Nokia seem to be doing ok at the moment and just in is the lastest news on Nokia Q1 2009 net sales EUR 9.3 billion, non-IFRS EPS EUR 0.10 (reported EPS EUR 0.03), The non-IFRS and reported gross margin in Devices & Services 33.8%, unchanged from Q4 2008.

Below is an extensive insight on the results which you will find to be very interesting indeed, the complete press release with tables is available at: http://www.nokia.com/results/Nokia_results2009Q1e.pdf

EUR million Q1/2009 Q1/2008 YoY Change Q4/2008 QoQ Change
Net sales 9 276 12 663 -26.7% 12 665 -26.8%
Devices & Services 6 173 9 263 -33.4% 8 141 -24.2%
NAVTEQ 134 206 -35.0%
Nokia Siemens Networks 2 990 3 404 -12.2% 4 340 -31.1%

Operating profit 514 1 984 -74.1% 1 239 -58.5%
Devices & Services 642 1 964 -67.3% 983 -34.7%
NAVTEQ 5 53 -90.6%
Nokia Siemens Networks -122 81 225

Operating margin 5.5% 15.7% 9.8%
Devices & Services 10.4% 21.2% 12.1%
NAVTEQ 3.7% 25.7%
Nokia Siemens Networks -4.1% 2.4% 5.2%

EPS, EUR Diluted 0.10 0.39 -74.4% 0.26 -61.5%
Reported first quarter 2009 results1
EUR million Q1/2009 Q1/2008 YoY Change Q4/2008 QoQ Change
Net sales 9 274 12 660 -26.7% 12 662 -26.8%
Devices & Services 6 173 9 263 -33.4% 8 141 -24.2%
NAVTEQ 132 205 -35.6%
Nokia Siemens Networks 2 990 3 401 -12.1% 4 338 -31.1%

Operating profit 55 1 531 -96.4% 492 -88.8%
Devices & Services 547 1 883 -71.0% 766 -28.6%
NAVTEQ -120 -73 64.4%
Nokia Siemens Networks -361 -74 387.8% -179 101.7%

Operating margin 0.6% 12.1% 3.9%
Devices & Services 8.9% 20.3% 9.4%
NAVTEQ -90.9% -35.6%
Nokia Siemens Networks -12.1% -2.2% -4.1%

EPS, EUR Diluted 0.03 0.32 -90.6% 0.15 -80.0%

Note 1 relating to NAVTEQ: On July 10, 2008, Nokia completed the acquisition of NAVTEQ Corporation. NAVTEQ is a separate reportable segment of Nokia starting from the third quarter 2008. Accordingly, the results of NAVTEQ are not available for the prior periods.

Note 2 relating to non-IFRS results: Non-IFRS results exclude special items for all periods. In addition, non-IFRS results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from i) the formation of Nokia Siemens Networks and ii) all business acquisitions completed after June 30, 2008. More specific information about the exclusions from the non-IFRS results may be found in this press release on pages 3, 10, and 12-16.

Nokia believes that these non-IFRS financial measures provide meaningful supplemental information to both management and investors regarding Nokia’s performance by excluding the above-described items that may not be indicative of Nokia’s business operating results. These non-IFRS financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but should be used in conjunction with the most directly comparable IFRS measure(s) in the reported results.

A reconciliation of the non-IFRS results to our reported results for Q1 2009 and Q1 2008 can be found in the tables on pages 10 and 12-16 of this press release. A reconciliation of our Q4 2008 non-IFRS results can be found on pages 11-16 of our Q4 2008 Interim Report of January 22, 2009.

