諾基亞 (NOK) 2022 Q2 法說會逐字稿

Hi, everyone, and welcome to the short introduction to Nokia's Second Quarter 2022 Financial Results. My name is David Mulholland, Head of Investor Relations. And with me today is Pekka Lundmark, our President and CEO.

大家好，歡迎閱讀諾基亞 2022 年第二季度財務業績的簡短介紹。我的名字是投資者關係主管 David Mulholland。今天和我在一起的是我們的總裁兼首席執行官 Pekka Lundmark。

Hi, everyone.

大家好。

In today's discussion, we'll be focusing our financial discussion primarily on constant currency growth rates and when we talk about margins on a comparable basis. If you look at our financial report that's published on the Investor Relations website, you can find a full reconciliation to our IFRS financial results.

在今天的討論中，我們將把我們的財務討論主要集中在恆定貨幣增長率以及當我們在可比基礎上討論利潤率時。如果您查看我們在投資者關係網站上發布的財務報告，您會發現與我們的 IFRS 財務結果完全一致。

And with that, Pekka, can you give us a few words on how you find Nokia's financial performance in the second quarter?

有了這個，Pekka，你能告訴我們你如何看待諾基亞第二季度的財務表現嗎？

Thanks, David. I'm pleased to say we continue to execute well in the second quarter. We improved net sales growth to 3% despite the ongoing impact of supply chain constraints. We saw growth in Network Infrastructure, Mobile Networks. And from a regional perspective, North America was a real standout with a 19% increase in net sales.

謝謝，大衛。我很高興地說我們在第二季度繼續表現良好。儘管供應鏈限制的持續影響，我們將淨銷售額增長提高至 3%。我們看到了網絡基礎設施、移動網絡的增長。從區域的角度來看，北美是一個真正的佼佼者，淨銷售額增長了 19%。

Q2 was also another quarter of robust profitability with a 12.2% operating margin. This was slightly down year-on-year due to the timing effects of contract renewals in Nokia Technologies as well as a one-off software benefit in Mobile Networks that we communicated last year. But excluding these factors, we continue to see strong improvement in the underlying profitability of the business. Overall, it was a solid quarter and first half for 2022. And I'd like to thank the whole Nokia team for that.

第二季度也是另一個強勁盈利的季度，營業利潤率為 12.2%。由於諾基亞技術公司續約的時間效應以及我們去年傳達的移動網絡一次性軟件收益，這一數字同比略有下降。但排除這些因素，我們繼續看到業務的基本盈利能力強勁改善。總體而言，這是 2022 年的一個穩定季度和上半年。為此我要感謝整個諾基亞團隊。

And I wonder if you could share a few more words just on how each of the business groups performed in the quarter.

我想知道您是否可以就每個業務部門在本季度的表現多說幾句。

First of all, Network Infrastructure had another great quarter with 12% growth in net sales. This was driven both by strong market demand and our increased market share. All 4 of its businesses grew with Fixed Networks and Submarine Networks as the main engines, both delivering double-digit growth. I was also pleased to see Mobile Networks delivering solid profitability and a 1% growth in net sales.

首先，網絡基礎設施又一個出色的季度實現了 12% 的淨銷售額增長。這是由強勁的市場需求和我們增加的市場份額推動的。其四項業務均以固定網絡和海底網絡為主要增長動力，均實現兩位數增長。我也很高興看到 Mobile Networks 實現了穩健的盈利能力和 1% 的淨銷售額增長。

Our continuing investments in technology leadership and competitiveness are showing results. We are confident we will deliver growth on a full year basis this year, and that will remain on a path to start growing faster than the market in the midterm.

我們對技術領先地位和競爭力的持續投資正在取得成果。我們有信心今年將實現全年增長，並且在中期開始增長速度將超過市場。

Cloud and Network Services growth was flat compared to last year, while Nokia Technologies continued to be impacted by the ongoing renewal process of 2 licensing contracts. But we remain confident in the strength of our patent portfolio and expect to return to the previously communicated annual run rate of EUR 1.4 billion to EUR 1.5 billion, with the assumption that the 2 ongoing contract renewals are concluded.

