29th Sep 2011 08:05
Nokia / Miscellaneous 29.09.2011 09:05 Dissemination of a UK Regulatory Announcement, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.--------------------------------------------------------------------------- Nokia CorporationStock exchange releaseSeptember 29, 2011 at 10.05 (CET +1) Espoo, Finland and Munich, Germany - Nokia and Siemens today announced theappointment of Jesper Ovesen as Executive Chairman of the Board of NokiaSiemens Networks, effective today. As Executive Chairman, Ovesen assumes a full-time role with a special emphasison overseeing the strategic direction of Nokia Siemens Networks as it seeks tostrengthen its position as a leader in the industry and become a moreindependent entity. He will work closely with Nokia Siemens Networks CEO RajeevSuri and his management team in that capacity. Ovesen, 54, has held a number of senior management positions in leadingEuropean companies, including serving most recently as CFO at Danishtelecommunications group TDC during the company's restructuring process andInitial Public Offering. 'We are delighted to welcome Jesper to his new role,' said Nokia CEO StephenElop and Siemens CFO Joe Kaeser. 'With a strong track record in changemanagement, Jesper is an excellent addition to the Nokia Siemens Networks team.As Executive Chairman, he will also be responsible for strategy oversight asNokia Siemens Networks transitions towards a strong standalone entity.' Commenting on his appointment, Jesper Ovesen said: 'I am delighted to bejoining the Nokia Siemens Networks team. Nokia Siemens Networks is aninnovation leader in the industry and I look forward to supporting the companyas it forges ahead in its path to sustainable long-term leadership andprofitability.' Olli-Pekka Kallasvuo, who has served as Non-Executive Chairman, has elected tostep down from his position as serving in a full time capacity was notpossible. 'We would both like to extend our sincere thanks to Olli-Pekka forhis contribution and dedication to Nokia Siemens Networks,' said Nokia CEOStephen Elop and Siemens CFO Joe Kaeser. Nokia and Siemens to provide capital of EUR 1.0 billionNokia and Siemens today also announced that they are each providing capital ofEUR 500 million to Nokia Siemens Networks to further strengthen the company'sfinancial position and set the stage for strategic flexibility, productivityand innovation in areas such as Mobile Broadband and related services. Jesper Ovesen's biography will soon be made available at:http://www.nokiasiemensnetworks.com/about-us/company/board-of-directors About NokiaNokia is committed to connecting people to what matters to them by combiningadvanced mobile technology with personalized services. More than 1.3 billionpeople connect to one another with a Nokia, from our most affordablevoice-optimized mobile phones to advanced Internet-connected smartphones soldin virtually every market in the world. Through our services, people also enjoyaccess to maps and navigation on mobile, a rapidly expanding applicationsstore, a growing catalog of digital music, and more. Nokia's NAVTEQ is a leaderin comprehensive digital mapping and navigation services, and Nokia SiemensNetworks is one of the leading providers of telecommunications infrastructurehardware, software and professional services globally. About Siemens Siemens AG (Berlin and Munich) is a global powerhouse in electronics andelectrical engineering, operating in the industry, energy and healthcaresectors. For over 160 years, Siemens has stood for technological excellence,innovation, quality, reliability and internationality. The company is theworld's largest provider of environmental technologies. More than one-third ofits total revenue stems from green products and solutions. In fiscal 2010,which ended on September 30, 2010, revenue from continuing operations(excluding Osram and Siemens IT Solutions and Services) totaled [Eur]69 billionandnet income from continuing operations [Eur]4.3 billion. At the end of September2010, Siemens had around 336,000 employees worldwide on the basis of continuingoperations. Further information is available on the Internet at:http://www.siemens.com. About Nokia Siemens NetworksNokia Siemens Networks is a leading global enabler of telecommunicationsservices. With its focus on innovation and sustainability, the company providesa complete portfolio of mobile, fixed and converged network technology, as wellas professional services including consultancy and systems integration,deployment, maintenance and managed services. It is one of the largesttelecommunications hardware, software and professional services companies inthe world. Operating in 150 countries, its headquarters are in Espoo, Finland. www.nokiasiemensnetworks.com NOKIA FORWARD-LOOKING STATEMENTSIt should be noted that certain statements herein which are not historicalfacts are forward-looking statements, including, without limitation, thoseregarding: A) the expected plans and benefits of our strategic partnership withMicrosoft to combine complementary assets and expertise to form a global mobileecosystem and to adopt Windows Phone as our primary smartphone platform; B) thetiming and expected benefits of our new strategy, including expectedoperational and financial benefits and targets as well as changes in leadershipand operational structure; C) the timing of the deliveries of our products andservices; D) our ability to innovate, develop, execute and commercialize newtechnologies, products and services; E) expectations regarding marketdevelopments and structural changes; F) expectations and targets regarding ourindustry volumes, market share, prices, net sales and margins of products andservices; G) expectations and targets regarding our operational priorities andresults of operations; H) expectations and targets regarding collaboration andpartnering arrangements; I) the outcome of pending and threatened litigation;J) expectations regarding the successful completion of acquisitions orrestructurings on a timely basis and our ability to achieve the financial andoperational targets set in connection with any such acquisition orrestructuring; and K) statements preceded by 'believe,' 'expect,' 'anticipate,''foresee,' 'target,' 'estimate,' 'designed,' 'plans,' 'will' or similarexpressions. These statements