FIRST QUARTER 2009 HIGHLIGHTS
– Nokia net sales of EUR 9.3 billion, down 27% year on year and sequentially (down 24% and down 25% at constant currency).
– Devices & Services net sales of EUR 6.2 billion, down 33% year on year and down 24% sequentially (down 31% and down 23% at constant currency).
– Services net sales of EUR 150 million (billings of EUR 166 million), up 79% year on year and down 5% sequentially.
– Estimated industry mobile device volumes of 255 million units, down 14% year on year and down 16% sequentially.
– Nokia mobile device volumes of 93.2 million units, down 19% year on year and down 18% sequentially.
– Nokia 5800 XpressMusic volumes of 2.6 million units, with cumulative shipments of more than 3 million units since the smartphone’s launch in late November 2008.
– Nokia estimated mobile device market share of 37% in Q1 2009, down from 39% in Q1 2008 and unchanged from Q4 2008.
– Nokia mobile device ASP of EUR 65, down from EUR 71 in Q4 2008.
– Devices & Services gross margin of 33.8%, unchanged from Q4 2008.
– NAVTEQ net sales of EUR 132 million, down 36% sequentially from EUR 205 million, and non-IFRS operating margin of 3.7% (25.7% in Q4 2008)
– Nokia Siemens Networks net sales of EUR 3.0 billion, down 12% year on year and down 31% sequentially (down 9% and down 30% at constant currency).
– Nokia operating cash flow of EUR 276 million.
– Total cash and other liquid assets of EUR 8.1 billion at the end of Q1 2009.

OLLI-PEKKA KALLASVUO, NOKIA CEO:
“In what has been an exceptionally tough environment, we continue to invest in a focused manner in consumer Internet services delivered across our broad portfolio of mobile devices. Combined, these solutions will drive our future growth. As an example in Q1, I am especially pleased with the performance of our first mass market touch product, the Nokia 5800 XpressMusic. Together with Comes With Music, it is a great example of Nokia providing solutions that consumers value.

Regarding the health of the overall mobile device market, the inventory already in the sales channels decreased substantially during Q1 due to extensive destocking by operators and distributors. This adversely impacted our sales volumes in the quarter. However, it has also resulted in the demand picture becoming more predictable as we enter the second quarter.”

INDUSTRY AND NOKIA OUTLOOK
– Nokia expects industry mobile device volumes in the second quarter 2009 to be at approximately the same level or up slightly sequentially.
– Nokia expects its mobile device market share in the second quarter 2009 to increase sequentially.
– Nokia continues to expect 2009 industry mobile device volumes to decline approximately 10% from 2008 levels. Nokia continues to expect the decline to be greater in the first half than in the second half of the year.
– Nokia continues to target an increase in its market share in mobile devices in 2009.
– Nokia continues to target its non-IFRS operating margin in Devices & Services to be more than 10% in the first half 2009 and to be in the teens for the second half 2009.
– Nokia continues to target its annualized non-IFRS operating expense run rate in Devices & Services to be lower than EUR 6 billion by the end of 2010. This would represent a reduction of more than EUR 700 million to the annualized run rate at the beginning of 2009. Nokia continues to target that a majority of the reduction will happen during 2009.
– Nokia and Nokia Siemens Networks now expect the mobile infrastructure and fixed infrastructure and related services market to decline approximately 10% in Euro terms in 2009, from 2008 levels. This is an update to Nokia and Nokia Siemens Networks’ earlier estimate that the mobile infrastructure and fixed infrastructure and related services market would decline 5% or more in Euro terms in 2009, from 2008 levels.
– Nokia and Nokia Siemens Networks continue to target for Nokia Siemens Networks market share to remain constant in 2009, compared to 2008.

FIRST QUARTER 2009 FINANCIAL HIGHLIGHTS
(Comparisons are given to the first quarter 2008, unless otherwise indicated.)

