- Net sales decreased 5% to EUR 8 788 million (EUR 9 284 million in 4Q 2000)
- Pro forma operating profit was EUR 1 589 million (EUR 1 728 million); operating margin was 18.1% (18.6%)
- Pro forma adjustments for 4Q 2001 were EUR 736 million, consisting of:
- goodwill amortization of EUR 87 million
- goodwill impairment of EUR 464 million relating to Nokia Networks Broadband business and Nokia Internet Communications
- restructuring expenses of EUR 105 million
- impairment of minority investments of EUR 80 million
- Pro forma net profit was EUR 1 153 million (EUR 1 210 million)
- Pro forma earnings per share (diluted) was EUR 0.24 (EUR 0.25)
- Reported (IAS) net profit was EUR 450 million (EUR 1 204 million) and reported earnings per share (diluted) was EUR 0.09 (EUR 0.25)
Full year 2001 compared with full year 2000:
- Net sales grew 3% to EUR 31 191 million (EUR 30 376 million in 2000)
- Pro forma operating profit was EUR 5 237 million (EUR 5 861 million), operating margin was 16.8% (19.3%)
- Pro forma adjustments for 2001 were EUR 1 875 million
- Pro forma net profit was EUR 3 789 million (EUR 4 027 million)
- Pro forma earnings per share (diluted) was EUR 0.79 (EUR 0.84)
- Reported (IAS) net profit was EUR 2 200 million (EUR 3 938 million) and reported earnings per share (diluted) was EUR 0.46 (EUR 0.82)
- At year-end, the net cash position was EUR 5.1 billion (EUR 2.9 billion) and the net debt-to-equity ratio (gearing) was -41% (-26%)
Nokia's Board of Directors will propose a dividend of EUR 0.27 per share in respect of 2001.
Jorma Ollila, Nokia Chairman and CEO, said: "The year was characterised by intense competition, extreme volatility and a weakened global economy. Even in this environment, with our strong and focused team we increased sales, sustained solid profitability and achieved extraordinarily strong operating cash flow of EUR 6.5 billion. As we enter 2002, our strategic position is better than ever backed by a very strong brand, product range and operational ability."
"I am more than happy with Nokia's fourth quarter performance. We achieved significant market share gains maintaining excellent profitability in our mobile phone business and succeeded in substantially reducing the impact of a challenging environment on our networks business. We increased our full-year market share in mobile phones for the fourth consecutive year, reaching approximately 37% - almost double the level of 19% in 1997."
NOKIA 4Q and 2001 - PRO FORMA
(excludes goodwill amortization and non-recurring items)
EUR Million 4Q/2001 4Q/2000 Change 2001 2000 Change
% %
Net sales 8 788 9 284 -5 31 191 30 376 +3
Nokia Networks 1 957 2 361 -17 7 534 7 714 -2
Nokia Mobile Phones 6 710 6 709 0 23 158 21 887 +6
Nokia Ventures 142 241 -41 585 854 -31
Organization
Operating profit 1 589 1 728 -8 5 237 5 861 -11
Nokia Networks 254 407 -38 1 073 1 400 -23
Nokia Mobile Phones 1 479 1 444 +2 4 648 4 897 -5
Nokia Ventures -61 -104 -327 -307
Organization
Common Group Expenses -83 -19 -157 -129
Financial income and 45 51 -12 125 102 +23
expenses
Profit before tax and 1 631 1 772 -8 5 350 5 947 -10
minority interests
Net profit 1 153 1 210 -5 3 789 4 027 -6
EPS, EUR
Basic 0.24 0.26 -8 0.81 0.86 -6
Diluted 0.24 0.25 -4 0.79 0.84 -6
NOKIA 4Q and 2001 - REPORTED
EUR Million 4Q/2001 4Q/2000 Change 2001 2000 Change
% %
Net sales 8 788 9 284 -5 31 191 30 376 +3
Nokia Networks 1 957 2 361 -17 7 534 7 714 -2
Nokia Mobile Phones 6 710 6 709 0 23 158 21 887 +6
Nokia Ventures 142 241 -41 585 854 -31
Organization
Operating profit 853 1 726 -51 3 362 5 776 -42
Nokia Networks -73 388 -73 1 358
Nokia Mobile Phones 1 457 1 429 +2 4 521 4 879 -7
Nokia Ventures -374 -127 -855 -387
Organization
Common Group -157 36 -231 -74
Expenses
Financial income and 45 51 -12 125 102 +23
expenses
Profit before tax and 895 1 770 -49 3 475 5 862 -41
minority interests
Net profit 450 1 204 -63 2 200 3 938 -44
EPS, EUR
Basic 0.10 0.26 -62 0.47 0.84 -44
Diluted 0.09 0.25 -64 0.46 0.82 -44
NOKIA
Helsinki, January 24, 2002
For more information:
Lauri Kivinen, Corporate Communications, tel. +358 7180 34495
Ulla James, Investor Relations, tel. +1 972 894 4880
Antti Räikkönen, Investor Relations, tel. +358 7180 34290
www.nokia.com
- Nokia plans a mid-quarter update on March 12, 2002.
- Results announcements for 1Q, 2Q and 3Q, 2002 are planned for April 18, July 18 and October 17, respectively.
- The Annual General Meeting will be held on March 21, 2002.
(A full-length version of this release has been published on the Nokia website at www.nokia.com)