– Nokia's net sales grew by 22% to EUR 8 007 million. In Nokia Networks, net sales growth was 35% and in Nokia Mobile Phones 20%
– Pro forma operating profit increased by 8% to EUR 1 440 million, on a reported basis operating profit was EUR 1 369 million
– Pro forma operating margin for Nokia was 18.0%, Nokia Networks 18.0% and Nokia Mobile Phones 20.7%
– Pro forma earnings per share (diluted) were EUR 0.22 (0.19), on a reported basis EPS (diluted) were 0.20 (0.19).
As communicated earlier, Nokia has decided to disclose pro forma as well as reported figures starting with this quarter to increase transparency and provide more meaningful information to investors. Pro forma adjustments for this quarter reflect the exclusion of amortization of goodwill in the amount of EUR 71 million (EUR 19 million in the first quarter 2000) associated with acquisitions. In the future, pro forma adjustments could also reflect other possible changes in the company's structure as a result of acquisitions or divestments, changes in accounting standards, as well as other non-recurring items.
PRO FORMA (excl. goodwill amortization)
EUR million 1Q/2001 1Q/2000 Change% Full year 2000
Net sales 8 007 6 537 +22 30 376
Nokia Networks 2 022 1 502 +35 7 714
Nokia Mobile Phones 5 830 4 839 +20 21 887
Nokia Ventures Organization 169 211 -20 854
Operating profit 1 440 1 335 +8 5 916
Nokia Networks 364 280 +30 1 400
Nokia Mobile Phones 1 207 1 162 +4 4 897
Nokia Ventures Organization -102 -59 -73 -307
Common Group Expenses -29 -48 -74
Profit before tax and
minority interests 1 484 1 352 +10 6 002
Net profit 1 045 910 +15 4 078
EPS, EUR
Basic 0.22 0.20 +10 0.87
Diluted 0.22 0.19 +11 0.85
Commenting on the results, Jorma Ollila, Nokia's Chairman and CEO expressed confidence in the company's ability to perform well in demanding conditions.
"I am more than pleased with our first-quarter numbers. We were able to extend our leadership while managing the day-to-day challenges of a demanding economic environment. During the quarter, we continued to increase our market share in both handsets and networks and we again sustained profitable growth and strong positive operating cashflow," said Ollila.
Closing rate, 1 EUR = 0.897 USD
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
(Full-length versions of this release are available in pdf format in English, Finnish and Swedish at www.nokia.com.)