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Nokia Releases Q3 Report
Posted: 18-Oct-2012 [Source: Nokia]

[Nokia Group net sales in Q3 2012 were EUR 7.2 billion, down from EUR 7.5 billion in Q2 2012]

FINANCIAL AND OPERATING HIGHLIGHTS

Nokia Group non-IFRS EPS in Q3 2012 of EUR -0.07, reported EPS EUR -0.26

- Nokia Group achieves operating profitability on an underlying basis, with Q3 non-IFRS operating margin of 1.1%.

- Nokia Siemens Networks non-IFRS operating margin significantly improved quarter-on-quarter and year-on-year to 9.2% in Q3; company executing well on restructuring and strategy that focuses on key markets and product segments.

- Devices & Services Q3 non-IFRS operating margin improved quarter-on-quarter to negative 7.4%.

- Nokia Group ended Q3 with gross cash of EUR 8.8 billion and net cash of EUR 3.6 billion.

- Nokia Group Q3 net cash from operating activities of negative EUR 429 million, including cash outflows related to restructuring activities of approximately EUR 390 million.

Nokia Group net sales in Q3 2012 were EUR 7.2 billion, down from EUR 7.5 billion in Q2 2012

- Nokia Siemens Networks net sales increased quarter-on-quarter and year-on-year to EUR 3.5 billion.

- Lumia Q3 volumes decreased quarter-on-quarter to 2.9 million units, as we shared the exciting innovation ahead with our new line of Lumia products.

- Mobile Phones Q3 volumes increased quarter-on-quarter to 77 million units; strong sales start for new Asha full touch smartphones, with volumes of 6.5 million units.

Commenting on the Q3 results, Stephen Elop, Nokia CEO, said: "As we expected, Q3 was a difficult quarter in our Devices & Services business; however, we are pleased that we shifted Nokia Group to operating profitability on a non-IFRS basis.

In Q3, we continued to manage through a tough transitional quarter for our smart devices business as we shared the exciting innovation ahead with our new line of Lumia products.

In our mobile phones business, the positive consumer response to our new Asha full touch smartphones translated into strong sales. And in Q3, our mobile phones business delivered a solid quarter with sequential sales growth and improved contribution margin.

In Location & Commerce, we made progress establishing our platform offering with customers like Amazon. This is in line with our plan to expand our location offering to more customers.

And, Nokia Siemens Networks had a remarkable quarter in which we achieved record profitability on a non-IFRS basis and the Nokia Siemens Networks cash balance increased for the fourth quarter in a row.

While we continue to focus on transitioning Nokia, we are determined to carefully manage our financial resources, improve our competitiveness, return our Devices & Services business to positive operating cash flow as quickly as possible, and ultimately provide more value to our shareholders."

NOKIA OUTLOOK

- Nokia expects its non-IFRS Devices & Services operating margin in the fourth quarter 2012 to be approximately negative 6%, plus or minus four percentage points. This outlook is based on our expectations regarding a number of factors, including:

- competitive industry dynamics continuing to negatively affect the Smart Devices and Mobile Phones business units;

- the fourth quarter being a ramp up quarter for our new Lumia products, which are expected to start selling in select markets;

- consumer demand, particularly related to our current Lumia products;

- an expected increase in Devices & Services operating expenses as a result of new product launches, partially offset by expected cost reductions under our restructuring program; and - the macroeconomic environment.

- Nokia expects the fourth quarter 2012 to be a challenging quarter in Smart Devices, with a lower-than-normal benefit from seasonality in volumes, primarily due to product transitions and our ramp up plan for our new devices.

- Nokia continues to target to reduce its Devices & Services non-IFRS operating expenses to an annualized run rate of approximately EUR 3.0 billion by the end of 2013.

- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks non-IFRS operating margin in the fourth quarter 2012 to be approximately positive 8%, plus or minus four percentage points. This outlook is based on our expectations regarding a number of factors, including:

- competitive industry dynamics;

- seasonal variations in customer demand for Nokia Siemens Networks' equipment and services; - regional and product mix;

- expected continued improvement under Nokia Siemens Networks' restructuring program; and

- the macroeconomic environment.

- Nokia Siemens Networks continues to target to reduce its non-IFRS annualized operating expenses and production overheads by EUR 1 billion by the end of 2013, compared to the end of 2011.

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