Nokia 2003 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2003 Nokia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 174

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174

TABLE OF CONTENTS
Page
INTRODUCTION AND USE OF CERTAIN TERMS ........................................ 4
FORWARD-LOOKING STATEMENTS ................................................ 5
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS ........... 7
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE ......................... 7
ITEM 3. KEY INFORMATION .............................................. 7
3.A Selected Financial Data ........................................... 7
3.B Capitalization and Indebtedness .................................... 11
3.C Reasons for the Offer and Use of Proceeds ........................... 11
3.D Risk Factors .................................................... 12
ITEM 4. INFORMATION ON THE COMPANY ................................... 22
4.A History and Development of the Company ........................... 22
4.B Business Overview .............................................. 23
4.C Organizational Structure .......................................... 44
4.D Property, Plants and Equipment ................................... 45
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ................... 46
5.A Operating Results ............................................... 46
5.B Liquidity and Capital Resources .................................... 59
5.C Research and Development, Patents and Licenses ...................... 63
5.D Trend Information .............................................. 63
5.E Off-Balance Sheet Arrangements ................................... 66
5.F Tabular Disclosure of Contractual Obligations ......................... 67
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ..................... 67
6.A Directors and Senior Management .................................. 67
6.B Compensation .................................................. 75
6.C Board Practices ................................................. 79
6.D Employees ..................................................... 82
6.E Share Ownership ............................................... 82
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS ............. 88
7.A Major Shareholders .............................................. 88
7.B Related Party Transactions ........................................ 88
7.C Interests of Experts and Counsel ................................... 88
ITEM 8. FINANCIAL INFORMATION ......................................... 89
8.A Consolidated Statements and Other Financial Information ............... 89
8.B Significant Changes .............................................. 90
ITEM 9. THE OFFER AND LISTING .......................................... 90
9.A Offer and Listing Details .......................................... 90
9.B Plan of Distribution ............................................. 91
9.C Markets ....................................................... 91
9.D Selling Shareholders ............................................. 91
9.E Dilution ....................................................... 91
9.F Expenses of the Issue ............................................ 92
ITEM 10. ADDITIONAL INFORMATION ........................................ 92
10.A Share Capital ................................................... 92
10.B Memorandum and Articles of Association ............................ 92
10.C Material Contracts ............................................... 94
10.D Exchange Controls ............................................... 94
2