諾基亞 (NOK) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Nokia's Fourth Quarter 2021 Results Call. I'm David Mulholland, Head of Nokia Investor Relations. And today with me is Pekka Lundmark, our President and CEO; along with Marco Wiren, our CFO.

女士們，先生們，早上好，歡迎來到諾基亞 2021 年第四季度業績電話會議。我是諾基亞投資者關係主管 David Mulholland。今天和我在一起的是我們的總裁兼首席執行官 Pekka Lundmark；與我們的首席財務官 Marco Wiren 一起。

Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance and these statements are predictions that involve risks and uncertainties. Actual results may, therefore, differ materially from the results we currently expect. Factors that could cause such differences can be both external as well as internal operating factors.

在我們開始之前，快速免責聲明。在本次電話會議期間，我們將對我們未來的業務和財務業績做出前瞻性陳述，這些陳述是涉及風險和不確定性的預測。因此，實際結果可能與我們目前預期的結果大相徑庭。可能導致這種差異的因素既可以是外部因素，也可以是內部操作因素。

We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website. Within today's presentation, references to growth rates will mostly be in a constant currency growth rate basis, and margins will be on our comparable reporting. Please note that our Q4 report and this presentation are published on our website, and both reported and comparable results and reconciliation between the 2 are available there.

我們已在我們的 20-F 表格年度報告的風險因素部分確定了此類風險，該表格可在我們的投資者關係網站上找到。在今天的演示文稿中，對增長率的參考將主要以恆定貨幣增長率為基礎，利潤率將在我們的可比報告中。請注意，我們的第 4 季度報告和此演示文稿已發佈在我們的網站上，並且可以在網站上獲得報告的和可比較的結果以及兩者之間的對賬。

In terms of the agenda for today, Pekka will give a quick overview of our financial and strategic progress throughout 2021 before explaining the new long-term targets that we've introduced. Marco will then go into a bit more detail of some of the key factors impacting our financial and cash flow performance before explaining how we see the business outlook for 2022, and then we'll go to Q&A.

就今天的議程而言，Pekka 將簡要概述我們在整個 2021 年的財務和戰略進展，然後再解釋我們引入的新長期目標。然後，Marco 將更詳細地介紹影響我們財務和現金流表現的一些關鍵因素，然後再解釋我們如何看待 2022 年的業務前景，然後我們將進行問答。

With that, let me hand over to Pekka.

有了這個，讓我交給Pekka。

Thank you very much, David. Hello, everyone, and thank you for joining the call today. Q4 ended a year which was truly transformational for Nokia in many ways. I would like to start with growth.

非常感謝你，大衛。大家好，感謝您今天加入電話會議。第四季度結束了這一年，這在許多方面對諾基亞來說都是真正的變革。我想從成長開始。

As you remember, we have said throughout the year that this year would be different in terms of seasonality, and that's exactly what happened. We had 3% top line growth overall in the year, EUR 22.2 billion sales. Q4 pretty much as expected, was 5% down year-on-year, EUR 6.4 billion because we had this year, in a way, much more balanced seasonality compared to where we have typically been. Q4 top line highlight was clearly Network Infrastructure, 10% growth. So overall, a good year from a top line point of view, pretty much as expected when it comes to seasonality.

正如你所記得的，我們全年都在說，今年的季節性會有所不同，而這正是發生的事情。今年我們的總收入增長了 3%，銷售額達到 222 億歐元。第四季度幾乎與預期一樣，同比下降 5%，為 64 億歐元，因為在某種程度上，與以往相比，我們今年的季節性更加平衡。第四季度的收入亮點顯然是網絡基礎設施，增長了 10%。所以總的來說，從頂線的角度來看，這是一個好年頭，在季節性方面幾乎符合預期。

So now let's look at operating margin. We had a strong Q4, 14.2% comparable operating margin. But again, because we had more stable seasonality this year, it was 190 basis points lower than the extremely high and strong Q4 that we had last year. But overall, for the full year, 12.5% comparable operating margin. It's a 300 basis point improvement over 2020. I'm extremely happy and proud of this achievement that our team has delivered.

所以現在讓我們看看營業利潤率。我們的第四季度表現強勁，可比營業利潤率為 14.2%。但同樣，由於我們今年的季節性更加穩定，它比去年第四季度的極高和強勁的第四季度低 190 個基點。但總體而言，全年可比營業利潤率為 12.5%。這比 2020 年提高了 300 個基點。我為我們團隊取得的這一成就感到非常高興和自豪。

Why do I say that it was a transformational year? Well, this graph helps me to explain that. Here, you see, first of all, net sales constant currency growth each quarter. This was 2020, growth in each quarter. And here, you can see the corresponding growth in 2021. Very different picture between those 2 years. But yes, different seasonality, Q4 being relatively weaker as expected.

為什麼我說這是轉型的一年？好吧，這張圖可以幫助我解釋這一點。在這裡，您首先看到的是每個季度的淨銷售額不變貨幣增長。這是 2020 年，每個季度都在增長。在這裡，您可以看到 2021 年的相應增長。這兩年的情況截然不同。但是，是的，季節性不同，第四季度的預期相對較弱。

And then here, you see the significant margin improvement that we delivered here is 12-month rolling comparable operating margin starting from Q1 2020 and then developing all the way to the Q4 and to the 12.5% margin that we had. So overall, great performance in margin execution.

然後在這裡，您會看到我們在這裡實現的顯著利潤率改善是從 2020 年第一季度開始的 12 個月滾動可比營業利潤率，然後一直發展到第四季度，達到我們擁有的 12.5% 的利潤率。總體而言，保證金執行表現出色。

And this has now, together with very good working capital efficiency, helped us to deliver a strong cash flow, EUR 2.4 billion free cash flow for the year, which means that we now have at the end of the year, a EUR 4.6 billion net cash position on our balance sheet. And in simple terms, this means that we now have a possibility to resume shareholder distributions.

現在，再加上非常好的營運資金效率，幫助我們實現了強勁的現金流，全年 24 億歐元的自由現金流，這意味著我們現在在年底擁有 46 億歐元的淨現金流我們資產負債表上的現金頭寸。簡單來說，這意味著我們現在有可能恢復股東分配。

Board is proposing to shareholder meeting -- Annual Shareholder Meeting that we will start dividend payments, and Board is also initiating a share buyback program. And Marco will actually talk more about this in his part. But now I would like to move on and make a few comments on each of our businesses. And I'll start with Mobile Networks, which had, if I say, for the group, that we had a transformational year that definitely applies to Mobile Networks. EUR 9.7 billion sales, that's down 5% year-over-year, pretty much as we expected because of lower market share in North America because of the decisions our customers made in 2020.

董事會向股東大會提議——年度股東大會，我們將開始支付股息，董事會也正在啟動股票回購計劃。 Marco 實際上會更多地談論這一點。但現在我想繼續對我們的每項業務發表一些評論。我將從移動網絡開始，如果我說，對於團隊來說，我們經歷了一個絕對適用於移動網絡的轉型年。銷售額為 97 億歐元，同比下降 5%，這幾乎符合我們的預期，因為我們的客戶在 2020 年做出的決定導致北美市場份額下降。

But what is remarkable is that despite this 5% decline in sales in constant currency, we had through our improved technology position, we had 150 basis points improvement in gross margin, and we had stable comparable operating margin. That's really strong execution from Mobile Networks. That is further confirmed by the KPI development.

但值得注意的是，儘管按固定匯率計算，銷售額下降了 5%，但我們通過改善技術地位，毛利率提高了 150 個基點，可比營業利潤率穩定。這確實是來自移動網絡的強大執行力。 KPI 的發展進一步證實了這一點。

Here, you see the KPI that we've been reporting for quite some time, which is the ReefShark share of all deliveries. In Q4, 68% and in December, already 76%. So this is pretty much or actually even slightly higher than what we told that we would be at the end of the year. I think our guidance was 70% for the end of the year.

在這裡，您可以看到我們已經報告了很長一段時間的 KPI，即 ReefShark 在所有交付中的份額。第四季度為 68%，12 月已為 76%。因此，這幾乎或實際上略高於我們告訴我們將在今年年底達到的水平。我認為我們的指導是今年年底的 70%。

So we are strongly on track to meet the target to have pretty much all our deliveries in ReefShark based by the end of this year. And then the other important indicator that we've been reporting is our combined 4G, 5G market share outside of China -- no, sorry, not market share, that we are also reporting, that was 26%. But this graph here is talking about conversion rate.

因此，我們正在努力實現在今年年底之前在 ReefShark 完成幾乎所有交付的目標。然後我們一直在報告的另一個重要指標是我們在中國以外的 4G、5G 市場份額——不，對不起，不是市場份額，我們也在報告，即 26%。但是這裡的這張圖是關於轉化率的。

4G to 5G conversion rate, which has now stabilized on about 90% level. And now when we have, in a way, stabilized the situation in mobile networks now, of course, the only acceptable goal going forward is to then start gaining market share. And I think we have every possibility to do that because we have so much stronger technology position now compared to where we were about a year ago.

