Nokia 2003 Annual Report Download - page 11

company’s shareholders. Such authorizations to the Board of Directors are effective for a maximum
of one year. The undertaking of share buy-backs is subject not only to the regulations in the
Companies Act, but also to the rules of the stock exchanges on which the repurchases take place.
The Board of Directors of Nokia was for the first time authorized by our shareholders, in the
Extraordinary Shareholders’ Meeting in 1999 to repurchase Nokia’s own shares. Since then, the
Board of Directors of Nokia has been regularly authorized by our shareholders in the Annual
General Meetings to repurchase Nokia’s own shares up to 224 million shares in 2000, 225 million
shares in 2001, 220 million shares in 2002 and 225 million shares in 2003. The amount of
authorization each year has been at or slightly under the maximum limit provided by the Finnish
Companies Act. The Board of Directors used the authorizations approved in 1999-2002 to a certain
extent, but in 2003 the Board of Directors resolved to start a repurchase plan and use a maximum
of EUR 2 billion for repurchases during the current authorization.
On January 22, 2004, we announced that the Board of Directors will propose that the Annual
General Meeting, convening on March 25, 2004, approve a new authorization to repurchase up to
230 million shares. The Board expects to continue the share buy-backs in 2004.
The table below sets forth actual share buy-backs by the Group in respect of each fiscal year
indicated.
EUR millions
Number of shares (in total)
2000 ..................................... 3 252 000 160
2001 ..................................... 995 000 21
2002 ..................................... 900 000 17
2003 ..................................... 95 338 500 1 363
For more information about share buy-backs during 2003, see ‘‘Item 16E. Purchases of Equity
Securities by the Issuer and Affiliated Purchasers.’’
Dividends
The Board of Directors will propose for approval at the Annual General Meeting convening on
March 25, 2004 a dividend of EUR 0.30 per share in respect of 2003.
The table below sets forth the amounts of total cash dividends per share and per ADS paid in
respect of each fiscal year indicated. For the purposes of showing the US dollar amounts per ADS
for 1999-2002, the dividend per share amounts have been translated into US dollars at the noon
buying rate on the respective dividend payment dates.
EUR millions
EUR per share USD per ADS (in total)
1999 ............................. 0.20 0.19 931
2000 ............................. 0.28 0.25 1 315
2001 ............................. 0.27 0.24 1 279
2002 ............................. 0.28 0.30 1 341
2003 ............................. 0.30(1) —(2) 1 439(1)
(1) To be proposed by the Board of Directors for approval at the Annual General Meeting
convening on March 25, 2004.
(2) The final US dollar amount will be determined on the basis of the decision of the Annual
General Meeting and the dividend payment date.
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