諾基亞 (NOK) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Nokia's First Quarter 202 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.

各位女士、先生，早安。歡迎參加諾基亞 202 年第一季業績電話會議。我是諾基亞投資人關係主管 David Mulholland，今天與我一同出席的有我們的總裁暨執行長 Pekka Lundmark，以及我們的財務長 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 that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect.

在開始之前，先做一個簡短的免責聲明。在本次電話會議中，我們將就未來的業務與財務表現發表前瞻性陳述；這些陳述屬於預測，並涉及風險與不確定性。因此，實際結果可能與我們目前預期的結果有重大差異。

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. 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.

造成此類差異的因素可能來自外部，也可能來自內部營運因素。我們已在年度報告 Form 20-F 的「風險因素」章節中識別相關風險，該報告可於我們的投資人關係網站取得。在今天的簡報中，成長率的提及多數將以固定匯率基礎呈現，而利潤率將以我們的可比口徑報告為基礎。

Please note that our Q1 report and this presentation are published on our website on both reported and comparable results and reconciliation between the 2 are included. In terms of the agenda for today, Pekka will give a quick overview of our financial and strategic progress in the quarter; and Marco will then go into a bit more detail of some of the key factors impacting our financial performance along with our outlook for 2022.

請注意，我們的第一季報告與本簡報已發布於網站，並同時提供依報告口徑與可比口徑的結果，且包含兩者之間的調節。在今天的議程方面，Pekka 將先快速概述本季的財務與策略進展；接著 Marco 會更詳細說明影響我們財務表現的一些關鍵因素，以及我們對 2022 年的展望。

With that, let me hand over to Pekka.

那麼，接下來我把時間交給 Pekka。

Thank you, David, and hello, everyone, and thank you very much for joining the call today. Before we start on the actual Q1 performance, let me say a few words about the events that have shocked us all in Q1, namely the Russian invasion of Ukraine. Nokia has strongly condemned the innovation from the start. Our priority has been and continues to be the safety and well-being of our employees.

謝謝你，David。各位好，也非常感謝大家今天加入本次電話會議。在開始談第一季實際表現之前，我想先就第一季令我們所有人震驚的事件說幾句，也就是俄羅斯入侵烏克蘭。諾基亞自一開始就強烈譴責這場入侵。我們的首要任務一直是、也將持續是員工的安全與福祉。

We are supporting our colleagues in Ukraine and providing all available help depending on people's individual needs and circumstances, and I'm proud and impressed by how our team members have continued efforts in Ukraine to maintain our customers' networks in the country. It has been clear for us since the early days of the invasion that continuing our presence in Russia would not be possible.

我們正在支持烏克蘭的同仁，並依據每個人的個別需求與處境提供一切可用的協助；我也為我們團隊成員感到驕傲與敬佩，他們在烏克蘭持續努力維持當地客戶的網路運作。自入侵初期起，我們就很清楚，繼續在俄羅斯維持業務存在是不可能的。

We announced on April 12 that we will exit the Russian market. We will do this in a responsible way, and aim to provide the necessary support to maintain our customers' networks as we exit. Western governments have highlighted the humanitarian implications for ordinary Russian [sea] food, medicine and critical infrastructure providers like us simply walk away. We will work closely with our customers on a smooth and orderly transition hence to complete the exit as quickly as possible, but also responsibly.

我們於 4 月 12 日宣布將退出俄羅斯市場。我們將以負責任的方式進行，並在退出過程中致力於提供必要支援，以維持客戶網路運作。西方政府已強調其中對一般俄羅斯民眾的人道影響——若像我們這樣的食品、藥品與關鍵基礎設施供應商就此直接離開。我們將與客戶密切合作，確保平順且有序的移轉，因此會盡可能快速完成退出，但同時也要負責任地進行。

So with that, let's move on now to our Q1 results. First of all, I'm really pleased with Q1. It was a strong start to the year. Looking at the screen here, we had 1% top line growth in constant currency. This was 5% in reported currencies. We could actually have grown faster because we have a very strong order backlog. Supply chain continued to constrain our growth, notably in mobile networks and then within network infrastructure business inside the optical networks business.

那麼，接下來我們進入第一季業績。首先，我對第一季的表現非常滿意，這是今年強勁的開局。從螢幕上可以看到，以固定匯率計算，我們的營收成長 1%；以報告幣別計算則成長 5%。其實我們本可以成長更快，因為我們有非常強勁的訂單積壓。供應鏈仍持續限制我們的成長，尤其是在行動網路，以及網路基礎設施事業群中的光網路業務。

What was particularly pleasing in this quarter was the strong gross margin, 40.7%, which is 250 basis points up, and this was particularly driven by mobile networks and cloud and network services. So this is really demonstrating that we continue to benefit from our improved product and cost competitiveness that we have achieved through the added R&D investment.

本季特別令人欣喜的是強勁的毛利率，達 40.7%，提升 250 個基點；這主要由行動網路以及雲端與網路服務所帶動。這清楚顯示，我們持續受惠於透過增加研發投資所達成的產品與成本競爭力提升。

The operating margin in the quarter was 10.9%. It was stable. Improvements in gross margin were offset by increased investment in R&D which we are continuing. But then in addition to that, when you compare this quarter to the corresponding quarter a year ago, we had a little bit lower other operating income because there were positive one-offs last year.

本季營業利益率為 10.9%，維持穩定。毛利率的改善被我們持續增加的研發投資所抵銷。此外，與去年同期相比，我們的其他營業收入略低，因為去年有一些正向的一次性項目。

And then there were timing effects in the Technologies business, which we will zoom deeper later on this call. So then with the help of this chart, I will kind of comment both the top line and margin development. The gray bars that you see here indicate in each quarter, the year-on-year growth in comparable currencies.

另外，Technologies 業務也有時點效應，我們稍後會在本次電話會議中更深入說明。接著藉由這張圖表，我將同時評論營收與利潤率的變化。你們在此看到的灰色長條，代表各季度以可比幣別計算的年增率。

And after the pretty challenging Q4, as you remember, it is now very good that we have returned to growth. And then obviously, the margin development has been strong. The blue line here indicates the rolling 12-month comparable operating margin. We are now on the same level as at the end of last year, 12.5%. And obviously, here, you see the significant improvement that we've been able to deliver since 2020.

在相當具挑戰的第四季之後（各位應該還記得），我們如今重回成長軌道，這非常好。當然，利潤率的走勢也很強勁。這裡的藍線代表過去 12 個月滾動的可比營業利益率。我們目前與去年年底相同，為 12.5%。而且很明顯，你們可以看到自 2020 年以來我們所交付的顯著改善。

So now I will say a few words on each business group, and I will start with mobile networks. As already highlighted, we had a top line issue in this business. We have strong order backlog but because of continued supply chain challenges, we had 4% decline in the top line in comparable currencies. On the semiconductor side, the situation continues tight.

接下來我會針對各事業群簡要說明，先從行動網路開始。如先前所強調，這個業務在營收端遇到一些問題。我們有強勁的訂單積壓，但由於供應鏈挑戰持續，以可比幣別計算營收下滑 4%。在半導體方面，情勢仍然吃緊。

There are some areas of improvement here and there, but in the big picture, the situation continues tight. In addition to that, in the short term, we are now facing some supplier-specific challenges. And then obviously, there is the situation in Shanghai region at the moment in China, which is COVID-related that Marco will comment a little bit more. So these were some of the things affecting the top line despite the fact that we have really, really strong order book, and we expect to return to growth in this business this year.

某些領域有些許改善，但就整體而言，情勢仍然緊張。此外，短期內我們也正面臨一些特定供應商的挑戰。再者，當前中國上海地區也有與 COVID 相關的情況，Marco 會再多做一些評論。因此，儘管我們的訂單簿非常、非常強勁，這些因素仍影響了營收表現；而我們預期今年這項業務將回到成長。

Profitability development. Given the somewhat challenged top line, the profitability development was really, really pleasing. 7.5% operating margin, great expansion in gross margin, 410 basis points improvement in comparable operating margin over last year. And what is behind this? It is really, first of all, the R&D investment that we have made. Here, you see on a 12-month rolling basis, the R&D investment in mobile networks.

至於獲利能力的發展，考量到營收端略具挑戰，獲利表現確實非常、非常令人欣喜。營業利益率 7.5%，毛利率大幅擴張；可比營業利益率較去年提升 410 個基點。背後原因是什麼？首先就是我們所做的研發投資。這裡你們看到的是行動網路以過去 12 個月滾動計算的研發投資。

If I go back here to the third quarter 2020, we were around EUR 1.8 billion. Now we are at EUR 2.1 billion, so we have added about EUR 300 million annual R&D investment into this business, which is about 16%. So this is significant, and we have done exactly what we said in 2020 that we will invest whatever it takes to repeat the success that we have had in 4G also in 5G.