4G到5G的轉化率，目前已經穩定在90%左右的水平。現在，當我們在某種程度上穩定了移動網絡的局勢時，當然，唯一可以接受的未來目標是開始獲得市場份額。我認為我們完全有可能做到這一點，因為與大約一年前相比，我們現在擁有更強大的技術地位。

In the middle of this year, we launched the new generation of AirScale products, both baseband and new Massive MIMO radios. Largely, we can now say, and this has been confirmed by multiple customers that we have closed the gap to competition in 5G. We are already shipping the new AirScale baseband. We have already shipments to over 150 customers with excellent feedback.

今年年中，我們推出了新一代 AirScale 產品，包括基帶和新的大規模 MIMO 無線電。很大程度上，我們現在可以說，這已經得到多個客戶的證實，我們已經縮小了與 5G 競爭的差距。我們已經在發貨新的 AirScale 基帶。我們已經向 150 多個客戶發貨，並獲得了很好的反饋。

One extremely important feature of the new generation of products is 75% improvement in baseband energy efficiency. And one additional highlight that I would like to mention, which we achieved recently, was a new benchmark of almost 3 gigabits per second radio performance in 5G stand-alone downlink throughput using carrier aggregation with AirScale on a live CSP network, 3 gigabits per second.

新一代產品的一個極其重要的特點是基帶能效提高了 75%。我想提及的另一個亮點是我們最近實現的一個新基準，即在實時 CSP 網絡上使用帶有 AirScale 的載波聚合，在 5G 獨立下行鏈路吞吐量中實現了近 3 Gb/秒無線電性能的新基準，每秒 3 Gb .

Then on to Network Infrastructure, a real stellar year. And here, you can see, first of all, how the top line developed in the 4 divisions inside Network Infrastructure. As you can see, all businesses had top line growth, but of course, 2 really, really fantastic divisions, Fixed Networks, 35% growth in the year and then Submarine Networks, 33% growth.

然後是網絡基礎設施，這是一個真正出色的一年。在這裡，您首先可以看到網絡基礎設施內 4 個部門的收入如何發展。正如你所看到的，所有業務的收入都有增長，但當然，有兩個非常非常棒的部門，固定網絡，今年增長了 35%，然後是海底網絡，增長了 33%。

We have clearly taken market share in this business, service provider routing. This is actually market share development going all the way to the third quarter 2017, and this is third quarter 2021 on a rolling 12-month basis, which is the last available market share from Dell'Oro at the moment. 26% is the latest figure that we have in service provider routing.

我們顯然已經在服務提供商路由這一業務中佔據了市場份額。這實際上是一直到 2017 年第三季度的市場份額發展，這是 2021 年第三季度的滾動 12 個月，這是目前 Dell'Oro 的最後一個可用市場份額。 26% 是我們在服務提供商路由方面的最新數據。

And then the most important focus segment for us in Fixed Networks. This is not the only business, of course. We also have copper, and we have optical network terminals and fixed wireless access. But if I focus on OLTs, optical line terminals, which is the most important stronghold that we have in this business, we have there now a growing market share and a very high market share of 41%.

然後是我們在固定網絡中最重要的重點部分。當然，這不是唯一的業務。我們也有銅線，我們有光網絡終端和固定無線接入。但如果我專注於 OLT、光線路終端，這是我們在這項業務中最重要的據點，我們現在在那裡的市場份額不斷增長，市場份額非常高，達到 41%。

And when you look at the market development forecasts for this business going forward, it's actually pretty promising when you look at what the market research agencies are expecting about the continuous fiber rollout. There are still several countries, for example, in Europe, large countries where the fiber penetration or actually homes passed by fiber has not even reached 50% yet.

當您查看該業務未來的市場發展預測時，當您查看市場研究機構對連續纖維推出的期望時，它實際上是非常有希望的。還有幾個國家，比如歐洲，光纖滲透率或實際家庭光纖通過率還沒有達到50%的大國。

Optical Network market share has been fairly stable, 16%. Here, we have a very important new product generation now in early deliveries. We are strengthening our position in this business as well. So overall, we continue to have great momentum to build on our technology leadership in network infrastructure.

光網絡市場份額一直相當穩定，為16%。在這裡，我們有一個非常重要的新一代產品，現在可以提前交付。我們也在加強我們在這項業務中的地位。因此，總體而言，我們在網絡基礎設施方面的技術領先地位繼續保持強勁勢頭。

Then on to Cloud and Network Services. As you may remember, we've been talking about rebalancing of the product portfolio because there is a very, very wide range of products available in that business. We have decided to focus on 6 segments: 5G core, analytics and AI, private wireless, digital operations, monetization and security. We believe that these are those sweet spots in the CNS business where the best growth and the best profitability can be achieved going forward.

然後是雲和網絡服務。您可能還記得，我們一直在討論產品組合的重新平衡，因為該業務中有非常非常廣泛的產品。我們決定專注於 6 個領域：5G 核心、分析和人工智能、私有無線、數字運營、貨幣化和安全。我們相信，這些是 CNS 業務中的最佳點，可以在未來實現最佳增長和最佳盈利能力。

And I'm pleased to report that if we take those 6 focus areas that I just mentioned, our year-on-year growth was 13%. Overall, CNS was 1%, but growth in these focus areas was 13%. And then in other than these focus areas, the top line development was minus 8%. So this just seems to confirm that we have made the right choices when deciding on the focus areas.

我很高興地報告，如果我們把剛才提到的這 6 個重點領域放在一起，我們的同比增長率為 13%。總體而言，CNS 為 1%，但這些重點領域的增長率為 13%。然後在這些重點領域之外，收入增長為負 8%。所以這似乎只是證實了我們在決定重點領域時做出了正確的選擇。

Then Nokia Technologies delivered another strong year, 8% top line growth, excellent profitability continued. And of course, patent portfolio development being an extremely important KPI of the outlook of this business. During the year, we reached the very important milestone of 4,000 patent families declared as essential for 5G standards. So overall, strong execution, including, and this is important, including new engagements in automotive and consumer electronics as we do want to grow into new areas in this business.

然後諾基亞技術又迎來了強勁的一年，收入增長 8%，盈利能力繼續保持優異。當然，專利組合開發是該業務前景極其重要的 KPI。在這一年中，我們達到了一個非常重要的里程碑，即宣布對 5G 標準至關重要的 4,000 個專利家族。總體而言，強大的執行力，包括，這很重要，包括在汽車和消費電子領域的新業務，因為我們確實希望在該業務的新領域發展。

Then a couple of comments on enterprise, which is not, of course, not a business group of its own. These numbers are embedded in the numbers of several businesses, but we are tracking them separately because we have a very strong ambition to grow beyond our traditional customer base of service providers. And we do believe that Enterprise business offers significant growth opportunities going forward.

然後是關於企業的一些評論，這當然不是它自己的業務組。這些數字包含在幾家企業的數字中，但我們正在單獨跟踪它們，因為我們有一個非常雄心勃勃的雄心，要超越我們傳統的服務提供商客戶群。我們確實相信企業業務在未來提供了重要的增長機會。

The 1% net sales growth that we had in 2021 did not meet our expectations. That's the bad news. But the good news is that we had extremely strong order intake, especially in the second half of the year. That means that we now have a strong foundation for growth for this business for 2022.

我們在 2021 年實現的 1% 的淨銷售額增長並未達到我們的預期。這就是壞消息。但好消息是我們的訂單量非常強勁，尤其是在下半年。這意味著我們現在為該業務在 2022 年的增長奠定了堅實的基礎。

One important, not the only one, but one important focus area in our Enterprise business is private wireless. And as you can see, this development continues in a very promising manner. We currently have 420 private wireless customers. Private wireless has 2 subsegments. One is wide area networks, for example, for authorities and railways and utilities. But the other one, which will be a fast growth segment going forward, is campus wireless, 14 million industrial campuses in the world, significant part of them will, one way or another, invest in new generation of networking in the coming years.

在我們的企業業務中，一個重要的，不是唯一的，而是一個重要的重點領域是私有無線。正如您所看到的，這種發展以非常有希望的方式繼續進行。我們目前有 420 個私人無線客戶。專用無線有 2 個子段。一種是廣域網，例如，用於當局、鐵路和公用事業的網絡。但另一個將成為快速增長的領域是校園無線，全球有 1400 萬個工業園區，其中很大一部分將在未來幾年以某種方式投資於新一代網絡。

We have decided to double down our investment in campus wireless. We are expanding and increasing our R&D investment in campus wireless to build on top of the already strong initial position that we have in that. And then, of course, very importantly, the sales and distribution and the partner network -- distribution partner network that is needed to reach out to those 14 million campuses is another significant part of the investment.

我們決定加倍投資校園無線。我們正在擴大和增加對校園無線的研發投資，以建立在我們已經擁有的強大初始地位的基礎上。然後，當然，非常重要的是，銷售和分銷以及合作夥伴網絡 - 接觸這 1400 萬個校園所需的分銷合作夥伴網絡是投資的另一個重要部分。

And then one additional important thing in the Enterprise Business is increasing engagements with web scalers, who, of course, can be extremely important partners in many parts of that business.

然後，企業業務中另一件重要的事情是增加與網絡縮放器的合作，當然，在該業務的許多部分中，他們可能是極其重要的合作夥伴。

So as you remember, when we presented at our Capital Market Day, we, in a way, launched a 3-step concept in our strategy execution: reset, accelerate and scale. And now I'm pleased to confirm that we have completed our reset phase.