The non-IFRS results exclusions
Q1 2009 – EUR 459 million consisting of:
– EUR 34 million of impairment of intangible assets in Devices & Services
– EUR 59 million restructuring charge in Devices & Services
– EUR 123 million restructuring charge and other one-time items in Nokia Siemens Networks
– EUR 116 million of intangible assets amortization and other purchase price related items arising from the formation of Nokia Siemens Networks
– EUR 125 million of intangible assets amortization and other purchase price related items arising from the acquisition of NAVTEQ
– EUR 2 million of intangible assets amortization and other purchase price related items arising from the acquisition of OZ Communications in Devices & Services

Q4 2008 – EUR 747 million consisting of:
– EUR 286 million restructuring charge and other one-time items in Nokia Siemens Networks
– EUR 52 million restructuring charge in Devices & Services
– EUR 165 million representing the contribution of assets to Symbian Foundation
– EUR 5 million restructuring charge in NAVTEQ
– EUR 118 million of intangible asset amortization and other purchase price accounting related items arising from the formation of Nokia Siemens Networks
– EUR 121 million of intangible asset amortization and other purchase price accounting related items arising from the acquisition of NAVTEQ

Q1 2008 – EUR 453 million (net) consisting of:
– EUR 217 million loss due to transfer of Finnish pension liabilities in Corporate Common Functions
– EUR 81 million facilities impairment and other charges related to closure of the Bochum site in Germany in Devices & Services
– EUR 65 million gain due to transfer of Finnish pension liabilities in Nokia Siemens Networks
– EUR 100 million restructuring charge in Nokia Siemens Networks
– EUR 120 million of intangible asset amortization and other purchase price accounting related items arising from the formation of Nokia Siemens Networks

Non-IFRS results exclude special items for all periods. In addition, non-IFRS results exclude intangible asset amortization, other purchase price accounting related items and inventory value adjustments arising from i) the formation of Nokia Siemens Networks and ii) all business acquisitions completed after June 30, 2008.

Nokia Group
Nokia’s first quarter 2009 net sales decreased 27% to EUR 9.3 billion, compared with EUR 12.7 billion in the first quarter 2008. At constant currency, Group net sales would have decreased 24% year on year and decreased 25% sequentially.

The following chart sets out the year on year and sequential growth rates in our net sales on a reported basis and at constant currency for the periods indicated.

NOKIA FIRST QUARTER 2009 NET SALES Reported & Constant Currency1
Q1/2009 vs.Q1/2008 Change Q1/2009 vs. Q4/2008 Change

Group net sales – reported -27% -27%
Group net sales – constant currency1 -24% -25%

Devices & Services net sales – reported -33% -24%
Devices & Services net sales – constant currency1 -31% -23%

Nokia Siemens Networks net sales – reported -12% -31%
Nokia Siemens Networks net sales – constant currency1 -9% -30%

Note 1: Change in net sales at constant currency excludes the impact of changes in exchange rates in comparison to the Euro, our reporting currency.

Nokia’s first quarter 2009 reported operating profit decreased 96% to EUR 55 million, compared with EUR 1.5 billion in the first quarter 2008. Nokia’s first quarter 2009 non-IFRS operating profit decreased 74% to EUR 514 million, compared with EUR 2.0 billion in the first quarter 2008. Nokia’s first quarter 2009 reported operating margin was 0.6% (12.1%). Nokia’s first quarter 2009 non-IFRS operating margin was 5.5% (15.7%).

Operating cash flow for the first quarter 2009 was EUR 276 million. Operating cash flow for the first quarter 2008 was EUR 757 million. Total cash and other liquid assets were EUR 8.1 billion at March 31, 2009, compared with EUR 10.4 billion at March 31, 2008. At March 31, 2009, Nokia’s net debt-equity ratio (gearing) was -14%, compared with -53% at March 31, 2008.

Devices & Services
In the first quarter 2009, the total mobile device volumes of our Devices & Services group were 93.2 million units, representing a decline of 19% year on year and 18% sequentially. The overall industry mobile device volumes for the same period were 255 million units based on Nokia’s preliminary estimate, representing a 14% year on year decrease and a 16% sequential decrease. The lower sales volumes for Nokia and the industry, both year on year and sequentially, were primarily driven by the negative impact of the rapidly deteriorating global economic conditions, including weaker consumer and corporate spending, severely constrained credit availability and unprecedented currency market volatility. The sequential volume decline also reflected typical seasonal decreases in the first quarter. In addition, extensive destocking by operators and distributors of their mobile device inventories adversely affected sales volumes by manufacturers, including Nokia, during the first quarter 2009.

