
Nokia expects to revise upwards its 2021 financial guidance
Nokia Corporation
Inside information
13 July 2021 at 9:00 EET
Nokia expects to revise upwards its 2021 financial guidance
Espoo, Finland – Nokia is today providing an update to its financial guidance for full year 2021. In the second quarter Nokia saw continued strength in the business, improving its expectations for the full year. Nokia now expects to revise upwards its prior outlook ranges for 2021. Nokia plans to provide full details on its second quarter and half-year financial performance and revised full year 2021 guidance on 29 July 2021.
The previousoutlook for 2021 (reiterated on 29 April 2021) was:
Net sales, adjusted for currency fluctuations1 | €20.6bn to €21.8bn |
Comparable operating margin | 7 to 10% |
Free cash flow | Positive |
Comparable ROIC | 10 to 15% |
1)Assuming continuation of 2020 year-end EUR/USD rate of 1.23.
“We are progressing well with our three-phased plan to achieve sustainable, profitable growth and technology leadership laid out at our Capital Markets Day in March. Our first half performance has shown evidence of this in good cost control and also benefited from strength in a number of our end markets. We continue to expect some headwinds in the second half as we have previously highlighted but our performance in the first half provides a good foundation for the full year,” said Pekka Lundmark, Nokia President and CEO.
The company will release its second quarter and half year 2021 financial results on Thursday 29 July 2021.
Nokia will conduct a conference call with analysts and investors to discuss its second quarter performance and business outlook on 29 July 2021 at 11:30am EET / 9:30am BST / 4:30am US EST.
About Nokia
At Nokia, we create technology that helps the world act together.
As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.
Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Katja Antila, Head of Media Relations
Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
Forward-lookingstatements
It shouldbenotedthat Nokia and its businesses are exposed to variousrisks and uncertainties and certain statementshereinthat are not historicalfacts are forward-lookingstatements. Theseforward-lookingstatementsreflectNokia'scurrent expectations and views of future developments and includestatementsregarding: A) expectations, plans or benefitsrelated to ourstrategies, growth management and operational key performance indicators; B) expectations, plans or benefitsrelated to future performance of our businesses (including the expected impact, timing and duration of that impact of COVID-19 on our businesses, oursupplychain and ourcustomers’ businesses) and any future dividendsincluding timing and qualitative and quantitative thresholdsassociatedtherewith; C) expectations and targetsregardingfinancial performance, cash generation, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, costsavings, productcostreductions and competitiveness, as well as results of operationsincludingtargeted synergies, better commercial management and thoseresultsrelated to marketshare, prices, net sales, income and margins; D) expectations, plans or benefitsrelated to changes in organizational and operational structure; E) expectations regardingcompetitionwithinourmarket, marketdevelopments, generaleconomic conditions and structural and legal change globally and in national and regionalmarkets, such as China; F) ourability to integrateacquired businesses intoouroperations and achieve the targeted business plans and benefits, includingtargetedbenefits, synergies, costsavings and efficiencies; G) expectations, plans or benefitsrelated to any future collaboration or to business collaboration agreements or patent licenseagreements or arbitration awards, includingincome to bereceivedunderany collaboration or partnership, agreement or award; H) timing of the deliveries of ourproducts and services, includingour short term and longer term expectations around the rollout of 5G, investmentrequirementswithsuchrollout, and ourability to capitalize on suchrollout; I) expectations and targetsregarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as ourexpectedcustomerreach; J) outcome of pending and threatenedlitigation, arbitration, disputes, regulatoryproceedings or investigations by authorities; K) expectations regardingrestructurings, investments, capital structure optimization efforts, uses of proceedsfrom transactions, acquisitions and divestments and ourability to achieve the financial and operationaltargets set in connectionwithanysuchrestructurings, investments, capital structure optimization efforts, divestments and acquisitions, includingourcurrentcostsavings program; L) expectations, plans or benefitsrelated to future capital expenditures, reduction of support functioncosts, temporaryincrementalexpenditures or other R&D expenditures to develop or rollout software and other new products, including 5G, ReefShark and increaseddigitalization; M) expectations regardingourcustomers' future actions, includingourcustomers’ capital expenditureconstraints and ourability to satisfycustomer’sneeds and retaintheir business; and N) statementspreceded by or including “believe”, “expect”, “expectations”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should", "will” or similar expressions. Theseforward-lookingstatements are subject to a number of risks and uncertainties, many of which are beyondour control, whichcould cause ouractualresults to differmateriallyfromsuchstatements. Thesestatements are based on management’s best assumptions and beliefs in light of the information currentlyavailable to them. Theseforward-lookingstatements are onlypredictionsbaseduponourcurrent expectations and views of future events and developments and are subject to risks and uncertaintiesthat are difficult to predictbecausethey relate to events and depend on circumstancesthatwilloccur in the future. Factors, includingrisks and uncertaintiesthatcould cause thesedifferencesinclude, but are not limited to: 1) ourstrategyissubject to