TIDMNOKIA 
 
 
   Nokia provides recast comparative segment results for 2020 reflecting 
new financial reporting structure 
 
   Nokia Corporation 
 
   Stock Exchange Release 
 
   11 March 2021 at 13:10 EET 
 
   Nokia today provides recast comparative segment financial information on 
a quarterly and annual basis for 2020, reflecting the previously 
announced organizational changes. 
 
   Changes in reporting structure, effective from 1 January 2021 
 
   On 29 October 2020, Nokia announced the first phase of its new strategy, 
outlining high-level strategic principles alongside a new operating 
model designed to better position the company for changing markets and 
align with customer needs. The new operating model is optimized for 
better accountability and transparency, increased simplicity and 
improved cost-efficiency. On 16 December 2020, Nokia provided an update 
on its new strategic focus areas and operating model together with its 
assumptions for its four new business groups and Group Common and Other 
in 2021 and over the longer term. 
 
   Accordingly, Nokia has revised its financial reporting structure to 
reflect its strategy, organizational structure and the way it evaluates 
operational performance and allocates resources. Reclassifications have 
been made in order to reflect the new organizational structure of the 
company. 
 
   The new model, effective from 1 January 2021, consists of four discrete 
business groups responsible for their own P&Ls and aligned with customer 
buying behavior: (i) Mobile Networks, (ii) Network Infrastructure, (iii) 
Cloud and Network Services and (iv) Nokia Technologies. As of 1 January 
2021, these will also be the four reportable segments. In addition, 
Nokia will disclose segment-level data for Group Common and Other. 
 
   Within the new Network Infrastructure reportable segment, Nokia intends 
to provide net sales disclosure for the following businesses: (i) Fixed 
Networks, (ii) IP Networks, (iii) Optical Networks and (iv) Submarine 
Networks. 
 
   Nokia also intends to continue providing separate net sales disclosure 
for its different customer types: (i) Communication Service Providers, 
(ii) Enterprises and (iii) Licensees. 
 
   Changes from previous financial reporting structure to new financial 
reporting structure 
 
   The following seven product areas were reclassified into new reportable 
segments: 
 
 
   1. Network management was reclassified to Mobile Networks from Nokia 
      Software 
 
   2. Submarine Networks was reclassified to Network Infrastructure from Group 
      Common and Other 
 
   3. Packet Core was reclassified to Cloud and Network Services from Networks 
 
   4. Enterprise Solution Services was reclassified to Cloud and Network 
      Services from Networks 
 
   5. Managed Services was reclassified to Cloud and Network Services from 
      Networks 
 
   6. Network Cognitive Services was reclassified to Cloud and Network Services 
      from Networks 
 
   7. Digital Automation and Analytics & IoT was reclassified to Cloud and 
      Network Services from Group Common and Other 
 
 
   To summarize these changes, the new business groups will be comprised as 
follows: 
 
   Mobile Networks is now comprised of Mobile Access from our previous 
Networks reportable segment, plus the following reclassifications: 
 
   Into Mobile Networks: 
 
 
   -- Network management (from Nokia Software) 
 
 
 
   Out of Mobile Access from our previous Networks reportable segment: 
 
 
   -- Enterprise Solution Services (to Cloud and Network Services) 
 
   -- Managed Services (to Cloud and Network Services) 
 
   -- Network Cognitive Services (to Cloud and Network Services) 
 
 
 
   Network Infrastructure is now comprised of Fixed Access, IP Routing, and 
Optical Networks from our previous Networks reportable segment, plus the 
following reclassifications: 
 
   Into Network Infrastructure: 
 
 
   -- Submarine Networks (from Group Common and Other) 
 
 
 
   Out of IP Routing from our previous Networks reportable segment: 
 
 
   -- Packet Core (to Cloud and Network Services) 
 
 
 
   Cloud and Network Services is now comprised of our previous Nokia 
Software business group, plus the following reclassifications: 
 
   Into Cloud and Network Services: 
 
 
   -- Packet Core (from Networks) 
 
   -- Enterprise Solution Services (from Networks) 
 
   -- Managed Services (from Networks) 
 
   -- Network Cognitive Services (from Networks) 
 