如果我回到 2020 年第三季，當時約為 18 億歐元。現在我們是 21 億歐元，也就是每年約增加 3 億歐元的研發投資，約 16%。這是相當顯著的增幅，而我們也確實做到了 2020 年所說的——我們將投入所需的一切，以在 5G 複製我們在 4G 的成功。

So this R&D investment has helped us to deliver this, which is the gross margin trend. We are now -- this is also 12-month rolling. We are now at 39% 12-month rolling at the end of the first quarter. And very clearly, the R&D investment and this gross margin development, they go hand in hand. But there is another thing also behind the gross margin, and it is the mix development that we have been driving inside the services part of the mobile networks business.

這些研發投資幫助我們交付了這樣的成果，也就是毛利率趨勢。我們目前——這同樣是以 12 個月滾動計算——在第一季末達到 39%。非常清楚地，研發投資與毛利率的改善是相輔相成的。但毛利率背後還有另一個因素，就是我們在行動網路業務的服務部分所推動的組合（mix）變化。

We are transitioning from low-margin deploy services towards a higher share of higher margin technical support and maintenance services. This is a strategic shift that we are driving in the service part of the mobile networks business. And that is the other reason in addition to the product competitiveness itself and the R&D investment that we have made that is driving the gross margin.

我們正從低毛利的部署服務，轉向提高高毛利的技術支援與維護服務占比。這是我們在行動網路業務服務部分所推動的策略性轉型。除了產品競爭力本身以及我們所做的研發投資之外，這也是推動毛利率的另一個原因。

Then over to the next business, which is network infrastructure. I would say, again, fantastic quarter from a top line point of view, 9% growth in constant currency. But zooming into this business a little bit more, 29% growth in fixed networks on top of the already over 30% growth last year. And then submarine networks, also very strong growth, 25%. There was one business inside NI with weak top line, and that was the optical business and that was exactly the business that was hit by some specific supply chain challenges.

接著談下一個業務，也就是網路基礎設施。我會說，從營收角度來看同樣是非常出色的一季，以固定匯率計算成長 9%。但更深入看這個業務：固定網路在去年已超過 30% 成長的基礎上，本季再成長 29%。海底網路也非常強勁，成長 25%。在 NI 內有一項業務的營收較弱，那就是光網路業務，而這正是受到某些特定供應鏈挑戰衝擊的業務。

Also there, we have good product competitiveness, strong order book. So we expect to recover also in this business later in the year. The overall operating margin for the NI business was 9.9%. It fell 90 basis points year-over-year largely due to the absence of positive other operating income in the prior year and also to some extent, increased R&D investments.

在那裡我們同樣具備良好的產品競爭力與強勁的訂單簿，因此我們預期該業務也將在今年稍晚恢復。NI 業務整體營業利益率為 9.9%，年減 90 個基點，主要是因為去年缺少正向的其他營業收入，以及在某種程度上研發投資增加所致。

Talking very briefly about the technology development and you remember that we launched the FP5 new generation of routing silicon last year, it's really promising. We are now in the first customer trials. We are seeing strong interest in the 800 gigabit ethernet support, full backward compatibility and support for current features and services.

最後非常簡短地談一下技術發展。各位還記得我們去年推出了新一代路由矽晶 FP5，這項技術非常有前景。我們目前正進行第一批客戶試驗。我們看到市場對 800G 乙太網路支援、完整向下相容，以及對現有功能與服務的支援有強烈興趣。

One very important detail, while we initially committed to 4.8 terabits per second throughput in the chip, what we are now seeing in the field trials is that the chip is actually performing even better and we are reaching up to 6 terabits per second throughput, which is 25% more than we had initially estimated, and this is continuing to increase the value proposition to our customers of the FP5 chipset.

有一個非常重要的細節：雖然我們最初在晶片上承諾每秒 4.8 太位元（terabits per second）的吞吐量，但我們目前在現場試驗中看到的是，該晶片實際表現更佳，吞吐量最高可達每秒 6 太位元，較我們最初估計高出 25%，而且這一數字仍在持續提升，進一步強化 FP5 晶片組對客戶的價值主張。

Our other silicon platforms, in addition to FP5, what you see here, equivalent for the fixed networks and PSC 5 for optical networking also continue to give a strong differentiation helping us to gain share. And just as 1 practical example of the strength of the portfolio, the Microsoft deal that we announced in April, it chose the strength of our data center switching solutions, and it is a good step in entering relationships with webscalers.

除 FP5 之外，我們其他的矽平台——您在此看到的固定網路對應平台，以及用於光網路的 PSC 5——也持續帶來強勁差異化，協助我們提升市占。作為產品組合實力的一個實際例子，我們在 4 月宣布的微軟合作案，正是看中我們資料中心交換解決方案的優勢，這也是我們與網路巨頭（webscalers）建立合作關係的重要一步。

Then on to Cloud and Network Services. Also here, a strong quarter 5% top line growth. We are rebalancing our investments towards higher growth areas, and that is clearly showing results. We are now seeing it in the top line development. We had strong growth in one of the focus areas of CNS, which is core networks. CSPs are now transitioning towards 5G core, and that is really driving the CNS business in Nokia. Another driver is private wireless and the campus wireless deployments that we are in at the moment.

接著談雲端與網路服務（Cloud and Network Services）。這裡同樣是一個強勁的季度，營收年增 5%。我們正將投資重新平衡至更高成長領域，且已明顯看到成效，並反映在營收走勢上。我們在 CNS 的重點領域之一——核心網路——實現強勁成長。通訊服務供應商（CSP）正轉向 5G 核心網，這確實正在帶動 Nokia 的 CNS 業務。另一個驅動因素是私有無線，以及我們目前正在進行的園區無線部署。

Also here, we had strong gross margin expansion, 520 basis points benefiting from both top line growth and the operational improvements we continue to make. And all this then resulted in a pretty good 570 basis points expansion on the operating margin. On this chart, you see a 12-month rolling operating margin for Cloud and Network Services. And while there was weakness in late '20, early '21, partly because of some provisions that we took related to certain projects, even excluding those effects, you can see that how much the rebalancing is starting to benefit our profitability.

此外，我們的毛利率也大幅擴張 520 個基點，受惠於營收成長以及我們持續推動的營運改善。這些因素使營業利益率擴張達 570 個基點。在這張圖表中，您看到的是雲端與網路服務的 12 個月滾動營業利益率。雖然在 2020 年底、2021 年初曾出現疲弱，部分原因是我們針對特定專案提列了一些準備金，但即使排除這些影響，您仍可看到投資重新平衡正如何開始改善我們的獲利能力。

And as I said, we are also investing in this business, we are investing a lot. And one of the key investment areas is campus wireless, where we are adding R&D investment, which is one of the reasons why I want to caution you now that and repeat what we have said earlier, that our assumption for the profitability of this business for this -- for the full year 2022 is comparable operating margin between 4% and 7%.

如我所說，我們也在投資這項業務，而且投入相當多。其中一個關鍵投資領域是園區無線，我們正在增加研發（R&D）投資。這也是我現在要提醒各位、並重申我們先前所說的原因：我們對該業務在 2022 全年的獲利能力假設，為可比營業利益率介於 4% 到 7%。

And then the fourth of our businesses which is Nokia Technologies, here you see the quarterly top line in Nokia Technologies. And yes, there was a 17% decline year-over-year in Q1. This was primarily a timing issue. We had 2 contracts that expired last year that are currently in litigation, and in renewal discussions obviously with these customers. So that affected the top line in the quarter.

接著談我們第四個業務——Nokia Technologies。這裡您看到的是 Nokia Technologies 的季度營收。是的，第一季（Q1）年減 17%。這主要是時點因素所致。我們有兩份合約在去年到期，目前正處於訴訟中，並且也在與這些客戶進行續約討論。因此影響了本季營收。

Another factor was that there is another customer whose license has expired, but they have exited the smartphone market. So obviously, that will not continue. But we continue to be confident in the strength of our portfolio. We still expect to be able to deliver to stable operating profit year-over-year in this business, assuming that these 2 negotiations that I mentioned are concluded.

另一個因素是，還有一位客戶的授權已到期，但該客戶已退出智慧型手機市場，因此這部分顯然不會延續。不過，我們仍對我們產品組合的實力充滿信心。只要我提到的這兩項談判能夠完成，我們仍預期該業務可實現營業利益年對年穩定。

And I also want to be very clear on one thing in terms of our approach in this business. Our priority since we do believe in the competitiveness of our portfolio, that it means that our priority will remain protecting the value of our portfolio instead of achieving resolution by a specific deadline.

同時，我也想就我們在這項業務的做法非常明確地說一點：由於我們相信自身產品組合具競爭力，因此我們的優先事項將仍是保護產品組合的價值，而不是為了在特定期限前達成解決方案。

So let's now move on to Enterprise next, but before I do that, I want to take a step back and explain the breadth of what we are doing in Enterprise. As you remember, Enterprise for us is not a business group. Whatever we sell to this customer segment, we report in the respective business group, depending on the solution that we are talking about. But we do have a dedicated sales organization for Enterprise, and that sales organization is organized along 4 major opportunities.

