João Leão: Economia precisa de imigrantes (e não só dos qualificados)

[Incognitus]

As vendas foram ligeiramente abaixo das expectativas, os resultados em linha.

Fizeram um warning para o Q4, e essencialmente previram maiores volumes para vendas inalteradas ou com ligeiro crescimento, ou seja, a preços mais baixos, e hipoteticamente com margens tb mais baixas.

A NOK caiu um bocado, mas está a recuperar tudo.

[Pata-Hari]

o paleio é sempre muito bonito,lol

[Antunes]

...mas tiveram que fazer uma finta...

[Pata-Hari]

NOKIA PRESS RELEASE

October 16, 2003

Strong volume growth and excellent profitability in mobile phones -
Nokia meets third-quarter sales and EPS targets



Highlights: 3Q 2003 (all comparisons are year on year)
- Net sales declined 5% to EUR 6.9 billion (up 4% at constant
currency).
- Nokia Mobile Phones sales were flat at EUR 5.6 billion (up 9% at
constant currency).
- Nokia Networks sales declined 21% to EUR 1.2 billion.
- Nokia gains market share with 23% volume growth; industry mobile
phone volume growth accelerates to 15%.
- Nokia third-quarter mobile phone market share grows to 39%.
- Company doubles share of global CDMA handset market.
- Excellent pro forma and reported operating margins in mobile phones
at 22.4% and 22.0%.
- Nokia Networks achieves breakeven.
- Nokia announces new operating structure for 2004.
- Pro forma EPS (diluted) was EUR 0.18. Reported EPS (diluted) was
EUR 0.17.
- Strong operating cash flow in the third quarter at EUR 1.2 billion.


JORMA OLLILA, CHAIRMAN AND CEO:
The third quarter brought a sharp increase in mobile phone volumes
for Nokia. Mobile phone market volumes rose an impressive 15% year on
year for the quarter to 118 million units, while Nokia's own volume
growth accelerated even more sharply, rising by 23% to 45.5 million
units. The mobile phone market has continued to strengthen throughout
the year, and we now expect overall industry volume for 2003 to be
about 460 million units.

During the quarter, we saw our overall mobile phone market share rise
to 39%, up from 36% in the same quarter last year. In addition to our
ongoing strength in Europe, we established clear leadership in the US
and the Americas markets. In China, we have now gained the leading
position in the GSM market, and see ourselves strongly positioned to
achieve overall market leadership there.

Following an announced commitment two years ago to strengthen our
position in the global CDMA handset market, I am very happy to see
that we have now doubled our share to the mid teens from the same
quarter last year. We expect to see continued momentum in CDMA going
into the fourth quarter as we increase shipments to China, India and
all major US CDMA operators.

Recent months have marked our entry into a number of new and exciting
areas of mobility. We have introduced several camera phones, begun
shipments of games devices and announced half a dozen phones for new
growth markets.

The Nokia N-Gage has just gone on sale at 30,000 stores around the
world to a very positive initial consumer response. Many outlets sold
out of the device during the first day of release. Following on from
this, we are seeing strong order intake from distributors and
retailers. In September, we launched our second 3G model, the Nokia
7600. Aside from its radical and innovative design, the Nokia 7600
will be the smallest and lightest dual-mode WCDMA phone on the market
when shipments begin in the fourth quarter.



(continued after tables)
NOKIA THIRD QUARTER 2003 / JANUARY TO SEPTEMBER 2003 FINANCIAL
RESULTS

