Nokia Oyj — Earnings Release 2010

Jul 19, 2011

Nokia / Miscellaneous

19.07.2011 14:00

Dissemination of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------------

Nokia Corporation Stock exchange release July 19, 2011 at 15:00 (CET +1)

Espoo, Finland - Nokia today provided historical results for its Devices & Services business, regrouped for comparability purposes according to the new reporting format that reflects the operational structure that became effective on April 1, 2011.

The historical results set forth below for each quarter and the full year of 2010 as well as the first quarter of 2011 are reported results regrouped (on an unaudited basis) for comparability purposes according to Nokia's four reportable segments effective from April 1, 2011:

• Smart Devices (within Devices & Services)
• Mobile Phones (within Devices & Services)
• NAVTEQ
• Nokia Siemens Networks

The key financial performance measures provided for these segments include net sales, gross margin as well as an additional measure of profit. For Smart Devices and Mobile Phones, we present these segments' profit contribution, which consists of revenues less these segments' own costs as well as their directly assignable and allocated costs. For NAVTEQ and Nokia Siemens Networks, we present operating profit.

Devices & Services Other primarily includes Nokia's luxury phone business Vertu, spare parts, intellectual property royalty income, as well as common research and development expenses. Other income and expenses includes major restructuring programs related to the Devices & Services business as well as other unallocated items.

It should be noted that the information provided herein is historical and therefore does not indicate future performance.

FIRST QUARTER 2010, REPORTED, EUR million (unaudited)

--------------------------------------------------------------------------------

-----------------------------------------------
Nokia	Smart Devices Corporate	Elimin		Mobile Phones Nokia	Devices &		Devices	NAVTEQ
Siemens	1-3/2010 Common	ations		1-3/2010 Group	Services Other		&	1-3/2010
					1-3/2010		Service
Networks	1-3/2010		1-3/20	1-3/2010
1-3/2010			10				s
							1-3/201
--------------------------------------------------------------------------------							0
---------------------------------------------- Net sales		3 362		3 194		107		6 663
189 2 718		-	-48	9 522
Cost of		-2 211		-2 234		-62		-4 507
-29 -1 936 sales --------------------------------------------------------------------------------		-	28	-6 444
---------------------------------------------- Gross		1 151		960		45		2 156

160 profit	782	-	-20	3 078
1) % of net 84.7	28.8	34.2		30.1 32.3		42.1	32.4
sales Operating -237	-1 015	-829 -12	-	-340 -2 627		-194	-1 363
expenses Other -	7	28 -8	-	- 37		10	38
income and expenses							--------------------------------------------------------------------------------
Contribut ion		---------------------------------------------- 350		620		-139
% of net sales		10.4		19.4		-129.9	--------------------------------------------------------------------------------
Operating -77 profit 1)	-226	---------------------------------------------- -20	-20	488			831
% of net -40.7 sales	-8.3			5.1			12.5 --------------------------------------------------------------------------------
combination with Nokia's GPS enabled smartphones.
(unaudited) NAVTEQ	Nokia	SECOND QUARTER 2010, REPORTED, EUR million Smart Devices Corporate	Eliminati	Mobile Phones	Nokia	Devices	Devices
Siemens	Common	4-6/2010 ons	Group	4-6/2010		& & Service	4-6/2010 Service
	Networks	4-6/2010	4-6/2010	4-6/20		s Other	s
	4-6/2010			10		4-6/201 0	4-6/201 0
Net sales		----------------------------------------------	3 503		3 190	106	-------------------------------------------------------------------------------- 6 799
252 Cost of sales -47	3 039 -2 170	- -	-87 -2 374 32	10 003 -6 932	-2 304	-69	-4 747
Gross profit 1)		----------------------------------------------	1 129		886	37	-------------------------------------------------------------------------------- 2 052
205 % of net sales	869	-	-55 32.2	3 071	27.8	34.9	30.2
81.3 Operating expenses	28.6		-848	30.7	-374	-206	-1 428
-283 Other income and -3 expenses	-1 034 -14	-29 -4	- 2 -	-2 774 -2	1	16	19
Contribution % of net sales		---------------------------------------------- ----------------------------------------------	283 8.1		513 16.1	-153 -144.3	-------------------------------------------------------------------------------- --------------------------------------------------------------------------------

