諾基亞 (NOK) 2023 Q1 法說會逐字稿

Hi, everyone, and welcome to the Nokia Q1 2023 Results Call. I'm David Mulholland, Head of Investor Relations. And today with me is Pekka Lundmark, our President and CEO; along with Marco Wiren, our CFO.

大家好，歡迎參加諾基亞 2023 年第一季度業績電話會議。我是投資者關係主管 David Mulholland。今天和我在一起的是我們的總裁兼首席執行官 Pekka Lundmark；以及我們的首席財務官 Marco Wiren。

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 of 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. 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.

在我們開始之前，快速免責聲明。在此次電話會議中，我們將就我們未來的業務和財務業績做出前瞻性陳述，這些陳述是對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存在重大差異。可能導致此類差異的因素既可以是外部操作因素，也可以是內部操作因素。我們已在 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獲取。

Within today's presentation, references to growth rates will mostly be on a constant currency basis, and margins will be based on our comparable reporting. Please note that our Q1 report and the presentation that accompanies this call are published on our website. The report includes both reported and comparable financial results and reconciliation between the two.

在今天的演講中，提及的增長率將主要以固定貨幣為基礎，而利潤率將基於我們的可比報告。請注意，我們的第一季度報告和本次電話會議的演示文稿已發佈在我們的網站上。該報告包括報告的和可比較的財務結果以及兩者之間的調節。

In terms of the agenda for today, Pekka will give a quick overview on our financial and strategic progress in the quarter and then Marco will go into a bit more detail for the key factors impacting our financial performance along with our outlook to 2023.

就今天的議程而言，Pekka 將簡要概述我們本季度的財務和戰略進展，然後 Marco 將更詳細地介紹影響我們財務業績的關鍵因素以及我們對 2023 年的展望。

With that, let me hand over to Pekka.

有了這個，讓我交給佩卡。

Thank you, David, and good morning, everybody. Q1 has been a busy and exciting quarter for us. We started this year with the unveiling of renewed corporate strategy. And as you remember, refresh brand at Mobile World Congress in Barcelona. We shared the 6 pillars of our updated strategy in Q4, which you see on the slides. I won't go into detail about them again. But in general, in Q1, we have executed well on gaining market share in the CSP space, which is the first pillar. You can see that very clearly when you look at our growth rates. And we have also seen enterprise, pillar #2, continue to rise as a share of the group sales and was another quarter at close to 10% of the group, growing 62%.

謝謝你，大衛，大家早上好。第一季度對我們來說是一個忙碌而激動人心的季度。今年伊始，我們公佈了新的企業戰略。正如您所記得的那樣，在巴塞羅那舉行的世界移動通信大會上刷新品牌。我們在第 4 季度分享了更新戰略的 6 大支柱，您可以在幻燈片上看到。我不會再詳細介紹它們了。但總的來說，在第一季度，我們在第一支柱 CSP 領域獲得市場份額方面表現良好。當您查看我們的增長率時，您可以非常清楚地看到這一點。我們還看到，作為第二大支柱的企業在集團銷售額中所佔的份額繼續上升，並且在另一個季度接近集團的 10%，增長了 62%。

Regarding pillar 3 and actively managing our portfolio, there were some actions taken in Q1. We have signed agreements to divest part of our RFS business, and we have sold our VitalQIP business. Also, we recently agreed to sell our stake in the joint venture, TD Tech, subject to closing conditions. These actions won't significantly impact our financials, but are important proof points of how we are managing the portfolio.

關於支柱 3 和積極管理我們的投資組合，我們在第一季度採取了一些行動。我們已經簽署了剝離部分 RFS 業務的協議，並且我們已經出售了我們的 VitalQIP 業務。此外，我們最近同意根據成交條件出售我們在合資企業 TD Tech 中的股份。這些行動不會對我們的財務狀況產生重大影響，但卻是我們如何管理投資組合的重要證據。

Underneath the 6 pillars are 4 enablers. Talent, which is about developing future fit talent. Long-term research is important. We believe that sustained technology leadership is a key driver of our success. Digitalization, we are increasing the digitalization of our own operations to increase our own performance and productivity. And finally, brand. The new branding reflects who we are today, a B2B technology innovation leader, unleashing the exponential potential of networks.

6 個支柱下面是 4 個推動因素。人才，這是關於培養未來合適的人才。長期研究很重要。我們相信持續的技術領先地位是我們成功的關鍵驅動力。數字化，我們正在增加我們自己運營的數字化，以提高我們自己的績效和生產力。最後，品牌。新品牌反映了我們今天的身份，B2B 技術創新領導者，釋放網絡的指數潛力。

So with that, let's now turn to the financials. We delivered a solid start to 2023, with Q1 net sales growing 9% in constant currency. We saw double-digit growth in both Network Infrastructure and Mobile Networks, reflecting the ramp-up of 5G deployments in India as we expected. We also saw growth in CNS, and I will come back to the decline in technologies later.

因此，現在讓我們轉向財務。我們在 2023 年開局良好，第一季度淨銷售額按固定匯率計算增長 9%。我們看到網絡基礎設施和移動網絡都實現了兩位數的增長，這反映了印度 5G 部署的增長正如我們預期的那樣。我們也看到了 CNS 的增長，我稍後會回到技術的下降。

Our comparable operating margin was 8.2%, a decline of 270 basis points year-on-year, which was primarily due to expected greater seasonality in Mobile Networks' profitability, a weaker contribution from Nokia Technologies in the quarter and the negative impact from venture fund investments.

我們的可比營業利潤率為 8.2%，同比下降 270 個基點，這主要是由於移動網絡盈利能力的季節性預期增加、本季度諾基亞技術的貢獻減弱以及風險基金的負面影響投資。

As we look forward, we are starting to see some signs of the economic environment impacting customer spending. However, given the ongoing need to invest in 5G and fiber, we believe this uncertainty is primarily a question of timing. We will maintain our cost discipline to ensure we can successfully navigate this uncertainty, and we remain on track to deliver another year of growth in 2023 with our outlook unchanged.

展望未來，我們開始看到經濟環境影響客戶支出的一些跡象。然而，鑑於對 5G 和光纖的持續投資需求，我們認為這種不確定性主要是時間問題。我們將保持我們的成本紀律，以確保我們能夠成功應對這種不確定性，並且我們仍然有望在 2023 年實現又一年的增長，我們的前景保持不變。

If we now turn to address each of the business groups in more detail. And first, looking at the performance of Network Infrastructure. We delivered 13% growth year-on-year in constant currency. Optical Networks grew 45% with good engagement for our PSC 5 solutions and with some benefits from catch-up sales from the supply chain challenges we saw in 2022. IP Networks grew 13%, driven by North America and also a strong performance in enterprise. Our new FB 5-based routing products are now shipping, and we accept a gradual transition to the new platform in the coming years.

如果我們現在轉向更詳細地解決每個業務組。首先，查看網絡基礎設施的性能。按固定匯率計算，我們實現了 13% 的同比增長。光網絡增長了 45%，這得益於我們的 PSC 5 解決方案的良好參與，以及我們在 2022 年看到的供應鏈挑戰帶來的追趕銷售帶來的一些好處。IP 網絡增長了 13%，受北美和企業表現強勁的推動。我們新的基於 FB 5 的路由產品現已出貨，我們接受在未來幾年逐步過渡到新平台。

We saw a small decline of 5% in Fixed Networks against a tough year-on-year comparison. Weakness in fixed wireless access offset continued robust demand for fiber. Submarine Networks grew 11% as web scale-driven project deployments continued to drive growth. Gross margin expanded 330 basis points as a result of product mix benefits and lower costs in areas such as logistics, which have declined versus last year.

與去年同期相比，固定網絡略有下降 5%。固定無線接入的疲軟抵消了對光纖的持續強勁需求。隨著網絡規模驅動的項目部署繼續推動增長，海底網絡增長了 11%。由於產品組合優勢和物流等領域的成本下降（與去年相比有所下降），毛利率增長了 330 個基點。

Operating margin of 15.3% was up 540 basis points versus last year, reflecting our gross margin expansion, which was only partially offset by higher OpEx. Going forward, growth rates are expected to slow in the coming quarters as Q1 benefited from some catch-up, as supply chains normalize and with comparisons becoming more challenging, but we remain confident in our competitive positioning.

營業利潤率為 15.3%，比去年增長 540 個基點，反映出我們的毛利率有所增長，但僅被較高的運營支出部分抵消。展望未來，隨著第一季度受益於一些追趕、供應鏈正常化以及比較變得更具挑戰性，預計未來幾個季度的增長率將放緩，但我們仍然對我們的競爭定位充滿信心。

I'd also like to highlight the product launch we made in Optical Networks in Q1. Just before Mobile World Congress, we unveiled PSE-6s, Nokia's sixth-generation super current optical engine for high-performance optical networks. With this product, PSE-6s, Nokia brings to market new optical transport capabilities, including the ability to deploy solutions with 1.2 terabits per second of wavelength, and because we are able to connect two chips together on a single line card, we can support up to 2.4 terabits per second, which is an unmatched capacity on the market. We have also set a new benchmark in performance, enabling reach of over 2,000 kilometers at 800 gigabits per second. Sustainable network evolution with 60% less power consumption per bit compared to previous generations.

