Nokia 2011 Annual Report Download - page 8

6. the intensity of competition in the various markets where we do business and our ability to
maintain or improve our market position or respond successfully to changes in the competitive
environment;
7. our ability to retain, motivate, develop and recruit appropriately skilled employees;
8. our ability to effectively and smoothly implement the new operational structure for our
businesses, achieve targeted efficiencies and reductions in operating expenses;
9. the success of our Location & Commerce strategy, including our ability to maintain current
sources of revenue, provide support for our Devices & Services business and create new
sources of revenue from our location-based services and commerce assets;
10. our success in collaboration and partnering arrangements with third parties, including
Microsoft;
11. our ability to increase our speed of innovation, product development and execution to bring
new innovative and competitive mobile products and location-based or other services to the
market in a timely manner;
12. our dependence on the development of the mobile and communications industry, including
location-based and other services industries, in numerous diverse markets, as well as on
general economic conditions globally and regionally;
13. our ability to protect numerous patented standardized or proprietary technologies from third-
party infringement or actions to invalidate the intellectual property rights of these technologies;
14. our ability to maintain and leverage our traditional strengths in the mobile product market if we
are unable to retain the loyalty of our mobile operator and distributor customers and
consumers as a result of the implementation of our strategies or other factors;
15. the success, financial condition and performance of our suppliers, collaboration partners and
customers;
16. our ability to manage efficiently our manufacturing and logistics, as well as to ensure the
quality, safety, security and timely delivery of our products and services;
17. our ability to source sufficient amounts of fully functional quality components, sub-assemblies,
software and services on a timely basis without interruption and on favorable terms;
18. our ability to manage our inventory and timely adapt our supply to meet changing demands
for our products;
19. any actual or even alleged defects or other quality, safety and security issues in our product;
20. the impact of a cybersecurity breach or other factors leading to any actual or alleged loss,
improper disclosure or leakage of any personal or consumer data collected by us or our
partners or subcontractors, made available to us or stored in or through our products;
21. our ability to successfully manage the pricing of our products and costs related to our
products and operations;
22. exchange rate fluctuations, including, in particular, fluctuations between the euro, which is our
reporting currency, and the US dollar, the Japanese yen and the Chinese yuan, as well as
certain other currencies;
23. our ability to protect the technologies, which we or others develop or that we license, from
claims that we have infringed third parties’ intellectual property rights, as well as our
unrestricted use on commercially acceptable terms of certain technologies in our products
and services;
24. the impact of economic, political, regulatory or other developments on our sales,
manufacturing facilities and assets located in emerging market countries;
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