Nokia results out next week

Olli Pekka Kallasvuo, CEO Nokia
The world’s biggest cellphone manufacturer, Nokia, said it will publish its eagerly-awaited fourth quarter and annual results for 2009 next Thursday.

“The press release will be available on the Nokia website immediately after publishing,” Nokia said in a brief statement.

Nokia had a challenging 2009, where it forecasted a drop in business owing to the global economic recession.

In the first quarter of 2009, its reported operating profit decreased 96% to EUR 55 million, compared with EUR 1.5 billion in the first quarter 2008.

The company said its first quarter 2009 non-IFRS operating profit decreased 74% to EUR 514 million, compared with EUR 2.0 billion in the first quarter 2008.

Nokia’s operating cash flow for the first quarter 2009 was EUR 276 million, while operating cash flow for the first quarter 2008 was EUR 757 million.

Total cash and other liquid assets were EUR 8.1 billion at March 31, 2009, compared with EUR 10.4 billion during the same period last year.

In the first quarter 2009, the total mobile device volumes of Nokia’s Devices & Services group were 93,2 million units, representing a decline of 19% year on year and 18% sequentially.

The overall industry mobile device volumes for the same period were 255 million units based on Nokia’s preliminary estimate, representing a 14% year on year decrease and a 16% from the last quarter of 2008.

“The lower sales volumes for Nokia and the industry, both year on year and sequentially, were primarily driven by the negative impact of the rapidly deteriorating global economic conditions, including weaker consumer and corporate spending, severely constrained credit availability and unprecedented currency market volatility.

“The sequential volume decline also reflected typical seasonal decreases in the first quarter. In addition, extensive destocking by operators and distributors of their mobile device inventories adversely affected sales volumes by manufacturers, including Nokia, during the first quarter 2009,” the company said in the first quarter of that year.

by Tintswalo Baloyi