我還想強調我們在第一季度在光網絡中推出的產品。就在世界移動大會之前，我們推出了 PSE-6s，這是諾基亞用於高性能光網絡的第六代超電流光引擎。憑藉這款 PSE-6s 產品，諾基亞將新的光傳輸功能推向市場，包括部署每秒 1.2 太比特波長解決方案的能力，並且由於我們能夠在單個線路卡上將兩個芯片連接在一起，我們可以支持高達每秒 2.4 太比特，這是市場上無與倫比的容量。我們還設立了新的性能基準，能夠以每秒 800 GB 的速度覆蓋 2,000 多公里。與前幾代產品相比，每比特功耗降低 60% 的可持續網絡演進。

We had great take-up of our PSE-5 solutions already and we see good potential to continue that momentum with PSE-6s. Our interactions with customers have been extremely positive so far.

我們已經很好地採用了我們的 PSE-5 解決方案，並且我們看到了通過 PSE-6 繼續保持這種勢頭的巨大潛力。到目前為止，我們與客戶的互動非常積極。

Then turning to the next business group, Mobile Networks. Also, there, it was great to see a 13% growth in the first quarter. It was driven, as we expected, by the ramp-up of 5G deployments in India. But we also saw good traction in Europe. Together, these more than offset the expected softening in North America sales in the quarter. North America had seen a front-end loaded investment profile in 2022. So this quarter marked a normalization of customer spending and also reflected some inventory depletion.

然後轉向下一個業務組，移動網絡。此外，很高興看到第一季度增長了 13%。正如我們預期的那樣，這是由印度 5G 部署的增加推動的。但我們在歐洲也看到了良好的吸引力。總之，這些抵消了本季度北美銷售額的預期疲軟。北美在 2022 年看到了前端負載投資概況。因此本季度標誌著客戶支出正常化，也反映出一些庫存消耗。

With respect to gross margin, the regional shift had an impact as expected, but disciplined cost control partially offset this at the operating margin level. As we look forward, we expect to see broadly similar trends in the second quarter with continued pressure on gross margin from regional mix before we see this start to progressively improve in the second half of the year.

在毛利率方面，區域轉移產生了預期的影響，但嚴格的成本控制在營業利潤率水平上部分抵消了這一影響。展望未來，我們預計第二季度會出現大致相似的趨勢，在我們看到這種情況在今年下半年開始逐步改善之前，區域組合對毛利率的持續壓力。

As I mentioned earlier, it's clear that there is some economic uncertainty impacting customer spending plans. In that regard, it is worth noting that if we look globally, excluding China, only about 20% of sites, mobile base station sites, I mean, are currently active for mid-band 5G, which should help illustrate how much investment still needs to be made. And even if we look at some markets like North America, which had invested earlier, mid-band site penetration is still only around 50%.

正如我之前提到的，很明顯存在一些影響客戶支出計劃的經濟不確定性。在這方面，值得注意的是，如果我們放眼全球，不包括中國，只有大約 20% 的站點，移動基站站點，我的意思是，目前正在為中頻 5G 服務，這應該有助於說明仍然需要多少投資被製造。而即使我們看一些投資較早的市場，比如北美，中頻站點滲透率仍然只有50%左右。

At Mobile World Congress, we also unveiled Habrok, our latest generation of industry-leading AirScale radios, which deliver future-ready performance. Habrok has high output power for increased coverage while its lower power consumption improves energy efficiency by 30%, lowering total cost of ownership. This new generation of radios enables form factor improvements over earlier generations while the Habrok 64 weighing only 24 kilograms, making them fast, easy to install. And of course, they are all powered by our cutting-edge ReefShark chipset, some of which are based on 5-nanometer technology. These optimized products refined radio performance with ultrafast 5G speeds and capacity where it's needed.

在世界移動通信大會上，我們還推出了 Habrok，這是我們最新一代業界領先的 AirScale 無線電，可提供面向未來的性能。 Habrok 具有高輸出功率以擴大覆蓋範圍，同時其較低的功耗可將能源效率提高 30%，從而降低總擁有成本。與前幾代無線電相比，新一代無線電的外形有所改進，而 Habrok 64 的重量僅為 24 千克，安裝速度快、易於安裝。當然，它們都由我們尖端的 ReefShark 芯片組提供支持，其中一些芯片組基於 5 納米技術。這些經過優化的產品通過超快的 5G 速度和所需的容量改進了無線電性能。

And then moving to Cloud and Network Services business. CNS grew by 3% in the quarter with growth in both core networks and enterprise. Gross margin declined as we saw a shift from software sales to lower-margin hardware sales in the quarter. So that was primarily a mix question. Operating margin was minus 2.6%, resulting from lower gross margin with some increases in SG&A and R&D expenses as we continued to invest to strengthen leadership, especially in campus wireless.

然後轉向雲和網絡服務業務。隨著核心網絡和企業業務的增長，CNS 在本季度增長了 3%。毛利率下降，因為我們看到本季度從軟件銷售轉向利潤率較低的硬件銷售。所以這主要是一個混合問題。營業利潤率為負 2.6%，這是由於我們繼續投資以加強領導地位，特別是在校園無線領域，SG&A 和研發費用有所增加，導致毛利率下降。

Our rebalancing work in CNS continues and in the quarter, we divested VitalQIP, a relatively small IP address management product, which was within CNS. For the full year, we continue to assume a 5% to 5% -- an 8% to 5% operating margin, keeping in mind this remains a business with significant seasonality in Q4.

我們在 CNS 中的重新平衡工作仍在繼續，在本季度，我們剝離了 VitalQIP，這是一個相對較小的 IP 地址管理產品，它在 CNS 中。對於全年，我們繼續假設 5% 至 5% - 8% 至 5% 的營業利潤率，請記住，這仍然是第四季度具有顯著季節性的業務。

Nokia Technologies' net sales declined by 22% in the quarter. On a year-over-year basis, there were 3 factors driving this decline: the fact we no longer benefit from the license that had an auction exercised in Q4; lower net sales from a smartphone vendor whose market share meaningfully declined; and finally, lower brand licensing. Excluding these 3 factors, our licensing income was essentially stable, also accounting for the renewed agreement with Samsung.

諾基亞技術公司本季度的淨銷售額下降了 22%。與去年同期相比，有 3 個因素導致了這種下降：我們不再受益於第四季度拍賣的許可證；市場份額顯著下降的智能手機供應商的淨銷售額下降；最後，降低品牌許可。排除這三個因素，我們的授權收入基本穩定，這也是與三星續簽協議的原因。

We know there have been many questions around our technologies business in the past year as we navigate the smartphone license renewal cycle and with this slide, we wanted to give you some more detail on the moving parts. We start from the EUR 1.4 billion to EUR 1.5 billion run rate we talked about back in Q2 '21 before some agreements started expiring. You can see the moving pieces from then to the EUR 1 billion run rate you now see in Q1.

我們知道，在過去的一年裡，在我們瀏覽智能手機許可證更新周期時，圍繞我們的技術業務存在很多問題，我們希望通過這張幻燈片為您提供有關移動部件的更多詳細信息。在一些協議開始到期之前，我們從我們在 21 年第二季度談到的 14 億歐元到 15 億歐元的運行率開始。你可以看到從那時到你現在在第一季度看到的 10 億歐元運行率的變化。

The two biggest factors are the deals that are currently in litigation or renewal, and the 10-year license, which was signed in 2014, but then saw an auction exercised in Q4 2022, which meant all outstanding revenue was recognized for that license. Consequently, this agreement no longer benefits our income statement. There have also been some agreements with smartphone vendors that are no longer active or whose market share has meaningfully declined, which needs to be reflected as we go through the renewal cycle. You can also see the benefits we have seen from our progress in growth areas like automotive and consumer electronics. And finally, there is the impact of brand licensing, which was weak in Q1.

兩個最大的因素是目前處於訴訟或續約中的交易，以及 2014 年簽署的 10 年許可證，但隨後在 2022 年第四季度進行了拍賣，這意味著該許可證的所有未償收入均已確認。因此，該協議不再有利於我們的損益表。還與不再活躍或市場份額顯著下降的智能手機供應商達成了一些協議，這需要在我們經歷更新周期時反映出來。您還可以看到我們在汽車和消費電子等增長領域取得的進展所帶來的好處。最後，品牌授權的影響在第一季度表現不佳。

This brings you to the current EUR 1 billion run rate. We remain confident we will return to the EUR 1.4 billion to EUR 1.5 billion run rate. The biggest step to getting there is smartphone license renewals. As you know, we are in active litigation on some of those. We remain confident in our position and that we will see a good resolution to these deals. We also continue to see opportunities in the future to continue to expand in our focused growth areas.

這使您達到當前 10 億歐元的運行率。我們仍然有信心回到 14 億至 15 億歐元的運行率。實現這一目標的最大一步是智能手機許可證更新。如您所知，我們正在對其中一些進行積極的訴訟。我們仍然對我們的立場充滿信心，我們將看到這些交易的良好解決方案。我們還將繼續看到未來的機會，以繼續在我們重點增長的領域進行擴張。

Looking now at another one of our focus areas, the enterprise customer segment. In Q1, we saw continued momentum in our enterprise sales with growth of 62% and it was almost 10% of group sales for the second quarter in a row. Growth was particularly strong in web scale, where sales more than doubled in the quarter. Private wireless continued to grow strongly double digit and now has more than 595 customers. Customer engagement also remains positive as we added 73 new enterprise customers in the quarter.

