Nokia 2014 Annual Report Download - page 209

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NOKIA IN 2014
Forward-looking statements
It should be noted that Nokia and its businesses are exposed to
various risks anduncertainties and certain statements herein that are
not historical facts are forward-looking statements, including, without
limitation, those regarding:
A) expectations, plans or benets related toNokia’s strategies;
B) expectations, plans or benets related to future performance of
Nokia’s businesses Nokia Networks, HERE and Nokia Technologies;
C) expectations, plans or benets related to changes in our
management and other leadership, operational structure and
operating model;
D) expectations regarding market developments, general economic
conditions and structural changes;
E) expectations and targets regarding performance, including those
related tomarket share, prices, net sales andmargins;
F) timing of the deliveries of our products and services;
G) expectations and targets regarding ournancial performance,
operating expenses, taxes, cost savings and competitiveness,
as well as results ofoperations;
H) expectations and targets regarding collaboration and partnering
arrangements;
I) outcome of pending and threatened litigation, arbitration,
disputes, regulatoryproceedings or investigations by authorities;
J) expectations regarding restructurings, investments, uses of
proceeds from transactions, acquisitions and divestments and
our ability to achieve the nancial and operational targets set
in connection with any such restructurings, investments,
divestments and acquisitions, including any expectations, plans or
benets related to or caused by the transaction where Nokia sold
substantially all of its Devices & Services business to Microsoft on
April 25, 2014; and
K) statements preceded by or including “believe”, “expect”,
“anticipate”, “foresee”, “sees”, “target”, “estimate”, “designed”,
“aim”, “plans”, “intends”, “focus”, “continue”, “project”, “should”,
“will” or similar expressions.
These statements are based on the management’s best assumptions
and beliefs in light of the information currently available to it. Because
they involve risks and uncertainties, actual results may dier materially
from the results that we currently expect. We describe the risks and
uncertainties that aect the Nokia Group or are relevant to all Nokia
businesses at the beginning of this section and provide towards the
end information on additional risks that are primarily related to the
individual Nokia businesses: Nokia Networks, HERE and Nokia
Technologies. Factors, including risks and uncertainties that could
cause such dierences include, but are not limited to:
1) our ability to identify market trends and business opportunities
to select and execute strategies successfully and inatimely
manner, and our ability to successfully adjust our operations
andoperating models;
2) our ability to sustain or improve the operational and nancial
performance ofour businesses and correctly identify
orsuccessfully pursue new business opportunities;
3) our dependence on general economic andmarket conditions;
4) our exposure to regulatory, political or other developments
in various countries or regions;
5) our ability to invent new relevant technologies, products and
services, todevelop and maintain our intellectual property
portfolio and to maintain the existing sources of intellectual
property related revenue and establish new suchsources;
6) our ability to protect our intellectual property rights and defend
against third-party infringements and claims that we have
infringed third parties’ intellectual property rights, as well as
increased licensing costs and restrictions on our ability to use
certain technologies;
7) the potential complex tax issues, tax disputes and tax obligations
we may face, including the obligation to pay additional taxes in
various jurisdictions and our actual or anticipated performance,
among other factors, which could reduce our ability to utilize
deferred tax assets;
8) our ability to retain, motivate, develop and recruit appropriately
skilled employees;
9) the performance of the parties we partner and collaborate with,
as well as that of our nancial counterparties, and our ability
toachieve successful collaboration or partnering arrangements;
10) exchange rate uctuations, particularly 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;
11) the impact of unfavorable outcome of litigation, arbitration,
contract-related disputes or allegations of health hazards
associated with our businesses;
12) any ineciency, malfunction or disruption of a system or
network that our operations rely on or any impact of apossible
cybersecurity breach;
13) our ability to achieve targeted benets from or successfully
implement planned transactions, such as acquisitions,
divestments, mergers or joint ventures, and manage unexpected
liabilities related thereto;
14) our ability to manage our operating expenses and reach targeted
results through eorts aimed at improving our nancial
performance, for instance through cost savings and other
eorts aimed at increased competitiveness;