   -- Digital Automation and Analytics & IoT (from Group Common and Other) 
 
 
   Out of our previous Nokia Software business group: 
 
 
   -- Network management (to Mobile Networks) 
 
 
   Finally, Group Common and Other continues to include Radio Frequency 
Systems (RFS), and the following product areas were reclassified into 
our new business groups: 
 
 
   -- Submarine Networks was reclassified to Network Infrastructure 
 
   -- Digital Automation and Analytics & IoT was reclassified to Cloud and 
      Network Services 
 
 
 
   Recast comparative segment financial information for 2020 
 
   To provide a basis for comparison, the following summarized tables 
present a recasting of Nokia's segment financial information on an 
unaudited basis for all four quarters of 2020 separately, as well as for 
the full year 2020. 
 
   More detailed tables are available in Excel format attached to this 
stock exchange release and at 
https://www.globenewswire.com/Tracker?data=Q7ExlH8wwCB2mo0V0oefP0LgwfQx9T6ruME5Dxb_PaQULh-ZunagOPQVga6CP3rmufi2xssK2JzXtT0JnrJCnuFYaNawsjBTfrLSnX4ejis= 
www.nokia.com/financials. 
 
 
 
 
Mobile Networks (reported) 
                                   Q1'20       Q2'20       Q3'20       Q4'20      Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                       Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                             2 345       2 424       2 448       3 180      10 397 
 
Gross profit                            706         848         878       1 232       3 663 
Gross margin %                        30.1%       35.0%       35.9%       38.7%       35.2% 
 
Operating profit/(loss)                (44)         104         182         273         515 
Operating margin %                   (1.9)%        4.3%        7.4%        8.6%        5.0% 
 
Other segment items 
Depreciation and amortization         (104)       (105)       (101)       (103)       (413) 
Share of results of associated 
 companies and joint ventures           (4)           6         (2)          21          21 
EBITDA                                   56         215         281         397         949 
 
Mobile Networks (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                             2 345       2 424       2 449       3 181      10 398 
 
Gross profit                            729         875         871       1 256       3 732 
Gross margin %                        31.1%       36.1%       35.6%       39.5%       35.9% 
 
Operating profit/(loss)                  15         183         206         415         818 
Operating margin %                     0.6%        7.5%        8.4%       13.0%        7.9% 
 
Other segment items 
Depreciation and amortization          (87)        (88)        (85)        (87)       (347) 
Share of results of associated 
 companies and joint ventures           (4)           6         (2)          21          21 
EBITDA                                   98         277         289         523       1,186 
 
Network Infrastructure 
(reported) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                        Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales(1)                          1 419       1 545       1 793       1 979       6 736 
 
Gross profit                            449         523         635         685       2 292 
Gross margin %                        31.6%       33.9%       35.4%       34.6%       34.0% 
 
Operating profit/(loss)               (125)        (49)         118       (102)       (158) 
Operating margin %                   (8.8)%      (3.2)%        6.6%      (5.2)%      (2.3)% 
 
Other segment items 
Depreciation and amortization         (126)       (131)       (126)       (124)       (508) 
Share of results of associated 
 companies and joint ventures             0           0         (1)           1         (1) 
EBITDA                                    1          82         243          23         349 
(1) Fixed Networks net sales of EUR 350 million in Q1'20, EUR 439 
 million in Q2'20, EUR 453 million in Q3'20, EUR 517 million in Q4'20 
 and EUR 1 759 million in Q1-Q4'20. IP Networks net sales of EUR 542 
 million in Q1'20, EUR 611 million in Q2'20, EUR 670 million in Q3'20, 
 EUR 761 million in Q4'20 and EUR 2 585 million in Q1-Q4'20. Optical 
 Networks net sales of EUR 394 million in Q1'20, EUR 363 million in 
 Q2'20, EUR 463 million in Q3'20, EUR 474 million in Q4'20 and EUR 
 1 695 million in Q1-Q4'20. Submarine Networks net sales of EUR 132 
 million in Q1'20, EUR 131 million in Q2'20, EUR 206 million in Q3'20, 
 EUR 227 million in Q4'20 and EUR 697 million in Q1-Q4'20. 
 