現在看看我們的另一個重點領域，即企業客戶群。第一季度，我們看到企業銷售額繼續保持增長勢頭，增長了 62%，並且連續第二個季度幾乎佔集團銷售額的 10%。網絡規模的增長尤其強勁，該季度的銷售額增長了一倍多。私人無線業務繼續以兩位數的速度強勁增長，目前擁有超過 595 家客戶。客戶參與度也保持積極，因為我們在本季度增加了 73 個新的企業客戶。

And with that, let me hand over to Marco, who will take us through the financials in a bit more detail.

然後，讓我交給 Marco，他將更詳細地介紹我們的財務狀況。

Thank you, Pekka, and hello from my side as well. So looking at our net sales performance by region, our 9% constant currency growth was fueled by India as expected, with 5G deployments continuing to ramp up for Mobile Networks in Q1, but also Network Infrastructure showed strong growth in the region. In Europe, you see that we had a 13% growth, excluding Nokia Technologies, with strong double-digit growth across the other 3 BGs. Elsewhere, we saw growth in both Middle East and Africa and Latin America. These were somewhat offset by North America, which declined 12% overall, driven by Mobile Networks and partly offset by increases in Network Infrastructure and Cloud and Network Services. Greater China and Asia Pacific also declined somewhat while Submarine Networks grew by 11%. So in summary, quarter 1 largely played out as we expected, with 5G deployments in India heavily influencing our Q1 top line.

謝謝你，Pekka，我也向你問好。因此，從我們按地區劃分的淨銷售業績來看，我們 9% 的持續貨幣增長如預期一樣受到印度的推動，第一季度移動網絡的 5G 部署繼續增加，而且該地區的網絡基礎設施也顯示出強勁增長。在歐洲，你會看到我們有 13% 的增長，不包括諾基亞技術，其他 3 個 BG 實現了兩位數的強勁增長。在其他地方，我們看到了中東、非洲和拉丁美洲的增長。這些在一定程度上被北美所抵消，北美整體下降了 12%，受移動網絡的推動，部分被網絡基礎設施以及雲和網絡服務的增長所抵消。大中華區和亞太地區也有所下降，而海底網絡增長了 11%。因此，總而言之，第一季度的表現基本符合我們的預期，印度的 5G 部署嚴重影響了我們第一季度的收入。

Then turning into the operating margin performance in the quarter, and you saw the decline 270 basis points and ended up at 8.2% operating margin. This decline largely reflects the impact of regional and product mix, especially in Mobile Networks and Cloud and Network Services. We did see some benefit from that 9% group net sales growth, which provided some operating leverage. You can also see that the lower overall level of net sales in technologies had a negative impact on operating margin. And finally, our venture fund had a year-on-year negative impact of EUR 70 million, which is recorded in other operating income and expense. And the low value in this quarter of EUR 30 million was evenly split between FX fluctuations and revaluations.

然後轉向本季度的營業利潤率表現，您看到下降了 270 個基點，最終營業利潤率為 8.2%。這種下降在很大程度上反映了區域和產品組合的影響，尤其是在移動網絡以及雲和網絡服務方面。我們確實從 9% 的集團淨銷售額增長中看到了一些好處，這提供了一些運營槓桿。您還可以看到，技術淨銷售額總體水平較低對營業利潤率產生了負面影響。最後，我們的風險基金產生了 7000 萬歐元的同比負面影響，計入其他營業收入和支出。本季度 3000 萬歐元的低價值在匯率波動和重估之間平分秋色。

And then looking briefly at operating profit performance by business group. Without repeating what Pekka already said in his remarks, you will see that the strong profit expansion in Network Infrastructure was somewhat offset by lower profits in Cloud and Network Services and Mobile Networks. Also, Nokia Technologies declined, as we explained, and drove profits lower. And also, the Group Common, which is negatively impacted by the Nokia venture funds, as I mentioned in the previous slide.

然後簡要查看業務組的營業利潤表現。無需重複 Pekka 在他的講話中已經說過的話，您會看到網絡基礎設施的強勁利潤增長在一定程度上被雲和網絡服務以及移動網絡的利潤下降所抵消。此外，正如我們所解釋的那樣，諾基亞技術公司的業績下滑並導致利潤下降。還有，正如我在上一張幻燈片中提到的，受諾基亞風險基金負面影響的 Group Common。

Then moving to cash. Free cash flow in the quarter was negative EUR 147 million. And the main driver of this was a decrease in accounts payable driven by quarter-on-quarter decrease in cost of sales within net working capital. Cash was also negatively impacted by cash taxes, CapEx and restructuring costs. And I'm pleased to see as well that we returned about EUR 190 million to our shareholders through both dividends and share buybacks. This all led to a net cash balance of EUR 4.3 billion at the end of the quarter.

然後轉向現金。本季度的自由現金流為負 1.47 億歐元。其主要驅動因素是淨營運資金中銷售成本環比下降導致應付賬款減少。現金也受到現金稅、資本支出和重組成本的負面影響。我也很高興看到我們通過股息和股票回購向股東返還了約 1.9 億歐元。這一切導致本季度末的淨現金餘額為 43 億歐元。

And then if you look at our addressable market, we have updated this to show our latest view across business groups. And the adjustment we've done is on our view on Mobile Networks, and we've taken down that from 5% to 4% as we start to see some impact of the economic situation on customer spending. And CNS has also reduced slightly from 4% to 3%, while Network Infrastructure remains at 4%.

然後，如果你看看我們的潛在市場，我們會更新它以顯示我們對各個業務組的最新看法。我們所做的調整是基於我們對移動網絡的看法，隨著我們開始看到經濟形勢對客戶支出的一些影響，我們已將其從 5% 降至 4%。 CNS 也從 4% 小幅下降至 3%，而網絡基礎設施仍保持在 4%。

And then turning to our outlook for the year, which remains unchanged in constant currency. We did adjust our net sales outlook to reflect latest FX rates, with the range now at EUR 24.6 billion to EUR 26.2 billion. And we also reiterated our comparable operating margin guidance of between 11.5% to 14%. And notably, we updated 2 of our outlook assumptions today. The first one is the Group Common and Other operating profit, which is now expected to be negative EUR 350 million to EUR 400 million, and this is driven by the negative impact that we had from Nokia venture funds in quarter 1 and how the valuations have developed in venture markets. And the second is around our CapEx assumptions. We have increased our expectations for this year to EUR 700 million.

然後轉向我們今年的展望，該展望保持不變。我們確實調整了我們的淨銷售額前景以反映最新的匯率，目前範圍為 246 億歐元至 262 億歐元。我們還重申了 11.5% 至 14% 的可比營業利潤率指導。值得注意的是，我們今天更新了 2 個前景假設。第一個是集團普通和其他營業利潤，目前預計為負 3.5 億至 4 億歐元，這是由我們在第一季度受到諾基亞風險基金的負面影響以及估值如何變化所推動的在風險市場開發。第二個是圍繞我們的資本支出假設。我們已將今年的預期提高到 7 億歐元。

And finally, a mention of our updated capital management policy, which we announced earlier in quarter 1. Nokia's previous target in terms of cash management was to maintain a gross cash position equivalent to at least 30% of net sales and going forward now, with a target to maintain a net cash position in the range of 10% to 15% of net sales. So change from gross cash to net cash. And this is to answer that we can continue to invest in the necessary R&D to maintain and further improve our technology leadership, also fund working capital requirements in support of our growth ambitions and to main some flexibility -- to maintain some flexibility for bolt-on acquisitions.

最後，提到我們在第一季度早些時候宣布的更新後的資本管理政策。諾基亞之前在現金管理方面的目標是保持總現金頭寸至少相當於淨銷售額的 30%，並且現在繼續前進，目標是將淨現金頭寸維持在淨銷售額的 10% 至 15% 之間。因此，從現金總額變為淨現金。這是為了回答我們可以繼續投資於必要的研發，以保持和進一步提高我們的技術領先地位，同時為營運資金需求提供資金，以支持我們的增長雄心，並保持一定的靈活性——為補強產品保持一定的靈活性收購。

And considering the ongoing macro uncertainty, our expected growth and working capital requirements in 2023 along with already announced shareholder returns, we are not imminently planning to take action to align with this target. However, assuming the expected significant improvement in cash generation in 2024, we would then look to start acting to align the net cash position with the long-term target. And this can be done, for example, through increased shareholder returns and/or potential bolt-on acquisitions.

考慮到持續的宏觀不確定性、我們 2023 年的預期增長和營運資金需求以及已經公佈的股東回報，我們不會立即計劃採取行動來實現這一目標。然而，假設 2024 年現金產生的預期顯著改善，我們將開始採取行動使淨現金頭寸與長期目標保持一致。這可以通過例如增加股東回報和/或潛在的補強收購來實現。

And with that, I will hand over back to Pekka for a few concluding remarks.

就此，我將交還給 Pekka 做一些總結性發言。

Thank you, Marco. If I can just very briefly summarize how we see our Q1 performance before we turn to Q&A. So we had said 2023 would be another year of growth, and we have started the year strongly in that regard with 9% net sales growth. We are executing on both our ambition to gain share in the CSP space and grow enterprise as a percentage of our net sales. As we had said previously, seasonality will be different this year to the last 2 years, but it is playing out largely as we expected, and we remain on track for our full year targets.