如您所知，當我們在資本市場日發表演講時，在某種程度上，我們在戰略執行中推出了一個三步概念：重置、加速和擴展。現在我很高興地確認我們已經完成了重置階段。

First of all, strategy. We refocused on R&D to make sure that we drive for technology leadership in all the segments where we compete. We changed our focus from end-to-end to best of breed. Definitely, we are delivering complete networks also and engaging in network architecture discussions with customers, but we do not want to mix that with the extreme importance of each business group had been responsible for achieving technology leadership in their own segment.

首先，戰略。我們重新專注於研發，以確保我們在我們競爭的所有領域推動技術領先。我們將重點從端到端轉變為同類最佳。當然，我們也在提供完整的網絡並與客戶進行網絡架構討論，但我們不想將其與每個業務組的極端重要性混為一談。

Then on the product side, as I already mentioned, Mobile Networks secured full portfolio competitiveness, largely caught up competition. In 5G, we have stepped up R&D while improving gross margin, as I already earlier said, by 150 basis points.

然後在產品方面，正如我已經提到的，移動網絡確保了完整的產品組合競爭力，在很大程度上趕上了競爭對手。在 5G 方面，我們在提高毛利率的同時加大了研發力度，正如我之前所說，提高了 150 個基點。

Profitability, yes, 300 basis points improvement in comparable operating margin. One driver behind this is that we streamlined SG&A to be able to fund R&D. We had significant increase in our R&D spending. And despite that increase in R&D spending, we had 300 percentage -- 300 basis points expansion in our comparable operating margin.

盈利能力，是的，可比營業利潤率提高了 300 個基點。這背後的一個驅動因素是我們精簡了 SG&A，以便能夠為研發提供資金。我們的研發支出顯著增加。儘管研發支出有所增加，但我們的可比營業利潤率卻增長了 300% - 300 個基點。

Then leadership structure and the way how we operate, new operating model, 4 BGs, we removed the matrix in our P&L management new members in a group leadership team, much more straightforward, easier to understand, simple down to the earth model that maximizes the accountability within the management team.

然後是領導結構和我們的運營方式，新的運營模式，4 個 BG，我們在損益管理中刪除了矩陣，新成員在集團領導團隊中，更直接，更容易理解，簡單的腳踏實地的模型，最大限度地提高了管理團隊內部的問責制。

And then last but definitely not least, people. We renewed our purpose during the year and we renewed our ways of working. We launched a new cultural essentials: open, fearless and empowered, which is our guiding star in how we continue to develop our corporate culture.

最後但絕對不是最不重要的，人。我們在這一年中更新了我們的目標，我們更新了我們的工作方式。我們推出了一種新的文化要素：開放、無畏和賦權，這是我們如何繼續發展企業文化的指導之星。

So with the reset now behind us, it's time to accelerate. And what does accelerate and then after accelerate, scale. What does it actually mean? It's actually very simple, accelerate means exactly what it is, accelerate, grow and expand margins. We want to now deliver growth across our businesses, and we want to continue to our expand margins.

因此，隨著我們現在的重置，是時候加速了。什麼會加速，然後在加速之後，擴大規模。它實際上是什麼意思？它實際上非常簡單，加速意味著它是什麼，加速、增長和擴大利潤。我們現在希望在我們的業務中實現增長，我們希望繼續擴大利潤。

We have renewed mobile networks portfolio, strong network infrastructure technology leadership, growth in CNS focus areas. We have strong momentum in Enterprise. Grow. That's what we want to do. We will continue to invest. We want to prioritize R&D investments into our core areas to further strengthen technology leadership including, and this is just 2 highlights now, which we have perhaps not talked that much about.

我們更新了移動網絡產品組合、強大的網絡基礎設施技術領先地位以及 CNS 重點領域的增長。我們在企業方面勢頭強勁。生長。這就是我們想要做的。我們將繼續投資。我們希望將研發投資優先考慮到我們的核心領域，以進一步加強技術領先地位，包括，這只是現在的兩個亮點，我們可能沒有太多談論。

I already mentioned doubling down in our investments in campus wireless to maintain and extend our lead. But then I would also like to highlight optical networks. We are now delivering our next-generation product, PSC 5 generation. We are capitalizing momentum created by it. And this is now a good place to increase ambition level in technology leadership also in the optical business.

我已經提到我們在校園無線領域的投資翻了一番，以保持和擴大我們的領先地位。但接下來我還要強調光網絡。我們現在正在交付我們的下一代產品 PSC 5 代。我們正在利用它創造的動力。現在，這是提高光學業務技術領先水平的好地方。

We continue to optimize how we operate, continuous review of business returns to optimize portfolio. There is still a possibility to improve further R&D efficiency, continue to refocus R&D, especially in CNS towards the growth areas. And very importantly, we continue to invest in the digitalization of our own operations. There is still some old tools that we are using in different parts of the company. And we target additional productivity improvements through digitalization investments.

我們不斷優化我們的運營方式，不斷審查業務回報以優化投資組合。仍有可能進一步提高研發效率，繼續重新關注研發，特別是在中樞神經系統方面的增長領域。非常重要的是，我們繼續投資於我們自身運營的數字化。我們仍然在公司的不同部門使用一些舊工具。我們的目標是通過數字化投資進一步提高生產力。

And then the last point, definitely not the least important one, which is innovation going forward. We are building new business models like as-a-service. CNS has already launched the first as-a-service offerings, and this is something that we will expand -- we will expand on Enterprise, as I said. We continue to build strategic partnerships, including with web scalers.

最後一點，絕對不是最不重要的一點，那就是創新。我們正在構建新的商業模式，例如服務。 CNS 已經推出了第一個即服務產品，這是我們將擴展的東西——正如我所說，我們將擴展 Enterprise。我們繼續建立戰略合作夥伴關係，包括與網絡縮放器。

And then we want to utilize long-term innovation capacity, including Nokia Bell Labs, the fantastic research organization that we have there, we believe that there is a case for speeding up the commercialization of the innovation that takes place in Bell Labs.

然後我們想利用長期的創新能力，包括諾基亞貝爾實驗室，我們在那裡擁有的出色的研究機構，我們相信有理由加速貝爾實驗室的創新商業化。

And then NGP, Nokia Growth Partners, the venture capital arm that we have, excellent results in 2021. We have just announced their next fund, which Marco will talk more about. So in short, grow, invest, optimize and innovate.

然後是 NGP，諾基亞成長合作夥伴，我們擁有的風險投資部門，在 2021 年取得了優異的成績。我們剛剛宣布了他們的下一個基金，Marco 將對此進行更多討論。簡而言之，增長、投資、優化和創新。

And then to finish, let's take a look at our long-term targets, which we have published today. First of all, given the pace of our strategy execution, we feel that now is the time -- right time to introduce new long-term markets. And of course, we aim to deliver continuous improvement each year.

最後，讓我們看看我們今天發布的長期目標。首先，鑑於我們戰略執行的速度，我們認為現在是時候——引入新的長期市場的正確時機。當然，我們的目標是每年持續改進。

First of all, we want to grow faster than the market. Then we target to reach at least 14% comparable operating margin in the next 3 to 5 years. And we are targeting 50% to 85% cash conversion from the comparable operating margin. So overall, ladies and gentlemen, we have every reason to be optimistic about the future. I'm so proud of this team who delivered such a transformational year. And with that, I would like to hand over to Marco.

首先，我們希望比市場增長得更快。然後，我們的目標是在未來 3 到 5 年內達到至少 14% 的可比營業利潤率。我們的目標是在可比營業利潤率基礎上實現 50% 到 85% 的現金轉換。所以總的來說，女士們，先生們，我們完全有理由對未來保持樂觀。我為這個團隊帶來瞭如此轉變的一年感到非常自豪。有了這個，我想交給 Marco。

Thank you, Pekka, and hello from my side as well. If we now just look shortly, the financials and a little bit deeper also when it comes to our '22 guidance. We start with the top line and how that was developed during the Q4.

謝謝你，Pekka，我這邊也你好。如果我們現在只是看一下，財務狀況以及在我們的 '22 指導方面也會更深入一點。我們從頂線開始，以及它在第四季度是如何發展的。

If we look here, we can see that our sales declined about 5% in constant currencies and we have communicated throughout the year as well that we will see a different seasonality that we've seen in the previous years. And also, if you look at different regions, you can see quite different development, starting with Europe, we're very happy to see that we have a good growth in Europe. And thanks to those wins that we have made in this area, mainly in MN and 5G deployments.

如果我們看這裡，我們可以看到我們的銷售額按固定匯率計算下降了約 5%，而且我們全年都在溝通，我們將看到與前幾年不同的季節性。而且，如果你看看不同的地區，你會看到完全不同的發展，從歐洲開始，我們很高興看到我們在歐洲有良好的增長。感謝我們在這一領域取得的勝利，主要是在 MN 和 5G 部署方面。

Then if we go to Asia Pacific, you can see that we have a decline of about 13%, and this is mainly driven by the South Korean market. And we had actually good growth in Japan, but that couldn't offset the whole decline that we had there. And then, of course, I have mentioned North American market as well. As you know, we've been communicating about the negotiations that happened in mobile network side in North American market in 2020.