Network Infrastructure (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales(1)                          1 419       1 545       1 793       1 980       6 736 
 
Gross profit                            461         537         648         715       2 361 
Gross margin %                        32.5%       34.8%       36.1%       36.1%       35.1% 
 
Operating profit/(loss)                (31)          66         212         211         457 
Operating margin %                   (2.2)%        4.3%       11.8%       10.7%        6.8% 
 
Other segment items 
Depreciation and amortization          (50)        (51)        (50)        (50)       (200) 
Share of results of associated 
 companies and joint ventures             0           0         (1)           1         (1) 
EBITDA                                   19         117         261         262         656 
(1) Fixed Networks net sales of EUR 350 million in Q1'20, EUR 439 
 million in Q2'20, EUR 453 million in Q3'20, EUR 517 million in Q4'20 
 and EUR 1 759 million in Q1-Q4'20. IP Networks net sales of EUR 542 
 million in Q1'20, EUR 611 million in Q2'20, EUR 670 million in Q3'20, 
 EUR 761 million in Q4'20 and EUR 2 585 million in Q1-Q4'20. Optical 
 Networks net sales of EUR 394 million in Q1'20, EUR 363 million in 
 Q2'20, EUR 463 million in Q3'20, EUR 474 million in Q4'20 and EUR 
 1 695 million in Q1-Q4'20. Submarine Networks net sales of EUR 132 
 million in Q1'20, EUR 131 million in Q2'20, EUR 206 million in Q3'20, 
 EUR 227 million in Q4'20 and EUR 697 million in Q1-Q4'20. 
 
Cloud and Network Services (reported) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                        Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                               744         718         663         962       3 087 
 
Gross profit                            240         229         117         259         845 
Gross margin %                        32.3%       31.9%       17.6%       26.9%       27.4% 
 
Operating profit/(loss)                (69)        (54)       (148)        (63)       (334) 
Operating margin %                   (9.3)%      (7.5)%     (22.3)%      (6.5)%     (10.8)% 
 
Other segment items 
Depreciation and amortization          (38)        (37)        (35)        (35)       (146) 
Share of results of associated 
 companies and joint ventures             1           1           2           2           5 
EBITDA                                 (30)        (16)       (111)        (26)       (183) 
 
Cloud and Network Services (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                               744         718         663         962       3 087 
 
Gross profit                            255         258         130         374       1 016 
Gross margin %                        34.3%       35.9%       19.6%       38.9%       32.9% 
 
Operating profit/(loss)                (39)         (6)       (119)          97        (67) 
Operating margin %                   (5.2)%      (0.8)%     (17.9)%       10.1%      (2.2)% 
 
Other segment items 
Depreciation and amortization          (30)        (29)        (28)        (28)       (115) 
Share of results of associated 
 companies and joint ventures             1           1           2           2           5 
EBITDA                                  (8)          24        (89)         127          53 
 
Nokia Technologies (reported) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                        Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                               347         341         331         382       1 402 
 
Gross profit                            345         339         327         380       1 392 
Gross margin %                        99.4%       99.4%       98.8%       99.5%       99.3% 
 
Operating profit/(loss)                 280         271         263         306       1 120 
Operating margin %                    80.7%       79.5%       79.5%       80.1%       79.9% 
 
Other segment items 
Depreciation and amortization          (10)        (10)        (10)        (10)        (39) 
Share of results of associated 
 companies and joint ventures             0           0           1           0           1 
EBITDA                                  290         281         274         316       1,160 
 
Nokia Technologies (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                               347         341         331         382       1 402 
 
Gross profit                            345         339         328         380       1 393 
Gross margin %                        99.4%       99.4%       99.1%       99.5%       99.4% 
 
Operating profit/(loss)                 280         272         264         307       1 123 
Operating margin %                    80.7%       79.8%       79.8%       80.4%       80.1% 
 
Other segment items 
Depreciation and amortization          (10)        (10)        (10)        (10)        (39) 
Share of results of associated 
 companies and joint ventures             0           0           1           0           1 
EBITDA                                  290         282         275         317       1 163 
 
Group Common and Other (reported) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                        Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                                68          75          67          59         269 
 