謝謝你，馬可。在我們轉向問答之前，我能否非常簡要地總結一下我們如何看待第一季度的表現。所以我們曾說過 2023 年將是又一個增長年，我們在這方面以 9% 的淨銷售額增長強勁地開始了這一年。我們正在執行我們的雄心壯志，即在 CSP 領域獲得份額並增加企業占我們淨銷售額的百分比。正如我們之前所說，今年的季節性將與過去 2 年不同，但它的表現基本符合我們的預期，我們仍有望實現全年目標。

Looking forward, there are some signs of the economic outlook impacting some customer spending plans. But if we maintain our cost discipline and execute on our strategy, I believe we are in a strong position to navigate the challenges ahead.

展望未來，有跡象表明經濟前景會影響一些客戶的支出計劃。但如果我們保持成本紀律並執行我們的戰略，我相信我們有能力應對未來的挑戰。

And with that, I'll hand it back to David for the Q&A.

有了這個，我會把它交還給大衛進行問答。

Thank you, Pekka and Marco, for your remarks. Before we move to the Q&A session, I just wanted to highlight that we will be hosting our next progress update presentation on the 15th of June, which will be on our Network Infrastructure business. The event will be in the afternoon in London, and it will be a hybrid event for those who aren't able to join in person, so it will also be webcast. But with that, let's start the Q&A. (Operator Instructions) Alex, could you please give the instructions?

謝謝 Pekka 和 Marco 的發言。在我們進入問答環節之前，我只想強調，我們將在 6 月 15 日舉辦下一次進展更新演示，這將是關於我們的網絡基礎設施業務。該活動將於下午在倫敦舉行，對於那些無法親自參加的人來說，這將是一個混合活動，因此也將進行網絡直播。但是，讓我們開始問答。 （操作員說明）亞歷克斯，你能給出說明嗎？

(Operator Instructions) I will now hand the call back to Mr. David Mulholland.

（操作員說明）我現在將把電話轉回給大衛·穆赫蘭德先生。

Thanks, Alex. We'll take our first question today from Andrew Gardiner from Citi.

謝謝，亞歷克斯。今天，我們將從花旗銀行的安德魯·加德納 (Andrew Gardiner) 那裡回答我們的第一個問題。

Mine was on just sort of the relationship between technology and your full year guidance. Clearly, we had a slower start to the year in technologies similar to how we did last year where we were working for some of the license agreements to come through, which, of course, didn't. The added pressure this year now from Microsoft and from the handset market, but it's still incredibly important factor for you with your full year group level items. Can you just give us a sense as to your visibility into things improving here for the back half of the year and how that key profit driver is going to improve and allow you to meet that group level profit guidance?

我的只是技術與全年指導之間的關係。顯然，今年我們在技術方面的開局較慢，這與我們去年所做的類似，當時我們正在努力爭取一些許可協議的通過，當然，這並沒有。今年來自微軟和手機市場的壓力增加了，但對於你全年的集團水平項目來說，這仍然是一個非常重要的因素。你能告訴我們你對今年下半年這裡的改善情況的了解，以及這個關鍵的利潤驅動因素將如何改善並讓你達到集團層面的利潤指導嗎？

Yes. Thank you, Andrew. And yes, that's correct that we have, I would say, 2 biggest deltas, the agreement that you mentioned, legacy agreement from 2014 that was recognized in the end of last year. And of course, the 2 big ones, which are in litigation and renewal. And just as Pekka showed in his slide, we have some agreements with smartphone vendors that are no longer active or ones that have lost market share. And then this will be reflected as we go through the renewal cycle as well.

是的。謝謝你，安德魯。是的，這是正確的，我想說，我們有 2 個最大的三角洲，你提到的協議，2014 年的遺留協議，在去年年底得到認可。當然，還有兩個大公司，它們正在訴訟和續約中。正如 Pekka 在他的幻燈片中展示的那樣，我們與一些不再活躍或失去市場份額的智能手機供應商達成了一些協議。然後，這也會在我們經歷更新周期時得到反映。

But we believe that the underlying fundamentals remains strong. And I would say that the Samsung deal that we made is a good example of that. And that's why we are confident that our portfolio is very strong, and we will get back to the annual run rate of EUR 1.4 billion to EUR 1.5 billion net sales after we have concluded these current license renewal cycles.

但我們認為，潛在的基本面依然強勁。我想說我們達成的三星交易就是一個很好的例子。這就是為什麼我們對我們的產品組合非常強大充滿信心，並且在我們結束當前的許可證更新周期後，我們將恢復到 14 億至 15 億歐元的年淨銷售額。

Can I add, Andrew, just one point to reinforce the importance of the Samsung renewal. We, of course, when we created this plan to get to this EUR 1.4 billion to EUR 1.5 billion run rate, we had made certain assumptions as to what deals that run rate would consist of with then value allocated to it. And I'm happy to confirm that the Samsung deal is in that ballpark where it is expected to be. So that is an important part of this EUR 1.4 billion to EUR 1.5 billion strategy.

安德魯，我可以補充一點來強調三星續約的重要性嗎？當然，當我們制定這個計劃以達到 14 億至 15 億歐元的運行率時，我們已經對運行率將包含哪些交易以及分配給它的價值做出了某些假設。我很高興地確認三星的交易符合預期。因此，這是這個 14 億至 15 億歐元戰略的重要組成部分。

Did you have a follow-up, Andrew?

你有跟進嗎，安德魯？

No.

不。

Thank you, Andrew. We'll now take our next question from Alex Duval from Goldman Sachs.

謝謝你，安德魯。我們現在將接受來自高盛的 Alex Duval 的下一個問題。

I wanted to focus on to Network Infrastructure, where you had another very strong quarter in the context of some peers actually talk about weakness. So I wondered if you could explain the delta there, and how sustainable is the momentum for the balance of this year and perhaps even into 2024. I think you did state that some of the catch-up from supply constraints will fade in some of the areas. So to what extent do you think underlying strength will continue?

我想專注於網絡基礎設施，在一些同行實際上談論弱點的情況下，你有另一個非常強勁的季度。所以我想知道你是否可以解釋那裡的三角洲，以及今年餘下時間甚至可能到 2024 年的勢頭的可持續性如何。我認為你確實說過，供應限制的一些追趕將在一些地區消失領域。那麼您認為潛在的力量會持續到什麼程度？

Yes. Thanks, Alex. And of course, as we have discussed many times, the fundamental thing that is driving all this that we are seeing in Network Infrastructure is the technology investment that we have made and the incredible strength of the portfolio as we are seeing in IP Networks in fixed broadband. Now perhaps a bit more lately also in Optical Networks and, of course, in Submarine Networks. So that is the fundamental driver that is helping us to take market share. And that definitely continues to be our goal also going forward.

是的。謝謝，亞歷克斯。當然，正如我們多次討論的那樣，推動我們在網絡基礎設施中看到的所有這一切的根本原因是我們所做的技術投資以及我們在固定 IP 網絡中看到的令人難以置信的產品組合實力寬帶。現在也許更晚一些在光網絡中，當然還有在海底網絡中。因此，這是幫助我們佔據市場份額的基本驅動力。這肯定仍然是我們前進的目標。

Now we have seen 2.5 years of excellent execution from Network Infrastructure. And of course, this Q1 is a fantastic testimony of the strength of the portfolio. Just a little bit of caution here because there was some strong ordering last year because of what is that people had regarding supply chain capabilities and so on, chipset semiconductor supply chain problems, et cetera. And there is some catch-up deliveries and catch-up sales now in this. And that is the reason why we are just saying that even though our position is strong, it continues to be strong, we need to be a little bit careful that you don't just extrapolate from Q1 towards the rest of the year.

現在我們已經看到網絡基礎設施 2.5 年的出色執行。當然，這個 Q1 是對投資組合實力的極好證明。在這裡要謹慎一點，因為去年有一些強烈的訂單，因為人們在供應鏈能力等方面有什麼，芯片組半導體供應鏈問題等等。現在有一些補貨和補貨銷售。這就是為什麼我們只是說儘管我們的立場很強，但它會繼續保持強勢，我們需要小心一點，不要只是從第一季度推斷到今年剩餘時間。

Of course, also, in this business, we have a lot of customers who are currently thinking that when should they invest, how much should they invest. The economic uncertainty is showing also in this business. So just a little bit of caution, while, of course, the overall picture in this business continues to be extremely positive.

當然，在這個業務中，我們有很多客戶目前正在考慮他們應該什麼時候投資，他們應該投資多少。經濟的不確定性也體現在這項業務中。因此，請謹慎一點，當然，該業務的整體情況仍然非常積極。

Thank you, Alex. We'll take our next question from Daniel Djurberg from Handelsbanken.

謝謝你，亞歷克斯。我們將從 Handelsbanken 的 Daniel Djurberg 那裡回答下一個問題。

My question would be a little bit -- if you could give an update on the competitive landscape. We heard a little bit of rumors from Samsung taking share in perhaps in the U.S. and also an update on the European landscape would be great with regards to Huawei, et cetera.