那麼如果我們去亞太地區，你可以看到我們有13%左右的下降，這主要是由韓國市場推動的。我們在日本實際上有很好的增長，但這並不能抵消我們在那裡的整體下滑。然後，當然，我也提到了北美市場。如您所知，我們一直在溝通2020年北美市場移動網絡方面的談判。

And of course, they had an impact on our net sales here in Q4. I just want to mention also that in NI, Network Infrastructure side, we actually had a good growth in North America in quarter 4, but that couldn't offset the whole decline that we saw on the Mobile Network side.

當然，它們對我們第四季度的淨銷售額產生了影響。我還想提一下，在 NI 網絡基礎設施方面，我們實際上在第四季度在北美實現了良好的增長，但這無法抵消我們在移動網絡方面看到的整體下滑。

But worth mentioning also that in North America full year, we still saw about 4% growth. And then if we look when it comes to operating margin development, and if we start from '19 -- 2020, and we had a 9.5% operating margin. And we had the headwinds that we've been communicating as well, just I mentioned on North American market, those actually played out exactly as expected. Then these were offset by a strong underlying demand, especially in NI and Mobile Networks. And also on the Mobile Network side, we had a very good progress on our product cost side.

但值得一提的是，在北美全年，我們仍然看到了大約 4% 的增長。然後，如果我們看一下營業利潤率的發展，如果我們從 19 年到 2020 年開始，我們的營業利潤率為 9.5%。而且我們也遇到了我們一直在交流的不利因素，就像我在北美市場上提到的那樣，這些因素實際上完全符合預期。然後這些被強勁的潛在需求所抵消，尤其是在 NI 和移動網絡領域。在移動網絡方面，我們在產品成本方面也取得了非常好的進展。

And thanks to these good market wins that we had and our own progress on product cost side, we had a good development throughout the year. And also the external market analyst firms upgraded the market expectations a couple of times throughout the year. And with together the one-offs that we had, we landed at 12.5%. So very proud of this progress that we've seen throughout the year.

由於我們取得的這些良好的市場胜利以及我們自己在產品成本方面的進步，我們全年都有良好的發展。此外，外部市場分析公司全年數次上調市場預期。再加上我們擁有的一次性產品，我們達到了 12.5%。對我們全年看到的這一進展感到非常自豪。

And then when it comes to cash performance, we had a good cash performance throughout the year and also in the Q4. And gross cash landed at EUR 9.3 billion, and the net cash at EUR 4.6 billion. So within the quarter, we actually had a very good profit generation and that was taken down actually by -- mainly by the net working capital development where we saw receivables increasing slightly offset by inventories, which were a little bit down.

然後在現金表現方面，我們全年以及第四季度的現金表現都不錯。總現金為 93 億歐元，淨現金為 46 億歐元。因此，在本季度內，我們實際上創造了非常好的利潤，這實際上被 - 主要是由於淨營運資金的發展，我們看到應收賬款的增加略微被庫存所抵消，庫存略有下降。

So all in all, EUR 300 million increase in our net cash during the quarter. When it comes to free cash flow, that landed at about EUR 400 million in the quarter and the full year was about EUR 2.4 billion. And at the same time as we were actually continuing the reducing the level of receivables. And then what comes to the -- how we're using the cash. I think we have a quite clear capital allocation policy. Our first priority is investing in R&D.

總而言之，本季度我們的淨現金增加了 3 億歐元。就自由現金流而言，本季度約為 4 億歐元，全年約為 24 億歐元。與此同時，我們實際上還在繼續降低應收賬款的水平。然後是 - 我們如何使用現金。我認為我們有一個非常明確的資本配置政策。我們的首要任務是投資研發。

And we believe that this will give good returns to shareholders. And the second priority is shareholder distributions. And if we look to R&D investments, why do we do it that, just securing that we have a technology leadership, not only today, but also longer term, why we invest more in Bell Labs and also the NGP, our venture fund that Pekka just mentioned.

我們相信這將為股東帶來豐厚的回報。第二個優先事項是股東分配。如果我們著眼於研發投資，我們為什麼要這樣做，只是為了確保我們擁有技術領先地位，不僅是今天，而且是長期的，為什麼我們更多地投資於貝爾實驗室和 NGP，我們的風險基金 Pekka剛剛提到。

And in both of these areas, we also have a business in (inaudible). When it comes to NGP, we just announced today a new fund, Fund V, and that's about a USD 400 million fund that we'll invest in the next coming years in areas that are strategically relevant to Nokia.

在這兩個領域，我們在（聽不清）也有業務。談到 NGP，我們今天剛剛宣布了一個新基金，即 Fund V，這大約是 4 億美元的基金，我們將在未來幾年投資於與諾基亞具有戰略意義的領域。

And if you look at the track record of NGP, it's being very good. So far, they have had about 15% to 20% IRR at maturity. In addition to that, of course, the good financial position that we have, we have to secure that we can fulfill those commitments we have towards our customers. And that's why we will intelligently think how to increase the inventory levels that we have, especially in these situations where we see that there's supply chain constraints.

如果您查看 NGP 的記錄，它非常好。到目前為止，他們在到期時的內部收益率約為 15% 至 20%。當然，除此之外，我們擁有良好的財務狀況，我們必須確保我們能夠履行我們對客戶的承諾。這就是為什麼我們會明智地思考如何提高我們的庫存水平，尤其是在我們看到供應鏈受限的情況下。

And if we look at our working capital rotation days, we've seen a pretty good development in the past 2 years' time. And also, the inventory rotation days have been declining in a nice way. And I'm [not] worried about if we increase inventories -- inventory levels as such because that will definitely benefit our top line and margins. You see a slight increase in accounts receivables towards the end of the year. And I would say that this is mainly because of we reduced the sale of receivables. So the underlying development is very good.

如果我們看看我們的營運資金周轉天數，我們在過去 2 年的時間裡看到了相當不錯的發展。而且，庫存周轉天數一直在以一種不錯的方式下降。而且我[不]擔心我們是否會增加庫存——庫存水平本身，因為這肯定會使我們的收入和利潤受益。您看到接近年底的應收賬款略有增加。我想說這主要是因為我們減少了應收賬款的銷售。所以底層發展非常好。

And when it comes to the distribution to our shareholders, thanks to the strong liquidity position that we have. Actually, the Board of Directors have today proposed to the AGM a EUR 0.08 of dividend for results of 2021, and this will be paid on a quarterly basis.

在向我們的股東分配方面，這要歸功於我們擁有的強大流動性頭寸。實際上，董事會今天已向年度股東大會提議為 2021 年的業績派發 0.08 歐元的股息，並將按季度支付。

Also to manage our capital structure and excess cash, the Board of Directors will initiate now a share buyback program with the intention of repurchasing up to EUR 600 million over the next coming 2 years.

此外，為了管理我們的資本結構和過剩現金，董事會現在將啟動一項股票回購計劃，旨在在未來兩年內回購高達 6 億歐元。

And let's go over to '22 outlook and giving some more details of each of these 3 different areas. And just stating the outlook itself on the net sales side, EUR 22.6 billion to EUR 23.8 billion, and the comparable operating margin between 11% and 13.5%.

讓我們回顧一下'22 展望，並給出這三個不同領域的更多細節。僅說明淨銷售額方面的前景，226 億歐元至 238 億歐元，可比營業利潤率在 11% 至 13.5% 之間。

Free cash flow, we actually have changed how we guide that in the future. So now it's a conversion from comparable operating profit to cash flow. And we believe that in 2022, that will be between 25% to 55%. And let's look into each of these in a little bit more detail, what is the background and support for these. Starting with the top line.

自由現金流，我們實際上已經改變了我們未來的指導方式。所以現在這是從可比營業利潤到現金流的轉換。我們相信，到 2022 年，這一比例將在 25% 到 55% 之間。讓我們更詳細地研究其中的每一個，它們的背景和支持是什麼。從頂線開始。

If we look at the operating -- the addressable market, we see that it's growing about 3% on constant currencies. And we see growth across all businesses. In Mobile Networks, the driver is 5G deployments. In Network Infrastructure, it is connectivity, investments in national broadband initiatives and also the fixed wireless. And when it comes to cloud and network services, we see continued growth in enterprise sector, especially in private wireless, but also Webscale like Edge computing.

如果我們看一下運營 - 可尋址市場，我們會看到它以固定貨幣增長約 3%。我們看到所有業務的增長。在移動網絡中，驅動因素是 5G 部署。在網絡基礎設施方面，它是連接性、對國家寬帶計劃的投資以及固定無線。在雲和網絡服務方面，我們看到企業領域的持續增長，尤其是在私有無線領域，還有像邊緣計算這樣的 Webscale。

And regionally, I would say that we see growth in all regions, especially in North America, Europe and Asia Pacific. And of course, without the constraints that we see in the supply chain, I think we would see higher growth than this as well.

在地區方面，我想說我們看到所有地區都有增長，特別是在北美、歐洲和亞太地區。當然，如果沒有我們在供應鏈中看到的限制，我認為我們也會看到比這更高的增長。

Just a couple of words about Mobile Networks as well. This is now excluding China. And Network Infrastructure is excluding the Submarine business. And mobile networks growth of 3%. I would say that if we compare with external analyst firms like Dell'Oro, this is pretty much aligned with their expectations as well. This is now in constant currencies in euros, while they usually have USD. And also the perimeter is a little bit different. They only look the RAN while we have a little bit wider perimeter.