are based on management's best assumptions andbeliefs in light of the information currently available to it. Because theyinvolve risks and uncertainties, actual results may differ materially from theresults that we currently expect. Factors that could cause these differencesinclude, but are not limited to: 1) our ability to succeed in creating acompetitive smartphone platform for high-quality differentiated winningsmartphones or in creating new sources of revenue through our partnership withMicrosoft; 2) the expected timing of the planned transition to Windows Phone asour primary smartphone platform and the introduction of mobile products basedon that platform; 3) our ability to maintain the viability of our currentSymbian smartphone platform during the transition to Windows Phone as ourprimary smartphone platform; 4) our ability to realize a return on ourinvestment in MeeGo and next generation devices, platforms and userexperiences; 5) our ability to build a competitive and profitable globalecosystem of sufficient scale, attractiveness and value to all participants andto bring winning smartphones to the market in a timely manner; 6) our abilityto produce mobile phones in a timely and cost efficient manner withdifferentiated hardware, localized services and applications; 7) our ability toincrease our speed of innovation, product development and execution to bringnew competitive smartphones and mobile phones to the market in a timely manner;8) our ability to retain, motivate, develop and recruit appropriately skilledemployees; 9) our ability to implement our strategies, particularly our newmobile product strategy; 10) the intensity of competition in the variousmarkets where we do business and our ability to maintain or improve our marketposition or respond successfully to changes in the competitive environment; 11)our ability to maintain and leverage our traditional strengths in the mobileproduct market if we are unable to retain the loyalty of our mobile operatorand distributor customers and consumers as a result of the implementation ofour new strategy or other factors; 12) our success in collaboration andpartnering arrangements with third parties, including Microsoft; 13) thesuccess, financial condition and performance of our suppliers, collaborationpartners and customers; 14) our ability to source sufficient quantities offully functional quality components, subassemblies and software on a timelybasis without interruption and on favorable terms, including the disruption ofproduction and/or deliveries from any of our suppliers as a result of adverseconditions in the geographic areas where they are located; 15) our ability tomanage efficiently our manufacturing, service creation, delivery and logisticswithout interruption; 16) our ability to ensure the timely delivery ofsufficient volumes of products that meet our and our customers' and consumers'requirements and manage our inventory and timely adapt our supply to meetchanging demands for our products; 17) any actual or even alleged defects orother quality, safety and security issues in our products; 18) any actual oralleged loss, improper disclosure or leakage of any personal or consumer datacollected or made available to us or stored in or through our products; 19) ourability to successfully manage costs, including our ability to achieve targetedcosts reductions and to effectively and timely execute related restructuringmeasures, including personnel reductions; 20) our ability to effectively andsmoothly implement the new operational structure for our businesses; 21) thedevelopment of the mobile and fixed communications industry and generaleconomic conditions globally and regionally; 22) exchange rate fluctuations,including, in particular, fluctuations between the euro, which is our reportingcurrency, and the US dollar, the Japanese yen and the Chinese yuan, as well ascertain other currencies; 23) our ability to protect the technologies, which weor others develop or that we license, from claims that we have infringed thirdparties' intellectual property rights, as well as our unrestricted use oncommercially acceptable terms of certain technologies in our products andservices; 24) our ability to protect numerous Nokia, NAVTEQ and Nokia SiemensNetworks patented, standardized or proprietary technologies from third-partyinfringement or actions to invalidate the intellectual property rights of thesetechnologies; 25) the impact of changes in government policies, trade policies,laws or regulations and economic or political turmoil in countries where ourassets are located and we do business; 26) any disruption to informationtechnology systems and networks that our operations rely on; 27) unfavorableoutcome of litigations; 28) allegations of possible health risks fromelectromagnetic fields generated by base stations and mobile products andlawsuits related to them, regardless of merit; 29) our ability to achievetargeted costs reductions and increase profitability in Nokia Siemens Networksand to effectively and timely execute related restructuring measures; 30) NokiaSiemens Networks' ability to maintain or improve its market position or respondsuccessfully to changes in the competitive environment; 31) Nokia SiemensNetworks' liquidity and its ability to meet its working capital requirements;32) whether Nokia Siemens Networks is able to successfully integrate theacquired assets of Motorola Solutions' networks business, retain existingcustomers of the acquired business, cross-sell Nokia Siemens Networks' productsand services to customers of the acquired business and otherwise realize theexpected synergies and benefits of the acquisition; 33) Nokia Siemens Networks'ability to timely introduce new products, services, upgrades and technologies;34) Nokia Siemens Networks' success in the telecommunications infrastructureservices market and Nokia Siemens Networks' ability to effectively andprofitably adapt its business and operations in a timely manner to theincreasingly diverse service needs of its customers; 35) developments underlarge, multi-year contracts or in relation to major customers in the networksinfrastructure and related services business; 36) the management of ourcustomer financing exposure, particularly in the networks infrastructure andrelated services business; 37) whether ongoing or any additional governmentalinvestigations into alleged violations of law by some former employees ofSiemens AG may involve and affect the carrier-related assets and employeestransferred by Siemens AG to Nokia Siemens Networks; 38) any impairment ofNokia Siemens Networks customer relationships resulting from ongoing or anyadditional governmental investigations involving the Siemens carrier-relatedoperations transferred to Nokia Siemens Networks; as well as the risk factorsspecified on pages 12-39 of Nokia's annual report Form 20-F for the year endedDecember 31, 2010 under Item 3D. 