Nokia Corporation Interim Report for Q1
Improved margins as transformation and product cost reduction efforts
take hold
-- Confidence in resilient customer base and strong liquidity position
-- 5G deal momentum continues, with 70 commercial deals and 21 live networks
-- Strong growth in Nokia Software and Nokia Enterprise
-- Within previously provided Outlook ranges for full year 2020, adjusted
the non-IFRS mid-points for EPS to EUR 0.23 and operating margin to 9.0%
-- Majority of COVID-19 impact expected in Q2; continue to expect a
seasonally strong second half
This is a summary of the Nokia Corporation interim report for Q1 2020
published today. The complete interim report for Q1 2020 with tables is
available at
https://www.globenewswire.com/Tracker?data=R-6jJQnMWeMKv4KBSYaYb69dFHI2FVK0QYlXBzyLZ4qTcchGKMXDvTWY9U9v-3uQdJxOc4lFu9jNCwIuSFGgLfFDRF52mJyDbwV24BPBlV0=
www.nokia.com/financials. Investors should not rely on summaries of our
financial reports only, but should review the complete financial reports
with tables.
RAJEEV SURI, PRESIDENT AND CEO, ON Q1 RESULTS
Nokia's solid first quarter results showed broad year-on-year
profitability improvements as our transformation and product cost
reduction efforts started to take hold. On a year-on-year basis,
group-level non-IFRS operating margin was up by 3.6 percentage points;
Networks gross margin increased by 3.5 percentage points; Nokia Software
had an excellent quarter with sharp margin improvements and strong
momentum with customers in North America; and, Nokia Enterprise
delivered double-digit sales growth.
As I noted last quarter, we continue to have a sharp focus on Mobile
Access and cash generation and saw good progress in both areas in the
first quarter. "5G powered by ReefShark" shipments continue to increase
and product cost reductions are proceeding well. We also announced some
leading new solutions in the quarter, including a unique approach to
dynamic spectrum sharing that is in test mode with select major
customers today, and is expected to be available in volume over the
summer, in line with the availability of DSS-capable mobile devices. On
the services side, ongoing execution improvements drove improved
year-on-year profitability. We also enhanced our total cash position to
EUR6.3 billion, while net cash showed an expected seasonal decline to
EUR1.3 billion.
These improvements are, of course, coming at a time of unprecedented
change, given the impact of COVID-19. Our top focus areas are protecting
our employees, maintaining critical network infrastructure for customers,
and ensuring we have a strong cash position. In Q1, we saw a top line
impact from COVID-19 issues of approximately EUR200 million, largely the
result of supply issues associated with disruptions in China.
We are adjusting the mid-points within our previously disclosed Outlook
ranges for full-year 2020 to reflect the increased risks and uncertainty
presented by the ongoing COVID-19 situation. We expect the majority of
this COVID-19 impact to be in Q2 and believe that our industry is fairly
resilient to the crisis, although not immune.
We did not see a decline in demand in the first quarter. As the COVID-19
situation develops, however, an increase in supply and delivery
challenges in a number of countries is possible and some customers may
reassess their spending plans. Pleasingly, despite the majority of our
R&D employees working from home, we have not seen any impact on our
roadmaps, and, in fact, some key software releases are proceeding ahead
of schedule. Additionally, we saw a massive increase in network capacity
demands.
In close, Nokia's vision of creating the technology to connect the world
has never been more important than today. I want to thank our employees
for their incredible resilience, ongoing support for each other whilst
working from home, and their commitment to continued delivery of
critical networks during this time. Equally, I want to thank our
customers, suppliers, communities and the entire Nokia extended "family"
for their ongoing support.
