Nokia 2007 net sales of EUR 51.1 billion, EPS of EUR 1.83 (EUR 1.44 excluding special items)
Q4 2007 estimated device market share reached 40%, with significantly increased margins and quarterly operating cash flow of EUR 2.7 billion

Nokia Board of Directors will propose a dividend of EUR 0.53 per share for 2007 (EUR 0.43 per share for 2006)

The complete press release with tables is available at: http://www.nokia.com/results/results2007Q4e.pdf


NOKIA IN THE FOURTH QUARTER 2007 AND FULL YEAR 2007*

EUR million Q4/2007** Q4/2006** Change (%) 2007**
2006**
Change (%)
Net sales 15 717 11 701 34 51 058 41 121 24
Mobile Phones 7 438 7 076 5 25 083 24 769 1
Multimedia 3 026 2 136 42 10 538 7 877 34
Enterprise Solutions 670 305 120 2 070 1 031 101
Nokia Siemens Networks 4 583 2 184 13 393 7 453
Operating profit 2 492 1 519 64 7 985 5 488 46
Mobile Phones 1 858 1 257 48 5 434 4 100 33
Multimedia 670 326 106 2 230 1 319 69
Enterprise Solutions 118 -64 267 -258
Nokia Siemens Networks*** 0 129 -1 308 808
Group Common Functions -154 -129 1 362 -481
Operating margin (%) 15.9 13.0 15.6 13.3
Mobile Phones (%) 25.0 17.8 21.7 16.6
Multimedia (%) 22.1 15.3 21.2 16.7
Enterprise Solutions (%) 17.6 -21.0 12.9 -25.0
Nokia Siemens Networks (%)*** 0 5.9 -9.8 10.8
Net profit 1 835 1 273 44 7 205 4 306 67
EPS, EUR
Basic*** 0.48 0.32 50 1.85 1.06 75
Diluted*** 0.47 0.32 47 1.83 1.05 74


All reported Q4 and 2007 figures are unaudited and can be found in the tables on pages 8-10 and 18-23

* As of April 1, 2007, Nokia results include those of Nokia Siemens Networks on a fully consolidated basis. Nokia Siemens Networks, a company jointly owned by Nokia and Siemens, is comprised of Nokia's former Networks business group and Siemens' carrier-related operations for fixed and mobile networks. Accordingly, the results of the Nokia Group and Nokia Siemens Networks for the fourth quarter 2007 and full year 2007 are not directly comparable to results for the fourth quarter 2006 and the full year 2006, respectively. Nokia's fourth quarter 2006 and full year 2006 results included Nokia's former Networks business group only.

SPECIAL ITEMS
** Fourth quarter 2007 special items
- EUR 119 million restructuring charge and other one time items in Nokia Siemens Networks (impacting Nokia Siemens Networks operating profit)
- EUR 53 million gain on sale of real estate (impacting Nokia Siemens Networks operating profit)
- EUR 53 million gain on a business transfer (impacting Group Common Functions)
- Excluding special items, diluted EPS was EUR 0.47

** 2007 special items
- EUR 1 879 million non-taxable gain on formation of Nokia Siemens Networks (impacting Group Common Functions operating profit)
- EUR 1 110 million restructuring charges and other one time items in Nokia Siemens Networks (impacting Nokia Siemens Networks operating profit)
- EUR 75 million gain on sale of real estate (impacting Common Group Functions)
- EUR 53 million gain on sale of real estate (impacting Nokia Siemens Networks operating loss)
- EUR 53 million gain on a business transfer (impacting Group Common Functionst)
- EUR 23 million Nokia Siemens Networks related other costs (impacting Group Common Functions)
- EUR 32 million restructuring charges (EUR 17 million impacting Enterprise Solutions operating profit, EUR 10 million impacting Mobile Phones operating profit, EUR 3 million impacting Multimedia operating profit, and EUR 2 million included in Common Group Expenses).
- EUR 25 million charge related to restructuring of a subsidiary company (impacting Mobile Phones operating profit)
- EUR 12 million charge for Nokia Siemens Networks related to incremental costs expensed during the first quarter (impacting Nokia Siemens Networks operating loss)
- Excluding special items, diluted EPS was EUR 1.44

** Fourth quarter 2006 special items
- EUR 39 million Nokia Siemens Networks related incremental costs expensed during the fourth quarter (impacting Networks operating profit)
- EUR 84 million tax refund (included in taxes)
- Excluding special items, diluted EPS was EUR 0.30

** 2006 special items
- EUR 128 million of charges primarily related to the restructuring of the CDMA business and associated asset write-downs (impacting Mobile Phones operating profit)
- EUR 276 million gain representing Nokia's share of the proceeds from the Telsim sale (impacting Networks operating profit)
- EUR 14 million initial restructuring charge for the CDMA business in Mobile Phones
- EUR 8 million restructuring charge in Enterprise Solutions
- EUR 39 million Nokia Siemens Networks related incremental costs expensed during the fourth quarter (impacting Networks operating profit)
- EUR 84 million tax refunds (included in taxes)
- Excluding special items, diluted EPS was EUR 1.02

*** Important note to Nokia Siemens Networks Q4 2007and full year 2007 operating profit and Nokia EPS, both including and excluding special items: In addition to the 'special items' listed above, Nokia Siemens Networks reported operating profit also included EUR 129 million (Q4) and EUR 570 million (2007) intangible asset amortization and other Purchase Price Accounting related items.