+-------------------------------------------------------------------+
| 3Q 2003 | PRO FORMA | REPORTED |
| | (excludes goodwill | |
| | amortization and | |
| | non-recurring items) | |
|-----------------+------------------------+------------------------|
| EUR (million) | 3Q/ | 3Q/ | Change | 3Q/ | 3Q/ | Change |
| | 2003 | 2002 | (%) | 2003 | 2002 | (%) |
|-----------------+-------+-------+--------+-------+-------+--------|
| Net sales | 6 874 | 7 224 | -5 | 6 874 | 7 224 | -5 |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia Mobile | 5 620 | 5 633 | | 5 620 | 5 633 | |
| Phones | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia | 1 217 | 1 545 | -21 | 1 217 | 1 545 | -21 |
| Networks | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia | 82 | 89 | -8 | 82 | 89 | -8 |
| Ventures | | | | | | |
| Organization | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Operating | 1 192 | 1 219 | -2 | 1 154 | 859 | 34 |
| profit | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia Mobile | 1 257 | 1 249 | 1 | 1 235 | 1 226 | 1 |
| Phones | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia | 19 | 80 | -76 | 4 | -250 | |
| Networks | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia | -55 | -25 | -120 | -56 | -31 | -81 |
| Ventures | | | | | | |
| Organization | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Common Group | -29 | -85 | | -29 | -86 | |
| Expenses | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Operating | 17.3 | 16.9 | | 16.8 | 11.9 | |
| Margin (%) | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia Mobile | 22.4 | 22.2 | | 22.0 | 21.8 | |
| Phones (%) | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia Networks | 1.6 | 5.2 | | 0.3 | -16.2 | |
| (%) | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Nokia Ventures | -67.1 | -28.1 | | -68.3 | -34.8 | |
| Organization | | | | | | |
| (%) | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Financial | 70 | 30 | 133 | 70 | 30 | 133 |
| income and | | | | | | |
| expenses | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Profit before | 1 260 | 1 245 | 1 | 1 222 | 885 | 38 |
| tax and | | | | | | |
| minority | | | | | | |
| interests | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Net profit | 861 | 881 | -2 | 823 | 610 | 35 |
|-----------------+-------+-------+--------+-------+-------+--------|
| EPS, EUR | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Basic | 0.18 | 0.19 | -5 | 0.17 | 0.13 | 31 |
|-----------------+-------+-------+--------+-------+-------+--------|
| Diluted | 0.18 | 0.18 | | 0.17 | 0.13 | 31 |
+-------------------------------------------------------------------+

- All pro forma figures for the third quarter can be found in the
tables on page 8. A reconciliation of the pro forma figures to our
reported results can be found in the table on page 11.
- Pro forma adjustments for the third quarter 2003 consisted of
amortization of goodwill EUR 38 million.


+-------------------------------------------------------------------+
|January - | PRO FORMA | REPORTED |
|September, 2003 | (excludes goodwill | |
| | amortization and | |
| | non-recurring items) | |
|----------------+-------------------------+------------------------|
|EUR (million) |Jan-Sep/ |Jan-Sep/|Change|Jan-Sep/|Jan-Sep/|Change|
| | 2003 | 2002 | (%) | 2003 | 2002 | (%) |
|----------------+---------+--------+------+--------+--------+------|
|Net sales | 20 666| 21 173| -2| 20 666| 21 173| -2|
|----------------+---------+--------+------+--------+--------+------|
| Nokia Mobile | 16 609| 16 469| 1| 16 609| 16 469| 1|
|Phones | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Networks| 3 914| 4 455| -12| 3 914| 4 455| -12|
|----------------+---------+--------+------+--------+--------+------|
| Nokia Ventures| 258| | -27| 258| 352| -27|
|Organization | | 352 | | | | |
|----------------+---------+--------+------+--------+--------+------|
|Operating profit| 3 237| 3 765| -14| 3 342| 3 314| 1|
|----------------+---------+--------+------+--------+--------+------|
| Nokia Mobile | 3 844| 3 628|6 | 3 776| 3 559| 6|
|Phones | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Networks| -442| 397| | -260| 33| |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Ventures| -123| -118| -4| -124| -135|8 |
|Organization | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Common Group | -42| -142| | -50| -143| |
|Expenses | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
|Operating Margin| 15.7| 17.8| | 16.2| 15.7| |
|(%) | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Mobile | 23.1| 22.0| | 22.7| 21.6| |
|Phones (%) | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Networks | -11.3| 8.9| | -6.6| 0.7| |
|(%) | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Nokia Ventures | -47.7| -33.5| | -48.1| -38.4| |
|Organization (%)| | | | | | |
|----------------+---------+--------+------+--------+--------+------|
|Financial income| | 104| 170| 281| 104| 170|
|and expenses |281 | | | | | |
|----------------+---------+--------+------+--------+--------+------|
|Profit before | 3 509| 3 850| -9| 3 614| 3 399| 6|
|tax and | | | | | | |
| minority | | | | | | |
|interests | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
|Net profit | 2 385| 2 701| -12| 2 424| 2 335| 4|
|----------------+---------+--------+------+--------+--------+------|
|EPS, EUR | | | | | | |
|----------------+---------+--------+------+--------+--------+------|
| Basic | 0.50| 0.57| -12| 0.51| 0.49| 4|
|----------------+---------+--------+------+--------+--------+------|
| Diluted | 0.50| 0.56| -11| 0.51| 0.49| 4|
+-------------------------------------------------------------------+