關於移動網絡也只需幾句話。這現在不包括中國。網絡基礎設施不包括潛艇業務。而移動網絡增長3%。我想說，如果我們與 Dell'Oro 等外部分析公司進行比較，這也與他們的預期非常吻合。現在是歐元的固定貨幣，而他們通常有美元。而且周長也有點不同。當我們有更寬的周界時，它們只看 RAN。

And if we look at operating margin, we can see that starting from '21 and excluding the one-offs, about 150 basis points we land at 11%. And we see that sales growth and operational improvements will be the main driver of the margin improvements during this year, of course, tempered by the impact from supply chain costs, general cost inflation and also our own investments for the future.

如果我們看一下營業利潤率，我們可以看到從 21 年開始，不包括一次性產品，大約 150 個基點，我們達到 11%。我們看到，銷售增長和運營改善將是今年利潤率改善的主要驅動力，當然，受到供應鏈成本、一般成本通脹以及我們自己對未來投資的影響的影響。

So 2022 will be a continuation of the path towards our long-term targets. And then finally, when it comes to our cash flow guidance. In 2021, we had very strong cash conversion, almost 90%. And in 2022, most of these factors will be similar to '21. But we assume increased outflow of net working capital as we build more inventory. And I believe also we will have more normal customer payments.

因此，2022 年將是我們實現長期目標的延續。最後，談到我們的現金流指導。 2021 年，我們的現金轉換非常強勁，幾乎 90%。到 2022 年，這些因素中的大部分將與 21 年相似。但我們假設隨著我們建立更多庫存，淨營運資金流出增加。而且我相信我們也會有更多正常的客戶付款。

When it comes to Nokia Tech, we're going to have about EUR 450 million impact from the prepayments that we have received in earlier years. And this together will lead to cash conversion between 25% to 55%. In the long term, when we see more normal net working capital development, we believe that cash conversion should be between 55% and 85%. But also, if you take 2021 and '22 together, we will actually be already around that area that we see in the longer term. So thank you from my side. And back to you, David.

談到諾基亞科技，我們將因早些年收到的預付款產生約 4.5 億歐元的影響。這將導致 25% 到 55% 的現金轉換。從長遠來看，當我們看到更正常的淨營運資金發展時，我們認為現金轉換率應該在 55% 到 85% 之間。而且，如果你把 2021 年和 22 年放在一起，我們實際上已經在我們看到的長期領域附近。所以從我這邊謝謝你。回到你身邊，大衛。

Thank you, Marco and thank you, Pekka, for the presentations. Before we move to the Q&A session, I just wanted to give you all a date for your diaries. Following on from the Mobile Networks progress update that we did back in December, our next event for progress updates will be on our Network Infrastructure business, and that session will be held on Thursday, the 17th of March. We'll send the details out to you shortly.

謝謝 Marco 和 Pekka 的演講。在我們進入問答環節之前，我只想給大家一個寫日記的日期。繼我們在 12 月進行的移動網絡進展更新之後，我們的下一個進展更新活動將在我們的網絡基礎設施業務上進行，該會議將於 3 月 17 日星期四舉行。我們會盡快將詳細信息發送給您。

With that, over to the Q&A. As a courtesy to others in the queue, could you please limit yourself to 1 question. Rachel, could you please give the instructions?

有了這個，轉到問答環節。為了對隊列中的其他人表示禮貌，請您限制自己回答 1 個問題。瑞秋，你能指點一下嗎？

We will now begin the question-and-answer session. (Operator Instructions) I will now hand the call back to Mr. David Mulholland.

我們現在開始問答環節。 （操作員說明）我現在將電話轉回給 David Mulholland 先生。

Our first question comes from Andrew Gardiner of Citi.

我們的第一個問題來自花旗銀行的 Andrew Gardiner。

I had one on the sort of revised long-term margin target, please. You spoke, Pekka, about the phases of the strategy. You just completed the reset phase and are now embarking on accelerate and scale. Under the reset phase, you'd already shown nicely expanding margins, sort of about 1.5 percentage points on an underlying basis last year, excluding those one-offs, and you're calling for a similar kind of expansion 1 to 1.5 percentage points this year. But if you're now moving into the accelerate phase and like you described, focusing on growth both at the top and the bottom line, why is it going to take longer to expand margins to the north of 14% than it has done during the reset phase?

請給我一份關於修改後的長期保證金目標的建議。 Pekka，您談到了戰略的各個階段。您剛剛完成了重置階段，現在正在著手加速和擴展。在重置階段，你已經顯示出很好的利潤率增長，去年基本增長了大約 1.5 個百分點，不包括那些一次性的，你呼籲今年進行類似的擴張 1 到 1.5 個百分點年。但是，如果您現在正進入加速階段，並且像您所描述的那樣，專注於頂部和底部的增長，為什麼將利潤率擴大到 14% 以北比在重置階段？

Yes. Thank you. That's, of course, a highly relevant question. We have a stronger technology position now than we had 1 year, 1.5 years ago. The market continues strong carrier CapEx plans, at least what we have seen now in North America for this year. For example, they all look strong. Then there are also continuous uncertainties on the component side, inflation uncertainties, we just simply don't want to get ahead of ourselves.

是的。謝謝你。當然，這是一個高度相關的問題。我們現在擁有比 1 年、1.5 年前更強大的技術地位。市場繼續強勁的運營商資本支出計劃，至少我們今年在北美看到的情況如此。例如，它們看起來都很強壯。然後組件方面也有持續的不確定性，通貨膨脹的不確定性，我們只是不想超越自己。

We want to make sure that we have continuous improvement year-over-year. And we felt that if we take the underlying profitability of 11%, excluding the one-offs last year, we felt that 14% is the right level for the 3 to 5-year target. Of course, 3 to 5 years is a fairly wide range. We do see improvement potential in Mobile Networks, in Network Infrastructure, in Cloud and Network Services. And I was talking about the levers that we see supporting the growth and margin expansion and business in those businesses earlier.

我們希望確保我們每年都有持續改進。我們認為，如果我們以 11% 的基本盈利能力計算，不包括去年的一次性，我們認為 14% 是 3 至 5 年目標的正確水平。當然，3到5年是一個相當大的範圍。我們確實看到了移動網絡、網絡基礎設施、雲和網絡服務方面的改進潛力。我說的是我們之前看到的支持這些業務增長、利潤率擴張和業務的槓桿。

Our next question will come from Simon Leopold from Raymond James.

我們的下一個問題將來自 Raymond James 的 Simon Leopold。

You didn't talk too much about supply chain constraints, which I'm interpreting as probably good news. But if you could update us because you certainly did indicate that there were some headwinds. So I'd like to get an update in terms of some quantification of what the impact was in terms of the quarter, how it's evolved over the last 90 days? And what are you assuming in terms of improvement in any supply chain constraints for your 2022 outlook.

你沒有過多地談論供應鏈限制，我認為這可能是個好消息。但是，如果您可以更新我們，因為您確實表明存在一些不利因素。因此，我想了解一下對本季度影響的一些量化方面的更新，它在過去 90 天內是如何演變的？對於您的 2022 年展望，您對任何供應鏈限制的改善有何假設。

Yes. Thanks. If my memory serves me right, I said in -- was it in Q3 report? I'm not 100%. But somewhere I said that it could get worse before it gets better. And now we did not say that. But it would -- it does not mean that the situation would be over. It has stabilized. That is fair to say, but it continues tight.

是的。謝謝。如果我沒記錯的話，我說過——是在第三季度的報告中嗎？我不是100%。但是我在某個地方說過，在它變得更好之前它可能會變得更糟。現在我們沒有這麼說。但它會 - 這並不意味著情況會結束。它已經穩定下來。可以這麼說，但它繼續緊張。

There are still going to be, at least in the first half of this year, situations where people live more or less hand to mouth. We had 3% top line growth last year, and that growth could have been a bit higher had there been more components, semiconductors especially, available. So there was a revenue shift from especially the second half of the year, including Q4 to 2022.

至少在今年上半年，人們或多或少只能勉強糊口的情況仍然存在。去年我們的收入增長了 3%，如果有更多可用的組件，尤其是半導體，那麼增長可能會更高一些。因此，從特別是下半年，包括第四季度到 2022 年，收入發生了轉變。

And again, we are not out of the woods yet. We have managed this very challenging situation very well without any major casualties or any major customer losses. But situation continues and calls for continuous day-to-day management. Then when it comes to the economic impact of this in 2022 numbers, we have, of course, incorporated that in our guidance, and that is one of the reasons why, as you could see the 2.5 percentage point guidance range is still quite wide at this time.

再說一次，我們還沒有走出困境。我們已經很好地應對了這個非常具有挑戰性的情況，沒有任何重大人員傷亡或任何重大客戶損失。但情況仍在繼續，需要持續的日常管理。然後，當談到這一數字對 2022 年的經濟影響時，我們當然已將其納入我們的指導中，這就是為什麼 2.5 個百分點的指導範圍仍然相當寬的原因之一這次。

Thank you, Simon. The next question comes from Frank Maaø at DNB.

