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Nokia Paves The Way To The Mobile Information Soc.

MEDIACOM-RELEASE-NOKIA

NOKIA PAVES THE WAY TO THE MOBILE INFORMATION SOCIETY WITH CONTINUED STRONG PERFORMANCE.

Nokia reports strong results for the second quarter of 1999 with continued fast growth. Net sales totaled EUR 4,493 million, an increase of 45% compared to the second quarter in 1998. Operating profit increased by 56% to EUR 881 million resulting in an operating margin of 19.6%

Net sales for the first half year totaled EUR 8,363 million. Sales continued to grow rapidly in all geographic regions, with Europe accounting for 56% of net sales, Asia Pacific for 23% and the Americas for 21%.

Commenting on the second quarter results Jorma Ollila, Nokia Chairman and CEO said "Strong sales and order inflow growth continued in all geographic regions. Orders for our infrastructure products developed positively with increasing demand for our broadband and data solutions. To keep up with strong GSM subscriber growth, operators continued to expand network capacity and upgrade their networks to offer emerging value-added services. At the same time, strong demand for our very competitive range of mobile phones continued and we strenghtened our position as the number one mobile phone manufactuer in the world."

"We have been pleased to note that our Connecting People approach, an essential element of the Nokia brand, has been widely accepted across the markets worldwide. A recent study ranked Nokia the 11th most valuable brand worldwide owned by a public company. Our innovativness, strengthing market position and globally recognized brand combined with high profitablility gives us the ability to lead the creation of the mobile information society and excel in performance."

Commenting on the future Olila said: "Our overall performance during the first half of the year gives us confidence to reach or slightly exceed the high-end of our 1999 net sales growth target of 25-35%."

At the end of June, Nokia employed a total of 51 849 people (41 596 at the end of June 1998).

Current rate June 30, 1999, 1 EUR 1.034 USD

Nokia is paving the way to the mobile information society with its innovative products and solutions. Nokia is the leading mobile phone supplier and the leading supplier of mobile, fixed and IP networks including related services. It also supplies multitmedia terminals and computer displays. In 1998, net sales totaled EUR 13.3 billion (USD 15.7 billion). Headquartered in Finland, Nokia is listed on the New York (NOK), Helsinki, Stockholm, London, Frankfurt and Paris stock exchanges and employes more than 51 000 people.

ENDS....

MEDIA RELEASE FROM NOKIA

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