variousrisks and uncertainties and wemaybeunable to successfullyimplementourstrategic plans, sustain or improve the operational and financial performance of our business groups, correctlyidentify or successfullypursue business opportunities or otherwisegrowour business; 2) generaleconomic and market conditions, general public health conditions (includingits impact on oursupplychains) and otherdevelopments in the economieswhereweoperate, including the timeline for the deployment of 5G and ourability to successfullycapitalize on thatdeployment; 3) competition and ourability to effectively and profitablyinvest in existing and new high-qualityproducts, services, upgrades and technologies and bringthem to market in a timelymanner; 4) ourdependence on the development of the industries in whichweoperate, including the cyclicality and variability of the information technology and telecommunications industries and ourown R&D capabilities and investments; 5) ourdependence on a limitednumber of customers and large multi-yearagreements, as well as externaleventsimpactingourcustomersincluding mergers and acquisitions and the possibility of ourcustomersawarding business to ourcompetitors; 6) ourability to maintainourexisting sources of intellectualproperty-related revenue throughourintellectualproperty, includingthroughlicensing, establishing new sources of revenue and protectingourintellectualpropertyfrominfringement; 7) ourability to manage and improveourfinancial and operating performance, costsavings, competitiveness and synergies generally, expectations and timing aroundourability to recognizeany net sales and ourability to implement changes to ourorganizational and operational structure efficiently; 8) our global business and exposure to regulatory, political or otherdevelopments in various countries or regions, includingemergingmarkets and the associatedrisks in relation to taxmatters and exchange controls, amongothers; 9) ourability to achieve the anticipatedbenefits, synergies, costsavings and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedgingactivities; 11) ourability to successfullyrealize the expectations, plans or benefitsrelated to any future collaboration or business collaboration agreements and patent licenseagreements or arbitration awards, includingincome to bereceivedunderany collaboration, partnership, agreement or arbitration award; 12) Nokia Technologies' ability to protectits IPR and to maintain and establish new sources of patent, brand and technologylicensingincome and IPR-related revenues, particularly in the smartphone market, whichmay not materialize as planned, 13) ourdependence on IPR technologies, includingthosethatwe have developed and thosethat are licensed to us, and the risk of associated IPR-relatedlegal claims, licensingcosts and restrictions on use; 14) ourexposure to direct and indirect regulation, includingeconomic or tradepolicies, and the reliability of ourgovernance, internalcontrols and compliance processes to preventregulatory penalties in our business or in ourjoint ventures; 15) ourreliance on third-party solutions for data storage and service distribution, which expose us to risksrelating to security, regulation and cybersecuritybreaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technologysystems, or ourcustomers’ securityconcerns; 17) ourexposure to variouslegalframeworksregulating corruption, fraud, tradepolicies, and otherrisk areas, and the possibility of proceedings or investigations thatresult in fines, penalties or sanctions; 18) adverse developmentswith respect to customerfinancing or extendedpaymenttermsweprovide to customers; 19) the potentialcomplextax issues, tax disputes and tax obligations wemay face in variousjurisdictions, including the risk of obligations to payadditional taxes; 20) ouractual or anticipated performance, amongotherfactors, whichcouldreduceourability to utilizedeferredtax assets; 21) ourability to retain, motivate, develop and recruitappropriatelyskilledemployees; 22) disruptions to ourmanufacturing, service creation, delivery, logistics and supplychainprocesses, ourability to procure certain standard components such as semiconductors, and the risksrelated to our production sites; 23) the impact of litigation, arbitration, agreement-related disputes or productliabilityallegationsassociatedwithour business; 24) ourability to re-establishinvestment grade rating or maintainourcredit ratings; 25) ourability to achievetargetedbenefitsfrom, or successfullyimplementplanned transactions, as well as the liabilitiesrelatedthereto; 26) ourinvolvement in joint ventures and jointly-managedcompanies; 27) the carryingamount of our goodwill may not berecoverable; 28) uncertaintyrelated to the amount of dividends and equity return (if any) we are able to distribute to shareholders for eachfinancialperiod; 29) pension costs, employeefund-relatedcosts, and healthcarecosts; 30) ourability to successfullycomplete and capitalizeonourorderbacklogs and continue convertingour sales pipeline into net sales; 31) risksrelated to undersea infrastructure; and 32) the scope and duration of the COVID-19 impact on the global economy and financialmarkets as well as ourcustomers, supplychain, productdevelopment, service delivery, otheroperations and ourfinancial, tax, pension and other assets, and the shape of the economicrecoveryfollowing the pandemic as well as the riskfactorsspecified in our 2020 annual report on Form 20-F published on March 4, 2021 under "Operating and financialreview and prospects-Risk factors" and in ourotherfilings or documents furnishedwith the U.S. Securities and Exchange Commission. Otherunknown or unpredictablefactors or underlyingassumptionssubsequentlyproven to be incorrect could cause actualresults to differmateriallyfromthose in the forward-lookingstatements. We do not undertakeany obligation to publicly update or reviseforward-lookingstatements, whether as a result of new information, future events or otherwise, except to the extentlegallyrequired.
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