FOURTH QUARTER 2007 HIGHLIGHTS
- Nokia diluted EPS of EUR 0.47, growing 57% from Q4 2006, excluding special items.
- Nokia operating margin of 15.9%, up sequentially from 14.6% in Q3 2007, excluding special items.
- Nokia operating cash flow of EUR 2.7 billion.
- Nokia device volumes of 133.5 million units, up 20% sequentially and up 27% year on year.
- Estimated industry device volumes of 336 million units, up 17% sequentially and up 16% year on year.
- Nokia estimated device market share of 40%, up from 39% in Q3 2007 and up from 36% in Q4 2006.
- Nokia device ASP of EUR 83, up from EUR 82 in Q3 2007.
- Total device gross and operating margins increased significantly sequentially and year on year.
- Several key devices started shipping in volume across the product range including: Nokia 1200/1208, Nokia 2630, Nokia 5310, Nokia 6500 and Nokia N95 8GB.
- Nokia Siemens Networks net sales increased 25% sequentially.
- Nokia Siemens Networks operating margin, excluding special items, was 1.4%, and was 4.3% excluding special items and Purchase Price Accounting related items.
- Nokia Siemens Networks continued to be on track to deliver the targeted annual EUR 2 billion cost synergy target, as previously announced.

OLLI-PEKKA KALLASVUO, NOKIA CEO:
"Nokia's excellent fourth quarter contributed to a year of high growth and increased profitability for the company, while our industry leading product portfolio drove our device business to an estimated 40% market share in the fourth quarter. At the same time we again increased our quarterly device margins, allowing Nokia to continue to invest for innovation and growth.

It was a year of important strategic initiatives by Nokia, with Nokia Siemens Networks starting operations, our internet services effort taking shape around Ovi, and the announcement of the pending acquisition of NAVTEQ. Facing a market that remains intensely competitive, we are continuing to improve our leading device portfolio as well as execution at Nokia Siemens Networks. With this we believe Nokia is well positioned for growth in 2008."

INDUSTRY AND NOKIA OUTLOOK FOR THE FIRST QUARTER AND FULL YEAR 2008
- Nokia expects industry mobile device volumes in the first quarter 2008 to decline sequentially, reflecting normal industry seasonality, following a strong fourth quarter 2007.
- We expect Nokia's device market share in the first quarter 2008 to be approximately at the same level sequentially.
- Nokia continues to expect industry mobile device volumes in 2008 to grow approximately 10% from the approximately 1.14 billion units Nokia estimates for 2007.
- Nokia continues to expect the device industry to experience value growth in 2008, but expects some decline in industry ASPs, primarily reflecting the increasing impact of the emerging markets and competitive factors in general.
- Nokia continues to target an increase in its market share in mobile devices in 2008.
- Nokia continues to expect very slight growth for the mobile and fixed infrastructure and related services market in euro terms in 2008.
- Nokia and Nokia Siemens Networks continue to target that Nokia Siemens Networks will grow faster than the market in 2008.
- Nokia and Nokia Siemens Networks cost synergy target for Nokia Siemens Networks is to achieve substantially all of the EUR 2.0 billion of targeted annual cost synergies by the end of 2008, as previously announced.

FOURTH QUARTER 2007 FINANCIAL HIGHLIGHTS
(Comparisons are given to the fourth quarter 2006 results, unless otherwise indicated.)

As of April 1, 2007, Nokia results include those of Nokia Siemens Networks on a fully consolidated basis. Nokia Siemens Networks, a company jointly owned by Nokia and Siemens, is comprised of Nokia's former Networks business group and Siemens' carrier-related operations for fixed and mobile networks. Accordingly, the results of the Nokia Group and Nokia Siemens Networks for the fourth quarter 2007and full year 2007 are not directly comparable to results for the fourth quarter 2006 and the full year 2006, respectively. Nokia's fourth quarter 2006 and full year 2006 results included Nokia's former Networks business group only.

Nokia Group
Nokia's fourth quarter 2007 net sales increased 34% to EUR 15.7 billion, compared to EUR 11.7 billion in the fourth quarter 2006. At constant currency, group net sales would have been up 40% year on year.

Nokia's fourth quarter 2007 operating profit increased 64% to EUR 2.5 billion (including the EUR 13 million net negative impact of special items), compared to EUR 1.5 billion in the fourth quarter 2006 (including a negative special item of EUR 39 million). The special items for the fourth quarter 2007 included a EUR 119 million restructuring charge and other one-time items in Nokia Siemens Networks, a EUR 53 million gain on sale of real estate in Nokia Siemens Networks, and a EUR 53 million gain on a business transfer in Group Common Functions. Nokia's fourth quarter 2007 operating margin was 15.9% (13.0%), including the EUR 13 million net negative impact of the special items. Excluding the special items, Nokia's fourth quarter 2007 operating margin was 15.9% (12.6%).

Operating cash flow for the fourth quarter 2007 was EUR 2.7 billion, compared to EUR 1.7 billion for the fourth quarter 2006. As of December 31, 2007, our net debt-to-equity ratio (gearing) was -61% (-68% as of December 31, 2006).

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