Of the total industry mobile device volumes, converged mobile device industry volumes in the first quarter 2009 increased to 36.0 million units, based on Nokia’s preliminary estimate, compared with an estimated 33.3 million units in the first quarter 2008. Our own converged mobile device volumes were 13.7 million units in the first quarter 2009, compared with 14.6 million units in the first quarter 2008 and 15.1 million units in the fourth quarter 2008. We shipped approximately 5 million Nokia Nseries and over 3 million Nokia Eseries devices during the first quarter 2009.

The following chart sets out our mobile device volumes for the periods indicated, as well as the year on year and sequential growth rates, by geographic area.

NOKIA MOBILE DEVICE VOLUME BY GEOGRAPHIC AREA
(million units) Q1/2009 Q1/2008 YoY Change Q4/2008 QoQ Change
Europe 22.3 25.7 -13.2% 34.7 -35.7%
Middle East & Africa 14.8 20.2 -26.7% 18.2 -18.7%
Greater China 17.9 21.0 -14.8% 12.9 38.8%
Asia-Pacific 28.2 34.1 -17.3% 29.9 -5.7%
North America 3.4 2.6 30.8% 4.1 -17.1%
Latin America 6.6 11.9 -44.5% 13.3 -50.4%
Total 93.2 115.5 -19.3% 113.1 -17.6%

Based on our preliminary market estimate, Nokia’s mobile device market share for the first quarter 2009 was 37%, compared with 39% in the first quarter 2008 and 37% in the fourth quarter 2008. Our year on year market share decline was driven primarily by lower market share in Latin America, Middle East & Africa, Asia-Pacific and Greater China. This was partially offset by a slightly higher market share in North America and Europe. Sequentially, our market share declined in Latin America, Europe and Asia-Pacific, but these declines were offset by market share increases in Greater China, Middle East & Africa and North America.

In the first quarter 2009, our market share globally as well as regionally was distorted by extensive destocking by operators and distributors. This is due to the fact that our reported market share is based on the number of Nokia mobile devices shipped into the operator and distributor channels – not the number of Nokia mobile devices ultimately purchased by consumers during the quarter – as a percentage of overall mobile device purchases by consumers.

Our mobile device average selling price (ASP) in the first quarter 2009 was EUR 65, down from EUR 79 in the first quarter 2008 and down from EUR 71 in the fourth quarter 2008. Both the year on year and sequential declines were primarily due to general price pressure, a higher proportion of sales of lower priced products, and lower-than-expected device volumes in our Nseries range of high-end devices.

First quarter 2009 Devices & Services net sales declined 33% to EUR 6.2 billion, compared with EUR 9.3 billion in the first quarter 2008. At constant currency, Devices & Services net sales would have decreased 31%. The net sales decline resulted primarily from lower volumes, combined with the ASP decline, compared with the first quarter 2008. Of our total Devices & Services net sales, services contributed EUR 150 million in the first quarter 2009, representing 79% year on year growth and a 5% sequential decrease.

Net sales grew in Devices & Services year on year in North America. Net sales were down year on year in Latin America, Middle East & Africa, Europe, Asia-Pacific and Greater China.

Devices & Services reported gross profit and non-IFRS gross profit decreased 42% to EUR 2.1 billion, compared with EUR 3.6 billion in the first quarter 2008, with a reported and non-IFRS gross margin of 33.8% (38.5%). The year on year gross margin decrease was primarily due to a higher proportion of sales of lower end, lower margin devices and a lower proportion of sales of new high-end, higher margin devices, as well as general price pressure. The gross margin was flat sequentially, as the impact of the decline in ASP was offset by a reduction in the cost of sales.