我的問題有點——能否提供有關競爭格局的最新信息。我們從三星那裡聽到了一些傳聞，說不定在美國市場佔有一席之地，而且關於華為等方面的歐洲版圖的更新也將是一件好事。

Well, first of all, we do not comment any rumors. We have a strong position in the U.S. and actually, after some of the decisions that customers made in mid-2020, which led to a lower market share for us, we have not lost any market share in Mobile Networks in North America. Actually, we have regained. We have taken back market share with some of the Tier 2, Tier 3 suppliers. And our relationship with also T-Mobile is extremely strong. We are clearly one of their key suppliers, and we have a long-term 5G agreement with them.

好吧，首先，我們不評論任何謠言。我們在美國擁有強大的地位，實際上，在客戶在 2020 年中期做出的一些決定導致我們的市場份額下降之後，我們在北美移動網絡的市場份額並沒有丟失。事實上，我們已經恢復了。我們已經從一些二級、三級供應商手中奪回了市場份額。我們與 T-Mobile 的關係也非常牢固。我們顯然是他們的主要供應商之一，我們與他們簽訂了長期 5G 協議。

Then the other part of the question, you broke up a little bit, but did I understand correctly that you asked about Huawei and swaps and so on?

那麼問題的另一部分，你分手了一點，但是我沒有理解錯，你問的是華為和互換什麼的嗎？

Yes. Yes, correct. In European markets, mostly.

是的。是，對的。在歐洲市場，主要是。

Yes. okay. European markets. So as Marco said, we are growing in Mobile Networks in Europe. We had double-digit growth there overall. If you exclude Nokia Technologies from the figures, as you should, we had 13% growth in Europe in Q1, which was across the board, including Mobile Networks. So we are clearly taking market share in Europe at the moment.

是的。好的。歐洲市場。正如 Marco 所說，我們正在歐洲的移動網絡中成長。我們在那裡總體上實現了兩位數的增長。如果你從數據中排除諾基亞技術，你應該在第一季度在歐洲實現 13% 的增長，這是全面的，包括移動網絡。因此，我們目前顯然正在佔據歐洲的市場份額。

And the big picture when it comes to Huawei swaps continues to be roughly the same as we have said before that we have taken about 50% of those opportunities.

華為掉期的大局仍然與我們之前所說的大致相同，我們已經抓住了其中約 50% 的機會。

Thanks, Daniel. We will take the next question from Simon Leopold from Raymond James.

謝謝，丹尼爾。我們將從 Raymond James 的 Simon Leopold 提出下一個問題。

I appreciate you're not explicitly guiding for the June quarter, and you've remained, I think, upbeat relatively speaking on the full year. But given what we're hearing about inventory activity at the operators, and I think you've alluded to this. But if we could get a little sight on how you're thinking about the absorption of capacity by carriers in the June quarter and how to think about what you really mean by not exactly seasonal? And then I've got a quick follow-up.

我很欣賞你沒有明確指導 6 月季度，而且我認為你對全年相對而言仍然保持樂觀。但考慮到我們聽到的有關運營商庫存活動的信息，我想你已經提到了這一點。但是，如果我們能稍微了解一下您是如何考慮運營商在 6 月季度吸收運力的，以及如何考慮您所說的非季節性的真正含義？然後我有一個快速的跟進。

Okay. If I start, and Marco feel to add if there's anything missing. But this whole inventory question, first of all, when we look at the big picture, this has been pretty much a North American story and very much a Mobile Networks story. So we are talking about Mobile Networks in North America.

好的。如果我開始，如果有任何遺漏，Marco 會補充。但是，這整個庫存問題，首先，當我們看大局時，這幾乎是一個北美故事，也是一個移動網絡故事。所以我們正在談論北美的移動網絡。

We do believe that Mobile Networks' second quarter will see similar trends as the first quarter. But then again, since we are maintaining our full year assumption at 7% to 10% comparable operating margin there, you see that we are expecting a recovery then during the second half of the year. But again, this is a Mobile Networks story. We are not seeing similar trends in the other businesses.

我們確實相信移動網絡的第二季度將出現與第一季度相似的趨勢。但話又說回來，由於我們將全年假設維持在 7% 至 10% 的可比營業利潤率，您會看到我們預計在今年下半年會出現復甦。但同樣，這是移動網絡的故事。我們在其他業務中沒有看到類似的趨勢。

And just as the follow-up. You continue to sound, I think, somewhat more upbeat on mobility than some of your peers as well as some of the market research. And I know we talked about this at Mobile World Congress, but I'd like to sort of revisit how you're thinking about your business for the full year and beyond in terms of this idea that we peaked and this is a difficult year. Could you maybe unpack a little bit about sort of the Nokia-specific views on mobility trends?

就像後續行動一樣。我認為，與您的一些同行以及一些市場研究相比，您對流動性的看法仍然更加樂觀。我知道我們在世界移動通信大會上討論過這個問題，但我想根據我們達到頂峰的想法重新審視一下你對全年及以後的業務的看法，這是艱難的一年。您能否談談諾基亞對移動趨勢的特定看法？

I think the difference between what we are saying that what both market analysts and to some extent, some of our competitors are saying, I mean, the difference could be the pace of deployment in India. The North American view is pretty similar. I can't see any kind of big differences there, whether you compare us to what our competitors are saying or what market analysts are saying. We are seeing similar trends, including the fact that these issues will continue in the second quarter.

我認為我們所說的與市場分析師和在某種程度上我們的一些競爭對手所說的不同，我的意思是，不同可能是在印度的部署速度。北美的觀點非常相似。無論您將我們與我們的競爭對手所說的還是市場分析師所說的進行比較，我都看不出那裡有任何重大差異。我們看到了類似的趨勢，包括這些問題將在第二季度繼續存在的事實。

But then, especially comparing us to, for example, Dell'Oro, we seem to be more bullish on the size of the Indian market this year. And we believe that this pretty much explains the difference between our estimates and what they are saying.

但是，尤其是將我們與 Dell'Oro 等公司進行比較時，我們似乎更看好今年印度市場的規模。我們相信這幾乎可以解釋我們的估計與他們所說的之間的差異。

Thanks, Simon. And we'll take our next question from Aleksander Peterc from Societe Generale.

謝謝，西蒙。我們將從法國興業銀行的 Aleksander Peterc 那裡回答下一個問題。

Yes. I would have just a question. The first one would be on seasonality in the phasing of more networks margins, which you cited for this year. Could you help us understand what will be the key drivers for the better gross margin in the second half? Is it a function of better geographic mix with North America recovering? Or is it lower contribution from lower-margin network growth in India? And then I have a follow-up.

是的。我只想問一個問題。第一個是你在今年引用的更多網絡利潤分階段的季節性。您能否幫助我們了解下半年毛利率提高的主要驅動因素是什麼？這是更好的地理組合與北美復甦的結果嗎？還是印度低利潤網絡增長的貢獻較低？然後我有一個後續行動。

Well, first of all, the Indian rollout will continue. That will be a story that you will see throughout the year. Clearly, the biggest needle mover compared to H1 and H2, which is driving the 7% to 10% full year forecast is North America. We do expect, as I said earlier, North American volumes to recover in H2.

好吧，首先，印度的推出將繼續。這將是一個你將在全年看到的故事。顯然，與上半年和下半年相比，推動全年預測增長 7% 至 10% 的最大推動者是北美。正如我之前所說，我們確實預計北美銷量將在下半年恢復。

Just to add, like I said, we said earlier as well that we believe that the volume will give us leverage on the cost side. And that's why we focus on the operating margin and not on gross margins.

只是補充一點，就像我說的，我們之前也說過，我們相信數量會給我們帶來成本方面的影響力。這就是為什麼我們關注營業利潤率而不是毛利率。

As a follow-up, please, on Network Infrastructure, so we understand there was a catch-up related to the easing of supply chain constraints. Would you be able in any way to quantify this for us or maybe indicate if we should see much lower than usual seasonality in the second quarter versus first? I know you don't guide by quarter, but it was quite important to know if NI is going to go down in revenue trends in Q2 versus Q1.

作為後續行動，請在網絡基礎設施方面進行跟進，因此我們了解到與放鬆供應鏈限制有關的追趕。您能否以任何方式為我們量化這一點，或者指出我們是否應該看到第二季度的季節性比第一季度低得多？我知道你不會按季度進行指導，但了解 NI 在第二季度與第一季度的收入趨勢是否會下降非常重要。

I actually partly answered this question already earlier, but I'm not going to go into details when it comes to second quarter. We made an exception when it comes to Mobile Networks because we clearly see similar trends there as in Q1.

其實我之前已經部分回答了這個問題，但是到了第二季度我就不多說了。在移動網絡方面我們破例了，因為我們清楚地看到了與第一季度類似的趨勢。

Without repeating what I said about NI earlier, we maintained the full year 11% to 14% for the reasons that I described. There was some catch-up in -- catch-up sales in Q1. There is some general uncertainty on the market, and that leads us to maintain the full year 11% to 14%.

在不重複我之前所說的關於 NI 的內容的情況下，由於我描述的原因，我們將全年保持在 11% 至 14% 之間。第一季度有一些追趕 - 追趕銷售。市場存在一些普遍的不確定性，這導致我們維持全年 11% 至 14% 的增長。

We'll take our next question from Francois Bouvignies from UBS.