與去年相比，雲和網絡服務增長持平，而諾基亞技術繼續受到 2 份許可合同的持續更新過程的影響。但我們仍然對我們的專利組合的實力充滿信心，並預計將恢復到之前傳達的 14 億歐元至 15 億歐元的年運行率，假設 2 次正在進行的合同續簽已經結束。

One of the concerns that we've had from many of our investors recently is around the outlook for the global economy. I wonder if you could share a few words on how you see that potentially impacting Nokia's business.

我們最近從許多投資者那裡得到的擔憂之一是全球經濟前景。我想知道您能否分享一下您如何看待這對諾基亞業務的潛在影響。

Well, we are obviously seeing the same headlines our investors are seeing. None of us has a crystal ball to predict what exactly is going to happen in the world economy in the next 12 months. Our focus is on preparing for all possible scenarios. However, I would like to make a couple of quick comments.

好吧，我們顯然看到了與投資者看到的相同的頭條新聞。我們誰都沒有水晶球來預測未來 12 個月世界經濟究竟會發生什麼。我們的重點是為所有可能的情況做準備。但是，我想快速發表一些評論。

First, even though our business is not immune to macro trends, we continue to see strong investment trends in connectivity, particularly into 5G and fiber deployments. And those investments are very important for many of our customers to cope with increasing data consumption and the need to increase productivity, which networks enable.

首先，儘管我們的業務不能倖免於宏觀趨勢，但我們繼續看到連接方面的強勁投資趨勢，特別是在 5G 和光纖部署方面。這些投資對於我們的許多客戶來說非常重要，以應對不斷增長的數據消耗和提高生產力的需求，而這些都是網絡支持的。

So far, we haven't seen any major changes in our demand outlook. Customer demand and order intake remain strong, and we continue to be more supply than demand limited. But the macro trends could impact the pace at which our customers are investing. There can, for instance, be some challenges in emerging markets where currency movements could impact the affordability of our products that are effectively priced in U.S. dollars or euros.

到目前為止，我們的需求前景沒有發生任何重大變化。客戶需求和訂單量依然強勁，我們繼續保持供大於求。但宏觀趨勢可能會影響我們客戶的投資速度。例如，新興市場可能存在一些挑戰，貨幣變動可能會影響我們以美元或歐元有效定價的產品的可負擔性。

And finally, the most important thing for us as a company is to make sure we do not become complacent. We will maintain our focus on further increasing our technology leadership and having a constant focus on cost efficiency. If we maintain that focus, I'm confident we can continue to deliver on our strategic goals.

最後，對我們公司而言，最重要的是確保我們不會自滿。我們將繼續專注於進一步提高我們的技術領先地位，並持續關注成本效率。如果我們保持這一重點，我相信我們可以繼續實現我們的戰略目標。

The other area that we've been getting a lot of questions, and I have been discussing at length with our investors, is around our supply chain. It's obviously been a constraint on the business, but how do you see that performing in the second quarter and into the second half of the year?

我們收到很多問題的另一個領域，我一直在與我們的投資者詳細討論，是圍繞我們的供應鏈。這顯然是對業務的限制，但您如何看待第二季度和下半年的表現？

As you all know, this has been a really challenging situation that we have been dealing with in a number of ways since the pandemic hit. Towards the end of last year, we were facing constraints across a lot of suppliers in the business. We said earlier this year that the situation was changing a bit towards more supplier-specific challenges that were constraining our business. Today, that largely remains the case, but we are seeing signs of the remaining challenges starting to ease through the second half of 2022 and the first half of 2023.

眾所周知，這是一個非常具有挑戰性的情況，自大流行爆發以來，我們一直在以多種方式應對。到去年年底，我們在業務中的許多供應商都面臨著限制。我們今年早些時候表示，情況正在發生一些變化，向限制我們業務的更多供應商特定挑戰轉變。今天，情況基本上仍然如此，但我們看到剩餘挑戰在 2022 年下半年和 2023 年上半年開始緩解的跡象。

And as a global business, you mentioned Nokia has some currency exposures. Now obviously, we've seen year-to-date that there's been a 10% strengthening of the U.S. dollar. Can you maybe give us a quick overview of Nokia's exposure to currencies and how it can impact the business as well?