接下來我們談企業（Enterprise），但在此之前，我想先退一步說明我們在企業領域所做事情的廣度。如各位所記得，企業對我們而言並不是一個事業群。我們對這個客戶區隔所銷售的任何產品，會依所談解決方案而歸類並在相對應的事業群中揭露。但我們確實有一個專責的企業銷售組織，而該銷售組織是圍繞 4 個主要機會來配置。

And the first one is webscalers. Primarily our IP routing and optical products for large webscale companies, and of course, the Microsoft data center switching deal is a good example of this. Then the second segment we are focusing on is various verticals delivered by our Network Infrastructure business. Typically, IP networks, optical networks, broadband, fixed broadband connectivity to enterprise sites.

第一個是網路巨頭（webscalers），主要是針對大型網路規模公司的 IP 路由與光學產品；當然，微軟資料中心交換的合作案就是一個很好的例子。第二個我們聚焦的區隔，是由我們網路基礎設施（Network Infrastructure）業務所提供的各類垂直產業解決方案，通常包括 IP 網路、光網路、寬頻，以及連接企業據點的固定寬頻連線。

In addition to that, this vertical is focusing on government as a customer group. We actually expect that government spending and government agency spending is going to increase going forward, and that opens up interesting opportunities for this vertical. And then the other side of all of this is then the private wireless networks that we have talked a lot about.

此外，這個垂直領域也聚焦政府作為客戶群。我們實際上預期政府支出與政府機構支出未來將會增加，這為該垂直領域帶來有趣的機會。而在這一切的另一面，則是我們談了很多的私有無線網路。

And there it's important to see that there are 2 fundamentally different cases. One is wide area networks, which typically are networks for public safety, transport and utility applications. The logic in this business, how you build, sell and build these networks, is quite similar to how we are selling mobile networks today. But the difference is, of course, that then the customer is not a service provider.

在私有無線方面，重要的是要看到有兩種本質上不同的情境。其一是廣域網路（wide area networks），通常是用於公共安全、運輸與公用事業等應用的網路。在這項業務中，網路的建置方式、銷售方式以及如何交付，與我們今天銷售行動網路的方式相當類似；但差異當然在於，客戶不再是服務供應商。

It is something else. It could be a utility or it could be a safety authority. But then there is from wide area networks, a very different case. And this is one of our most important strategic growth opportunities, and that is the millions and millions of industrial campuses that there are in this world who are all seeking ways to improve their productivity through digitalization.

客戶會是其他類型，例如公用事業公司或安全主管機關。但相較於廣域網路，還有一個非常不同的情境，而且這是我們最重要的策略性成長機會之一：全球有數以百萬計的工業園區，都在尋求透過數位化來提升生產力。

And that's where our campus wireless strategy, including edge computing platforms for campus wireless 5G wireless access through our NDAC solution, et cetera, et cetera, comes in. So I just wanted to -- because enterprise, it's a very wide concept, I want to highlight that these are the 4 innovative opportunities that we are focusing on in this business.

這正是我們的園區無線策略發揮作用之處，包括用於園區無線的邊緣運算平台、透過我們的 NDAC 解決方案提供園區 5G 無線接取，等等。因此我想強調的是，因為企業是一個非常廣泛的概念，我希望凸顯我們在這項業務中聚焦的這 4 個創新機會。

It is fair to say that our top line did not meet expectations in Q1, 7% drop in Q1 was affected by supply chain challenges and some other conversion delays. The positive side of this is that as we already said at the end of last year after Q4, we have a great order intake and a great order backlog. And the good thing is that the strong order intake continued in Q1. We continue to grow double digit in orders.

可以說，我們第一季的營收未達預期；第一季下滑 7%，受到供應鏈挑戰以及一些其他轉換延遲的影響。正面的一面是，正如我們在去年第四季後、去年底已提到的，我們有很好的接單量與很好的訂單積壓（order backlog）。而且好消息是，強勁的接單動能在第一季仍持續，我們的訂單仍維持雙位數成長。

So what we're actually doing now is we are growing an order backlog. And then the next challenge and the goal, obviously, that we then have for the remaining quarters for this year is to make sure that we start converting that order backlog at a faster pace, and that is definitely our goal. We continue to grow our customer base and build what we believe will be a sustainably growing business in the midterm.

因此我們目前實際上是在擴大訂單積壓。接下來的挑戰與目標，顯然就是在今年剩餘季度，確保我們能以更快的速度將這些訂單積壓轉化為營收，這絕對是我們的目標。我們也持續擴大客戶基礎，並打造我們相信在中期能夠持續成長的業務。

And if you recall the previous slide on the campus wireless opportunity I was talking about here is -- and not only campus, but also private wireless in general, including wide area also, we continued our good pace of growth in those segments. We increased with 30 new customers from 420 to 450 during the quarter.

如果您還記得我在前一張投影片談到的園區無線機會——不僅是園區，還包括更廣義的私有無線（也包含廣域網路）——我們在這些區隔仍維持良好的成長速度。本季我們新增 30 位客戶，客戶數從 420 增至 450。

So we continue to focus in the Enterprise segment. Our goal continues to be that in the coming years, the relative share of enterprise of our all sales will grow, meaning that it will grow faster than the service provider side of the business.

因此我們持續聚焦企業市場。我們的目標仍是：在未來幾年，企業業務在我們總銷售中的相對占比將提高，也就是說，其成長速度將快於服務供應商端的業務。

So ladies and gentlemen, with that, I would like to hand over to Marco.

各位女士、先生，以上我想把時間交給 Marco。

Thank you, Pekka, and hello from my side as well. I will give a little bit more flavor on the financials. And starting with the top line development, as Pekka mentioned, we had 1% growth on constant currency basis. And if you look at the different geographies, what has happened, starting with Asia Pacific, you can see the 15% growth there, and this was growth in all business groups. While North America, that was driven by network infrastructure.

謝謝你，Pekka，我這邊也向各位問好。我將就財務表現補充更多細節。先從營收走勢開始，如 Pekka 所提，我們以固定匯率（constant currency）計算為成長 1%。若看不同地區的表現，先從亞太開始，您可以看到 15% 的成長，而且這是所有事業群的成長；而北美則主要由網路基礎設施所帶動。

And if you look at the Europe growth, 2%, we actually had a very good growth in mobile networks. But also in Europe, we actually record the revenues from technologies. And as you saw, Pekka showed as well that we have a decline of 17%, and this is actually offsetting the good growth that we had in mobile networks, but also optical and IP had some decline in Europe.

再看歐洲的成長 2%，我們在行動網路其實有非常好的成長。但在歐洲，我們也認列來自 Technologies 的營收。正如您所見、Pekka 也展示過，我們下滑了 17%，這實際上抵銷了行動網路的良好成長；此外，光學與 IP 在歐洲也有一些下滑。

Then if we look at the red ones, starting with Latin America. And actually, in Latin America, all business groups, but also the business division within network infrastructure, optical, IP and FN, fixed networks, they all grew in Latin America. The only one that didn't was submarine, submarine business that is more project-based business and they do certain projects going from region to region, and that's where we saw the decline in Latin America.

接著看紅色的部分，先從拉丁美洲開始。事實上在拉丁美洲，所有事業群都有成長；而且在網路基礎設施內部的事業部門——光學、IP 與 FN（Fixed Networks，固定網路）——也都在拉丁美洲成長。唯一沒有成長的是海纜（submarine），海纜業務較偏專案型，會在不同地區之間承接特定專案，因此我們在拉丁美洲看到海纜業務下滑。

And then lastly, I just want to highlight, India as you see, minus 24%. And the reason here is more timing issue. As you all know, the rollout of 5G will happen later this year.

最後，我想特別強調一下印度，如你們所見，下滑 24%。原因主要是時點問題。眾所周知，5G 的部署將在今年稍晚才會展開。

And then going over to operating margin development. And I would say that we had a good development in Q1. I'm very pleased to see the mobile networks operating margin expansion of 410 basis points. We had a very strong gross margin development, while we also invested in R&D at the same time.

接著談到營業利益率的變化。我會說我們在第一季有不錯的進展。我很高興看到行動網路的營業利益率擴大了 410 個基點。我們的毛利率表現非常強勁，同時也在進行研發投資。

The next area, network infrastructure with a small operating profit growth, while operating margin had a decline of 90 basis points, just like Pekka mentioned, and this is where we invest in R&D as well, but also the absence of the one-off in other operating income last year. CNS 570 basis point expansion in the operating margin is a great achievement. And it's good to see that also here, we had a very good year improvement, and this was expansion on gross margins.

下一個領域是網路基礎設施，營業利益小幅成長，但營業利益率下滑了 90 個基點，正如 Pekka 提到的。這也是我們投入研發的地方，同時也因為去年其他營業收入中的一次性項目今年不再出現。CNS 的營業利益率擴大 570 個基點是一項很大的成就。也很高興看到在這裡我們同樣有非常好的年對年改善，而這主要來自毛利率的擴張。

Then we have 2 areas where we saw the offset of these good developments, and technologies is one of those. And of course, there is more delays in the revenues and because of those litigations and negotiations that we had with 2 customers. And the other one is the group common. Last year, we had in our venture funds, EUR 90 million income. And this year, in quarter 1, we have EUR 40 million. So this is the big impact here.