Devices & Services reported operating profit decreased 71% to EUR 547 million, compared with EUR 1.9 billion in the first quarter 2008, with a reported operating margin of 8.9% (20.3%). Devices & Services non-IFRS operating profit decreased 67% to EUR 642 million, compared with EUR 2.0 billion in the first quarter 2008, with a non-IFRS operating margin of 10.4% (21.2%). The 67% year on year decrease in non-IFRS operating profit for the first quarter 2009 was due primarily to lower net sales compared with the first quarter 2008. The impact of lower net sales was somewhat mitigated by a reduction in our cost of sales and operating expenses during the first quarter 2009.

NAVTEQ
(Comparisons are given to the fourth quarter 2008)
First quarter 2009 NAVTEQ net sales decreased 36% sequentially to EUR 132 million, compared with EUR 205 million in the fourth quarter 2008, reflecting a sharp decline in demand for auto navigation systems and mobile navigation devices due to the challenging macroeconomic environment, and destocking. NAVTEQ reported gross profit was EUR 115 million (EUR 180 million), with a gross margin of 87.1% (87.8%). Non-IFRS gross profit was EUR 117 million (EUR 181 million), with a non-IFRS gross margin of 87.3% (87.9%). NAVTEQ had an operating loss of EUR 120 million (EUR 73 million loss). The reported operating margin was -90.9% (-35.6%). NAVTEQ non-IFRS operating profit was EUR 5 million (EUR 53 million), with a non-IFRS operating margin of 3.7% (25.7%).

Nokia Siemens Networks
First quarter 2009 net sales decreased 12% to EUR 3.0 billion, compared with EUR 3.4 billion in the first quarter 2008, reflecting a greater-than-normal seasonal decline, challenging market conditions and competitive factors. At constant currency, Nokia Siemens Networks net sales would have decreased 9%.

The following chart sets out Nokia Siemens Networks net sales for the periods indicated, as well as the year on year and sequential growth rates, by geographic area.

NOKIA SIEMENS NETWORKS NET SALES BY GEOGRAPHIC AREA
EUR million Q1/2009 Q1/2008 YoY Change Q4/2008 QoQ Change
Europe 1 097 1 212 -9.5% 1 636 -32.9%
Middle East & Africa 436 448 -2.7% 615 -29.1%
Greater China 284 269 5.6% 409 -30.6%
Asia-Pacific 692 944 -26.7% 967 -28.4%
North America 169 192 -12.0% 198 -14.6%
Latin America 312 336 -7.1% 513 -39.2%
Total 2 990 3 401 -12.1% 4 338 -31.1%

Nokia Siemens Networks reported gross profit decreased 27% to EUR 703 million, compared with EUR 958 million in the first quarter 2008, with a gross margin of 23.5% (28.2%). Nokia Siemens Networks non-IFRS gross profit decreased 26% to EUR 764 million, compared with EUR 1.0 billion in the first quarter 2008, with a non-IFRS gross margin of 25.6% (30.4%). The lower year on year non-IFRS gross profit in the first quarter 2009 was due primarily to lower year on year net sales.

Nokia Siemens Networks had a first quarter 2009 reported operating loss of EUR 361 million compared with an operating loss of EUR 74 million in the first quarter 2008, with an operating margin of -12.1% (-2.2%). Nokia Siemens Networks non-IFRS operating loss was EUR 122 million in the first quarter 2009, compared with a non-IFRS operating profit of EUR 81 million in the first quarter 2008, with a non-IFRS operating margin of -4.1% (2.4%). The year on year decline in Nokia Siemens Networks non-IFRS operating result primarily reflected lower net sales.