NOKIA FINANCIAL RESULTS
Constant
currency
EUR million (except for EPS in EUR) Q1'20 Q1'19 YoY change YoY change
------------------------------------ --------- ---------- ------------ --------------
Net sales 4 913 5 032 (2)% (3)%
Networks 3 757 3 944 (5)% (6)%
Nokia Software 613 543 13% 12%
Nokia Technologies 347 370 (6)% (7)%
Group Common and Other 205 220 (7)% (8)%
Non-IFRS exclusions (1) (25)
Eliminations (9) (20)
Gross profit 1 778 1 580 13%
Operating (loss)/profit (76) (524)
Networks (81) (254)
Nokia Software 70 (7)
Nokia Technologies 290 302 (4)%
Group Common and Other (164) (100)
Non-IFRS exclusions (192) (464)
Operating margin % (1.5)% (10.4)% 890bps
Net sales (non-IFRS) 4 914 5 057 (3)% (4)%
Gross profit (non-IFRS) 1 787 1 641 9%
Operating profit/(loss) (non-IFRS) 116 (59)
Operating margin % (non-IFRS) 2.4% (1.2)% 360bps
--------- ---------- ------------
Financial income and expenses (50) (55) (9)%
Income taxes 30 142
Profit/(loss) for the period (100) (442)
EPS, diluted (0.02) (0.08)
Financial income and expenses
(non-IFRS) (66) (93) (29)%
Income taxes (non-IFRS) (12) 41
Profit/(loss) for the period
(non-IFRS) 33 (116)
EPS, diluted (non-IFRS) 0.01 (0.02)
--------- ----------
Results are as reported and relate to continuing operations unless otherwise
specified. The financial information in this report is unaudited. Non-IFRS
results exclude costs related to the acquisition of Alcatel-Lucent and
related integration, goodwill impairment charges, intangible asset amortization
and other purchase price fair value adjustments, restructuring and associated
charges and certain other items that may not be indicative of Nokia's
underlying business performance. For details, please refer to note 2,
"Non-IFRS to reported reconciliation", in the notes to the Financial
statement information included in Nokia Corporation interim report for
Q1 2020. Change in net sales at constant currency excludes the effect
of changes in exchange rates in comparison to euro, our reporting currency.
For more information on currency exposures, please refer to note 1,
"Basis of Preparation", in the "Financial statement information" section
included in Nokia Corporation interim report for Q1 2020.
-- Non-IFRS net sales in Q1 2020 were EUR 4.9bn, compared to EUR 5.1bn in Q1
2019. Reported net sales in Q1 2020 were EUR 4.9bn, compared to EUR 5.0bn
in Q1 2019. On a constant currency basis, non-IFRS net sales decreased 4%
and reported net sales decreased 3%. Excluding one-time licensing net
sales in Q1 2020 and Q1 2019, net sales decreased 2% on both a non-IFRS
and reported basis. This reflected good operational performance and the
competitiveness of our offerings, given the negative impact of COVID-19
on the overall market environment. We estimate that COVID-19 had an
approximately EUR 200 million negative impact on our Q1 2020 net sales,
primarily due to supply chain challenges; with these net sales expected
to be shifted to future periods, rather than being lost.
-- Non-IFRS diluted EPS in Q1 2020 was EUR 0.01, compared to negative EUR
0.02 in Q1 2019, primarily driven by higher gross profit in Mobile Access
within Networks and Nokia Software, continued progress related to our
cost savings program and a net positive fluctuation in financial income
and expenses. This was partially offset by higher investments in 5G R&D
to accelerate our product roadmaps and cost competitiveness in Mobile
Access, income taxes and a net negative fluctuation in Nokia's venture
fund investments.
-- Reported diluted EPS in Q1 2020 was negative EUR 0.02, compared to
negative EUR 0.08 in Q1 2019, primarily driven by higher gross profit in
Mobile Access within Networks and Nokia Software, lower amortization of
acquired intangible assets and our continued progress related to our cost
savings program. This was partially offset by higher investments in 5G
R&D to accelerate our product roadmaps and cost competitiveness in Mobile
Access, income taxes and a net negative fluctuation in Nokia's venture
fund investments.
-- In Q1 2020, net cash and current financial investments ("net cash")
decreased sequentially by approximately EUR 0.4 billion, resulting in a
net cash balance of approximately EUR 1.3 billion. Total cash and current
financial investments ("total cash") increased sequentially by EUR 0.3
billion, resulting in a total cash balance of approximately EUR 6.3
billion. This reflected strong cash performance in Q1 2020, which is a
seasonally weak quarter. During Q1, we prudently strengthened our
liquidity position by drawing on the EUR 500 million facility we had
signed with European Investment Bank in 2018. Additionally, we have a EUR
1.5 billion revolving credit facility that has not been drawn upon to
date, and we continue to explore prudent opportunities to further
strengthen our liquidity.
COVID-19
The COVID-19 crisis has made vividly clear the critical importance of
connectivity to keep society functioning. We feel a sense of duty to our
customers and the communities they serve to keep vital communication
networks running and accommodate expanded needs as usage reaches
unprecedented levels.
We are continuing to advance our 5G roadmap and product evolution, as
planned, and our COVID-19 mitigation actions in R&D have been very
successful. We believe we remain on track with our plans to drive
progressive improvement over the course of 2020.
Health and safety
Naturally, Nokia's first focus during the COVID-19 crisis is to our
employees. We are working around the clock to keep our people safe. We
have put in place strict protocols for Nokia facilities and provided
clear advice to our employees about how they can mitigate the risks of
COVID-19 in situations where they have to go about critical work.