作為一家全球企業，您提到諾基亞有一些貨幣風險敞口。現在很明顯，我們已經看到年初至今美元上漲了 10%。您能否簡要介紹一下諾基亞對貨幣的敞口以及它對業務的影響？

The good thing is that when we are talking about currencies, we are relatively well naturally hedged from a currency exposure and have broadly similar sales compared to costs in most currencies. We do, however, have slightly more revenue than we have costs in U.S. dollar, with roughly 55% of sales and 50% of costs currently.

好消息是，當我們談論貨幣時，我們相對自然地對沖貨幣風險敞口，並且與大多數貨幣的成本相比，我們的銷售額大致相似。然而，我們的收入確實略高於我們的美元成本，目前約佔銷售額的 55% 和成本的 50%。

As a rough rule of thumb to our currency exposure in the longer term, in relation to the U.S. dollar, if the dollar strengthens by 10% against the euro, it would provide a roughly 5% tailwind to our sales and a neutral to slightly positive impact to our operating margin before hedging. In the short term, however, our hedging program, which dampens the impact of currency movements, means that our operating profit for the financial year 2022 is largely unaffected. So considering the tailwind it provides to sales, a stronger U.S. dollar is a slight headwind to our operating margin.

作為對我們長期貨幣敞口的粗略經驗法則，相對於美元，如果美元兌歐元升值 10%，它將為我們的銷售提供大約 5% 的順風，並為中性至略微正面對沖前對我們的營業利潤率的影響。然而，在短期內，我們抑制貨幣變動影響的對沖計劃意味著我們 2022 財年的營業利潤基本不受影響。因此，考慮到它為銷售提供的順風，美元走強對我們的營業利潤率來說是一個輕微的逆風。

Thank you, Pekka. And for the first half of the year is obviously now behind us, how do you see the financial outlook for the second half and for the full year 2022?

謝謝你，佩卡。而今年上半年顯然已經過去了，您如何看待下半年和 2022 年全年的財務前景？

Overall, we had a strong first half. And with our renewed competitiveness, we are well placed to deliver our full year 2022 guidance. There remain risks around the timing of technologies, contract renewals, potential COVID-19 lockdowns and the supply chain situation. We are currently tracking towards the higher end of our net sales guidance and towards the midpoint of our operating margin guidance as we manage ongoing inflation and currency headwinds.

總的來說，我們上半年表現強勁。憑藉我們新的競爭力，我們有能力提供我們的 2022 年全年指導。圍繞技術的時間安排、合同續簽、潛在的 COVID-19 鎖定和供應鏈情況仍然存在風險。隨著我們管理持續的通貨膨脹和貨幣逆風，我們目前正在追踪我們的淨銷售額指導的高端和我們的營業利潤率指導的中點。

Thanks, Pekka. Any final words before we finish up?

謝謝，佩卡。在我們結束之前有什麼最後的話嗎？

Well, to sum up, we are in a good place. I'm pleased with the progress across the business in the first half of the year. It has led to improved revenue and good profitability. I think there are great opportunities for us ahead with the demand for digitalization and connectivity continuing to increase. Our work to refocus R&D investments and improve cost efficiency has put us in a stronger position to capitalize on these opportunities. So all in all, I'm pleased with the first half of the year. And I look forward to further progress in the second half.

好吧，總而言之，我們處於一個好地方。我對今年上半年整個業務的進展感到滿意。它帶來了收入的改善和良好的盈利能力。我認為隨著對數字化和連接性的需求不斷增加，我們面臨著巨大的機遇。我們重新聚焦研發投資和提高成本效率的工作使我們處於更有利的位置來利用這些機會。總而言之，我對今年上半年感到滿意。我期待著下半年的進一步發展。

Thank you, Pekka, for these comments. And thank you all for joining us today.

佩卡，謝謝你的這些評論。感謝大家今天加入我們。

During this video, we have made forward-looking statements, and these statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. We have identified such risks in more detail in the Risk Factors section of our 2021 Annual Report on Form 20-F.

在這段視頻中，我們做出了前瞻性陳述，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。我們在表格 20-F 的 2021 年年度報告的風險因素部分中更詳細地確定了此類風險。