Q1 2009 OPERATING HIGHLIGHTS

Devices & Services
– Nokia continued to take action to adjust its business operations and cost base in accordance with market demand as well as seek savings in operational expenses, looking at all areas and activities across Devices & Services and global support functions:
– Nokia announced and commenced measures to close its mobile devices research and development (R&D) facilities in Jyväskylä, Finland, affecting approximately 320 employees.
– Nokia announced and commenced measures to scale down production at its Salo mobile device manufacturing facility with staggered temporary lay-offs. Operations at the facility are continuing without interruption.
– Nokia announced and commenced voluntary initiatives within Devices & Services and global support functions aimed at reducing personnel-related costs, including a global voluntary resignation scheme and more extensive use of short-term unpaid leave and sabbaticals.
– Nokia announced and commenced measures to scale back Devices & Services sales, marketing and technology management operations, streamline Nokia’s Devices R&D organization, and increase efficiency in certain global support functions. These measures and others, affecting approximately 1 700 employees globally, are in line with Nokia’s plan to adjust its operations to match global consumer demand.
– Nokia announced Ovi Store, a one-stop shop that will offer consumers relevant, targeted media through their social connections and their physical location information. Ovi Store consolidates Nokia’s existing media distribution services, is expected to launch in the second quarter 2009, and will be showcased first on Nokia’s forthcoming flagship device, the Nokia N97.
– In the area of music, Nokia benefited from a strong performance by the Nokia 5800 XpressMusic, its first mass market touch product, which shipped 2.6 million units during the quarter. More than 3 million units have shipped since the device’s launch in late November last year. During the first quarter, Nokia further strengthened its offering of devices optimized for music, announcing the 5730 XpressMusic, the Nokia 5330 XpressMusic and the Nokia 5030. Nokia also extended its Comes With Music service – an ‘all-you-can-eat’ music offer where users can download freely from millions of tracks for a pre-defined period of time and keep those tracks once the period is up – to Australia and Singapore. Additionally, Nokia extended Nokia Music Store, its chain of digital music stores, to 18 countries.
– Nokia announced the Nokia E75, its flagship email device, and the Nokia E55, its most compact messaging device. Both products feature Nokia Messaging, a service which gives users access to email accounts from Yahoo! Mail, Windows Live Hotmail and Gmail as well as accounts from thousands of ISP’s around the world. Singapore’s Singtel and Telefónica Spain are among the first operators to introduce Nokia Messaging to customers. Nokia Messaging also includes access to instant and social messaging services.
– In converged devices, Nokia announced the Nokia N86 8MP, a device optimized for still and video image recording, and the Nokia N79 active. In location-based services, Nokia acquired bit-side to strengthen and accelerate its execution capabilities in Social Location applications and services, and announced a partnership with América Móvil to bring Nokia Maps navigation to customers in Latin America. Nokia also introduced a beta version of Point & Find in the United States and United Kingdom. Point & Find enables people on the move to access relevant information and services on the Internet simply by pointing their mobile phone camera at real life objects.
– Nokia strengthened its midrange device portfolio with the announcement of the Nokia 6720 classic, the Nokia 6710 Navigator, the Nokia 6700 classic, the Nokia 6303 classic and the Nokia 2700 classic, devices designed to strike a balance between design, functionality and affordability.
– Nokia announced that it selected Broadcom as a next generation 3G baseband, radio frequency (RF) and mixed signal chipset system supplier for worldwide markets. Nokia and Broadcom are cooperating on technology, including Nokia modem technology.
– Nokia and Qualcomm announced that they are planning to work together to develop advanced Universal Mobile Telecommunications System (UMTS) mobile devices, initially for the North American market.

NAVTEQ
– NAVTEQ extended its South American coverage with the launch of navigable maps of Chile and Venezuela, providing automotive-grade quality data to portable and mobile devices.
– NAVTEQ signed an agreement with AutoroutesTrafic, French Motorway Operations Partnership, for traffic data that will become a key component in a real-time traffic offering in France.
– NAVTEQ expanded its global business arrangement with Microsoft, providing access to all countries in the NAVTEQ database as well as the right to additional content.
– NAVTEQ announced an enhanced Traffic Patterns product in Europe, with updates to the historic traffic database that now includes coverage of the United Kingdom.