% of net sales -32.1	-5.9				2.9		--------------------------------------------------------------------------------	9.5
(unaudited)		---------------------------------------------- Services related to Ovi Maps service sold in combination with Nokia's GPS enabled smartphones. THIRD QUARTER 2010, REPORTED, EUR million					1) Elimination of profits recognized in NAVTEQ that are deferred in Devices &
NAVTEQ	Nokia	Smart Devices Corporate 7-9/2010		Eliminati	Mobile Phones 7-9/2010	Nokia	Devices & &	Devices 7-9/2010
Siemens	Common	ons		Group
	Networks	7-9/2010		7-9/2010	7-9/20		Services	Service
	7-9/2010				10		Other	s
							7-9/2010 --------------------------------------------------------------------------------	7-9/201 0
Net sales 252	2 943	---------------------------------------------- -	3 612	-98	10 270	3 364	197	7 173
Cost of sales -39	-2 241	1	-2 509	42	-7 329	-2 506	-77 --------------------------------------------------------------------------------	-5 092
Gross profit 1) 213	702	---------------------------------------------- 1	1 103	-56	2 941	858	120	2 081
% of net sales			30.5			25.5	60.9	29.0
84.5 Operating -263	23.9 -966	-19	-773	-	28.6 -2 587	-382	-184	-1 339
expenses Other income 2 and expenses	-18	-	5	-	49	3	57 --------------------------------------------------------------------------------	65
Contribution % of net sales		----------------------------------------------	335 9.3			479 14.2	-7 -3.6 --------------------------------------------------------------------------------
Operating -48	-282	---------------------------------------------- -18		-56	403			807
profit 1) % of net sales -19.0	-9.6				3.9			11.3
(unaudited)		---------------------------------------------- Services related to Ovi Maps service sold in combination with Nokia's GPS enabled smartphones. FOURTH QUARTER 2010, REPORTED, EUR million					-------------------------------------------------------------------------------- 1) Elimination of profits recognized in NAVTEQ that are deferred in Devices &
Nokia	Corporate	Smart Devices Elimina		Nokia Group	Mobile Phones		Devices &	Devices	NAVTEQ
Siemen	Common	10-12/2010 tions		10-12/2010	10-12/2010		Services	&	10-12/201
							Other	Service	0
s		10-12/2010 10-12/2					10-12/2010	s
Networ		010						10-12/2
ks								010
10-12/
2010							--------------------------------------------------------------------------------

1)

Net sales	----------------------------------------------
			4 396		3 947		156		8 499
309 3 961		-	-118		12 651
Cost of			-3 111		-2 822		-86		-6 019
-38 -2 919		-	52		-8 924
sales						--------------------------------------------------------------------------------
	----------------------------------------------
Gross profit			1 285		1 125		70		2 480
271 1 042 1)		-	-66		3 727
% of net			29.2		28.5		44.9		29.2
87.7	26.3				29.5
sales
Operating			-882		-410		-218		-1 510
-288 -1 022		-47	-		-2 867
expenses
Other income -2 -19		4	145 -7		24	1	-98		48
and
expenses
						--------------------------------------------------------------------------------
Contribution	----------------------------------------------		548			716	-246
% of net			12.5		18.1		-157.7
sales
						--------------------------------------------------------------------------------
Operating	----------------------------------------------								1 018
-19	1	-43	-73		884
profit 1)
% of net									12.0
-6.1	0.0				7.0
sales
	---------------------------------------------- Services related to Ovi Maps service sold in combination with Nokia's GPS enabled smartphones.					-------------------------------------------------------------------------------- 1) Elimination of profits recognized in NAVTEQ that are deferred in Devices &
	FULL YEAR 2010, REPORTED, EUR million Smart Devices		Mobile Phones			Devices &	Devices		NAVTEQ
	Corporate		Eliminatio		Nokia Group
	1-12/2010 Common		ns	1-12/2010	1-12/2010	Services	&		1-12/20
						Other	Services		10
	1-12/2010		1-12/2010
						1-12/2010	1-12/201
							0
						--------------------------------------------------------------------------------
	----------------------------------------------	14 873		13 695		566		29 134		1 002
	-		-351		42 446
		-10 205		-9 866		-294		-20 365		-153
	1		154		-29 629
	----------------------------------------------					--------------------------------------------------------------------------------
		4 668			3 829	272		8 769		849
3 395	1		-197		12 817
		31.4			28.0	48.1		30.1		84.7
26.8					30.2
	-107	-3 332	-	-1 506	-10 855	-802		-5 640	-1 071
(unaudited) Nokia Siemens Networks 1-12/2010 Net sales 12 661 Cost of -9 266 sales Gross profit 1) % of net sales Operating -4 037 expenses Other -44	-8	180	-7		5 108	-15		170		-3