接著有兩個領域抵銷了上述良好進展，其中之一是 Technologies。當然，因為我們與兩位客戶之間的訴訟與談判，營收出現更多延遲。另一個是集團共同項目（group common）。去年我們的創投基金收入為 9,000 萬歐元，而今年第一季為 4,000 萬歐元，因此這是主要影響因素。

And then if you look at our cash performance, we had a good performance in quarter 1, we generated EUR 326 million free cash flow, and this is mainly coming from a strong adjusted profits. But also, you can see a positive impact from our net working capital. And here, of course, in quarter 4 when we have a higher sales, part of that is collected in Q1 so that's why the trade receivables had declined in Q1 and gave a positive impact of EUR 350 million.

再來看我們的現金表現，第一季表現良好，我們產生了 3.26 億歐元的自由現金流，主要來自強勁的調整後獲利。同時，你們也可以看到淨營運資金帶來的正面影響。當然，在第四季因為銷售較高，其中一部分會在第一季收款，所以第一季應收帳款下降，帶來 3.5 億歐元的正面影響。

Offsetting that was that we actually increased our inventories about EUR 200 million. And this is just like we mentioned earlier, we want to build some buffers considering the supply chain constrained situation where we are. And also in Q1, we initiated the share buyback program and so far in Q1, we actually purchased about 10.5 million shares, and that's about 50 million impact in Q1.

與此相抵的是，我們實際上將存貨增加了約 2 億歐元。正如先前提到的，考量到目前供應鏈受限的情況，我們希望建立一些緩衝。此外在第一季，我們啟動了庫藏股回購計畫；截至第一季，我們實際回購了約 1,050 萬股，對第一季的影響約為 5,000 萬歐元。

Just looking forward when it comes to Q2, keep in mind that in Q2, cash flow will be impacted by the outflows related to employee variable pay. And that's why the quarter 2 cash flow will be different. Then if we go to market outlook and how the market has been changed, we've done 2 main changes here, and this is affecting that the market is now growing about 4% instead of 3 and the 2 adjustments that we've made here is actually in the first, we see a better market in North America, especially in mobile networks area.

稍微展望第二季，請記得第二季的現金流將受到與員工變動薪酬相關的現金流出影響，因此第二季的現金流會有所不同。接著談到市場展望以及市場如何變化，我們做了兩項主要調整，這使得市場目前預期成長約 4%，而不是 3%。我們做的兩項調整中，第一項是我們看到北美市場更好，特別是在行動網路領域。

And this is slightly offset by other adjustment we made, and that's the situation in Russia, Ukraine. And the outcome of these 2 adjustment is that mobile networks market is now expected to increase by 4% instead of 3, while the CNS market is expected to grow 4% instead of 5%. And here, you can see in the CNS area that the Russia-Ukraine is impacting slightly. But our ambition remains to grow faster than the market.

這部分又被我們做的另一項調整稍微抵銷，也就是俄羅斯、烏克蘭的情勢。這兩項調整的結果是，行動網路市場目前預期成長 4% 而非 3%；而 CNS 市場預期成長 4% 而非 5%。在 CNS 領域，你們可以看到俄烏情勢帶來些微影響。但我們的企圖心仍是要比市場成長更快。

And then just looking to outlook and our guidance a little bit more detail, first of all, I want to emphasize that demand environment continues to be very strong, while the supply chain and inflation challenges remain as well we are confident that we can deliver our chosen turning outlook. So like Pekka also referred to COVID situation in China, that could pose some short-term challenges, considering the lockdowns we've seen there, but we do not expect that to impact out full year.

接著更詳細談談展望與指引。首先我要強調，需求環境仍然非常強勁，同時供應鏈與通膨挑戰也依然存在；我們有信心能夠達成我們所選定的轉型展望。正如 Pekka 也提到的，中國的 COVID 情況可能帶來一些短期挑戰，考量到我們看到的封控，但我們不預期這會影響我們的全年表現。

Overall, our outlook is unchanged. And the only change that we've done is adjusting the top line guidance because of the FX movements during the quarter. So it's a EUR 300 million adjustment. So now the top line is expected to be between EUR 22.9 billion to EUR 24.1 billion while the operating margin and cash flow are the same.

整體而言，我們的展望維持不變。我們唯一做的變更，是因為本季匯率（FX）變動而調整營收指引上限與下限，調整幅度為 3 億歐元。因此，目前營收預期介於 229 億歐元至 241 億歐元之間，而營業利益率與現金流指引維持不變。

And then just to give you a reminder of our guidance and how we have built it up, if we start from 2021 operating margin which ended up at 12.5%, and we had about 150 basis points of one-offs in that. So the comparable starting point is actually 11%. But we expect that the sales growth and the operational improvements that we are working on will actually offset the inflation and supply chain challenges that we see and also our investments in R&D.

接著提醒各位我們的指引以及我們如何建立這個指引。若從 2021 年營業利益率 12.5% 開始，其中約有 150 個基點的一次性項目，因此可比的起點其實是 11%。但我們預期，我們正在推動的銷售成長與營運改善，將能抵銷我們所看到的通膨與供應鏈挑戰，以及我們在研發上的投資。

So with that, I thank you for my part, and turn you back to David.

以上就是我這部分的內容，謝謝各位，接下來交回給 David。

Thank you, Marco, and thank you, Pekka, as well for the presentations. Before we move to the Q&A session, I just wanted to give you all another date for your dairies. I'm pleased to announce that on the 16th of June, we'll be holding our next progress update presentation, this time focusing on our cloud and network services business. Details of that will be sent out shortly.

謝謝你，Marco，也謝謝 Pekka 的簡報。在進入問答環節之前，我想再提供各位一個日期以便記錄。我很高興宣布，我們將於 6 月 16 日舉行下一次進度更新簡報，這次將聚焦於我們的雲端與網路服務業務。相關細節將很快寄出。

With that, let's move to the Q&A. (Operator Instructions). With that, Rachel, could you please give the instructions for the Q&A?

那麼，我們進入問答環節。（接線員指示）。Rachel，請你說明問答的指示，好嗎？

(Operator Instructions) I'll now hand over to Mr. David Mulholland.

（接線員指示）我現在把時間交給 David Mulholland 先生。

Thank you, Rachel. We'll take our first question from Alex Duval from Goldman Sachs.

謝謝你，Rachel。我們的第一個問題來自 Goldman Sachs 的 Alex Duval。

Congratulations on the strong results. Firstly, just on gross margins in mobile, you saw very robust profitability there on the gross margin level, allowing you to deliver strong profits despite some of the suppliers you referenced I wondered if you could talk a little bit more about the key drivers of the strength there. To what degree are we thinking about things like product quality advances or cost structure? And can you contextualize a bit how important the restock story is in mobile as part of that?

恭喜你們交出強勁的業績。首先，關於行動業務的毛利率，你們在毛利率層面看到非常穩健的獲利能力，使你們即便面對你們提到的一些供應商問題，仍能交出強勁的獲利。我想請你們多談一些那裡強勁表現的關鍵驅動因素。我們應該在多大程度上把它歸因於例如產品品質提升或成本結構？另外，你能否也稍微說明一下，在行動業務中「補庫存」這個故事在其中的重要性？

Well, absolutely, as we have said many times, the ReefShark story is absolutely essential in this. Now the share was 82% in Q1, and we are on track towards 100% by the end of this year. But I would like to highlight is actually during the presentation as well. In addition to that, the other side of the story is the structural development we have inside the services part of the Mobile Networks business where we are transitioning from lower-margin deployed services towards higher-margin care and maintenance services using maximally the new technologies, artificial intelligence, automatic fault detection, automated network optimization and so on. This is the other part of the -- also, I would call a technology story in addition to ReefShark.

當然可以。正如我們多次提到的，ReefShark 的故事在這裡絕對至關重要。第一季的占比是 82%，我們正按計畫在今年底前達到 100%。但我也想強調——其實在簡報中也提到——除此之外，故事的另一面是我們在行動網路業務的服務部分所做的結構性發展：我們正從較低毛利的部署型服務，轉向較高毛利的維護與保養服務，並最大化運用新技術，例如人工智慧、自動故障偵測、自動化網路最佳化等等。這也是另一部分——我會稱之為一個技術故事——是 ReefShark 之外的補充。

Just very briefly, you obviously had a strong beat on EBIT in the quarter. But if I look at the sort of full year uplift in terms of what you're implying on a sort of fiscal year basis, you implicitly haven't sort of raised the other quarters. I just wondered if you could give any sort of context around that. Obviously, you realize you're early in the year, but any thoughts there would be helpful.

再非常簡短地問一下，你們本季的 EBIT 顯著優於預期。但如果我看你們對全年所暗示的提升幅度，以財政年度的角度來看，你們似乎並沒有隱含上調其他季度。我想請問你們能否提供一些背景說明。當然我知道現在還在年初，但任何想法都會很有幫助。

We don't really have any new thoughts on that. Of course, we never guided for an individual quarter. So we are looking at full year guidance, which we are keeping unchanged. This was a good start to the year, but as I said, the supply chain tightness continues and so on. We have to also be careful and understand that the work needs to continue. We have not changed our full year outlook.