我們將從瑞銀的 Francois Bouvignies 那裡回答下一個問題。

My question is more -- you mentioned the trend in 2023 and the H2 recovery dynamics with the U.S. mainly coming back and India still strong, if I remember -- if I interpret correctly. So the margin should get better. If we look a bit beyond, I mean, 2024 specifically, when you look at the U.S. CapEx comments still subdued, I would say, I mean just by looking at public comments from Verizon. So we are looking not big recovery in the U.S. at least for 2024. India, given the strong year, strong rollout pace, I mean, we can also argue the sustainability to 2024. So maybe can you help us quantify or maybe qualitatively give us some drivers into next year? I mean, do you still expect to grow your end market after the dynamic of this year? That would be very helpful.

我的問題更多——你提到了 2023 年的趨勢和下半年的複蘇動力，如果我沒記錯的話，美國主要回歸，印度仍然強勁——如果我的解釋正確的話。所以保證金應該會變得更好。如果我們看得更遠一點，我的意思是，特別是 2024 年，當你看到美國的資本支出評論仍然低迷時，我會說，我的意思是只看 Verizon 的公開評論。因此，我們認為美國至少在 2024 年不會有太大的複蘇。印度，鑑於強勁的一年，強勁的推出步伐，我的意思是，我們也可以爭論到 2024 年的可持續性。所以也許你能幫助我們量化或定性地給我們一些司機進入明年？我的意思是，在經歷了今年的動態之後，您是否仍希望擴大您的終端市場？那將非常有幫助。

Of course, in Mobile Networks, as I said, the fundamental driver as we see it in 5G is that how big part of the networks have been upgraded to things like mid-band capacity, which is really the thing that is driving the data capacity in the network because the data traffic will continue to grow. We are not seeing that slowing down despite of the economic uncertainty. So the big picture remains healthy. The operators will have to continue to invest if they want to stay competitive.

當然，正如我所說，在移動網絡中，我們在 5G 中看到的基本驅動力是有多少網絡已經升級到中頻容量等東西，這才是真正推動數據容量的東西在網絡中，因為數據流量會不斷增長。儘管存在經濟不確定性，但我們並未看到這種放緩。所以大局保持健康。如果運營商想保持競爭力，他們將不得不繼續投資。

Right now, there is some hesitation because of the economic uncertainty, because higher interest rates and then also some of the supply chain normalization, which means that some of the inventories that they have built, they are coming to a conclusion that they will not need them anymore. But the fundamentals in this business, we do believe remain healthy.

現在，由於經濟的不確定性，有些猶豫，因為更高的利率，然後還有一些供應鏈正常化，這意味著他們已經建立的一些庫存，他們得出的結論是他們不需要他們了。但我們相信這項業務的基本面仍然健康。

Then of course, every operator needs to make their own public comments about their CapEx. And you will have seen what the Americans have said about 2024. CapEx again, as I said earlier, only 50% of the North American 5G sites are currently -- have been upgraded to mid-band. So there's a lot of work to do there as well.

當然，每個運營商都需要對其資本支出發表自己的公開評論。你會看到美國人對 2024 年的看法。正如我之前所說，目前只有 50% 的北美 5G 站點已經升級到中頻。所以那裡也有很多工作要做。

I'm not going to get into '24 guidance today. What we said in the progress update after Q4 obviously remains that our very clear ambition is to drive Mobile Networks into double-digit profitability.

我今天不打算進入 24 世紀指南。我們在第四季度後的進度更新中所說的顯然仍然是我們非常明確的目標是推動移動網絡實現兩位數的盈利能力。

And maybe my follow-up would be on Europe, specifically, and your market share there with Huawei getting into maybe removed from part of the network accelerating in some regions like Germany potentially. How is your market share now? I mean what is your market share in Europe today? And what is your market share in the deals you signed? I mean, do you see strong drivers? Is it like visible really in your P&L, this dynamic? And how long it would last, would be great.

也許我的後續行動會在歐洲進行，具體來說，你在那裡的市場份額與華為進入可能會從部分網絡中移除，這可能會在德國等某些地區加速。您現在的市場份額如何？我的意思是你今天在歐洲的市場份額是多少？在您簽署的交易中，您的市場份額是多少？我的意思是，你看到強大的驅動程序了嗎？這種動態在您的損益表中是否真的可見？它會持續多久，會很棒。

Do you have, Marco, the market share there?

Marco，你有那裡的市場份額嗎？

Yes. What comes to 4G, 5G market share. So we believe that in Europe, we are around 29%, 30%, somewhere there. And just like we said earlier, on those deals where customers have changed the vendor base, we have won about half of those. So we believe we have a very good position. And just you saw as well in quarter 1, we continue to grow in Europe again in Mobile Networks side with a very good growth rate. And this is evidence that we are taking market share in Europe as well.

是的。 4G、5G 市場份額如何。所以我們相信在歐洲，我們大約有 29%、30% 左右。正如我們之前所說，在客戶改變供應商基礎的交易中，我們贏得了大約一半的交易。所以我們相信我們有一個非常好的位置。就像你在第一季度看到的那樣，我們在移動網絡方面再次在歐洲繼續增長，增長率非常好。這證明我們也在歐洲佔據市場份額。

When you take -- if you take Dell'Oro figures in Europe, which we do not believe that would be far from the truth, they are saying, for the -- this is at the end '22, 29.2%, and that is 2.9 percentage points increase in 1 year. So in Mobile Networks, we now have 4 to 5 quarters behind us where we have taken market share globally outside of China. So this is a strong proof point of the return on investment that we are getting on the R&D.

當你拿——如果你拿 Dell'Oro 在歐洲的數據，我們認為這與事實相去甚遠，他們說，因為——這是 22 年底的 29.2%，那就是1年增加2.9個百分點。因此，在移動網絡領域，我們現在落後 4 到 5 個季度，我們已經在中國以外的全球市場佔據了份額。因此，這是我們在研發方面獲得投資回報的有力證明。

And of course, the latest product, which further increases our competitiveness, which is the Habrok generation that we launched in Mobile World Congress, that has not even started to deliver yet.

當然，進一步提高我們競爭力的最新產品，也就是我們在世界移動通信大會上推出的 Habrok 一代，甚至還沒有開始交付。

Thanks, Francois. We'll take our next question from Joseph Zhou from Redburn.

謝謝，弗朗索瓦。我們將從 Redburn 的 Joseph Zhou 那裡接受下一個問題。

I have two. I will go one at a time. And firstly, just on your Network Infrastructure business, which had a very strong margin again this quarter but with the lower margin optical business grew the strongest. And how should we understand the very strong year-on-year margin progression this quarter given the -- I would argue, the slightly unfavorable mix for that division? Which business within NI had the strongest improvement in margin?

我有兩個。我一個一個去。首先，就您的網絡基礎設施業務而言，本季度的利潤率再次非常強勁，但利潤率較低的光學業務增長最為強勁。考慮到該部門略微不利的組合，我們應該如何理解本季度非常強勁的同比利潤率增長？ NI 中的哪項業務在利潤率方面的改善最為顯著？

Well, first of all, because we now have great top line growth in IP Networks, 13% constant currency growth, and because that business has the best profitability in that business group, so that as such drives the margin. So that's the mix between businesses inside NI. But I also would like to highlight Optical Networks because there is -- as in all these businesses, there is some heavy R&D costs and then there is SG&A as well. So when you have, like in this quarter, 45% growth, that delivers a pretty healthy operating margin leverage as well. So those would be the 2 things that I would highlight as drivers for the NI -- behind the NI margin.

好吧，首先，因為我們現在在 IP 網絡方面有很大的收入增長，13% 的貨幣持續增長，而且因為該業務在該業務組中具有最好的盈利能力，因此推動了利潤率。這就是 NI 內部業務之間的組合。但我也想強調光網絡，因為在所有這些業務中，有一些沉重的研發成本，然後還有 SG&A。因此，當你有 45% 的增長時，就像本季度一樣，這也提供了相當健康的營業利潤率槓桿。因此，這些將是我要強調的兩件事，作為 NI 的驅動因素——在 NI 保證金之後。

Did you have any follow-up?

你有任何後續行動嗎？

Yes. My follow-up is we have seen quite a significant decoupling of growth trajectory between wireless and wireless network equipment spend in North America. And would you attribute this more to the high inventory level related to 5G or simply operators is shifting CapEx towards wired following the big 5G rollout in North America? Obviously, I think it's probably both, but would you attribute this more to customer destocking?

是的。我的後續行動是，我們已經看到北美無線和無線網絡設備支出之間的增長軌跡存在相當大的脫鉤。您會將這更多地歸因於與 5G 相關的高庫存水平，還是僅僅是運營商在北美大規模推出 5G 之後將資本支出轉向有線？顯然，我認為可能兩者兼而有之，但你會更多地將其歸因於客戶去庫存嗎？

Yes. The latter one is something that actually operators should comment. But we are seeing -- as we commented in the report, we saw strong development in Network Infrastructure in North America at the same time when we saw weakness in Mobile Networks. And again, that Mobile Networks weakness, in a way, is a double whammy that you have both slightly slower construction pace and then you have inventory depletion. So it's a combination of the 2. But right now, we are not seeing this in the same way in NI.

