Nokia 2003 Annual Report Download - page 141
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Notes to the Consolidated Financial Statements (Continued)
21. The shares of the Parent Company (Continued)
value of EUR 0.06 within one year as of the resolution of the Annual General Meeting. The share
capital may be increased in deviation from the shareholders’ pre-emptive rights for share
subscription provided that important financial grounds exist such as financing or carrying out of
an acquisition or another arrangement and granting incentives to key persons. In 2003, the Board
of Directors has increased the share capital on the basis of this authorization by an aggregate of
EUR 73,502.82 consisting of 1,225,047 new shares, as a result of which the unused authorization
amounted to EUR 56,926,497.18, corresponding to 948,774,953 shares on December 31, 2003. The
authorization is effective until March 27, 2004.
At the end of 2003, the Board of Directors had no other authorizations to issue shares, convertible
bonds, warrants or stock options.
Other authorizations
At the Annual General Meeting held on March 27, 2003 Nokia shareholders authorized the Board of
Directors to repurchase a maximum of 225 million Nokia shares, representing less than 5% of total
shares outstanding, and to resolve on the disposal of a maximum of 225 million Nokia shares. In
2003, a total of 94,478,500 shares were repurchased under the buy-back authorization, as a result
of which the unused authorization amounted to 130,521,500 shares on December 31, 2003. No
shares were disposed of in 2003 under the respective authorization. The authorization to dispose
of the shares may be carried out pursuant to terms determined by the Board provided that
important financial grounds exist such as financing or carrying out acquisitions or other
arrangements, as well as granting incentives to key persons. These authorizations are effective
until March 27, 2004.
F-32