謝謝你，西蒙。下一個問題來自 DNB 的 Frank Maaø。

Yes. Good morning, everyone. So my question pertains to the Cloud and Network Services business. What are the main challenges you see there with regards to margin progress, both in 2022, but also going longer term? Do you see potentially contributing positively being accretive or diluting potential also to the long-term group margin? How do you see it longer term?

是的。大家，早安。所以我的問題與雲和網絡服務業務有關。在 2022 年以及更長期的情況下，您在利潤率方面看到的主要挑戰是什麼？您是否認為對長期集團利潤的潛在積極貢獻是增加或稀釋潛力？你如何看待它的長期？

Well, the cloud and network services being more software-centric than the other businesses. Of course, that means that if and hopefully when we get the volumes up, really up in the new focus segments, there should be a lot of additional margin potential yet.

嗯，雲和網絡服務比其他業務更以軟件為中心。當然，這意味著如果我們希望當我們的銷量增加時，在新的重點領域真的增加，應該還有很多額外的利潤潛力。

Right now, we are still doing a lot of portfolio cleaning. There are a lot of old products that are getting to the end of their economic life. There are also some nonperforming units, nonperforming products that we are cleaning up, and then we are increasing our focus and investment in the focus areas that I was talking about. And I believe that, that has the possibility to deliver good growth going forward.

目前，我們仍在進行大量的投資組合清理工作。有很多舊產品正在走向其經濟壽命的盡頭。還有一些不良單位，我們正在清理的不良產品，然後我們正在增加我們對我所說的重點領域的關注和投資。我相信，這有可能在未來實現良好的增長。

On top of all this, and I did talk about campus wireless also quite a lot, and then there is the strategic structural development that would start taking speed gradually, which is the development towards various as-a-service models where you actually want to offer certain functionalities, for example, in network security, network quality management and anomaly detection as-a-service. These are some of the initial services that we have just recently launched.

最重要的是，我確實也談了很多關於校園無線的事情，然後是戰略結構的發展，它會開始逐漸加快速度，這是向你真正想要的各種即服務模式的發展提供某些功能，例如，在網絡安全、網絡質量管理和異常檢測即服務方面。這些是我們最近剛剛推出的一些初始服務。

And then one thing that I also talked about already last time, I think, is this evolution of open interfaces where you want to hide the enormous network complexity from developers and offer a simple set of APIs through which networking functionality. For example, industrial vertical applications can be offered to users and that way, engaging the developer community in a much more simple and straightforward way than what has traditionally been the case in this type of networking applications and communications networks in general.

然後我認為我上次也談到過的一件事是開放接口的這種演變，您希望在其中向開發人員隱藏巨大的網絡複雜性並提供一組簡單的 API，通過這些 API 實現網絡功能。例如，可以向用戶提供工業垂直應用程序，以一種比傳統的網絡應用程序和一般通信網絡更簡單和直接的方式吸引開發人員社區。

Thank you, Frank. We'll now take the next question from Alex Duval of Goldman Sachs.

謝謝你，弗蘭克。我們現在從高盛的亞歷克斯杜瓦爾那裡回答下一個問題。

I had a quick one on the U.S. market in wireless and Nokia's position there. I wondered, firstly, if you could talk a bit about what you see in terms of market demand, both this year and next year for that particular market on the wireless side? And secondly, related to that, there have obviously been some historic share losses. I wonder to what extent you feel given what you're saying today about an improved wireless offering that you could potentially regain some share and how much progress we could expect from that.

我很快就在美國無線市場和諾基亞在那裡的位置上佔有一席之地。我想知道，首先，您能否談談您對今年和明年無線方面特定市場的市場需求的看法？其次，與此相關，顯然有一些歷史性的份額損失。我想知道你今天所說的關於改進的無線產品的看法，你可能會重新獲得一些份額，以及我們可以從中獲得多少進展。

Of course, it goes without saying that the 16% decline in net sales of Mobile Networks in the quarter is not a good achievement. But the point here is that this is something that we had been trying to say throughout the year, that the seasonality would be different. And this again, these go back to decisions that customers made earlier in the year 2020.

當然，移動網絡本季度淨銷售額下降 16% 的成績不言而喻。但這裡的重點是，這是我們全年一直試圖說的，季節性會有所不同。再說一次，這些可以追溯到客戶在 2020 年早些時候做出的決定。

Now the good news is that after those decisions in typically around mid-2020, we have not lost any more market share in North America. We have had some smaller wins with some smaller operators. We, of course, then also secured a 5-year 5G deal with both T-Mobile and AT&T. So in the big picture, I would put it this way that we have now established a new baseline for our North American business, and that's not a bad baseline.

現在好消息是，在通常在 2020 年年中左右做出這些決定之後，我們在北美的市場份額沒有失去任何更多。我們與一些較小的運營商取得了一些較小的勝利。當然，我們隨後還與 T-Mobile 和 AT&T 達成了一項為期 5 年的 5G 協議。所以總的來說，我會這樣說，我們現在已經為我們的北美業務建立了一個新的基線，這不是一個糟糕的基線。

On top of the Mobile Network position, we have strong position in Network Infrastructure and Cloud and Network Services, which were quite a lot actually able to compensate for what Mobile Networks lost in Q4 in North America.

除了移動網絡的地位，我們在網絡基礎設施和雲和網絡服務方面擁有強大的地位，這實際上能夠彌補移動網絡在北美第四季度的損失。

Now listening to the CapEx plans of the key customers in America that is, of course, a reason for optimism. We see continued strong market demand there. And now very importantly, when we have a completely different product competitiveness than we had a year or 2 -- even 2 years ago, we have every reason to be hopeful and optimistic. And I don't think that when we are talking about targets in general, not only in North America, but in general, to now start to go after increasing market share. I do not see that as an unrealistic target.

現在聽聽美國主要客戶的資本支出計劃，這當然是樂觀的一個理由。我們看到那裡的市場需求持續強勁。現在非常重要的是，當我們擁有與一兩年前完全不同的產品競爭力時——甚至是兩年前，我們完全有理由充滿希望和樂觀。而且我不認為當我們談論一般目標時，不僅在北美，而且在一般情況下，現在開始追求增加市場份額。我不認為這是一個不切實際的目標。

Thank you, Alex. We'll now take our next question from Peter Nielsen at ABG.

謝謝你，亞歷克斯。我們現在將向 ABG 的 Peter Nielsen 提出我們的下一個問題。

Can I just follow up on Pekka, please, and the preceding question. The margin guidance you've given for Mobile Networks is a fairly broad one. Could you discuss a little bit what would be the determining factors, whether you end up at the lower or the upper end of the range, is it primarily a question of top line leverage?

請我跟進 Pekka 和前面的問題。您為移動網絡提供的保證金指導相當廣泛。您能否討論一下決定因素是什麼，無論您最終處於該範圍的下限還是上限，這主要是頂線槓桿的問題嗎？

Yes. If you -- I mean, top line leverage is, of course, extremely important in Mobile Networks, but there is also the gross margin expansion that we saw in the year. We had 7.9% comparable operating margin in 2021. And if you take away some of the effects of the one-offs, 7% roughly would be a good comparable starting point for this year. And we are saying that our assumption is between 6.5% to 9.5%.

是的。如果你——我的意思是，頂線槓桿當然在移動網絡中極其重要，但我們在這一年看到的毛利率也在增長。我們在 2021 年有 7.9% 的可比營業利潤率。如果你去掉一次性的一些影響，7% 大致將是今年的一個很好的可比起點。我們是說我們的假設在 6.5% 到 9.5% 之間。

And of course, we have incorporated into this everything we are seeing on the market on the positive side, stronger product position, demand that continues strong. Then on the other side of the equation, inflationary development, and we are playing all this against each other. You may call it bold. That's, of course, your call. But we are just trying to give you as realistic and as honest and as transparent picture as to where we believe that this year would land.

當然，我們已經將我們在市場上看到的積極方面、更強大的產品地位、持續強勁的需求納入其中。然後在等式的另一邊，通貨膨脹的發展，我們正在相互競爭。你可以稱之為粗體。那當然是你的電話。但我們只是想為您提供真實、誠實和透明的畫面，讓您了解我們認為今年將在哪裡登陸。

Thank you, Peter. We'll take the next question from Francois Bouvignies from UBS.

謝謝你，彼得。我們將從瑞銀的弗朗索瓦·布維尼 (Francois Bouvignies) 那裡回答下一個問題。

My question is regarding the top line for 2020. So if you look at your guidance and adjusted for constant currency, you are barely growing your top line in 2022, if my math is correct. And you showed some addressable market growing 3% at constant currency. If we look at your comments, a strong backlog, a positive momentum in operators' CapEx, which is well above, I mean, 3% with no market share loss. Europe, you are gaining some market share because of the swap out. So I'm trying to reconcile all these comments on the market dynamics with your guidance for the top line. Is there anything we should be aware that would justify a lower growth than market growth? I'm just trying to understand if I'm missing something.

