Press Release
21 May 2019
Espoo, Finland - The Annual General Meeting (AGM) of
Nokia Corporation is being held today, Tuesday 21 May 2019 in
Helsinki, Finland.
In addition to addressing the company's 2018 financial
performance and Group Annual Accounts, at the AGM, Rajeev Suri,
President and CEO of Nokia Corporation, speaks on environmental,
social and governance (ESG) matters and provides an update on one
of the most radical technology transitions ever as 4G begins to
give way to 5G.
Nokia also emphasizes today efforts undertaken to
eliminate, by July 2019, any statistically significant pay gap in
the company that cannot be explained by factors such as
performance, experience, job grade, or location. Nokia will become
one of a small handful of companies that have taken such
action.
During the past year, Nokia has also continued to work hard to
contribute to making a healthier, connected, sustainable planet.
Nokia recently launched the industry's first-ever liquid-cooled
base station, emitting 80 percent less CO2 emissions than previous
generations of products, and sought innovative ways to use its
connectivity technology where it is most needed. For example, in
the Philippines, the Red Cross was provided with Nokia drones and
portable networks to improve first response in areas struck by
disaster.
Comments on the 5G market
Nokia's strategy is to lead in high-performance end-to-end
networks for operators, expand to select vertical markets that need
high-performing secure networks, build a strong standalone software
business and create new licensing opportunities.
The 5G-driven spending cycle that is now building momentum
supports Nokia's end-to-end, full-portfolio strengths.
Consequently, end-to-end sales as a percentage of sales pipeline
are now at the highest point ever.
Nokia President and Chief Executive Officer Rajeev
Suri says: "5G is not the future anymore. It is here,
and Nokia is leading it. We are winning deals and rolling out some
of the world's first 5G networks. We now have 37 5G
commercial contracts - 20 with named customers including T-Mobile,
AT&T, STC, and Telia - and more than half of them include wider
portfolio elements that our competitors cannot match. We have some
amazing technology. In fact, in pretty much every
network where Nokia products are deployed, we are the performance
leader. This doesn't just happen on its own. It happens
because we focus on excelling in the technology that matters the
most. 5G is now accelerating and the power of Nokia's end-to-end
portfolio is being recognized."
About Nokia We create the technology to connect
the world. We develop and deliver the industry's only end-to-end
portfolio of network equipment, software, services and licensing
that is available globally. Our customers include communications
service providers whose combined networks support 6.1 billion
subscriptions, as well as enterprises in the private and public
sector that use our network portfolio to increase productivity and
enrich lives.
Through our research teams, including the world-renowned Nokia
Bell Labs, we are leading the world to adopt end-to-end 5G networks
that are faster, more secure and capable of revolutionizing lives,
economies and societies. Nokia adheres to the highest ethical
business standards as we create technology with social purpose,
quality and integrity. www.nokia.com
Media Inquiries: Nokia Communications Phone:
+358 10 448 4900 Email: press.services@nokia.com
FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its businesses are exposed to
various risks and uncertainties and certain statements herein that
are not historical facts are forward-looking statements. These
forward-looking statements reflect Nokia's current expectations and
views of future developments and include statements regarding: A)
expectations, plans or benefits related to our strategies and
growth management; B) expectations, plans or benefits related to
future performance of our businesses and any expected future
dividends; C) expectations and targets regarding financial
performance, results, operating expenses, taxes, currency exchange
rates, hedging, cost savings and competitiveness, as well as
results of operations including targeted synergies and those
related to market share, prices, net sales, income and margins; D)
expectations, plans or benefits related to changes in
organizational and operational structure; E) expectations regarding
market developments, general economic conditions and structural
changes; F) our ability to integrate acquired businesses into our
operations and achieve the targeted business plans and benefits,
including targeted benefits, synergies, cost savings and
efficiencies; G) expectations, plans or benefits related to any
future collaboration or to business collaboration agreements or
patent license agreements or arbitration awards, including income
to be received under any collaboration or partnership, agreement or
award; H) timing of the deliveries of our products and services,
including our short term and longer term expectations around the
rollout of 5G and our ability to capitalize on such rollout; and
the overall readiness of the 5G ecosystem ; I) expectations and
targets regarding collaboration and partnering arrangements, joint
ventures or the creation of joint ventures, and the related
administrative, legal, regulatory and other conditions, as well as
our expected customer reach; J) outcome of pending and threatened
litigation, arbitration, disputes, regulatory proceedings or
investigations by authorities; K) expectations regarding
restructurings, investments, capital structure optimization
efforts, uses of proceeds from transactions, acquisitions and
divestments and our ability to achieve the financial and
operational targets set in connection with any such restructurings,
investments, capital structure optimization efforts, divestments
and acquisitions, including our current cost savings program; L)
expectations, plans or benefits related to future capital
expenditures, temporary incremental expenditures or other R&D
expenditures to develop or rollout new products, including 5G; and
M) statements preceded by or including "believe", "expect",
"expectations", "commit", "anticipate", "foresee", "see", "target",
"estimate", "designed", "aim", "plan", "intend", "influence",
"assumption", "focus", "continue", "project", "should", "is to",
"will" or similar expressions. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond our control, which could cause actual results to differ