To date we have taken a range of steps, including banning international
travel for Nokia employees, except for strictly-defined 'critical'
reasons; closing all our facilities to all visitors, with the exception
of people engaged in essential maintenance and services, and asking our
staff to work from home wherever possible. We started implementing these
measures in some regions in January already and have updated guidance as
the situation has developed.
Other actions include enhanced building hygiene measures across our
facilities, and clear advice on how staff can mitigate risks by
maintaining good personal hygiene. We are also providing guidance on how
staff can maintain a healthy work-life balance and look after their
physical and mental well-being.
To protect the health and safety of our employees, shareholders and
other stakeholders, Nokia's Board of Directors resolved to cancel the
Annual General Meeting initially scheduled to be held on April 8, 2020.
The Board has subsequently convened a new AGM under a temporary Finnish
COVID-19 legislation to be held on May 27, 2020 without shareholders
attending the meeting in person.
Supporting the essential services our customers provide
The products and services that we provide have never been more critical
in enabling the world to continue to function in an orderly way. We are
providing the capacity and continuity to vital medical, social and
financial systems that are experiencing extreme stress. We continue to
work closely with all our customers, to ensure that the changing needs
and requirements at this time are well understood and that we respond
appropriately to them.
Telecom infrastructure is an essential service in most jurisdictions.
Most networks see 30 to 45 percent traffic volume growth over a year,
but in just one month -- from mid-February to mid-March -- Nokia saw a
20 to 40 percent peak increase in lockdown-impacted regions through our
operator customer base. We are working with our customers to provide
real-time and granular information about their networks and enabling
them to meet increases in demand and expand capacity where needed.
Nokia has a global manufacturing footprint designed for optimized global
supply, and to mitigate against risks such as local disruptive events,
transportation capacity problems, and political risks. Our supply
network consists of 25 factories around the globe and six hubs for
customer fulfillment. As a result, we are not dependent on one location
or entity. We have also established a global command center to manage
the supply chain challenges arising from the outbreak; and we are ready
to activate relevant business continuity plans should the situation in
any part of our organization require this.
Doing our part to fight the pandemic
We also feel another sense of duty -- to the societies where Nokia
operates. As a global company, we have a duty to be part of the global
fight against this pandemic. Therefore, Nokia has launched a Coronavirus
Global Donation Fund.
This fund is intended to support charities, hospitals, health clinics,
and other frontline non-governmental organizations who are leading the
fight against COVID-19 and trying to mitigate its effect on communities.
Financial assistance will be targeted to where it is most needed in
countries across the world. Country-specific donations will be made to
grassroots organizations from healthcare to childcare, to elderly
rehabilitation, to community support services.
These actions demonstrate our strong commitment to supporting global
efforts to end the pandemic and overcoming the disruption and challenges
we currently face.
OUTLOOK
Full Year 2020
Non-IFRS diluted earnings EUR 0.23 (adjusted from EUR 0.25) plus or minus
per share 5 cents
--------------------------- -----------------------------------------------
Non-IFRS operating margin 9.0% (adjusted from 9.5%) plus or minus 1.5
percentage points
-----------------------------------------------
Recurring free cash flow(1) Positive
Long term (3 to 5 years)
Non-IFRS operating margin 12 -- 14%
------------------------- ---------------------------------------------------
Annual distribution to An earnings-based growing dividend of approximately
shareholders 40% to 70% of non-IFRS diluted EPS, taking
into account Nokia's cash position and expected
cash flow generation. The annual distribution
would be paid as quarterly dividends.
(1) Free cash flow = net cash from operating activities - capital
expenditures + proceeds from sale of property, plant and equipment and
intangible assets -- purchase of non-current financial investments +
proceeds from sale of non-current financial investments.