是的。後一個是實際運營商應該評論的內容。但我們看到——正如我們在報告中評論的那樣，在我們看到移動網絡疲軟的同時，我們看到了北美網絡基礎設施的強勁發展。再一次，移動網絡的弱點在某種程度上是雙重打擊，你的建設速度略有放緩，然後你的庫存就會耗盡。所以它是兩者的結合。但現在，我們在 NI 中並沒有以同樣的方式看到這一點。

Thank you. We'll take our question Stefan Slowinski from BNP Paribas.

謝謝。我們將接受來自法國巴黎銀行的 Stefan Slowinski 的問題。

Just wanted to get a clarification on the comments during the prepared remarks around the net cash longer term only required to be 15% of sales. Did you say that was after 2024 that you would look to put that into place? And I think you said you could do that either through substantial M&A or buybacks. So just kind of wondering how you would decide between the 2? And if it was more substantial M&A, what areas you might be considering for that? So that would be my first question.

只是想在準備好的關於淨現金長期只需要佔銷售額的 15% 的評論中澄清評論。您是否說過要在 2024 年之後將其付諸實施？我想你說過你可以通過大量併購或回購來做到這一點。所以只是想知道您將如何在兩者之間做出決定？如果是更實質性的併購，您可能會考慮哪些領域？所以這是我的第一個問題。

And just a quick follow-up is considering some of the early signs we're seeing about a broadening weaker macro environment, just wondering if there's any more cost-cutting initiatives that you're taking or could take in order to ensure that margins are preserved going into next year?

快速跟進正在考慮我們看到的一些關於宏觀環境疲軟的早期跡象，只是想知道您是否正在採取或可能採取更多削減成本的舉措，以確保利潤率保留到明年？

Thank you, Stefan. And when it comes to the capital management policy, I would say that, first of all, we want to sustain and secure that we have a solid overall financial position. And what comes to timing of reaching the target, we've said that we don't take any immediate actions due to the fact that we see a growth in 2023, which is tying up more working capital. At the same time, there's macroeconomic uncertainties as well. And that's why we said that we will look into that -- look into taking actions in 2024, where we expect that cash generation will improve.

謝謝你，斯特凡。談到資本管理政策，我想說的是，首先，我們要維持和確保我們擁有穩健的整體財務狀況。關於實現目標的時機，我們說過我們不會立即採取任何行動，因為我們看到 2023 年會出現增長，這會佔用更多的營運資金。同時，宏觀經濟也存在不確定性。這就是為什麼我們說我們將對此進行調查——考慮在 2024 年採取行動，我們預計屆時現金產生將有所改善。

When it comes to M&A activities, we've said bolt-on acquisitions could be one way and/or more returns to shareholders. We haven't specified more than that. And when comes to M&A, in general, we don't have any plans to make any big acquisitions. It's more targeted to secure our technology leadership and offering towards our customers and looking those kind of acquisitions.

在併購活動方面，我們說過補強收購可能是一種方式和/或為股東帶來更多回報。我們沒有指定更多。在併購方面，一般來說，我們沒有任何進行任何大型收購的計劃。它更有針對性地確保我們的技術領先地位並為我們的客戶提供服務並尋找此類收購。

And then just to follow up. I mean, of course, you should not forget that we just increased our dividend from EUR 0.02 to EUR 0.03 per quarter. That's a 50% increase. And then we are continuing into the second EUR 300 million of the EUR 600 million buyback program. So we are returning. And remember, this free cash flow conversion guidance of 20% to 50% of net sales this year is something that we need to keep in mind as well.

然後只是跟進。我的意思是，當然，你不應該忘記我們剛剛將股息從每季度 0.02 歐元增加到 0.03 歐元。這是 50% 的增長。然後我們將繼續進行 6 億歐元回購計劃中的第二個 3 億歐元。所以我們要回來了。請記住，今年淨銷售額的 20% 至 50% 的自由現金流轉換指導也是我們需要牢記的。

We'll take our next question from Richard -- sorry, we haven't answered the question on restructuring.

我們將從理查德那裡接受下一個問題——抱歉，我們還沒有回答有關重組的問題。

Sorry, what was the question?

抱歉，問題是什麼？

Stefan, I guess if you want to repeat it, but if I recall it was...

Stefan，我想如果你想重複一遍，但如果我記得是……

Cost discipline. Of course, yes, sorry.

成本紀律。當然，是的，對不起。

Any cost-cutting initiatives either underway or could be planned if the macro environment does continue to weaken throughout the year to preserve margins for next year.

如果全年宏觀環境確實繼續疲軟以保持明年的利潤率，任何正在進行或可能計劃的成本削減舉措。

First of all, we still have this EUR 600 million program ongoing that we said that would continue until the end of 2023. So it means that we are continuously trimming the cost base. So this is even without any new announcements or anything like that. This is something that we do all the time. And the businesses have full responsibility for keeping their cost base in shape. And of course, the businesses and we, in group management, we are paying a lot of attention to the macro environment, and we are adjusting the cost management accordingly.

首先，我們仍在進行這個 6 億歐元的計劃，我們曾說過將持續到 2023 年底。這意味著我們正在不斷削減成本基礎。所以這甚至沒有任何新的公告或類似的東西。這是我們一直在做的事情。企業對保持成本基礎的良好狀態負有全部責任。當然，企業和我們，在集團管理中，我們非常關注宏觀環境，我們也在相應地調整成本管理。

We are not making any new announcements today on this one, but I just want to highlight that this does not mean that there would not be actions ongoing all the time.

我們今天不會就此發布任何新公告，但我只想強調，這並不意味著不會一直有行動。

Next question from Richard Kramer from Arete.

來自 Arete 的 Richard Kramer 的下一個問題。

Pekka, can you give us a little bit more visibility or update us on the sustainability of that growth rate in enterprise, given the new customer wins? We've seen that have fits and starts in the past where you had a very good growth rate 1 quarter and then it tailed off the quarter after.

Pekka，鑑於贏得新客戶，您能否給我們更多的可見性或向我們更新企業增長率的可持續性？我們已經看到，在過去，你有一個非常好的增長率，然後在這個季度之後逐漸下降。

And maybe can you give us a bit more detail of -- you mentioned web scale hyperscalers. Can you give us a sense of what portion of that enterprise business is now focused on the very large hyperscalers versus the long tail of private wireless and enterprise customers? And then I have a quick follow-up.

也許你能給我們更多的細節——你提到了網絡規模的超大規模。你能告訴我們企業業務的哪一部分現在專注於超大型超大規模用戶，而不是私人無線和企業客戶的長尾嗎？然後我有一個快速跟進。

It is -- the web scale part, we are not disclosing it in monetary terms, but what I can say is that it is still a fairly small part of the overall enterprise business, which obviously was the total enterprise, EUR 2 billion last year.

這是 - 網絡規模部分，我們沒有以貨幣形式披露，但我可以說的是，它仍然是整個企業業務的一小部分，這顯然是整個企業，去年 20 億歐元.

Am I going to promise that the 62% growth rate we will sustain? No. But remember, Q4 was -- what was it, 49%, I think. But we have -- and Q3 was -- was it over 20%? Yes, 20-something percent. So we started to have some track record on this. And of course, this is important because -- and we said that we will have a strong double-digit full year growth this year.

我是否要承諾我們將維持 62% 的增長率？不，但請記住，第四季度是——它是什麼，我想是 49%。但是我們有——第三季度是——超過 20% 了嗎？是的，百分之二十左右。所以我們開始在這方面有一些記錄。當然，這很重要，因為 - 我們說過今年我們將實現強勁的兩位數全年增長。

But again, there could be jumps up and down also in individual quarters because some of the deliveries can also have some bulkiness because there is -- remember, in addition to the web scale deals and campus networks, there is also wide area private networks in that mix for authorities, for example, for utilities and so on.

但是同樣，個別地區也可能會有上下跳躍，因為一些交付也可能有一些體積，因為 - 請記住，除了網絡規模交易和校園網絡之外，還有廣域專用網絡混合用於當局，例如，用於公用事業等。

So you could see some lumpiness, but the general direction is good. We have a strong pipeline of new opportunities. And of course, the difference between this customer segment and the CSP segment is that here, it's really up to us and take it. I mean, there are thousands and thousands of potential customers, whereas on the CSP side, we are fairly dependent on a small number of customers.

所以你可以看到一些腫塊，但總體方向是好的。我們有大量的新機會。當然，這個客戶群和 CSP 群之間的區別在於，在這裡，它真的取決於我們並接受它。我的意思是，有成千上萬的潛在客戶，而在 CSP 方面，我們相當依賴少數客戶。

And then a quick follow-up for Marco. Very helpful Slide #11 with the bridge of Nokia Technologies. But with such a huge amount sitting in these smartphone agreement renewals, can you just help us understand how you're handling the costs of all that litigation against those renewals right now? Are those costs being taken through the P&L today? Or are they being put off until an agreement is reached and that might have a big impact on profitability when you finally are able to reach terms?

然後是對 Marco 的快速跟進。非常有幫助的幻燈片 #11 與諾基亞技術的橋樑。但是，由於這些智能手機協議續簽中有如此巨大的金額，您能否幫助我們了解您現在如何處理針對這些續籤的所有訴訟費用？這些成本今天是否通過損益表計算？或者他們是否會推遲到達成協議，當您最終能夠達成協議時，這可能會對盈利能力產生重大影響？

Yes. Thank you. Yes, we take litigation cost in our P&L immediately. And now, of course, when we have these 2 litigations, you see a little bit more litigation costs. But of course, we have other costs in the technologies, OpEx as well, as we have R&D different patent portfolio cost, business development and other licensing-related expenses that we have there. But we always take those immediately in our P&L.

