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PRESS RELEASE
April 17, 2003
Nokia achieves excellent profitability in the first quarter
and mobile phone volumes grow faster than market
First quarter pared with the first quarter 2002:
- Net sales were EUR 6 773 million (EUR 7 014 million in 1Q 2002), down by 3%.
- Pro forma operating profit was EUR 1 187 million (EUR 1 286 million), down by 8%.
This included a gain of EUR 56 million in 1Q 2003 from the sale of the remaining shares
of Nokian Tyres. Pro forma operating margin was % (%).
- Pro forma adjustments for 1Q 2003 were EUR 183 million, including:
- Goodwill amortization of EUR 43 million
- Positive adjustment of EUR 226 million to 3Q 2002 customer finance impairment
()
- Pro profit was EUR 860 million (EUR 915 million), down by 6%.
- Pro forma earnings per share (diluted) were EUR (EUR ). The sale of the
shares of Nokian Tyres contributed approximately EUR .
- Reported operating profit increased by 11% to EUR 1 370 million (EUR 1 234 million).
- profit increased by 13% to EUR 977 million (EUR 863 million) and
reported earnings per share (diluted) increased to EUR (EUR ).
- Operating cash flow in the first quarter continued strongly at EUR billion.
1Q 2003 RESULTS PRO FORMA REPORTED
(excludes goodwill amortization
and non-recurring items)
EUR (million) 1Q/2003 1Q/2002 Change 1Q/2003 1Q/2002 Change
(%) (%)
Net sales 6 773 7 014 -3 6 773 7 014 -3
Nokia Mobile Phones 5 476 5 438 1 5 476 5 438 1
works 1 217 1 436 -15 1 217 1 436 -15
Nokia anization 94 157 -40 94 157 -40
Operating profit 1 187 1 286 -8 1 370 1 234 11
Nokia Mobile Phones 1 311 1 208 9 1 288 1 185 9
works -127 146 85 122 -30
Nokia anization -32 -30 -7 -32 -35 9
Common Group Expenses 35 -38 29 -38
Operating margin
Nokia Mobile Phones
works -
Nokia anization - - - -