我們對此並沒有什麼新的想法。當然，我們從未對單一季度提供指引。我們關注的是全年指引，而我們也維持不變。這是今年一個良好的開端，但如我所說，供應鏈緊張仍在持續等等。我們也必須保持謹慎，並理解相關工作仍需持續推進。我們沒有改變全年展望。

Thank you, Alex. We'll take our next question from Francois Bouvignies from UBS.

謝謝你，Alex。我們的下一個問題來自 UBS 的 Francois Bouvignies。

2 quick ones. The first one maybe is to zoom on the mobile network. So when you look at the performance in Q1, the revenue was down 4% at constant currency. And you actually increased your TAM market to 4% for the full year, if I'm not mistaken. So my question is it would imply a significant acceleration going forward from the level of Q1.

兩個快速問題。第一個可能聚焦在行動網路。當你看第一季的表現時，以固定匯率計算營收下滑 4%。而你們其實把全年 TAM 市場成長上調到 4%，如果我沒記錯的話。所以我的問題是，這似乎意味著接下來相較第一季的水準，將會有顯著加速。

So can you help us understand the visibility that you have on this acceleration? And maybe as Q1 was particularly impacted by supply, how confident are you, you will get the supply to catch up with the TAM growth for the full year, if that makes sense? And then I will have a quick follow-up.

你能否協助我們理解你們對這種加速的能見度？另外，若第一季特別受到供應影響，你們對於取得足夠供應、以追上全年 TAM 成長的信心有多高（如果這樣問合理的話）？然後我還有一個簡短的追問。

Yes, thank you. And if I start when it comes to the mobile networks growth for this year, we are quite confident that we will have a growth this year for the mobile networks. Of course, there's always timing issues and phasing issues in different customers and geographies as well. But we see a very robust and good market that is supporting us and also, we believe that the competitiveness that we have been working on quite heavily in the past 18 months is supporting us in this. And since 2020 negotiations, we actually haven't lost any more footprint. We actually have gained. And just like I showed that in Europe, we had a very good growth, and this is thanks to those gains that we have had in Europe also when suppliers had been chasing their vendor base.

是的，謝謝你。若我先從今年行動網路的成長談起，我們相當有信心今年行動網路業務會成長。當然，不同客戶與不同地理區域一向都會有時點與分期的問題。但我們看到一個非常強勁且良好的市場在支持我們；同時，我們相信過去18個月我們大力投入打造的競爭力也在支持我們。自2020年的談判以來，我們其實沒有再流失任何既有版圖；反而有所斬獲。正如我所展示的，在歐洲我們有非常好的成長，這要歸功於我們在歐洲取得的這些增量，尤其是在供應商追求精簡其供應商基礎之際。

Yes, I mean it's just the capacity side. I mean you have a good visibility on your capacity for -- because there's been a constraint. So is that improved to support the growth going forward?

是的，我的意思是主要在產能端。我的意思是，因為一直有供應受限，所以你們對產能有很好的能見度——那麼這方面是否已有改善，以支撐未來的成長？

Yes, I would say that we have capacity and factory capacity, if you mean that. Our sub-suppliers, they are not constrained in the capacity itself, so there, we have much more flexibility than compared to, for example, semiconductor supply situation.

是的，如果你指的是這個，我會說我們有產能、也有工廠產能。我們的次級供應商在產能本身並沒有受限，因此相較於例如半導體供應的情況，我們在那方面有更大的彈性。

Thank you, Francois. And we'll take our next question from Simon Leopold from Raymond James.

謝謝你，Francois。接下來我們請 Raymond James 的 Simon Leopold 提問。

Last quarter, you identified some hurdles limiting your ability to raise prices. I'd like to see if we could revisit this topic to gain maybe a better understanding of where you might see pockets of opportunities, maybe digging into some of the particular segments like routing as an example. And if you're not able to raise prices, but you are maintaining this operating margin outlook, I'd like to better understand what you're doing to offset the inflation for input costs if it's not about price increases?

上季你們提到一些障礙限制了你們調漲價格的能力。我想回到這個主題，或許更深入了解你們在哪些地方可能看到機會，例如以路由（routing）等特定細分領域為例。以及如果你們無法調漲價格，但仍維持這個營業利益率展望，我想更清楚了解：若不是靠漲價，你們是如何抵銷投入成本的通膨？

Well, obviously, in that full year outlook, we have taken into account everything we know and understand and assume on both the input cost development and then the actual technology competitiveness and product cost development. And it's always kind of a product of this to the product technology development continues, and every new technology generation that we bring to the market structurally lowers the cost of the network.

嗯，顯然在全年展望中，我們已把我們所知道、所理解、以及在投入成本走勢與實際技術競爭力與產品成本發展上的各項假設都納入考量。這總是某種綜合結果：產品技術持續演進，而我們每推出一代新的技術到市場，從結構上就會降低網路成本。

So that is 1 thing. But then, of course, as we all know, there is strong inflationary pressure in the world at the moment, and we are seeing increases in input costs. And of course, in new deals that we are pricing, in every single new deal, we embed all the information that we have on the technology competitiveness, input cost, and then in that particular customer situation, our relative competitiveness vis-a-vis competition.

這是一點。但當然，如同大家都知道的，目前全球有強烈的通膨壓力，我們也看到投入成本上升。當然，在我們為新案子定價時，每一筆新案子，我們都會把我們掌握的所有資訊納入：技術競爭力、投入成本，以及在該特定客戶情境下，我們相對於競爭對手的競爭力。

And it's -- all this needs to be factored in into pricing in our business because this is, in most segments, especially mobile networks business, which does not have a very well established, in a way, global market price. Every single deal is usually separately price negotiated. And I can assure you that in all new deals that we are making, we are putting in all the input cost increases that we have seen.

而且——這些都必須反映在我們業務的定價中，因為在多數細分市場，特別是行動網路業務，並沒有一個非常成熟、某種意義上的全球市場價格。通常每一筆交易都是分別議價。我可以向你保證，在我們正在簽訂的所有新案子中，我們都已把我們看到的所有投入成本上升納入。

And of course, this goes, I believe, the whole industry that everybody has an interest and an intention to pass on as much of the input cost increases on to customer prices as possible. And again, in this 11% to 13.5% comparable margin forecast that we have for this year, we have taken into account everything we know about this.

當然，我相信整個產業都是如此：每個人都有興趣、也有意圖，盡可能把投入成本上升轉嫁到客戶價格上。同樣地，在我們今年11%到13.5%的可比利益率預測中，我們已把我們對此所知的一切都納入考量。

And in markets like routing where you are the dominant player, essentially my impression is you're matching the price offers or the price increases that others in a sector like fixed access where you are a dominant player in many markets. Essentially, what you have said, and I want to confirm this, if you set price on new deals based on the higher input costs, but you're not retroactively raising price on existing contracts. That's the key point. I just want to confirm.

而在像路由這樣你們是主導者的市場，我的印象是你們基本上是在匹配其他人的報價或漲價；或在像固網接取（fixed access）這樣你們在許多市場是主導者的領域。基本上，你剛才說的是——我想確認——你們在新案子會依較高的投入成本來定價，但不會回溯性地對既有合約調漲價格。這是關鍵點，我只是想確認。

Typically, it's -- and I guess this is easy to understand that it's much easier to raise prices in new contracts than in existing contracts. Of course, we have an interest in all our customer discussions to make sure that we defend our margins. And it's actually quite straightforward. The stronger your technology competitiveness is, the stronger pricing power you have and we have seen strong technology competitiveness.

一般來說——我想這也很容易理解——在新合約中調漲價格比在既有合約中容易得多。當然，在所有與客戶的討論中，我們都有確保守住毛利的利益。而這其實很直接：你的技術競爭力越強，你的定價能力就越強；而我們確實看到強勁的技術競爭力。

In routing, obviously, it's now further strengthened through FP5 and also in fixed access, especially on the optical line terminal side, first in PON, then GPON and now quickly transitioning to 10 gigabit symmetrical XGS PON and even gradually to 25G PON that is a segment where we have pretty strong competitive -- technology competitiveness, market position and hence, also pricing power.

在路由方面，顯然透過 FP5 進一步強化；而在固網接取方面，特別是在光纖線路終端（optical line terminal）端，先是 PON，接著 GPON，現在正快速轉向10Gbps對稱的 XGS-PON，甚至也逐步走向 25G PON。這是一個我們具備相當強的競爭——技術競爭力、市場地位，因此也具備定價能力的細分領域。

On we'll take our next question from Alexander Peterc from Societe Generale.

接下來我們請 Societe Generale 的 Alexander Peterc 提問。

Could you perhaps give us a bit of a quantification of the headwinds that you experienced in Q1? What was the euro amount of sales you missed as a result of constraints? And do you expect to catch up in future periods for the sales or are they simply lost? And also the shortages affect mobile networks as well as network infrastructure divisions in equal proportions?

