NOKIA ANNUAL RESULTS 2001Nokia continues strong performance in challenging year 2001, with increased sales, solid profitability and very strong operating cash flow. In 4Q, company exceeds profit target achieving significant market share gains in mobile phones.
Fourth quarter 2001 compared with fourth quarter 2000:- Net sales decreased 5% to EUR 8 788 million (EUR 9 284 million in 4Q 2000)- Pro forma operating profit was EUR 1 589 million (EUR 1 728 million); operating margin was 18.1% (18.6%)- Pro forma adjustments for 4Q 2001 were EUR 736 million, consisting of:
- goodwill amortization of EUR 87 million
- goodwill impairment of EUR 464 million relating to Nokia Networks Broadband business and Nokia Internet Communications
- restructuring expenses of EUR 105 million
- impairment of minority investments of EUR 80 million
- Pro forma net profit was EUR 1 153 million (EUR 1 210 million)
- Pro forma earnings per share (diluted) was EUR 0.24 (EUR 0.25)
- Reported (IAS) net profit was EUR 450 million (EUR 1 204 million) and reported earnings per share (diluted) was EUR 0.09 (EUR 0.25)
- Net sales grew 3% to EUR 31 191 million (EUR 30 376 million in 2000)
- Pro forma operating profit was EUR 5 237 million (EUR 5 861 million), operating margin was 16.8% (19.3%)
- Pro forma adjustments for 2001 were EUR 1 875 million
- Pro forma net profit was EUR 3 789 million (EUR 4 027 million)
- Pro forma earnings per share (diluted) was EUR 0.79 (EUR 0.84)
- Reported (IAS) net profit was EUR 2 200 million (EUR 3 938 million) and reported earnings per share (diluted) was EUR 0.46 (EUR 0.82)
- At year-end, the net cash position was EUR 5.1 billion (EUR 2.9 billion) and the net debt-to-equity ratio (gearing) was -41% (-26%)