KEY DRIVERS OF NOKIA'S OUTLOOK
Networks and Nokia Software are expected to be influenced by factors
including:
-- Our expectation that we will perform approximately in-line with our
primary addressable market, which is expected to decline on a constant
currency basis in full year 2020, excluding China (This change is
primarily due to the COVID-19 impact we expect in Q2 and is an update to
earlier commentary for our primary addressable market to be flat,
excluding China). We have decided to exclude China, given that pursuing
market share in China presents significant profitability challenges and
the region has some unique market dynamics;
-- Our expectation for seasonality in 2020 to be similar to 2019, with the
exception of Q2, during which we expect to see the majority of the
COVID-19 impact. As in 2019, we expect the majority of operating profit
and free cash flow to be generated in the fourth quarter (This is an
update to earlier commentary for seasonality in 2020 to be similar to
2019, with the majority of operating profit and free cash flow to be
generated in the fourth quarter);
-- Potential risks and uncertainties related to the scope and duration of
the COVID-19 impact and the pace and shape of the economic recovery
following the pandemic (This is an update to earlier commentary for a
temporary disruption, particularly in our supply chain, due to the
coronavirus outbreak);
-- Competitive intensity, which is particularly impacting Mobile Access and
is expected to continue at a high level in full year 2020, as some
competitors seek to take share in the early stage of 5G;
-- Our expectation that we will accelerate our product roadmaps and cost
competitiveness through additional 5G investments in 2020, thereby
enabling us to drive product cost reductions and maintain the necessary
scale to be competitive;
-- Our expectation that we will drive improvements in automation and
productivity through additional digitalization investments in 2020;
-- Customer demand could weaken and risk could increase further in India,
after the country's Supreme Court upheld a ruling that telecoms companies
must pay retroactive license and spectrum fees;
-- Opportunities and risks in North America following the completion of a
merger, and, more broadly, the potential for temporary capital
expenditure constraints due to potential mergers or acquisitions by our
customers (This is an update to earlier commentary for temporary capital
expenditure constraints in North America related to customer merger
activity, as well as other potential mergers or acquisitions by our
customers);
-- The timing of completions and acceptances of certain projects;
-- Some customers are reassessing their vendors in light of security
concerns, creating near-term pressure to invest in order to secure
long-term benefits;
-- Our expectation that we will improve our R&D productivity and reduce
support function costs through the successful execution of our cost
savings program, which is explained in more detail in the Cost savings
program section of this report;
-- Our product and regional mix, including the impact of the high cost level
associated with our first generation 5G products; and
-- Macroeconomic, industry and competitive dynamics.
Nokia Technologies is expected to be influenced by factors including:
-- The timing and value of new and existing patent licensing agreements with
smartphone vendors, automotive companies and consumer electronics
companies;
-- Results in brand and technology licensing;
-- Costs to protect and enforce our intellectual property rights; and
-- The regulatory landscape.
Additionally, our outlook is based on the following assumptions:
-- Nokia's outlook for positive recurring free cash flow is expected to be
supported by an improvement in net working capital performance and
improved operational results, partially offset by a more substantial
difference in 2020 between profit and free cash flow in Nokia
Technologies;
-- Non-IFRS financial income and expenses are expected to be an expense of
approximately EUR 350 million in full year 2020 and per annum over the
longer-term;
-- Non-IFRS income taxes are expected at a rate of approximately 26% in full
year 2020 and approximately 25% over the longer-term, subject to the
absolute level of profits, regional profit mix and changes to our
operating model;
-- Cash outflows related to income taxes are expected to be approximately
EUR 450 million in full year 2020 and per annum over the longer term
until our US or Finnish deferred tax assets are fully utilized; and
-- Capital expenditures are expected to be approximately EUR 600 million in
full year 2020 and per annum over the longer-term.
ANALYST CONFERENCE CALL
Nokia's analyst conference call will begin on April 30, 2020 at 3 p.m.
Finnish time. A link to the webcast of the conference call will be
available at
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www.nokia.com/financials. Media representatives can listen in via the
link, or call +1 412 317 5210.
Media Inquiries:
Nokia Communications
Tel. +358 10 448 4900
Email:
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press.services@nokia.com
Katja Antila, Head of Media Relations
Investor Inquiries:
Nokia Investor Relations
Tel. +358 40 803 4080
Email:
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investor.relations@nokia.com
About Nokia
We create the technology to connect the world. Only Nokia offers a
comprehensive portfolio of network equipment, software, services and
licensing opportunities across the globe. With our commitment to
innovation, driven by the award-winning Nokia Bell Labs, we are a leader
in the development and deployment of 5G networks.
Our communications service provider customers support more than 6.4
billion subscriptions with our radio networks, and our enterprise
customers have deployed over 1,300 industrial networks worldwide.
Adhering to the highest ethical standards, we transform how people live,
work and communicate. For our latest updates, please visit us online
www.nokia.com and follow us on Twitter @nokia.
RISKS AND 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 and any expected 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; as well as the overall readiness of the 5G ecosystem; 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 and increased digitalization; M)
expectations regarding our customers' future capital expenditure
constraints and our ability to satisfy customer concerns; and N)
statements preceded by or including "believe", "expect", "expectations",
"consistent", "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; 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, and
the risks related to our geographically-concentrated 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 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 impact of the COVID-19 virus 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, as well as the risk factors specified in our
2019 annual report on Form 20-F published on March 5, 2020 under
"Operating and financial review and prospects-Risk factors" as
supplemented by the form 6-K published on April 30, 2020 under the
header "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.
Attachment
-- Nokia results 2020 Q1
https://ml-eu.globenewswire.com/Resource/Download/e607cef0-0b19-4bdd-a149-7e2f1c3b24a7
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