Prof 10-12

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					CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million (unudited) Pro forma Pro forma 10-12/02 10-12/01 Net sales Cost of sales 1) Research and development expenses Selling, general and administrative expenses 2) Customer finance impairment charges Adjustment to Dolphin write-off Impairment of goodwill Amortization of goodwill Operating profit Share of results of associated companies Financial income and expenses Profit before tax and minority interests 8,843 -5,492 -852 -844 1,655 52 1,707 8,788 -5,536 -750 -913 1,589 -3 45 1,631

Reported 10-12/02 8,843 -5,451 -852 -844 -182 -48 1,466 52 1,518

Reported 10-12/01 8,788 -5,559 -750 -1,075 -464 -87 853 -3 45 895

Tax Minority interests Net profit

-448 -12 1,247

-459 -19 1,153

-460 -12 1,046

-426 -19 450

Earnings per share, EUR Basic Diluted Average number of shares (1,000 shares) Basic Diluted

0.26 0.26

0.24 0.24

0.22 0.22

0.10 0.09

4,767,504 4,788,991

4,721,431 4,797,959

4,767,504 4,788,991

4,721,431 4,797,959

Depreciation and amortization, total

346

416

Non-recurring items 1) Recovery of MobilCom receivables of EUR 41 million in 2002 and non-recuring charges of EUR 23 million in 2001. 2) Non-recurring charges of EUR 162 million in 2001.

CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million (pro forma unaudited, reported audited) Pro forma Pro forma 1-12/02 1-12/01 Net sales Cost of sales 1) Research and development expenses Selling, general and administrative expenses 2) Customer finance impairment charges 3) Adjustment to Dolphin write-off 4) Impairment of goodwill Amortization of goodwill Operating profit Share of results of associated companies Financial income and expenses Profit before tax and minority interests 30,016 -18,305 -3,052 -3,239 5,420 -19 156 5,557 31,191 -19,693 -2,985 -3,276 5,237 -12 125 5,350

Reported 1-12/02 30,016 -18,278 -3,052 -3,239 -292 13 -182 -206 4,780 -19 156 4,917

Reported 1-12/01 31,191 -19,787 -2,985 -3,523 -714 -518 -302 3,362 -12 125 3,475

Tax Minority interests Net profit

-1,557 -52 3,948

-1,478 -83 3,789

-1,484 -52 3,381

-1,192 -83 2,200

Earnings per share, EUR Basic Diluted Average number of shares (1,000 shares) Basic Diluted

0.83 0.82

0.81 0.79

0.71 0.71

0.47 0.46

4,751,110 4,788,042

4,702,852 4,787,219

4,751,110 4,788,042

4,702,852 4,787,219

Depreciation and amortization, total

1,311

1,430

Non-recurring items 1) In 2002, non-recurring charges of EUR 14 million (MobilCom) in 3Q and positive adjustment of EUR 41 million related to MobilCom write-off in Q4. In 2001, EUR 71 million from 2Q and EUR 23 million from 4Q. 2) In 2001, non-recurring charges, total of EUR 85 million from 2Q, including EUR 24 million gain from the the disposal of certain production operations, and total of EUR 162 million from 4Q. 3) In 2002, customer finance impairment charges related to MobilCom in 3Q. In 2001, customer finance impairment charges related to Telsim and Dolphin in 3Q. 4) In 2002, a positive adjustment of EUR 13 million related to the earlier Dolphin write-off in 3Q 2001.

NET SALES BY BUSINESS GROUP, EUR million (quarterly reported unaudited, full-year audited) Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Inter-business group eliminations Nokia Group 10-12/2002 6,742 2,084 107 -90 8,843 10-12/2001 6,710 1,957 142 -21 8,788 1-12/2002 23,211 6,539 459 -193 30,016 1-12/2001 23,158 7,534 585 -86 31,191

OPERATING PROFIT BY BUSINESS GROUP, IAS, EUR million (pro forma unaudited, quarterly reported unaudited, full-year reported audited) Pro forma Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Common Group Expenses Nokia Group 10-12/2002 1,665 19 59 -88 1,655 10-12/2001 1,479 254 -61 -83 1,589 1-12/2002 5,293 416 -59 -230 5,420 1-12/2001 4,648 1,073 -327 -157 5,237