- All pro forma figures for the period January to September can be
found in the tables on page 9. A reconciliation of the pro forma
figures to our reported results can be found in the tables on page
11.


JORMA OLLILA, CHAIRMAN AND CEO (continued):
In our mobile networks business, we began seeing evidence of the
market stabilizing. The financial situation among our operator
customers also appears to be improving. During the quarter, for
example, major global and Western European operators began
reconfirming their commitment to WCDMA in terms of strengthening
their network rollout capability. The 27,000 base stations we have
cumulatively supplied now make us the market leader in WCDMA radio
access networks.

In a move to further align Nokia's structure with our strategy, we
have made the decision to reconfigure Nokia into new highly
interdependent parts from January 2004. Combined, our four business
groups - Mobile Phones, Multimedia, Networks and Enterprise
Solutions - will form an offering that we believe no other industry
player can match. New horizontal entities will work very closely with
all business groups.

Under this new organization, we will be addressing emerging business
areas in the world of mobility, while continuing to build on
leadership in mobile voice communications. This will allow us to
focus on each business segment with the right dynamics, while at the
same time achieving economies of scale that we believe will go far
beyond any levels previously seen in this industry. We are very
excited about this change and feel confident that it will allow us to
better serve our consumer, operator and enterprise customers.

Mobility is one of the great mega-trends of our time. It is changing
how we live our lives and how businesses are run. Under our new
operational structure, we are poised to seize the opportunity of the
next growth wave in this industry and bring the benefits of mobility
to consumers, companies and communities across the board.

BUSINESS DEVELOPMENT AND FORECASTS

Third-quarter sales
Nokia's third-quarter net sales of EUR 6.9 billion were down 5%,
compared with the third quarter 2002. On a constant currency basis,
group net sales would have been up 4% year on year.

Mobile phone net sales in the third quarter were flat year on year,
in line with guidance, reaching EUR 5.6 billion. Strong net sales
growth in the Americas, including the US, was virtually offset by
flat sales in the Europe/Middle East/Africa region and lower sales in
Asia Pacific. While mobile phone volumes grew by 23%, sales were
adversely affected by a weak US dollar. On a constant currency basis,
mobile phone net sales would have grown 9% year on year. Sales were
also affected by an increased proportion of entry-level phone sales
across all regions, with the Americas and emerging markets such as
India and Russia, where entry-level phones predominate, accounting
for an increased share of Nokia's sales volumes.

Net sales in Nokia Networks were EUR 1.2 billion, down by 21%. On a
constant currency basis, net sales would have decreased by 13% year
on year. While sales grew slightly in the Americas, they were more
than offset by lower sales in Europe and Asia Pacific, compared with
the third quarter 2002.

Nokia 3Q mobile phone volumes grow 23%
Industry mobile phone volume growth accelerated during the quarter,
rising 15% year on year. Nokia's own volume growth was significantly
stronger at 23%, reaching 45.5 million units. This faster-than-market
growth was driven by gains notably in the global CDMA market and in
the Americas across all technologies.

Nokia grew its overall mobile phone market share year on year from
36% to 39%, maintaining its share at the second quarter, 2003 level.

Third-quarter profitability
Third-quarter pro forma operating profit for the Nokia group declined
by 2% year on year to EUR 1.1 billion. Pro forma net profit for the
group also declined by 2% year on year to EUR 861 million. Pro forma
EPS (diluted) for the Nokia group reached EUR 0.18, at the high end
of guidance given in conjunction with the company's mid-quarter
update in September.