我的問題是關於 2020 年的收入。因此，如果您查看您的指導並根據固定貨幣進行調整，那麼如果我的數學正確的話，您在 2022 年的收入幾乎不會增長。你展示了一些潛在市場以固定匯率增長 3%。如果我們查看您的評論，大量積壓，運營商資本支出的積極勢頭，遠高於，我的意思是，沒有市場份額損失的 3%。歐洲，由於換出，您正在獲得一些市場份額。因此，我試圖將所有這些關於市場動態的評論與您對頂線的指導相協調。有什麼我們應該知道的可以證明低於市場增長的增長是合理的嗎？我只是想了解我是否遺漏了什麼。

Yes. Thank you so much. As we stated that we believe that market in general will grow about 3%. And there's a little bit differences in Mobile Networks market, which is 3% growth. And as I said, this is pretty much according to same principle and the same levels as Dell'Oro, if you look at the same perimeter and the same currency. So currencies play a big role here also.

是的。非常感謝。正如我們所說，我們相信市場總體上將增長約 3%。移動網絡市場也有一點差異，增長了 3%。正如我所說，如果您查看相同的周長和相同的貨幣，這與 Dell'Oro 幾乎根據相同的原則和相同的水平。所以貨幣在這裡也扮演著重要的角色。

And in Network Infrastructure, the market is growing about 3% as well, while CNS, we see about 5% growth. And if you look at our guidance today and what we have for this year, it is going from EUR 22.2 billion to EUR 22.6 billion to EUR 23.8 billion. So I would say that we are -- our ambition is to grow faster than market, and this is something that we are definitely working on.

在網絡基礎設施方面，市場也在增長約 3%，而 CNS，我們看到約 5% 的增長。如果您查看我們今天的指導以及我們今年的指導，它將從 222 億歐元增加到 226 億歐元再到 238 億歐元。所以我想說我們是——我們的目標是比市場增長得更快，這是我們肯定在努力的事情。

Thank you, Francois. We'll now take the next question from Artem Beletski at SEB.

謝謝你，弗朗索瓦。我們現在將回答 SEB 的 Artem Beletski 的下一個問題。

I would like to pick your thoughts what comes to inflation situation and what type of impact you are basically baking in when it comes to your top line guidance for this year? So could you maybe comment about the pricing picture when it comes to products and services for this year compared to, sort of say, normal years, what you have seen previously.

我想談談您對通脹形勢的看法，以及您對今年的最高收入指導基本上產生了什麼樣的影響？那麼，您能否評論一下今年產品和服務的定價情況，與您之前看到的正常年份相比。

Marco may have a general inflation comment and they're related to guidance. But I just say maybe one thought in the beginning that, of course, the inflationary development is pretty much new to our industry. Component costs are increasing. And of course, it goes without saying that in all new contracts that we make with our customers, we take all this into account.

Marco 可能有一個一般性的通脹評論，它們與指導有關。但我只是說，一開始也許有人認為，通貨膨脹的發展對我們的行業來說幾乎是新事物。組件成本正在增加。當然，不用說，在我們與客戶簽訂的所有新合同中，我們都會考慮到所有這些。

It is, of course, much more straightforward in new contracts than in existing contracts. That, of course, goes without saying, but we are basically mitigating the inflationary effects both with our suppliers and customers pretty much every day.

當然，新合同比現有合同更直接。當然，這是不言而喻的，但我們基本上每天都在減輕供應商和客戶的通脹影響。

Yes. And just building over what Pekka said, I would say that if you look at our guidance, the interval that we have given as well, that depends quite a lot about how the inflation is working, but also market demand itself and also the supply chain situation. And these all together of course, with our own performance is depending or factor where we land in those intervals.

是的。只是在佩卡所說的基礎上，我想說，如果你看看我們的指導，我們給出的間隔，這在很大程度上取決於通貨膨脹的運作方式，以及市場需求本身以及供應鏈情況。當然，這些都加在一起，我們自己的表現取決於或因素我們在這些間隔中的位置。

Thank you, Artem. We'll now take the next question from Alex Peterc from Societe Generale. Alex, please go ahead.

謝謝你，阿爾喬姆。我們現在從法國興業銀行的 Alex Peterc 那裡回答下一個問題。亞歷克斯，請繼續。

I'd just like to understand, again, pertaining to your long-term guidance, we had a pretty good track records in recent periods of landing at the higher end of your guidance range. So if in a hypothetical situation where your '22 clean comparable operating margin lands towards the higher end of your 11% to 13.5% range, would you then say that you were 14% plus 3- to 5-year out target will look too conservative either in scale or in terms of timing?

我想再次了解一下，關於您的長期指導，我們在最近幾次登陸您指導範圍的高端時有很好的記錄。因此，如果在假設情況下，您的 22 年清潔可比營業利潤率落在 11% 至 13.5% 範圍的高端，那麼您是否會說您的 14% 加上 3 至 5 年的目標看起來過於保守無論是在規模上還是在時間上？

Well, without getting into too much speculation on this, I guess, everybody understands that the higher on this year's range we would land this year, the more likely it is that we would achieve the 14% target earlier.

好吧，不用過多猜測，我想，每個人都明白，今年我們將在今年的範圍內降落得越高，我們就越有可能更早地實現 14% 的目標。

But more than that, I would not like to speculate. Our target is continuous improvement in all our businesses. And I -- as I said in my presentation, we believe that when we look at Mobile Networks, Network Infrastructure, CNS, we are in a good position to continuously improve in all those businesses. And hopefully, we would reach that 14% as quickly as possible.

但更重要的是，我不想推測。我們的目標是持續改進我們所有的業務。而且我 - 正如我在演講中所說，我們相信，當我們關注移動網絡、網絡基礎設施、CNS 時，我們處於在所有這些業務中不斷改進的有利位置。希望我們能盡快達到 14%。

Thank you, Alex. We'll take the next question from Rob Sanders from Deutsche Bank.

謝謝你，亞歷克斯。我們將回答德意志銀行的 Rob Sanders 的下一個問題。

I just had a question on RAN share. Your 4G, 5G share ex China, I think, fell to 26% in 2021. I was just wondering in which regions do you think there is the best opportunity to get back to 30%, which I think under the previous management was a target?

我剛剛對 RAN 共享有疑問。我認為，除中國外，您的 4G、5G 份額在 2021 年降至 26%。我只是想知道您認為哪些地區最有機會回到 30%，我認為在之前的管理下，這是一個目標?

Well, we have not published a particular target. We, of course, note that the market share has now stabilized and our target is to increase it from 26%, but we have not given as to how far we would like it to go and how quickly. I would say that there is potential in all markets. There are several markets in the world who haven't actually yet even started 5G.

好吧，我們還沒有公佈具體的目標。當然，我們注意到市場份額現在已經穩定下來，我們的目標是從 26% 增加，但我們沒有給出我們希望它走多遠和多快。我想說所有市場都有潛力。世界上有幾個市場實際上還沒有開始 5G。

Latin America is very early stage still, India has not even started. So there's still yet a lot of business to gain in many parts of the world. But I would not like to highlight specifically any particular regions where the margin share gain possibility would be highest.

拉丁美洲還處於早期階段，印度甚至還沒有開始。因此，在世界許多地方，仍有很多業務需要獲得。但我不想特別強調任何特定區域的利潤份額增益可能性最高。

Thank you, Rob. We'll now take the next question from Sami Sarkamies from Nordea Markets.

謝謝你，羅布。我們現在將回答來自 Nordea Markets 的 Sami Sarkamies 的下一個問題。

I would still like to go back to the free cash flow guidance that is looking surprisingly weak, as you're indicating a bit more than EUR 1 billion of free cash flow this year. That's about half the level of last year. Could you still please explain why this is looking like a difficult year for you thinking of free cash flow generation?

我仍然想回到看起來異常疲軟的自由現金流指導，因為您表示今年的自由現金流略高於 10 億歐元。這大約是去年水平的一半。您能否解釋一下為什麼今年對於您考慮產生自由現金流而言是艱難的一年？

Yes. Thank you, Sami. Yes, we had an exceptional cash flow generation in 2021. And we might have big swings in the cash flow just like we saw in '21, and many of those payments that we received towards the end of the year could have actually rolled over to '22.

是的。謝謝你，薩米。是的，我們在 2021 年產生了非凡的現金流量。而且我們的現金流量可能會像 21 年那樣大幅波動，而我們在年底收到的許多付款實際上可能已經轉入'22.

And that's why I also mentioned that if you look these 2 years together, we are in a very good position when it comes to free cash flow generation. We believe that this year, we will have a little bit more buildup of net working capital, 2 main reasons. One is, of course, the inventory. We believe that we could increase our inventories a little bit on areas where we believe are important and secure that we can supply and deliver those commitments to the customers that we have. And the other one is that we believe that we will have increase in trade receivables as well. But if you look at the trend over time and longer term as well, we believe that we will have a good cash flow generation.

這就是為什麼我還提到如果你把這兩年放在一起看，我們在產生自由現金流方面處於非常有利的位置。我們相信今年，我們將有更多的淨營運資金增加，兩個主要原因。其中之一當然是庫存。我們相信，在我們認為重要且安全的領域，我們可以稍微增加庫存，以便我們可以向我們擁有的客戶提供和兌現這些承諾。另一個是我們相信我們的貿易應收賬款也會增加。但如果你看一下隨著時間的推移和長期的趨勢，我們相信我們將產生良好的現金流。

Thank you, Sami. We'll now take the next question from Sandeep Deshpande from JPMorgan.