你們是否可以稍微量化一下第一季所遭遇的逆風？因為受限因素，你們少了多少歐元的銷售額？你們預期未來期間能把這些銷售追回來，還是就此流失？另外，短缺對行動網路與網路基礎設施部門的影響比例是否相同？

We are not quantifying that impact. We did highlight that it was meaningful. And we can confirm that the 1% top line growth would have been higher without this constraint. But again, on a full year basis, we are confident that we are able to deliver, including the semiconductor situation, which continues tight at the moment but there are signs that at least give us reason to hope that the situation would improve in the second half of the year.

我們不會量化該影響。我們確實強調過它是顯著的。我們也可以確認，若沒有這些限制，1%的營收成長會更高。但同樣地，以全年來看，我們有信心能夠達成交付；包括半導體情勢，目前仍然吃緊，但已有一些跡象至少讓我們有理由期待下半年情況會改善。

But then again, as Marco highlighted, right now or actually since the end of March, there have been lock-downs in the Shanghai region. We do have contract manufacturing there. Now they are receiving gradually permissions to start opening up again. I mean these are some of the short-term risk factors. But again, we do not expect this to affect our full year performance.

不過同時，如 Marco 所強調的，現在、或者其實自3月底以來，上海地區出現封控。我們在那裡有委外製造。現在他們正逐步取得許可，開始重新開放。我的意思是，這些都是短期風險因素。但同樣地，我們不預期這會影響我們的全年表現。

Just a quick follow-up. Interested on the mobile network services, where you noted the shift to more high-value added contracts and technologies ordered with less network rollout. Is this a structural shift there? And we should expect this positive development going forward? Or is it just a Q1 event?

再快速追問一下。關於行動網路服務，你們提到轉向更多高附加價值的合約與技術訂單、而較少網路建置（rollout）。這是一個結構性的轉變嗎？我們是否應該預期未來會持續這樣的正向發展？還是只是第一季的現象？

It's not a Q1 event only. This is a structural shift that we are actually actively driving.

這不只是第一季的事件。這是一個我們其實正在主動推動的結構性轉變。

Thank you, Alex. And we'll take our next question from Andrew Gardiner from Citi.

謝謝你，Alex。接下來我們請 Citi 的 Andrew Gardiner 提問。

If I could start with a follow-up actually to the point you were just making with Alex there. On the services side, at a time when the industry is deploying 5G, how are you able to move away from deployment services without actually negatively impacting your Networks business? Or I suppose, put another way, is it a case of just layering on additional higher-margin services on top of the existing deployment business, and therefore, the mix is changing in that way.

如果我先接續你剛才和 Alex 討論的點。在服務面，當產業正在部署5G之際，你們如何能夠降低對部署服務的依賴，而不會對你們的網路業務造成負面影響？或者換個方式說，是否只是把額外的高毛利服務疊加在既有的部署業務之上，因此組合（mix）才會以那種方式改變？

I would say that we are -- it's actually both. But when we are driving this shift, obviously, it is then seen in how we tactically approach deals and how we price the different parts of the contracts. And of course, we have an interest to optimize the margin structures of our contracts, and we are just simply seeing that in some cases having less appetite in the deal-making for deployed services, especially if the margins are extremely low is a good decision.

我會說我們——其實兩者都有。但當我們推動這個轉變時，顯然會反映在我們如何戰術性地處理交易、以及如何為合約的不同部分定價。當然，我們有動機去最佳化合約的毛利結構；而我們只是看到，在某些情況下，對部署服務的交易意願較低——特別是當毛利極低時——是一個好的決策。

But again, every customer situation is different and there are differences in as to how connected in the deal, the deploy services, future care services and then the physical network itself, how tightly connected, those different elements of the deal are and that then, of course, affects the pricing tactics of each deal.

但同樣地，每個客戶情境都不同；在交易中，部署服務、後續維護服務（future care services）以及實體網路本身，這些不同要素彼此連結的緊密程度也有所差異，而這當然會影響每一筆交易的定價策略。

So if I could ask my final question now is on the technology side, I'm just interested in sort of what's changed in the last 2.5 months or so since you gave us the initial guidance where you didn't really reference any of the license expiries or negotiations or litigation. I presume that at that stage of the year, you obviously already knew about what was happening.

那我最後一個問題是關於技術面。我想了解的是，自你們給出初始指引以來大約2.5個月，究竟有什麼改變？當時你們並沒有真正提到任何授權到期、談判或訴訟。我推測在那個時間點，你們顯然已經知道正在發生什麼。

So why the change in language around the outlook at this point? And I suppose also, oftentimes, when we get these negotiations, I think you in the past and other companies have decided to just exclude that piece of IPR from your guidance. Are you not compromising your negotiating position by sort of having an inherent assumption in that moment?

那麼為什麼此刻在展望的措辭上有所改變？另外，我想通常在這類談判中，我記得你們過去以及其他公司有時會決定把那一部分的 IPR 從指引中排除。你們在那個時點做出內含假設，是否會削弱你們的談判立場？

And I believe that we mentioned also in the fall that we had a litigation with OPPO, and we have publicly talked about that. So that's been in the cart all the time. And it's always difficult to know exactly what is the timing of these negotiations and when we come to a conclusion and signing of the deal. But all of this has been in our guidance build up as well.

我相信我們也在秋季時提到過，我們與 OPPO 有訴訟，而且我們也已公開談過此事。因此，這一直都在考量之中。而且要精準掌握這些談判的時間點，以及我們何時能達成結論並簽署協議，向來都很困難。但這些因素也都已納入我們的指引建構之中。

And of course, we believe that we can sign those agreements during this year. But I have to be very clear here that we are not in any way, risking our quality of the deals by getting some specific timeline here. But we believe that our portfolio is very robust and our technologies are very good. So we have a high belief in those.

當然，我們相信今年之內可以簽署這些協議。但我必須非常清楚地說，我們絕不會為了配合某個特定時間表而在任何程度上犧牲交易品質。不過，我們相信我們的專利組合非常強健、技術也非常出色，因此我們對此很有信心。

And actually, nothing else has changed here. It's just that the timing, it takes longer time. And this is quite normal business for technologies. This is what they are doing actually continuously. We have different deals coming to end, and we always renew those. And negotiations take different timeframes.

其實，除此之外沒有任何改變。只是時間點上需要更久，這在技術領域是相當正常的商業情況。事實上，他們一直都是持續在做這件事。我們有不同的合約到期，而我們也總是會續約；而談判所需時間長短各不相同。

And again, maybe just to confirm what we said earlier since you used the word guidance, so we have not changed our full year outlook in terms of the group profitability. So it remains the same despite the situation in tech having had a weaker Q1.

再者，或許只是確認一下我們先前所說的，既然你用了「指引」這個詞，我們並未改變對全年集團獲利能力的展望。因此，儘管科技業在第一季較為疲弱，全年展望仍維持不變。

And it's better to defend the value of the portfolio that we have instead of trying to get a signature as fast as possible.

與其試圖盡快取得簽名，不如捍衛我們所擁有的專利組合價值更為重要。

Thank you, Andrew. We'll take the next question from Ben Harwood from New Street Research.

謝謝你，Andrew。我們接著請 New Street Research 的 Ben Harwood 提問。

Just on the enterprise market and what you called out today is private wireless. So we just want to know how competitive dynamics is shaping up in the market going forward. You've obviously got a strong position today, but you have IT companies like Cisco and Dell and also hyperscalers or anything in the market. So how do you see that evolving? And how do you think you can compete with a go-to-market strategy there?

想請教企業市場，以及你們今天提到的私有無線（private wireless）。我們想了解未來市場的競爭態勢會如何發展。你們目前顯然有很強的地位，但市場上也有像 Cisco、Dell 這類 IT 公司，以及超大規模業者（hyperscalers）等。你們如何看待這樣的演變？你們又打算如何以市場進入策略（go-to-market strategy）來競爭？

That's a highly relevant and topical question because there has been a lot of announcements on the private wireless side at the moment. We believe we are the market leader, and this has been confirmed by third-party research houses as well. So that is the starting position. We are increasing our investment, both on the R&D side and on the go-to-market side.

這是一個非常切題、也很即時的問題，因為目前私有無線領域有很多公告。我們相信我們是市場領導者，第三方研究機構也已證實這一點，這是我們的起點。我們正在加大投資，包含研發端以及市場進入端。

And unlike in mobile networks or in wide area private networks for utilities, for example, this is a segment where distribution channels and various types of partnerships are really the name of the game. And in addition to us selling directly to end users, we often partner. Sometimes we partner with service providers, we can partner with an IT distribution company, or we could even partner through selling technology platforms to some of the other players in the industry.

而且不同於行動網路，或例如公用事業的廣域私有網路，這個細分市場的關鍵在於通路與各式合作夥伴關係。除了我們直接銷售給終端用戶之外，我們也經常與夥伴合作。有時與服務供應商合作，也可能與 IT 通路商合作，甚至也可能透過向產業內其他玩家銷售技術平台來合作。

And we are really deploying multiple different business models and different channels to this. And I do not want to mention any or highlight specifically any of the names that you mentioned, but we should assume that in some of these announcements that have been out there of companies that are typically not mobile network players when they announce a wireless, campus wireless or private wireless, they often assume that they will have technology partnerships in their final delivery.