Gross profit                            (4)           2           5         (5)         (1) 
Gross margin %                       (5.9)%        2.7%        7.5%      (8.5)%      (0.4)% 
 
Operating profit/(loss)               (118)       (103)        (65)          28       (258) 
Operating margin %                 (173.5)%    (137.3)%     (97.0)%       47.5%     (95.9)% 
 
Other segment items 
Depreciation and amortization           (7)         (7)         (6)         (6)        (26) 
Share of results of associated 
 companies and joint ventures           (1)           0           0         (4)         (5) 
EBITDA                                (112)        (96)        (59)          30       (237) 
 
Group Common and Other (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                                68          75          67          59         269 
 
Gross profit                            (2)           6           5         (2)           7 
Gross margin %                       (2.9)%        8.0%        7.5%      (3.4)%        2.6% 
 
Operating profit/(loss)               (108)        (91)        (77)          26       (251) 
Operating margin %                 (158.8)%    (121.3)%    (114.9)%       44.1%     (93.3)% 
 
Other segment items 
Depreciation and amortization           (6)         (6)         (6)         (6)        (24) 
Share of results of associated 
 companies and joint ventures           (1)           0           0         (4)         (5) 
EBITDA                                (103)        (85)        (71)          28       (232) 
 
Nokia Group (reported) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                        Reported    Reported    Reported    Reported    Reported 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                             4 913       5 092       5 294       6 553      21 852 
 
Gross profit                          1 736       1 942       1 962       2 553       8 193 
Gross margin %                        35.3%       38.1%       37.1%       39.0%       37.5% 
 
Operating profit/(loss)                (76)         170         350         441         885 
Operating margin %                   (1.5)%        3.3%        6.6%        6.7%        4.0% 
 
Other segment items 
Depreciation and amortization         (285)       (290)       (279)       (279)     (1 132) 
Share of results of associated 
 companies and joint ventures           (4)           6           0          20          22 
EBITDA                                  205         466         629         740       2 039 
 
Nokia Group (comparable) 
                                      Q1'20       Q2'20       Q3'20       Q4'20    Q1-Q4'20 
                                 ----------  ----------  ----------  ----------  ---------- 
EUR million                      Comparable  Comparable  Comparable  Comparable  Comparable 
                                 ----------  ----------  ----------  ----------  ---------- 
Net sales                             4 914       5 093       5 294       6 554      21 854 
 
Gross profit                          1 787       2 017       1 981       2 724       8 509 
Gross margin %                        36.4%       39.6%       37.4%       41.6%       38.9% 
 
Operating profit/(loss)                 116         423         486       1 056       2 081 
Operating margin %                     2.4%        8.3%        9.2%       16.1%        9.5% 
 
Other segment items 
Depreciation and amortization         (183)       (184)       (178)       (180)       (725) 
Share of results of associated 
 companies and joint ventures           (4)           6           0          20          22 
EBITDA                                  295         613         664       1 256       2 828 
 
 
   Illustrative recast of Nokia Software to Cloud and Network Services 
 
   The reclassifications affected our new Cloud and Network Services 
business group particularly significantly, and therefore we are 
providing an illustrative bridge. The comparable operating margin for 
our previous Nokia Software reportable segment was 19.2% in 2020, 
whereas the comparable operating margin for Cloud and Network Services 
was -2.2% in 2020. This was attributable to reclassifying Packet Core, 
Enterprise Solution Services, Managed Services, and Network Cognitive 
Services to Cloud and Network Services from our previous Networks 
reportable segment, as well as reclassifying Digital Automation and 
Analytics & IoT to Cloud and Network Services from Group Common and 
Other. In addition, Network Management was reclassified to Mobile 
Networks from our previous Nokia Software reportable segment. 
 
   Please refer to the PDF attached to this release. 
 
   About Nokia 
 
   We create the critical networks and technologies to bring together the 
world's intelligence, across businesses, cities, supply chains and 
societies. 
 
   With our commitment to innovation and technology leadership, driven by 
the award-winning Nokia Bell Labs, we deliver networks at the limits of 
science across mobile, infrastructure, cloud, and enabling technologies. 
 
