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Nokia achieves excellent profitability and continued high cash flow in 4Q and 2002

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Nokia achieves excellent profitability and continued high cash flow in 4Q and 2002 Mobile phone volumes and market share reach highest ever levels Fourth quarter 2002 compared with fourth quarter 2001: - Net sales increased 1% to EUR 8 843 million (EUR 8 788 million in 4Q 2001) - Pro forma operating profit increased by 4% to EUR 1 655 million (EUR 1 589 million); pro forma operating margin was 18.7% (18.1%) - Pro forma adjustments for 4Q 2002 were EUR 189 million, consisting of: - Goodwill impairments of EUR 182 million - Goodwill amortization of EUR 48 million - Recovery of MobilCom receivables of EUR 41 million - Pro forma net profit increased by 8% to EUR 1 247 million (EUR 1 153 million) - Pro forma earnings per share (diluted) increased to EUR 0.26 (EUR 0.24) - Reported operating profit increased by 72% to EUR 1 466 million (EUR 853 million) - Reported net profit increased by 132% to EUR 1 046 million (EUR 450 million) and reported earnings per share (diluted) increased to EUR 0.22 (EUR 0.09) - Pro forma and Reported operating profit included a net gain of EUR 87 million from Nokia Venture Partners investments within Nokia Ventures Organization. Full year 2002 compared with full year 2001: - Net sales decreased 4% to EUR 30 016 million (EUR 31 191 million in 2001) - Pro forma operating profit increased by 3% to EUR 5 420 million (EUR 5 237 million); pro forma operating margin increased to 18.1% (16.8%) - Pro forma adjustments for 2002 were EUR 640 million (EUR 1 875 million) - Pro forma net profit increased by 4% to EUR 3 948 million (EUR 3 789 million) - Pro forma earnings per share (diluted) increased to EUR 0.82 (EUR 0.79) - Reported operating profit increased by 42% to EUR 4 780 million (EUR 3 362 million) - Reported net profit increased by 54% to EUR 3 381 million (EUR 2 200 million) and reported earnings per share (diluted) increased to EUR 0.71 (EUR 0.46) - At year-end, the net cash position increased to EUR 8.8 billion (EUR 5.1 billion) and the net debt-to-equity ratio (gearing) was -61% (- 41%) ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/23/20030123BIT00320/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2003/01/23/20030123BIT00320/wkr0002.pdf The Full Report

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