Goodwill amortization Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Common Group Expenses Nokia Group

10-12/2002 -23 -21 -4 -48

10-12/2001 -22 -41 -24 -87

1-12/2002 -92 -92 -21 -1 -206

1-12/2001 -92 -105 -105 -302

Non-recurring items Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Common Group Expenses Nokia Group

10-12/2002 -80 -61 -141

10-12/2001 -286 -289 -74 -649

1-12/2002 -373 -61 -434

1-12/2001 -35 -1,041 -423 -74 -1,573

Reported Nokia Mobile Phones Nokia Networks Nokia Ventures Organization Common Group Expenses Nokia Group

10-12/2002 1,642 -82 -6 -88 1,466

10-12/2001 1,457 -73 -374 -157 853

1-12/2002 5,201 -49 -141 -231 4,780

1-12/2001 4,521 -73 -855 -231 3,362

CONSOLIDATED PROFIT AND LOSS ACCOUNT, IAS, EUR million (audited) Reported 1-12/02 Net sales Cost of sales Research and development expenses Selling, general and administrative expenses Customer finance impairment charges Impairment of goodwill Amortization of goodwill Operating profit Share of results of associated companies Financial income and expenses Profit before tax and minority interests 30,016 -18,278 -3,052 -3,239 -279 -182 -206 4,780 -19 156 4,917

Reported 1-12/01 31,191 -19,787 -2,985 -3,523 -714 -518 -302 3,362 -12 125 3,475

Tax Minority interests Net profit

-1,484 -52 3,381

-1,192 -83 2,200

Earnings per share, EUR Basic Diluted Average number of shares (1,000 shares) Basic Diluted

0.71 0.71

0.47 0.46

4,751,110 4,788,042

4,702,852 4,787,219

Depreciation and amortization, total

1,311

1,430

CONSOLIDATED BALANCE SHEET, IAS, EUR million (audited) 31.12.2002 Fixed assets and other non-current assets Capitalized development costs Goodwill Other intangible assets Property, plant and equipment Investments in associated companies Available-for-sale investments Deferred tax assets Long-term loans receivable Other non-current assets Current assets Inventories Accounts receivable Prepaid expenses and accrued income Short-term loans receivable Available-for-sale investments Bank and cash 1,072 476 192 1,874 49 238 731 1,056 54 5,742 1,277 5,385 1,156 416 7,855 1,496 17,585 23,327 31.12.2001 893 854 237 2,514 49 399 832 1,128 6 6,912 1,788 5,719 1,480 403 4,271 1,854 15,515 22,427

Total assets SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital Share issue premium Treasury shares Translation differences Fair value and other reserves Retained earnings

287 2,225 -20 135 -7 11,661 14,281 173

284 2,060 -21 326 20 9,536 12,205 196

Minority interests Long-term liabilities Long-term interest-bearing liabilities Deferred tax liabilities Other long-term liabilities Current liabilities Short-term borrowings Current portion of long-term debt Accounts payable Accrued expenses Provisions

187 207 67 461 377 2,954 2,611 2,470 8,412 23,327 564 2.98 4,786,762

207 177 76 460 831 3,074 3,477 2,184 9,566 22,427 1,038 2.58 4,736,302

Total shareholders' equity and liabilities Interest-bearing liabilities Shareholders' equity per share, EUR Number of shares (1000 shares) * * Shares owned by Group companies are excluded