 
   Adhering to the highest standards of integrity and security, we help 
build the capabilities we need for a more productive, sustainable and 
inclusive world. 
 
   For our latest updates, please visit us online 
https://www.globenewswire.com/Tracker?data=Q7ExlH8wwCB2mo0V0oefP0DM9SBZVVt113Qh4kHYnIGLYaxvgc-jDR3MePbaYwUY5uz2lLBbgZNQWQc-gUVeKA== 
www.nokia.com and follow us on Twitter @nokia. 
 
   Investor Enquiries: 
 
   Nokia Investor Relations 
 
   Tel. +358 4080 3 4080 
 
   Email: 
https://www.globenewswire.com/Tracker?data=6R1OJsTv3MiY--Cm0MAWauMPirn2P8cJkMJmvS23rzdodl9ID-Izjt6z_xVRl4dUBpZUCyDMotO3EOuLLTwUjUPJYWYlCk-G9btdn9wmBF73kTf7R-fDwb7vwUgr2rWAJale1pGehj-FS9JfjulQJg0la-l5DCEQQJPzBH6frHFcW0Rzqu3_GXS7T8RrfZx0J0l6XdnEwA87bhECVAhel7qZPHeAGeRWUo20qg6YO6mTOziod8gs8qOlAhvE86Np7sr2vTkCzVyFoIzoTga9_Sn8UNNFfqJ4L2c_xwwLDw4= 
investor.relations@nokia.com 
 
   Media Enquiries: 
 
   Nokia 
 
   Communications 
 
   Phone: +358 10 448 4900 
 
   Email: 
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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, growth management and operational 
key performance indicators; B) expectations, plans or benefits related 
to future performance of our businesses (including the expected impact, 
timing and duration of that impact of COVID-19 on our businesses, our 
supply chain and our customers' businesses) and any future dividends 
including timing and qualitative and quantitative thresholds associated 
therewith; C) expectations and targets regarding financial performance, 
cash generation, results, the timing of receivables, operating expenses, 
taxes, currency exchange rates, hedging, cost savings, product cost 
reductions and competitiveness, as well as results of operations 
including targeted synergies, better commercial management and those 
results 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 competition within 
our market, market developments, general economic conditions and 
structural and legal change globally and in national and regional 
markets, such as China; F) timing of the deliveries of our products and 
services, including our short term and longer term expectations around 
the rollout of 5G, investment requirements with such rollout, and our 
ability to capitalize on such rollout; G) 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; H) expectations, plans or benefits related 
to future capital expenditures, reduction of support function costs, 
temporary incremental expenditures or other R&D expenditures to develop 
or rollout software and other new products, including 5G, ReefShark and 
increased digitalization; I) expectations regarding our customers' 
future actions, including our customers' capital expenditure constraints 
and our ability to satisfy customer's needs and retain their business; 
and J) statements preceded by or including "believe", "expect", 
"expectations", "deliver", "maintain", "strengthen", "target", 
"estimate", "plan", "intend", "assumption", "focus", "continue", 
"should", "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 
our 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 them. 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, general public 
health conditions (including its impact on our supply chains) 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 and the 
possibility of our customers awarding business to our competitors; 6) 
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; 7) 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; 8) 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; 9) 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; 10) our ability to 
successfully complete and capitalize on our order backlogs and continue 
converting our sales pipeline into net sales; and 11) the scope and 
duration of the COVID-19 impact on the global economy and financial 
markets as well as our customers, supply chain, product development, 
service delivery, other operations and our financial, tax, pension and 
other assets, and the shape of the economic recovery following the 
pandemic as well as the risk factors specified in our 2020 annual report 
on Form 20-F published on March 4, 2021 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. 
 
 
 
   Attachments 
 
 
   -- Segment_recast_2020_ENG 
      https://ml-eu.globenewswire.com/Resource/Download/5e30e7c7-bd8b-4307-8aa1-e404c77e5658 
 
 
   -- Indicative_bridge_2020 
      https://ml-eu.globenewswire.com/Resource/Download/b56c9c7d-0894-4db2-81a5-931c11ed2465 
 
 
 
 
 
 
 

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March 11, 2021 06:10 ET (11:10 GMT)

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