Conference Call Second Quarter 2003 Financial Results. Jorma Ollila Chairman and CEO

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1 Conference Call Second Quarter 2003 Financial Results Jorma Ollila Chairman and CEO Olli-Pekka Kallasvuo Executive Vice President and CFO Ulla James Vice President, Investor Relations July 17, Helsinki time / New York time

2 During this call, we will be making various forward-looking statements regarding the future business and financial performance of Nokia and the mobile communications industry. These statements are predictions that involve both risks and uncertainties, and actual results may vary materially. We refer you to pages 11 to 18 of Nokia's 2002 Form 20-F, to our previous announcements and to Nokia's press release issued today regarding some important risk factors you should consider in evaluating this information.

3 Nokia - Key Figures 2Q 2003 RESULTS PRO FORMA - I AS REPORTED - I AS EUR (million) 2Q/2003 2Q/2002 % Chg 2Q/2003 2Q/2002 % Chg Net sales Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Operating margin (%) Nokia Mobile Phones (%) Nokia Networks (%) Nokia Ventures Organization (%) Net profit EPS, EUR Diluted Operating Cash Flow Q 2003 Sales: 56% Europe/Africa, 23% APAC, 21% Americas 3

4 Strong Profitability for Nokia 10,000 8,000 6,000 Nokia Sales & Gross Margin Development 50.0% 45.0% 40.0% 4, % 2,000 Net Sales Gross Margin 30.0% M EUR % 1Q 01 2Q 01 3Q 01 4Q 01 1Q 02 2Q 02 3Q 02 4Q 02 1Q 03 2Q 03 4

5 Nokia Mobile Phones Update 1Q Q Q Q Q Q 2003 Market Units (sell-thru) (M's) Subscriptions (M's) Nokia Unit Shipments (M's) Market Share 37% 38% 36% 39% 38% 38% 39% In 2Q, Nokia Mobile Phones continued to grow faster than the market and gained market share both sequentially and year-on-year 2Q sell-through market volume estimated to be 105 million units representing 11% year-on-year growth and 5% growth from 1Q of 100 million units Nokia volume grew 14% year-on-year and 8% quarter-on-quarter Nokia Mobile Phone market share estimated at 39% in 2Q 5

6 Nokia Mobile Phones Update Nokia started to ship 13 new models in 2Q and 22 new models in 1H a record of over 35 new models expected to launch in Q marks the 5 th consecutive quarter of healthy industry growth Strongest growth in EMEA region and in CDMA technology followed closely by GSM Significant market share gains in the US and Latin America driven by improvements in product portfolio; regained leading market position 17 new products introduced in 1H03 in the Americas

7 Nokia Mobile Phones Update Progress in CDMA market share with new products rolling out in the Americas and India Nokia #1 in India overall Further boost expected in 2H03 with CDMA shipments in China Market share in China stabilized with new distribution strategy and further product localization in place Five out of Top 10 products in China are Nokia handsets CDMA handsets to be introduced in China in 2H03 Nokia 6108 Pen based Chinese language supported phone Expect a total of 14 new product introductions in China in 2003 Market share stable in the rest of Asia Pacific and Western Europe 7

8 Nokia Mobile Phones Update Net Sales grew by 2% with strong profitability of 23.1% Adverse currency movements affected sales growth On constant currencies, the year-on-year sales growth would have been 11% Resulting sales level: EUR 6 billion Resulting ASP: practically flat year-on-year ASP development driven by: Depreciation of USD and Pound Sterling negative translation impact Low consumer confidence in Western European markets Growing share of emerging markets led to higher proportion of entrylevel products In more developed markets of Asia Pacific, SARS led to subdued upgrade market while share of emerging markets grew strongly India was #2 market in Asia Pacific China the #1 market in APAC had stable ASPs 8

9 Nokia Mobile Phones Update Despite overall trend of ASP decline, there is early evidence of true upgrade in many of developed Western European markets and the US In 2Q, share of color grew each month Nokia 7250, 3510i, 6610 and 3650 amongst Top 6 contributors in value terms Color and multimedia functionality represents close to 1/3 of our total volume Channel inventories in the Americas and Europe at normal levels in China above historical levels having deteriorated further in 2Q due to adverse market conditions due to SARS Nokia s channel inventories at normal levels in all markets and clearly declined in China 9

10 Mobile Phone Market 3Q03 and 2H03 Outlook In 2H, healthy mobile phone market growth of approximately 10% in average expected 3Q market volumes expected to be up both sequentially and yearon-year Normal seasonality in 4Q Global mobile phone market expected to grow by approximately 10% from the 405 million units in 2002 Good opportunities to strengthen our market share further New Nokia wide business unit Nokia Enterprise Solutions established Enterprise grade mobile handsets with mobile security and connectivity solutions to corporate sector Combines strengths of Nokia Internet Communications of NVO and Business Applications Unit of NMP Formal reporting as of January

11 Nokia Networks Update No signs of improving infrastructure market in 2003 Operator investments decreased to exceptionally low levels Network roll outs continue slowly Overall infrastructure market expected to contract by 15% or more in Q sales of Nokia Networks of EUR 1.5 billion remained on last year s level Strongest growth in the Americas Europe/Africa flat Asia Pacific declined Nokia s overall infrastructure market share up Total market share estimated at at 15-20% - in WCDMA over 30% 11

12 Nokia Networks Restructuring on Track Of the total restructuring cost of EUR 399 million EUR 304 million non-cash charges relating to R&D impairment and project closures EUR 95 million cash charges relating to personnel reductions Estimated headcount approximately by end 2003 (vs end 2002) Excluding EUR 399 million restructuring charge, Nokia Networks was able to achieve positive operating results due to Higher than estimated volumes Gradual efficiency improvements in 3G roll outs In 2Q, strong improvements in product quality Estimate that around 20 operators will launch WCDMA networks in 2003 Nokia expected to be a supplier to approximately half of them 12

13 Update on Finances In 2Q, Nokia released EUR 194 million from working capital due to Improvements in Nokia Mobile Phone s Net Working Capital Rotation CAPEX in 2Q was EUR 93 million down both sequentially and year-onyear No dramatic changes in CAPEX expected Customer financing end of 2Q 2003: Outstanding on balance sheet: EUR 558 million Outstanding off balance sheet: EUR 78 million Additional commitments: EUR 700 million Total Net operating cash flow: EUR 1.3 billion Net Cash position: EUR 9.9 billion Net debt-to-equity ratio (Gearing): - 65% 13 EUR 1.3 billion

14 Share Buy Back and Dividend In 2Q, initiated share buy back program Repurchased 20 million shares for EUR 301 million at an average price of EUR In addition to the EUR 301 million spent on share buy back, Nokia returned another EUR 1.4 billion to shareholders via dividend payments 14

15 Guidance for 3Q 2003 Expect Nokia Mobile Phones volumes to grow well over 10% - sales to be flat or slightly down year-on-year due to USD depreciation Nokia Networks sales expected to decline 15 to 20% Pro forma EPS (diluted) estimated to range between 15 and 17 Euro cents Share of results of associated companies and minority interest to remain on 2Q levels Financial income at 1Q level Tax rate on reported earnings to be slightly over 30% Strong profitability of Nokia Mobile Phones expected to continue in 3Q Nokia Networks expected to generate a small pro forma operating loss due to lower sales level than in 2Q 15

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