CONSOLIDATED CASH FLOW STATEMENT, IAS, EUR million (audited) 1-12/2002 Cash flow from operating activities Net profit Adjustments, total Net profit before change in net working capital Change in net working capital Cash generated from operations Interest received Interest paid Other financial income and expenses Income taxes paid Net cash from operating activities Cash flow from investing activities Acquisition of Group companies, net of acquired cash Purchase of non-current available-for-sale investments Additions in capitalized development costs Long-term loans made to customers Long-term loans repaid by customers Proceeds from (+), payment (-) of other long-term receivables Proceeds from (+), payment (-) of short-term loan receivables Capital expenditures Proceeds from disposal of Group companies, net of disposed cash Proceeds from sale of non-current available-for-sale investments Proceeds from sale of fixed assets Dividends received Net cash used in investing activities Cash flow from financing activities Proceeds from share issue Purchase of treasury shares Capital investment by minority shareholders Proceeds from long-term borrowings Repayment of long-term borrowings Proceeds from (+), payment of (-) short-term borrowings Dividends paid Net cash used in financing activities Foreign exchange impact on cash Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Change in net fair value of current available-for-sale investmetns As reported on balance sheet 3,381 3,151 6,532 955 7,487 229 -94 139 -1,947 5,814 1-12/2001 2,200 4,132 6,332 978 7,310 226 -155 99 -933 6,547

-10 -99 -418 -563 314 -32 -85 -432 93 162 177 25 -868

-131 -323 -431 -1,129 84 -114 -1,041 204 175 27 -2,679

163 -17 26 100 -98 -406 -1,348 -1,580 -163 3,203 6,125 9,328 23 9,351

77 -21 4 102 -59 -602 -1,396 -1,895 -43 1,930 4,183 6,113 12 6,125

NB: The figures in the consolidated cash flow statement cannot be directly traced from the balance sheet without addtional information as a result of acquisitions and disposals of subsidiaries and net foreign exchange differences arising on consolidation.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR million (audited) Share capital Balance at December 31, 2000 Effect of adopting IAS 39 Balance at January 1, 2001, restated Share issue Acquisition of treasury shares Reissuance of treasury shares Stock options issued on acquisitions Stock options exercised related to acquisitions Dividend Translation differences Net investment hedge gains/ (losses) Cash flow hedges Available-for-sale investments Other increase/decrease, net Net profit Balance at December 31, 2001 Share issue Acquisition of treasury shares Reissuance of treasury shares Stock options exercised related to acquisitions Tax benefit on stock options exercised Dividend Translation differences Net investmetn hedge gains/ (losses) Cash flow hedges Available-for-sale investments Other increase/decrease, net Net profit Balance at December 31, 2002 287 2,225 -20 135 -7 -285 94 60 -87 23 3,381 11,661 -17 22 -1,279 -17 22 -1,279 -285 94 60 -87 23 3,381 14,281 284 3 2,060 160 -17 18 -21 326 20 65 -86 76 0 9 2,200 9,536 -10 -1,314 -10 -1,314 65 -86 76 0 9 2,200 12,205 163 -17 18 -52 20 282 282 2 Share issue premium 1,695 1,695 407 -21 157 Treasury Translation shares differences -157 -157 347 347 Fair value and other reserves -56 -56 Retained earnings 8,641 8,641 10,808 -56 10,752 409 -21 105 20 Total

COMMITMENTS AND CONTINGENCIES, EUR million (audited) 31.12.2002 Collateral for own commitments Property under mortgages Assets pledged Collateral given on behalf of other companies Securities pledged Contingent liabilities on behalf of Group companies Other guarantees Contingent liabilities on behalf of other companies Guarantees for loans 57 95 339 505 34 33 91 13 18 4 GROUP 31.12.2001

Leasing obligations

704

1,246

NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS, EUR million 1) (audited) 31.12.2002 Foreign exchange forward contracts 2) 3) Currency options bought Currency options sold Cash settled equity options 4) Cash settled equity swaps 4) 11,118 1,408 1,206 209 12 31.12.2001 20,978 1,328 1,209 182

1) The notional amounts of derivatives summarized here do not represent amounts exchanged by the parties and, thus are not a measure of the exposure of Nokia caused by its use of derivatives. 2) Notional amounts outstanding include positions, which have been closed off. 3) As at December 31, 2002 notional amounts include contracts amounting to EUR 2.0 miilion used to hedge the shareholders' equity of foreign subsidiaries (December 31, 2001 EUR 1.1 billion). 4) Cash settled equity swaps and options can be used to hedge risks relating to incentive programs and investments activities. Closing rate, 1 EUR = 1.025 USD


				
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