是的。謝謝。是的，我們會立即在損益表中計入訴訟費用。現在，當然，當我們有這兩項訴訟時，您會看到更多的訴訟成本。但當然，我們在技術、運營支出方面還有其他成本，因為我們有研發不同的專利組合成本、業務發展和其他與許可相關的費用。但我們總是在我們的損益表中立即考慮這些。

We'll take our next question from Sébastien Sztabowicz from Kepler Cheuvreux.

我們將從 Kepler Cheuvreux 的 Sébastien Sztabowicz 那裡回答下一個問題。

One follow-up and one question previously on the market growth or market outlook for 2024. You answered on the Mobile Networks, but what is your view on the market trends for NI and the different business within NI? And then also on CNS, how do you see the demand developing beyond 2023?

關於 2024 年市場增長或市場前景的一個跟進和一個問題。你在移動網絡上回答了問題，但你對 NI 的市場趨勢和 NI 內部的不同業務有何看法？然後在 CNS 上，您如何看待 2023 年以後的需求發展？

And the second question would be on this patent litigation with Chinese smartphone OEM. Could you please make an update and tell us a little bit where your litigation are standing right now? Have you made any kind of progress? How the situation is evolving on these patent litigations?

第二個問題是關於與中國智能手機 OEM 的專利訴訟。您能否更新並告訴我們您的訴訟目前的進展情況？你有什麼進步嗎？這些專利訴訟的情況如何演變？

Okay. If I take the first one and Marco takes the second one. So NI market growth rates, we actually gave some estimations in connection with the Q4 progress update. IP Networks CAGR, 3%. Fixed Networks CAGR, 4%. And Optical Networks CAGR, 2%. So those -- these would be the overall market growth rates.

好的。如果我拿第一個而馬可拿第二個。所以 NI 市場增長率，我們實際上給出了一些與第四季度進度更新相關的估計。 IP 網絡 CAGR，3%。固定網絡 CAGR，4%。和光網絡複合年增長率為 2%。所以那些 - 這些將是整體市場增長率。

We have not looked into specifically 2024 at this time. These are kind of longer-term underlying growth rates. Of course, what means longer term, in this case, 2022, '25, that's what we said in January for the next 3 years CAGR at constant currency. That's what we are looking at, at the moment. But of course, this is something that we are following up all the time depending on how the general economy develops from here.

我們目前還沒有具體研究 2024 年。這些是長期的潛在增長率。當然，什麼是長期，在這種情況下，2022 年，25 年，這就是我們在 1 月份所說的未來 3 年以固定匯率計算的複合年增長率。這就是我們目前所關注的。但是，當然，這是我們一直在跟進的事情，具體取決於整體經濟從這裡的發展情況。

And when it comes to the litigations on those two cases I suppose you are referring to, we have continuous wins also in different jurisdictions. The latest one came from Germany, where we had a positive outcome from -- against Vivo. And then when it comes to OPPO, I think the latest one came from U.K. where the court ruled in our favor there as well.

當談到我想你指的那兩個案件的訴訟時，我們在不同的司法管轄區也連續獲勝。最新的一個來自德國，在那裡我們取得了積極的成果——對抗 Vivo。然後說到 OPPO，我認為最新的一個來自英國，那裡的法院也做出了對我們有利的裁決。

And when it comes to court in Brazil, they also granted us a preliminary injunction there. So we -- step by step, we are proceeding here when it comes to the litigation proceedings. And -- but at the same time, of course, we continue to negotiate with both parties to find suitable solution. But as we said before, we are not targeting any specific timeline here. We want to defend the value of our portfolio because we believe that we have very good portfolio, and we are following those international rules when it comes to friend in these as well.

當涉及到巴西的法庭時，他們也在那裡授予我們初步禁令。因此，在涉及訴訟程序時，我們一步一步地在這裡進行。並且 - 但與此同時，當然，我們繼續與雙方談判以找到合適的解決方案。但正如我們之前所說，我們在這裡沒有針對任何特定的時間表。我們想捍衛我們投資組合的價值，因為我們相信我們擁有非常好的投資組合，並且在涉及這些方面的朋友時，我們也遵守這些國際規則。

Thank you, Sébastien. We'll take our next question from Sami Sarkamies from Danske Bank.

謝謝你，塞巴斯蒂安。我們將從丹斯克銀行的 Sami Sarkamies 那裡回答下一個問題。

Can you please talk about developments at CNS in Q1? You did flag weak mix with higher hardware sales. Is this temporary in nature? And is it related to 5G core or the enterprise business?

你能談談第一季度 CNS 的發展嗎？你確實用更高的硬件銷售額標記了薄弱的組合。這是暫時的嗎？它與5G核心網或企業業務有關嗎？

And then maybe as a follow-up, what is the margin impact from strong enterprise growth during the past few quarters on CNS?

然後也許作為後續行動，過去幾個季度企業強勁增長對 CNS 的利潤率影響是什麼？

Okay. Thank you, Sami. First of all, I would say that the margin shift that we had in quarter 1 is not due to the enterprise sales. It is purely, I would say, mix between software and hardware. And in quarter 1, we had larger share of hardware shipments than we normally have and a little bit lower software. So this was the reason. And we expect the mix having a little bit headwind in quarter 2 as well.

好的。謝謝你，薩米。首先，我想說我們在第一季度的利潤率變化不是由於企業銷售。我想說，這純粹是軟件和硬件的混合。在第一季度，我們的硬件出貨量比往常多，軟件出貨量略低。這就是原因。我們預計該組合在第二季度也會遇到一些不利因素。

But remember also, this is a software type of business. So some normal seasonality is that most of the profit is always coming towards the end of the year. And this is exactly what we expect here as well, and that's why we have the full year guidance. And we reiterated that again as well that when it comes to our guidance assumptions, specifically for CNS, we assume to have 5.5% to 8.5% operating margin for the full year.

但也請記住，這是一種軟件類型的業務。所以一些正常的季節性是大部分利潤總是在年底到來。這也正是我們在這裡所期望的，這就是我們有全年指導的原因。我們也再次重申，當涉及到我們的指導假設時，特別是 CNS，我們假設全年的營業利潤率為 5.5% 至 8.5%。

We'll take our last question from Sandeep Deshpande from JPMorgan.

我們將接受來自摩根大通的 Sandeep Deshpande 的最後一個問題。

My question is -- sorry, I don't know whether this was asked before, but is the weakness -- I mean, you've seen 2 consecutive quarters in which your gross margin has been impacted in Mobile Networks. I mean you talked just now about software hardware mix. Is this what is going to change into the second half of the year, which will improve the margin in Mobile Networks because geographically, the mix has changed and that is probably not going to change into the second half of the year?

我的問題是——抱歉，我不知道之前是否有人問過這個問題，但這是弱點——我的意思是，你已經連續兩個季度看到移動網絡的毛利率受到影響。我的意思是你剛才談到了軟件硬件組合。這是否會在下半年發生變化，這將提高移動網絡的利潤率，因為在地理上，組合已經發生變化，而且下半年可能不會改變？

Well, the reason for the gross margin drop is specifically the geographical mix and that was actually there already in Q4 last year. So we now have 2 quarters of weaker volumes in North America in Mobile Networks. And that is expected to continue, as I said earlier, through the second quarter. And then we are expecting a recovery in the second half of the year, which then explains why we are maintaining the 7% to 10% full year operating margin guidance for Mobile Networks.

好吧，毛利率下降的原因特別是地域組合，實際上去年第四季度就已經存在了。因此，我們現在在北美的移動網絡中有 2 個季度的銷量下降。正如我之前所說，這種情況預計將持續到第二季度。然後我們預計下半年會出現復甦，這就解釋了為什麼我們維持 7% 到 10% 的移動網絡全年營業利潤率指導。

So the improvement in Mobile Networks, Pekka, in the second half will occur because, again, geographical mix shift rather than some adjustment associated with software hardware as such really?

因此，下半年移動網絡 Pekka 的改進將再次發生，因為地理組合轉移而不是與軟件硬件相關的一些調整真的如此嗎？

That is correct. This is not a software hardware question. This is a geographical mix or I should say, specifically, North American volume question, where we expect recovery in the second half of the year.

那是對的。這不是軟件硬件問題。這是一個地域組合，或者我應該說，具體來說，北美銷量問題，我們預計該地區將在今年下半年復蘇。

And the software hardware that was on the CNS, Cloud and Network Services.

以及 CNS、雲和網絡服務上的軟件硬件。

Thanks, Sandeep. And thank you, everyone, for joining us today. This does conclude today's call. I would like to remind you that during the call today, we have 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 the Investor Relations website. Thank you for joining us.

謝謝，桑迪普。感謝大家今天加入我們。今天的電話會議到此結束。我想提醒您，在今天的電話會議中，我們做出了一些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。可能導致此類差異的因素既可以是外部操作因素，也可以是內部操作因素。我們已在投資者關係網站上提供的 20-F 表格年度報告的風險因素部分確定了此類風險。感謝您加入我們。

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

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。