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July 25, 2010

Nokia Q2 net sales increases marginally to €10bn

Operating cash flow for second quarter 2010 increased to €944m from €716m Q2 2009

By CBR Staff Writer

Nokia has reported a net sales of €10bn in the second quarter 2010, up 1% year-on-year and 5% sequentially compared with €9.9bn in the same quarter prior year.

The company has registered decrease in operating profit to €295m in the second quarter of 2010, as compared with €427m in the same quarter last year.

The company’s non-International Financial Reporting Standards (non-IFRS) operating profit decreased 15% to €660m in the second quarter 2010, as compared with €775m in the same quarter last year.

According to the company, operating cash flow for the second quarter 2010 was €944m as compared with €716m prior year, while total cash and other liquid assets were €9.5bn at end of the second quarter 2010, compared with €7bn previous year.

However, Nokia’s net debt-equity ratio was -27% at the end of the second quarter 2010, as compared with -10% at the end of same quarter 2009.

In the devices and services area, the company has reported net sales of €6.8bn in the second quarter 2010, up by 3% compared with €6.6bn in the same quarter 2009.

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The total mobile device volumes of devices and services were 111.1 million units in the the second quarter 2010, representing an increase of 8% year-on-year and 3% sequentially.

Olli-Pekka Kallasvuo, CEO of Nokia, said: "Despite facing continuing competitive challenges, we ended the second quarter with several reasons to be optimistic about our future. For one, the global handset market has continued to grow at a healthy pace, led by some of the less mature markets where Nokia is strong.

"We are also encouraged by the solid second quarter performance of our Mobile Phones business, helped by an improving line-up of affordable models.

"In smartphones, we continue to renew our portfolio. We believe that the Nokia N8, the first of our Symbian3 devices, will have a user experience superior to that of any smartphone Nokia has created.

"The Nokia N8 will be followed soon thereafter by further Symbian3 smartphones that we are confident will give the platform broader appeal and reach, and kick-start Nokia’s fightback at the higher end of the market."

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