謝謝你，薩米。我們現在將回答來自摩根大通的 Sandeep Deshpande 的下一個問題。

My question is, I mean, when we look at where the margin of your competitor, who has restructured for many years is today and when you look at your long-term 14% plus guidance, the 14% plus guidance looks -- doesn't look very aggressive at this point given where they have been able to take their margins too. Why does Nokia not think that they can also reach that sort of margin in the Wireless Networks business? Unless, of course, your view on the market share is different.

我的問題是，我的意思是，當我們查看已經重組多年的競爭對手的利潤率在哪裡時，當您查看長期 14% 以上的指導時，14% 以上的指導看起來 - 沒有考慮到他們也能夠獲得利潤，在這一點上看起來並不激進。為什麼諾基亞不認為他們也可以在無線網絡業務中達到那樣的利潤？當然，除非您對市場份額的看法不同。

Yes. Thank you, Sandeep. I mean, it is a fact that, of course, the business portfolios are different between different actors, and we have businesses that some other companies do not have. But if we talk specifically about Mobile Networks, it is, of course, a business which has a very high R&D investment. And that automatically means that volume and top line is extremely important.

是的。謝謝你，桑迪普。我的意思是，事實上，不同參與者之間的業務組合當然是不同的，我們擁有一些其他公司沒有的業務。但是，如果我們專門談論移動網絡，那當然是一個研發投入非常高的業務。這自動意味著數量和頂線非常重要。

And going forward, just for the sake of argument, if we had similar top line and similar geographic -- geographical mix as probably the competitor you are referring to, I see no reason why we would not have similar margins. This goes back to the product -- fundamental product competitiveness, which now starts to be in a pretty good shape. And that's why this next step in our strategy, which is called accelerate and then scale, is so enormously important.

展望未來，只是為了爭論，如果我們有類似的頂線和類似的地理 - 地理組合，可能是您所指的競爭對手，我認為我們沒有理由沒有類似的利潤率。這又回到了產品——基本的產品競爭力，它現在開始處於相當好的狀態。這就是為什麼我們戰略中的下一步，即加速然後擴大規模，如此重要。

Now fortunately, in our case, we have other businesses, which are very good in terms of margin. And when we look at this year's target, 11% to 13.5% compared to where we believed that we would be just a couple of years ago. I think that's good development. But again, we are now focusing on that 14%. And hopefully, we will get there as soon as possible. It's very much a volume game from now on in Mobile Networks.

現在幸運的是，就我們而言，我們還有其他業務，這些業務在利潤率方面非常好。當我們查看今年的目標時，與幾年前我們認為的目標相比，11% 到 13.5%。我認為這是一個很好的發展。但同樣，我們現在專注於那 14%。希望我們能盡快到達那裡。從現在開始，這在移動網絡中將是一個非常大的遊戲。

Thank you, Sandeep. We'll now take our next question from Richard Kramer from Arete.

謝謝你，桑迪普。我們現在將向 Arete 的 Richard Kramer 提出下一個問題。

Many of your competitors are also targeting this Enterprise space, Pekka, and talking about exposing APIs and hopes of getting some development of 5G network applications. And you mentioned the order growth, but can you talk a little bit more about 2 specific things: one, your go-to-market and the cost of that and the sales cycle, but also long term, do you expect Enterprise to be higher margin than your current carrier business?

您的許多競爭對手也瞄準了這個企業空間 Pekka，並談論公開 API 並希望獲得一些 5G 網絡應用程序的開發。你提到了訂單增長，但是你能多談兩點具體的事情嗎：第一，你的上市成本和銷售週期，而且是長期的，你是否期望企業更高利潤率高於您當前的運營商業務？

Yes, the go-to-market, obviously, if you want to reach those 14 million industrial campuses that I was talking about, it has to be fundamentally different. And that's what we are building at the moment. You need a strong partner network. You need system integration partners, you need partnerships with different types of cloud service providers, web scalers and so on.

是的，很明顯，如果你想進入我所說的那 1400 萬個工業園區，那麼進入市場就必須有根本的不同。這就是我們目前正在建設的。您需要一個強大的合作夥伴網絡。您需要係統集成合作夥伴，您需要與不同類型的雲服務提供商、網絡縮放器等建立合作夥伴關係。

And so there is -- I mean, from a cost point of view, it would be a hopeless case to try to scale your own sales force to reach the 14 million industrial campuses. Then of course, on the product side, also, you need to make sure that your product is as scalable, as packageable as possible. And that's why the general development towards APIs and creating a platform for developers and offering the whole thing as-a-service as the (inaudible) business is evolving to. That's really, really important.

所以有——我的意思是，從成本的角度來看，試圖擴大自己的銷售隊伍以達到 1400 萬個工業園區將是一個絕望的案例。然後，當然，在產品方面，您還需要確保您的產品盡可能可擴展、可打包。這就是為什麼面向 API 的一般開發和為開發人員創建一個平台並提供整個服務作為（聽不清）業務正在發展的原因。這真的，真的很重要。

And to your second question, yes, once we increase the annual recurring revenue as-a-service business model, absolutely that model has a higher margin potential going forward. But of course, that will be evolutionary development over the coming years.

對於您的第二個問題，是的，一旦我們增加年度經常性收入即服務業務模式，該模式絕對具有更高的利潤率潛力。但當然，這將是未來幾年的進化發展。

Thank you, Richard. We'll now take our last question from Fredrik Lithell from Handelsbanken.

謝謝你，理查德。我們現在將回答來自德國工商銀行的 Fredrik Lithell 的最後一個問題。

I would like to tap your brain a little bit on the enterprise 5G again, and maybe single out the wrong market aspect of enterprise 5G for the coming years. And if you could for us sort of frame a little bit what the potential in terms of RAN market growth is coming from sort of new segments, if you like. Take wireless access, I mean, we've been talking about FWA for several years now, but it's still to show in how it contributes to RAN or to Mobile Networks revenue generation in coming years. So could you sort of talk a little bit about the potential when it comes to enterprise 5G and how that sort of trickles down into the RAN market value, if you like.

我想再次在企業 5G 上稍微挖掘一下你的大腦，也許會在未來幾年中挑出企業 5G 的錯誤市場方面。如果您願意的話，可以為我們稍微介紹一下 RAN 市場增長的潛力來自某種新的細分市場，如果您願意的話。以無線接入為例，我的意思是，我們已經談論 FWA 好幾年了，但它仍然要展示它如何為 RAN 或未來幾年的移動網絡創收做出貢獻。如果您願意，您能否稍微談談企業 5G 的潛力以及這種潛力如何滲透到 RAN 市場價值中。

We are, first of all, strong believers in the potential of the enterprise and campus wireless. It's a market that we have noted that is extremely hard to estimate on a detailed level that how fast that growth will be because it could swing a lot between the extremes.

首先，我們堅信企業和校園無線的潛力。我們已經註意到，這是一個非常難以詳細估計增長速度的市場，因為它可能會在兩個極端之間波動很大。

The only thing that is certain that it will grow substantially faster than the carrier, RAN market. It starts from a low level. So we will certainly see years where the market can grow at least 30%, 35%, if not more, while the carrier market most likely over time is in the low single digits.

唯一可以肯定的是，它的增長速度將大大快於運營商 RAN 市場。它是從低層次開始的。因此，我們肯定會看到市場可以增長至少 30%、35% 甚至更多的年份，而隨著時間的推移，運營商市場很可能處於低個位數。

You mentioned fixed wireless access. That is actually a market that now driven by the new 5G-based systems is driving a lot of growth. And that is in addition to passive optical networks is one key reason why our Fixed Networks business is growing so fast.

您提到了固定無線接入。這實際上是一個現在由基於 5G 的新系統驅動的市場正在推動大量增長。除了無源光網絡之外，這也是我們的固定網絡業務增長如此之快的關鍵原因之一。

Remember, in our model, fixed wireless access is in Network Infrastructure, in Fixed Networks business, it's not in Mobile Networks, even though technically, of course, we are delivering radios there. So we are bullish about the market potential. But unfortunately, I mean, I'm not able to and I don't think anyone is able to detail that how much exactly the growth will be over the coming years.

請記住，在我們的模型中，固定無線接入屬於網絡基礎設施，屬於固定網絡業務，而不屬於移動網絡，儘管從技術上講，當然，我們在那裡提供無線電。所以我們看好市場潛力。但不幸的是，我的意思是，我不能，而且我認為沒有人能夠詳細說明未來幾年的增長究竟有多少。

Thank you, Fredrik. Ladies and gentlemen, this concludes today's call. If you have any outstanding questions, please do feel free to reach out to the Investor Relations team.

謝謝你，弗雷德里克。女士們，先生們，今天的電話會議到此結束。如果您有任何未解決的問題，請隨時聯繫投資者關係團隊。

I'd like to remind you that during the call today, we've made a number of forward-looking statements that involve risks and uncertainties. Actual results may, therefore, differ materially from the results currently expected. Factors that could cause such differences can be both external as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website. With that, thank you very much.

我想提醒您，在今天的電話會議中，我們做出了許多涉及風險和不確定性的前瞻性陳述。因此，實際結果可能與當前預期的結果存在重大差異。可能導致這種差異的因素既可以是外部因素，也可以是內部操作因素。我們已在我們的 20-F 表格年度報告的風險因素部分確定了此類風險，該表格可在我們的投資者關係網站上找到。有了這個，非常感謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。