Nokia Siemens Networks publishing today its annual report 2012; includes financial information on a new standalone reporting format

Report provides, on standalone basis, financial information for two operating segments: Mobile Broadband and Global Services

Report includes reiteration of Nokia Siemens Networks' longer-term financial target and an estimate of mobile broadband market development for 2013

Nokia Corporation
Stock exchange release
March 18, 2013 at 15.30 (CET+1)

Espoo, Finland - Nokia announced that Nokia Siemens Networks is today publishing its annual report for 2012 that includes the Nokia Siemens Networks B.V. consolidated audited annual accounts, the review by the CEO and the review by the Board Chairman. The publication will be submitted to the Netherlands Trade Register and will be available shortly in pdf-format through http://www.nokia.com/financials and Nokia Siemens Networks' Internet pages at http://www.nokiasiemensnetworks.com/about-us/company/financial.

Notable information

In this annual report, Nokia Siemens Networks reiterates that, longer-term, Nokia Siemens Networks continues to target for its non-IFRS operating margin to be between 5% and 10%.

Also, Nokia Siemens Networks notes in the Chairman's review that Nokia Siemens Networks expects the mobile broadband market to be relatively flat in 2013, compared to 2012.

In the report, Nokia Siemens Networks discloses that, for financial reporting purposes on a standalone basis, it currently has two operating segments: Mobile Broadband and Global Services. Nokia Siemens Networks provides detailed disclosure of certain financial information for these operating segments including net sales and operating profit on a non-IFRS before specific items basis for 2012, 2011, and 2010. In 2012, Nokia Siemens Networks' Mobile Broadband net sales were EUR 6.0 billion and operating profit non-IFRS before specific items was EUR 488 million, or 8.1% of net sales. In 2012, Nokia Siemens Networks' Global Services net sales were EUR 6.9 billion and operating profit non-IFRS before specific items was EUR 332 million, or 4.8% of net sales. In 2011, Nokia Siemens Networks' Mobile Broadband net sales were EUR 6.3 billion and operating profit non-IFRS before specific items was EUR 214 million, or 3.4% of net sales. In 2011, Nokia Siemens Networks' Global Services net sales were EUR 6.7 billion and operating profit non-IFRS before specific items was EUR 229 million, or 3.4% of net sales. For Nokia Group financial reporting purposes Nokia Siemens Networks remains as one reportable segment.

NON-IFRS BEFORE SPECIFIC ITEMS INFORMATION
This release includes information on a non-IFRS, or underlying business performance, basis that excludes specific items for all periods. In addition, such results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from the formation of Nokia Siemens Networks and from all business acquisitions. Nokia believes that these financial measures provide meaningful supplemental information to both management and investors regarding Nokia's performance by excluding the above-described items that may not be indicative of business operating results. These financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but should be used in conjunction with the most directly comparable IFRS measure(s) in the reported results.