income and
expenses
--------------------------------------------------------------------------------
---------------------------------------------- Contribut ion	1 516		2 328		-545
% of net sales	10.2		17.0		-96.3
-------------------------------------------------------------------------------- ----------------------------------------------
Operating -686	-114	-204		2 070		3 299	-225
profit 1)
% of net -5.4				4.9		11.3	-22.5
sales
--------------------------------------------------------------------------------
---------------------------------------------- 1) Elimination of profits recognized in NAVTEQ that are deferred in Devices & Services related to Ovi Maps service sold in combination with Nokia's GPS enabled smartphones. FIRST QUARTER 2011, REPORTED, EUR million (unaudited) Nokia Siemens	Smart Devices Corporat	Mobile Phones Elimin	Nokia	Devices &		Devices	NAVTEQ
	1-3/2011	1-3/2011			Services Other	&	1-3/20
Networks	e Common	ations	Group	1-3/2011		Services	11
1-3/2011	1-3/2011	1-3/20		1-3/2011
--------------------------------------------------------------------------------		11				1-3/2011
----------------------------------------------
Net	3 528		3 407		152	7 087
232 sales	3 171	-	-91	10 399
Cost	-2 475		-2 457		-92	-5 024
-37	-2 324	-	60	-7 325
of sales
--------------------------------------------------------------------------------
----------------------------------------------
Gross 195	1 053 847	-	950 -31	3 074	60	2 063
profi
t 1)
% of	29.8		27.9		39.5		29.1
84.1 net sales	26.7			29.6
Operat	-835		-386		-167	-1 388
-258	-990	-22	-	-2 658
ing expen
ses Other	-		-2		17		15
1	1	6	-	23
incom e and
expen ses
--------------------------------------------------------------------------------
---------------------------------------------- Contri bution	218		562		-90
% of	6.2		16.5		-59.2
net sales
--------------------------------------------------------------------------------

Operat -62 ing	---------------------------------------------- -142	-16	-31	439	690
profi t 1) % of -26.7 net	-4.5			4.2	9.7
sales
	Services related to Ovi Maps service sold in combination with Nokia's GPS enabled smartphones.
About Nokia				people connect to one another with a Nokia, from our most affordable	Nokia is committed to connecting people to what matters to them by combining advanced mobile technology with personalized services. More than 1.3 billion
					voice-optimized mobile phones to advanced Internet-connected smartphones sold in virtually every market in the world. Through Ovi (www.ovi.com), people also enjoy access to maps and navigation on mobile, a rapidly expanding applications

store, a growing catalog of digital music, free email and more. Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, and Nokia Siemens Networks is one of the leading providers of telecommunications infrastructure hardware, software and professional services globally.

Media Enquiries:

Nokia Communications Tel. +358 7180 34900 Email: press.services@nokia.com

Investor Relations Europe Tel. +358 7180 34927

Investor Relations US Tel. +1 914 368 0555

www.nokia.com

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19.07.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English Company: Nokia Finland Phone: Fax: E-mail: Internet: ISIN: FI0009000681 LSE Ticker: 0HAF Sequence Number: 840 Time of Receipt: Jul 19, 2011 14:00:06 End of Announcement DGAP News-Service

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