NOKIA RULES

THE PORTAL OF NEWS RELEATED TO NOKIA

GLOBAL | Reiterating a press release from Nokia.

Nokia comments on Moody’s credit rating announcement

 

According to Reuters, Nokia state  following defense: “Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position.” That response to the cutting of its long-term credit rating, is important.

The firm is essentially saying that it will continue to focus on the very core of its business, and that it has been all along.

Nokia does have a huge cash hoard, totaling some 9.8 billion euros. Now, after all its liabilities are subtracted, that number shrinks to just under 5 billion euros, but the company is hardly poor. What is troubling are its continued losses; as the firm transitions to Windows Phone , ignoring the N9’s meego and not giving low cost apps like androids and iOS, a period of change has come to the company. Its new phones are ‘exceeding’ its own expectations.

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Espoo, Finland – Nokia notes today’s announcement from Moody’s, reaffirming its investment grade credit rating. Earlier today Moody’s downgraded Nokia’s long-term credit rating to Baa3 and maintained the negative outlook on the rating. Moody’s stated that its investment grade rating is backed by Nokia’s strong liquidity position and capital structure.

Nokia’s financial position remains strong. As of March 31 2012, Nokia had gross cash balances of EUR 9.8 billion, and a net cash position of EUR 4.9 billion.

Cash conservation remains a priority for Nokia in the current transition. We are making progress with our previously announced targets to reduce non-IFRS operating expenses by more than EUR 1 billion in Devices & Services, and to reduce non-IFRS operating expenses and production overheads by EUR 1 billion in Nokia Siemens Networks.

“Nokia is quickly taking action. Nokia will continue to increase its focus on lowering the company’s cost structure, improving cash flow and maintaining a strong financial position,” said Timo Ihamuotila, Nokia’ Executive Vice President and CFO.

Nokia will report its first quarter 2012 results on April 19, 2012.

About Nokia Nokia is a global leader in mobile communications whose products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another. Nokia’s technological and design innovations have made its brand one of the most recognized in the world. For more information, visit http://www.nokia.com/about-nokia

Published by Nokia at April 16, 2012

Media Enquiries:

Nokia
Communications
Tel. +358 7180 34900
Email: press.services@nokia.com

www.nokia.com

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This entry was posted on April 16, 2012 by in INTERVIEWS, MEEGO, NOKIA, SYMBIAN, WINDOWS and tagged , , .
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