Nokia 2003 Annual Report Download - page 110

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REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
NOKIA CORPORATION:
We have audited the accompanying consolidated balance sheets of Nokia Corporation and its
subsidiaries as of December 31, 2003 and 2002, and the related consolidated statements of profit
and loss, shareholders’ equity and cash flows for each of the three years in the period ended
December 31, 2003. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the consolidated financial position of Nokia Corporation and its subsidiaries at
December 31, 2003 and 2002 and the consolidated results of their operations and their
consolidated cash flows for each of the three years in the period ended December 31, 2003 in
conformity with International Accounting Standards.
International Accounting Standards vary in certain respects from accounting principles generally
accepted in the United States of America. The application of the latter would have affected the
determination of consolidated net profit for each of the three years in the period ended
December 31, 2003, and the determination of consolidated shareholders’ equity at December 31,
2003 and 2002, to the extent summarized in Note 36 to the consolidated financial statements.
Espoo, Finland
January 22, 2004
/s/ PRICEWATERHOUSECOOPERS OY
PricewaterhouseCoopers Oy
Authorized Public Accountants
F-1