我們確實在部署多種不同的商業模式與通路。我不想特別點名或強調你提到的任何公司，但我們可以合理假設：在一些公告中，那些通常不是行動網路玩家的公司，當他們宣布無線、校園無線或私有無線方案時，往往會在最終交付中採用技術合作夥伴。

Thanks, Ben. We'll take the next question from Sami Sarkamies from Danske Bank.

謝謝你，Ben。我們接著請 Danske Bank 的 Sami Sarkamies 提問。

You mentioned that there is another IP licensing agreement in addition to OPPO that has expired at the end of last year. Are you expecting a return to the earlier 1.4, 1.5 billion run rate, if you're able to renew those agreements at previous rates, or does that require improved rates or new licensing customers?

你提到除了 OPPO 之外，還有另一份 IP 授權協議在去年底到期。若你們能以先前的費率續約，是否預期可回到先前每年 14 億到 15 億的運行水準（run rate）？還是需要更好的費率或新增授權客戶才能達成？

We believe that we are returning back to 1.4, 1.5 run rate, and this is in our guidance as well. Remember that we also had 1 customer that exited the device side, but we've been quite successful in automotive. Also, if you look at consumer electronics side and also we are working on IoT side to get new customers, to see what opportunities we have going forward. And we have guided on the technology side that, that would be stable year-on-year. And we believe that, that's going to be the case this year as well.

我們相信我們會回到 14 億到 15 億的運行水準，這也已納入我們的指引之中。請記得，我們也有 1 位客戶退出了裝置端，但我們在車用領域相當成功。此外，如果你看消費性電子端，我們也在 IoT 端努力爭取新客戶，評估未來有哪些機會。我們對技術端的指引是年對年保持穩定，我們相信今年也會如此。

Any color on how those discussions are progressing? I guess there is litigation with OPPO, but what about the other party.

能否補充一下這些討論進展如何？我猜 OPPO 那邊有訴訟，但另一方呢？

Yes, unfortunately, I don't want to go into the ongoing negotiations and exactly how they're proceeding. And we are negotiating with these bodies. And whenever we have new information, we will give that to you and keep you updated on these issues as well.

是的，很遺憾我不想談正在進行中的談判，以及它們具體如何推進。我們正在與這些對象進行協商。只要有新的資訊，我們就會提供給各位，並就這些議題持續更新。

Thank you, Sam. And we will take our next question from Sandeep Deshpande from JPMorgan.

謝謝你，Sam。我們接著請 JPMorgan 的 Sandeep Deshpande 提問。

My question is -- 2 quick questions. Firstly, on the enterprise market. I mean, you just mentioned in the earlier question that you've got -- you are market leader, you're announcing a lot of deals, but your enterprise revenues are still down year-on-year. Maybe we can have a further understanding into that enterprise revenues.

我的問題是——兩個簡短問題。第一個，關於企業市場。你在前一題提到你們是市場領導者，也宣布了很多交易，但你們的企業營收仍年對年下滑。能否讓我們更了解企業營收的情況？

The second question is on the gross margin in mobile networks, clearly incredibly strong. You're already at 82% restock. So is there further upside in that gross margin given how far you've now gone in terms of changing the product within the -- changing the chips within the -- within the base stations? So I'm trying to understand further flex on the gross margin.

第二個問題是關於行動網路的毛利率，顯然非常強勁。你們的 ReefShark 佔比已達 82%。在你們已經在基地台中更換晶片、推進到這個程度之後，毛利率是否還有進一步上行空間？我想更了解毛利率的彈性。

Okay. Thank you, Sandeep. Enterprise first, I mean, now I'm repeating myself. But of course, minus 7% top line in the quarter does not even close meet our targets. But again, this is more an order backlog conversion issue. We do have the orders, we have a very strong order book. And also in Q1, orders continued to grow double digit. Of course, private wireless is only 1 part, as I explained, and we have the NI verticals and including governments, and then we have webscalers as well.

好的，謝謝你，Sandeep。先談企業端，我可能又要重複一次。當然，本季營收年對年 -7% 完全不符合我們的目標。但這更多是訂單積壓（order backlog）轉換的問題。我們確實有訂單，訂單簿非常強勁，而且第一季訂單仍以雙位數成長。當然，如我所解釋，私有無線只是其中一部分；我們也有 NI 垂直領域（包含政府），另外也有網路規模業者（webscalers）。

And there is always some lumpiness in some of these deals. But the overall development in terms of orders and market position continues to look promising. So we are not giving up a bit on our target that we would make the enterprise segment grow faster than the service provider segment. Then the mobile network gross margin, obviously, ReefShark is one key driver there.

而且其中一些交易的認列一向會有波動性（lumpiness）。但就訂單與市場地位的整體發展而言，仍然看起來很有前景。因此，我們完全沒有放棄我們的目標：企業業務的成長速度要快於服務供應商業務。至於行動網路毛利率，顯然 ReefShark 是其中一個關鍵驅動因素。

There is still works to do there. But of course, now once we -- I mean this ReefShark percentage will very soon lose its relevance. And once it loses its relevance, we will also, of course, stop reporting it. Then the development will continue, there will be new generations of silicon that are in the pipeline, continuously new generations of software. And of course, our goal is to continue to develop our technology positions so as to maximize the gross margin. This is one of the drivers of the gross margin, of course. Then the other one is which we already discussed is the service part of the business where we are driving the business towards higher share of higher-margin services.

這方面仍有工作要做。但當然，接下來 ReefShark 的佔比很快就會失去其相關性；一旦失去相關性，我們也會停止揭露該指標。之後的發展仍會持續，會有新一代的矽晶片在研發管線中，也會持續推出新一代軟體。當然，我們的目標是持續強化我們的技術地位，以最大化毛利率。這當然是毛利率的驅動因素之一。另一個我們已討論過的因素，是服務業務的部分：我們正推動業務朝向更高占比的高毛利服務。

And then, of course, one thing which is also important the gross margin is volume because of the leverage that you are getting on your fixed production overhead. So the more volume we are able to get, that also then supports gross margin going forward.

另外，還有一點對毛利率也很重要，就是出貨量，因為你可以在固定製造間接成本上取得規模槓桿。因此，我們能取得的量越大，也就越能在未來支撐毛利率。

Thank you, Sandeep. We'll take our next question from Paul Silverstein from Cowen.

謝謝你，Sandeep。我們接著請 Cowen 的 Paul Silverstein 提問。

I want to ask you about network infrastructure. And while it sure doesn't sound like there's any reason for concern, understandably, there are a lot of investors who appear to be concerned about macro deterioration translating into softer IT spend, which in turn translates into lower comp service provider CapEx. Are you seeing any signs of softening whatsoever?

我想問關於網路基礎建設。雖然聽起來確實沒有任何需要擔憂的理由，但可以理解的是，似乎有不少投資人擔心宏觀環境惡化會導致 IT 支出轉弱，進而使綜合型服務供應商的資本支出（CapEx）下降。你們是否看到任何轉弱的跡象？

I missed the first part of the question, but did I understand correctly that it was about the general -- the development of the general economy and how that would potentially affect our markets? Was that the question?

我漏聽了問題的前半段，但我理解正確的話，是在問整體——總體經濟的發展，以及它可能如何影響我們的市場？是這個問題嗎？

That is the question, whether you're seeing any signs...

是的，就是這個問題：你們是否看到任何跡象……

Yes. I mean, what we are seeing today continues to be strong. Strong orders also in Q1, a strong funnel of new opportunities. There are, of course, 2 sides into this. There is the general technology cycle, and there are reasons to believe that, that continues to be a strong cycle in terms of digitalization, mobile broadband, fixed broadband et cetera, et cetera.

是的。我們目前看到的情況仍然強勁。第一季訂單也很強，新機會的漏斗（funnel）也很強勁。當然，這裡有兩個面向：一個是整體技術循環，有理由相信在數位化、行動寬頻、固網寬頻等等方面，這仍會是一個強勁的循環。

But then, of course, the other side is the general economy and the macroeconomic development. And okay, you don't have a crystal ball, we don't have a crystal ball like Marco. Marco has one, but I certainly don't. And we all know that should there be any significant hit to the overall economy.

但另一方面，當然就是整體經濟與宏觀經濟的發展。好吧，你沒有水晶球，我們也沒有像 Marco 那樣的水晶球。Marco 有一個，但我肯定沒有。而且我們都知道，如果整體經濟遭受任何重大的衝擊。

That could affect service providers, investment plans, and that could have a negative effect on us. But it's impossible to speculate on something that you do not know. All we are seeing today continues to be strong. Anything you would like to...

那可能會影響服務供應商、投資計畫，並可能對我們產生負面影響。但對於你不了解的事情，無法加以推測。我們今天所看到的一切仍然持續強勁。你還有什麼想要……

No, I think you covered it well.

沒有，我想你已經講得很完整了。

I trust you're limited on what you can say about the Microsoft announcement from last week, but it will be great to get any additional color. If not, specific to Microsoft, you've made it clear that webscale is a big push, cloud in general. You showed the logos, Apple, Google, Microsoft. Any color you can give in terms of where you are penetrating that opportunity more broadly and deeply?