Nokia Siemens Networks
– Nokia Siemens Networks won two key five-year managed services deals with Orange. The operator outsourced the operations of its network in the UK to Nokia Siemens Networks, which was also awarded a contract to manage Orange’s multi-vendor fixed and wireless networks in Spain.
– Nokia Siemens Networks strengthened its services capability with the inauguration of a Global Networks Solutions Centre in Noida, India.
– Verizon, the US operator, selected Nokia Siemens Networks as a supplier of its IP Multi-Media Subsystem (IMS) network, which will enable rich multimedia applications across its networks.
– Nokia Siemens Networks announced a number of technological advances including the launch of the Flexi Multiradio base station which allows GSM/EDGE, WCDMA/HSPA/HSPA+ and LTE standards to run concurrently in a single unit, and the Evolved Packet Core for LTE that will enable operators to efficiently offer a full range of data, voice, and high-quality and real-time multimedia services over different wireless standards using the same open platform in the core network.
– At Mobile World Congress, Nokia Siemens Networks showcased new solutions including FlexiPacket Microwave, a next generation full packet microwave solution which combines Carrier Ethernet Transport with Microwave Radio, and charge@once unified and business solutions that allow operators to combine charging and billing.
– China’s leading telecom operators, China Mobile and China Unicom signed agreements to purchase 2G and 3G mobile equipments and services worth EUR 880 million from Nokia Siemens Networks during 2009.

For more information on the operating highlights mentioned above, please refer to related press announcements at the following links: http://www.nokia.com/press, http://www.navteq.com/about/press.html, http://www.nokiasiemensnetworks.com/press

NOKIA IN THE FIRST QUARTER 2009
(The following discussion is of Nokia’s reported results. Comparisons are given to the first quarter 2008 results, unless otherwise indicated.)

On July 10, 2008, Nokia completed the acquisition of NAVTEQ Corporation. NAVTEQ is a separate reportable segment of Nokia starting from the third quarter 2008. Accordingly, the results of NAVTEQ are not available for the prior periods.

Nokia’s net sales decreased 27% to EUR 9 274 million (EUR 12 660 million). Net sales of Devices & Services decreased 33% to EUR 6 173 million (EUR 9 263 million). Net sales of NAVTEQ were EUR 132 million. Net sales of Nokia Siemens Networks decreased 12% to EUR 2 990 million (EUR 3 401 million).

Operating profit decreased 96% to EUR 55 million (EUR 1 531 million), representing an operating margin of 0.6% (12.1%). Operating profit in Devices & Services decreased 71% to EUR 547 million (EUR 1 883 million), representing an operating margin of 8.9% (20.3%). Operating loss in NAVTEQ was EUR 120 million, representing an operating margin of -90.9%. Operating loss in Nokia Siemens Networks was EUR 361 million (loss of EUR 74 million), representing an operating margin of -12.1% (-2.2%). Corporate Common Functions reported expense totaled EUR 11 million (EUR 278 million).

In the period from January to March 2009, net financial expense was EUR 77 million (net financial income EUR 68 million). Loss before tax was EUR 12 million (profit of EUR 1 607 million). Profit was EUR 4 million (EUR 1 200 million), based on a profit of EUR 122 million (EUR 1 222 million) attributable to equity holders of the parent and a negative EUR 118 million (negative EUR 22 million) attributable to minority interests. Earnings per share decreased to EUR 0.03 (basic) and EUR 0.03 (diluted), compared with EUR 0.32 (basic) and EUR 0.32 (diluted) in the first quarter of 2008.

PERSONNEL
The average number of employees during January-March 2009 was 124 842, of which the average number of employees at Nokia Siemens Networks was 60 543. At March 31, 2009, Nokia employed a total of 124 292 people (116 378 people at March 31, 2008), of which 60 546 were employed by Nokia Siemens Networks (60 391 people at March 31, 2008).

SHARES
The total number of Nokia shares at March 31, 2009 was 3 744 948 552. At March 31, 2009, Nokia and its subsidiary companies owned 41 763 310 Nokia shares, representing approximately 1.1% of the total number of Nokia shares and the total voting rights.

1 EUR = 1.296 USD