Pro forma operating profit at Nokia Mobile Phones was virtually
unchanged from the third quarter last year, at EUR 1.2 billion, while
pro forma mobile phone operating margins continued at excellent
levels of 22.4%. Profitability was largely driven by the company's
continued strong product competitiveness and operational efficiency.

Nokia Networks generated a small pro forma operating profit of EUR 19
million and a positive pro forma operating margin of 1.6% in the
quarter, as the company began to see the benefits of increased
efficiencies generated by recent restructuring measures.

Nokia's cash position remained exceptional, with total available cash
at EUR 10.8 billion by the end of the quarter.

Outlook for the fourth quarter, 2003
Net sales of Nokia Mobile Phones in the fourth quarter are expected
to be flat or slightly up year on year, muted by a major depreciation
of the US dollar, compared with the same period in 2002.
Profitability at Nokia Mobile Phones is expected to continue to be
strong.

In Nokia Networks, the company estimates fourth-quarter net sales of
approximately EUR 1.4 billion, with pro forma operating profit
expected to reach breakeven.

Nokia expects fourth-quarter pro forma EPS (diluted) to be in the
range of EUR 0.21 and EUR 0.23, while reported EPS (diluted) is
expected to be between EUR 0.20 and EUR 0.22.

In the overall mobile phone industry, Nokia estimates fourth-quarter,
year-on-year industry volume growth to be in the mid teens, with
Nokia's own volumes clearly growing faster than the market. For the
full year 2003, Nokia now expects overall industry volume to be about
460 million units. The company's own full-year unit volume growth is
estimated to outpace that of the market.

Nokia continues to expect the overall network infrastructure market
to decline by 15% or more for the full year 2003.

Nokia announces new operating structure from January 2004
In a move to further align the company's overall structure with its
strategy in an increasingly complex operating environment, from
January 1, 2004, Nokia will be reconfigured into four business
groups: Mobile Phones, Multimedia, Networks and Enterprise Solutions.
Units focusing on strategy, research, venturing and business
infrastructure will also contribute to both the strategic strengths
and operational excellence of all businesses.

Renewal has always been an important part of Nokia's identity and
values. Under the new structure, each business group will be
positioned to meet the dynamics of various specific market segments,
while the introduction of companywide horizontal entities is designed
to further increase Nokia's efficiency and competitiveness.


It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding A)
the timing of product deliveries; B) our ability to develop and
implement new products and technologies; C) expectations regarding
market growth and developments; D) expectations for growth and
profitability; and E) statements preceded by "believe," "expect,"
"anticipate," "foresee" or similar expressions, are forward-looking
statements. Because these statements involve risks and uncertainties,
actual results may differ materially from the results that we
currently expect. Factors that could cause these differences
include, but are not limited to: 1) developments in the mobile
communications market including the continued development of the
mobile phone replacement market and the timing and success of the
roll-out of new products and solutions based on 3G and subsequent new
technologies; 2) demand for our products and solutions; 3) the
development of the mobile software and services market in general; 4)
the availability of new products and services by network operators;
5) market acceptance of new products and service introductions; 6)
the intensity of competition in the mobile communications market and
changes in the competitive landscape; 7) the impact of changes in
technology; 8) general economic conditions globally and in our most
important markets; 9) pricing pressures; 10) consolidation or other
structural changes in the mobile communications market; 11) the
success and financial condition of the Company's partners, suppliers
and customers; 12) the management of the Company's customer financing
exposure; 13) the success of our product development; 14) our success
in maintaining efficient manufacturing and logistics as well as high
product quality; 15) the ability of the Company to source quality
components and research and development without interruption and at
acceptable prices; 16) our ability to have access to the complex
technology involving patents and other intellectual property rights
included in our products and solutions; 17) inventory management
risks resulting from shifts in market demand; 18) fluctuations in
exchange rates, including, in particular, the fluctuations between
the euro, which is our reporting currency, and the US dollar and the
Japanese yen; 19) the impact of changes in government policies, laws
or regulations; as well as 20) the risk factors specified on pages 11
to 18 of the Company's Form 20-F for the year ended December 31,
2002.


NOKIA
Helsinki - October 16, 2003