'Risk Factors.' Other unknown or unpredictablefactors or underlying assumptions subsequently proving to be incorrect couldcause actual results to differ materially from those in the forward-lookingstatements. Nokia does not undertake any obligation to publicly update orrevise forward-looking statements, whether as a result of new information,future events or otherwise, except to the extent legally required. SIEMENS FORWARD-LOOKING STATEMENTSThis document contains forward-looking statements and information - that is,statements related to future, not past, events. These statements may beidentified by words such as 'expects,' 'looks forward to,' 'anticipates,''intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'will,' 'project' orwords of similar meaning. Such statements are based on the current expectationsand certain assumptions of Siemens' management, and are, therefore, subject tocertain risks and uncertainties. A variety of factors, many of which are beyondSiemens' control, affect Siemens' operations, performance, business strategyand results and could cause the actual results, performance or achievements ofSiemens to be materially different from any future results, performance orachievements that may be expressed or implied by such forward-lookingstatements. In particular, Siemens is strongly affected by changes in generaleconomic and business conditions as these directly impact its processes,customers and suppliers. This may negatively impact our revenue development andthe realization of greater capacity utilization as a result of growth. Yet dueto their diversity, not all of Siemens' businesses are equally affected bychanges in economic conditions; considerable differences exist in the timingand magnitude of the effects of such changes. This effect is amplified by thefact that, as a global company, Siemens is active in countries with economiesthat vary widely in terms of growth rate. Uncertainties arise from, among otherthings, the risk of customers delaying the conversion of recognized orders intorevenue or cancelling recognized orders, of prices declining as a result ofcontinued adverse market conditions by more than is currently anticipated bySiemens' management or of functional costs increasing in anticipation of growththat is not realized as expected. Other factors that may cause Siemens' resultsto deviate from expectations include developments in the financial markets,including fluctuations in interest and exchange rates (in particular inrelation to the U.S. dollar), in commodity and equity prices, in debt prices(credit spreads) and in the value of financial assets generally. Any changes ininterest rates or other assumptions used in calculating obligations for pensionplans and similar commitments may impact Siemens' defined benefit obligationsand the anticipated performance of pension plan assets resulting in unexpectedchanges in the funded status of Siemens' pension and other post-employmentbenefit plans. Any increase in market volatility, further deterioration in thecapital markets, decline in the conditions for the credit business, continueduncertainty related to the subprime, financial market and liquidity crises, orfluctuations in the future financial performance of the major industries servedby Siemens may have unexpected effects on Siemens' results. Furthermore,Siemens faces risks and uncertainties in connection with: disposing of businessactivities, certain strategic reorientation measures; the performance of itsequity interests and strategic alliances; the challenge of integrating majoracquisitions, implementing joint ventures and other significant portfoliomeasures; the introduction of competing products or technologies by othercompanies or market entries by new competitors; changing competitive dynamics(particularly in developing markets); the risk that new products or serviceswill not be accepted by customers targeted by Siemens; changes in businessstrategy; the outcome of pending investigations, legal proceedings and actionsresulting from the findings of, or related to the subject matter of, suchinvestigations; the potential impact of such investigations and proceedings onSiemens' business, including its relationships with governments and othercustomers; the potential impact of such matters on Siemens' financialstatements, and various other factors. More detailed information about certainof the risk factors affecting Siemens is contained throughout this report andin Siemens' other filings with the SEC, which are available on the Siemenswebsite, www.siemens.com, and on the SEC's website, www.sec.gov. Should one ormore of these risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially from thosedescribed in the relevant forward-looking statement as expected, anticipated,intended, planned, believed, sought, estimated or projected. Siemens neitherintends to, nor assumes any obligation to, update or revise theseforward-looking statements in light of developments which differ from thoseanticipated. Media Enquiries: NokiaCommunicationsTel. +358 7180 34900Email: [email protected] www.nokia.com SiemensCorporate CommunicationsTel. +49 89 636-34794Email: [email protected] www.siemens.comNews Source: NASDAQ OMX 29.09.2011 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: EnglishCompany: Nokia FinlandPhone: Fax: E-mail: Internet: ISIN: FI0009000681Category Code: MSCLSE Ticker: 0HAFSequence Number: 911Time of Receipt: Sep 29, 2011 09:05:05 End of Announcement DGAP News-Service ---------------------------------------------------------------------------UK-Regulatory-announcement transmitted by DGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.
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