materially from such statements. These statements are based on
management's best assumptions and beliefs in light of the
information currently available to it. These forward-looking
statements are only predictions based upon our current expectations
and views of future events and developments and are subject to
risks and uncertainties that are difficult to predict because they
relate to events and depend on circumstances that will occur in the
future. Factors, including risks and uncertainties that could cause
these differences include, but are not limited to: 1) our strategy
is subject to various risks and uncertainties and we may be unable
to successfully implement our strategic plans, sustain or improve
the operational and financial performance of our business groups,
correctly identify or successfully pursue business opportunities or
otherwise grow our business; 2) general economic and market
conditions and other developments in the economies where we
operate, including the timeline for the deployment of 5G and our
ability to successfully capitalize on that deployment; 3)
competition and our ability to effectively and profitably invest in
existing and new high-quality products, services, upgrades
and technologies and bring them to market in a timely manner; 4)
our dependence on the development of the industries in which we
operate, including the cyclicality and variability of the
information technology and telecommunications industries and our
own R&D capabilities and investments; 5) our dependence on a
limited number of customers and large multi-year agreements, as
well as external events impacting our customers including mergers
and acquisitions; 6) our ability to maintain our existing sources
of intellectual property-related revenue through our intellectual
property, including through licensing, establish new sources of
revenue and protect our intellectual property from infringement; 7)
our ability to manage and improve our financial and operating
performance, cost savings, competitiveness and synergies generally,
expectations and timing around our ability to recognize any net
sales and our ability to implement changes to our organizational
and operational structure efficiently; 8) our global business and
exposure to regulatory, political or other developments in various
countries or regions, including emerging markets and the associated
risks in relation to tax matters and exchange controls, among
others; 9) our ability to achieve the anticipated benefits,
synergies, cost savings and efficiencies of acquisitions, including
the acquisition of Alcatel-Lucent; 10) exchange rate fluctuations,
as well as hedging activities; 11) our ability to successfully
realize the expectations, plans or benefits related to any future
collaboration or business collaboration agreements and patent
license agreements or arbitration awards, including income to be
received under any collaboration, partnership, agreement or
arbitration award; 12) Nokia Technologies' ability to protect its
IPR and to maintain and establish new sources of patent, brand and
technology licensing income and IPR-related revenues, particularly
in the smartphone market, which may not materialize as planned, 13)
our dependence on IPR technologies, including those that we have
developed and those that are licensed to us, and the risk of
associated IPR-related legal claims, licensing costs and
restrictions on use; 14) our exposure to direct and indirect
regulation, including economic or trade policies, and the
reliability of our governance, internal controls and compliance
processes to prevent regulatory penalties in our business or in our
joint ventures; 15) our reliance on third-party solutions for data
storage and service distribution, which expose us to risks relating
to security, regulation and cybersecurity breaches; 16)
inefficiencies, breaches, malfunctions or disruptions of
information technology systems, or our customers' security
concerns; 17) our exposure to various legal frameworks regulating
corruption, fraud, trade policies, and other risk areas, and the
possibility of proceedings or investigations that result in fines,
penalties or sanctions; 18) adverse developments with respect to
customer financing or extended payment terms we provide to
customers; 19) the potential complex tax issues, tax disputes and
tax obligations we may face in various jurisdictions, including the
risk of obligations to pay additional taxes; 20) our actual or
anticipated performance, among other factors, which could reduce
our ability to utilize deferred tax assets; 21) our ability to
retain, motivate, develop and recruit appropriately skilled
employees; 22) disruptions to our manufacturing, service creation,
delivery, logistics and supply chain processes, and the risks
related to our geographically-concentrated production sites; 23)
the impact of litigation, arbitration, agreement-related disputes
or product liability allegations associated with our business; 24)
our ability to re-establish investment grade rating or maintain our
credit ratings; 25) our ability to achieve targeted benefits from,
or successfully implement planned transactions, as well as the
liabilities related thereto; 26) our involvement in joint ventures
and jointly-managed companies; 27) the carrying amount of our
goodwill may not be recoverable; 28) uncertainty related to the
amount of dividends and equity return we are able to distribute to
shareholders for each financial period; 29) pension costs, employee
fund-related costs, and healthcare costs; 30) our ability to
successfully complete and capitalize on our order backlogs and
continue converting our sales pipeline into net sales; and 31)
risks related to undersea infrastructure, as well as the risk
factors specified on pages 60 to 75 of our 2018 annual report on
Form 20-F published on March 21, 2019 under "Operating and
financial review and prospects-Risk factors" and in our other
filings or documents furnished with the U.S. Securities and
Exchange Commission. Other unknown or unpredictable factors or
underlying assumptions subsequently proven to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. We do not undertake any obligation to
publicly update or revise forward-looking statements, whether as a
result of new information, future events or otherwise, except to
the extent legally required.
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