我知道你對於上週微軟的公告能說的內容可能有限，但如果能提供任何額外的補充說明會很棒。若不談微軟本身，你已經很清楚表示 webscale 是一個重要推進方向、雲端整體也是。你展示了標誌：Apple、Google、Microsoft。你能否就你們在更廣、更深層面切入這個機會的進展，提供一些說明？

Obviously, the webscalers are a very large market, and the Microsoft deal is one important deal. We are also working with other webscalers. These are often deals that take a long time to conclude. And you often need to engage in very detailed technical R&D level discussions that do take time.

很明顯，webscaler 是一個非常龐大的市場，而與微軟的合作是一筆重要交易。我們也正與其他 webscaler 合作。這些交易往往需要很長時間才能敲定，而且通常需要進行非常細緻、技術層級的研發討論，這確實需要時間。

So we do not want to get ahead of ourselves on this. But this deal with Microsoft is a strong testimony to the competitiveness of our portfolio. But again, these deals at the moment, they are lumpy and they do take time. But this is definitely a segment that we want to build more traction on going forward.

因此我們不想在這件事上操之過急。但與微軟的這筆交易，是對我們產品組合競爭力的有力證明。不過再次強調，這類交易目前仍具有不規則性（lumpy），而且確實需要時間。但這絕對是我們未來希望持續建立更多動能的領域。

Thank you, Paul. We'll take our next question from Sebastian Sztabowicz from Kepler Cheuvreux.

謝謝你，Paul。我們下一個問題來自 Kepler Cheuvreux 的 Sebastian Sztabowicz。

On the cycle, we are now almost 4 years into this 5G cycle. How do you see the investment building up from 2023? Do you see there's some room to see further expansion into investment next year or we are reaching close to the peak of the cycle? And a follow-up would be on the enterprise business. Could you provide a little bit more color on the split of business between the 4 big blocks that you mentioned, webscaler, NI verticals, private wireless and company wireless and so on? And where do you see the strongest growth opportunity within these 4 blocks for the coming years?

關於景氣循環，我們現在幾乎已進入這個 5G 週期的第 4 年（共 5 年）。你如何看待自 2023 年起投資的累積？你認為明年投資還有進一步擴張的空間，還是我們已接近週期高峰？另外一個追問是企業業務。你能否就你提到的四大區塊（webscaler、NI 垂直領域、私有無線與企業無線等）之間的業務拆分，提供更多說明？以及在未來幾年，這四個區塊中你認為哪一塊的成長機會最強？

I mean we've been talking a lot about campus wireless. So strategically, that is an extremely important segment. And the -- in a way, I guess, it is a good thing about that segment is that it will consist of a large number of smaller deals. So it will be easier to forecast and plan for -- from both from a financial forecasting and supply chain point of view.

我們一直談到很多關於園區無線（campus wireless）。從策略上來看，那是一個極其重要的區隔。而且——某種程度上，我想這個區隔的好處在於，它會由大量較小的交易所構成。因此，無論從財務預測或供應鏈角度，都更容易進行預測與規劃。

This is quite different from the lumpiness of large webscale deals where the Microsoft deal is 1 example. Currently still, campus wireless is quite a small business, but it is growing extremely fast. Wide area networks is an established business. There is -- continues to be growth opportunities. But the NI verticals that we called it, that is a meaningful part of the overall 7% of the group last year, enterprise business.

這與大型 webscale 交易的不規則性（lumpiness）非常不同，微軟的交易就是一個例子。目前園區無線仍是相當小的業務，但成長非常快。廣域網路（wide area networks）是成熟的業務，仍然持續有成長機會。但我們所稱的 NI 垂直領域，去年在集團整體 7% 的企業業務中占有相當比重。

So that continues to generate opportunities as well. But if you want me personally to highlight in relative terms where the strongest growth opportunity is, I would still mention campus wireless. Then the 5G cycle question, well, you asked about '23. We continue to be of the opinion that in the absence of something in the macro environment that would take everyone with a big surprise.

因此那部分也持續帶來機會。不過如果你要我個人以相對角度指出最強的成長機會，我仍會提到園區無線。至於 5G 週期的問題——你問的是 2023 年。我們仍然認為，除非宏觀環境出現某些會讓所有人都大感意外的情況。

We continue to have a strong view on the market. We have seen what most service providers have said about their 2023 CapEx plans, and they do look pretty strong in different parts of the world. Of course, the U.S. operators are a little bit more ahead in that cycle compared to some other markets. Japan, Korea and U.S. started first and now Europe, Southeast Asia.

我們對市場仍然保持強烈的正面看法。我們已看到多數服務供應商對其 2023 年資本支出（CapEx）計畫的說法，而在全球不同地區看起來都相當強勁。當然，美國電信商在這個週期中相較其他市場走得更前面一些。日本、韓國與美國最早開始，接著是歐洲、東南亞。

Now India is starting and then Latin America are following. So we continue to have an optimistic view on the 5G cycle. And then, of course, on top of everything comes the enterprise and the campus wireless opportunity, which is small today, but is expected to grow fast.

現在印度開始啟動，拉丁美洲也在跟進。因此我們對 5G 週期仍持樂觀態度。而且，除此之外，還有企業與園區無線的機會——目前規模不大，但預期會快速成長。

We'll take our next question from Didier Scemama from Bank of America.

我們下一個問題來自美國銀行（Bank of America）的 Didier Scemama。

Most of my questions have been asked. I just want to maybe have a second go at the Microsoft question earlier. Can you just give us a sense, because I mean switching is not your strength, historically, it's more routing, optical, et cetera. And also switching at a hyperscaler is all the more impressive. But I wanted to understand, are you selling a chassis with the chipset on board and your operating system? Can you just give us a sense of the wins. Just trying to understand how significant that is.

我大部分的問題都已被問過了。我只是想再追問一次先前的微軟問題。你能否給我們一些概念：因為歷史上交換（switching）並不是你們的強項，你們更偏向路由、光傳輸等等。而且在 hyperscaler 做交換更令人印象深刻。我想了解的是：你們是在賣一個機箱（chassis），裡面包含晶片組，並搭配你們的作業系統嗎？你能否讓我們了解一下這次勝出的內容，想釐清其重要性有多大。

Yes. So the -- if I start from the operating system, it's based on the open source sonic initiative that we've been working on with together with Microsoft. It is chassis based. It is supporting the move towards high-density 400-gigabit Ethernet applications in Microsoft's Tier 2 network. This switch product, it's not FP5 based. It's based on merchant silicon. And it is going to deliver multiple applications.

是的。如果我先從作業系統談起，它是基於我們與微軟共同投入的開源 SONiC 計畫。它是以機箱（chassis）為基礎，支援微軟 Tier 2 網路中朝向高密度 400G 乙太網路應用的演進。這個交換器產品不是基於 FP5，而是採用商用晶片（merchant silicon）。而且它將提供多種應用。

In addition to the 400-gigabit interconnectivity in the Tier 2 network architecture, it will deliver some fixed form factor applications for data centers, top of rack, leaf-spine and super-spine applications and so on and so on that will evolve over time. So we see this as a strategic breakthrough.

除了在 Tier 2 網路架構中提供 400G 互連能力之外，它也將提供一些固定外形（fixed form factor）的資料中心應用，例如機架頂端（top of rack）、leaf-spine 與 super-spine 等應用，並且會隨時間演進。因此我們將此視為一項策略性的突破。

But as I already said earlier, we also need to be careful that we don't get ahead of ourselves because switching with webscalers is a new segment for us, and we all know who we are up against there, and it is a highly competitive market.

但如我先前已說過，我們也需要小心不要操之過急，因為與 webscaler 的交換（switching）對我們而言是新的領域，而我們都知道在那裡我們面對的是哪些對手，那是一個競爭非常激烈的市場。

Thank you, Didier. We'll take our last question from Peter Kurt Nielsen from ABG.

謝謝你，Didier。我們最後一個問題來自 ABG 的 Peter Kurt Nielsen。

Thanks very much, David. Just turning to mobile network space. North America is -- sales declining in North America this quarter, which I guess is a bit weaker than anticipated 3 months ago. Could you elaborate a little bit please on what is driving the lower sales in North America, while we haven't had the full reset by the end of last year and how you view the north -- or how we should view the North American market going for the remainder of the year and the coming quarters, please, given that the market is growing quite strongly.

非常感謝，David。我想轉到行動網路領域。本季北美的銷售下滑，我想這比三個月前預期的要弱一些。你能否更詳細說明一下，究竟是什麼因素導致北美銷售較低？尤其是在我們去年底尚未完成全面重置（reset）的情況下。以及鑑於市場成長相當強勁，你如何看待北美市場在今年剩餘時間與接下來幾季的走勢，或我們應該如何看待北美市場？

And then can I just, David, my follow-up, please? Am I to understand you correctly that you still expect to grow in line with the mobile networks addressable market for this year despite the sort of flattish Q1?

另外，David，我可以再追問一下嗎？我是否正確理解，你們仍預期今年的成長將與行動網路可服務市場（addressable market）一致，儘管第一季看起來相對持平？

Yes, when it comes to North America market in general, we definitely see that the market is supporting. There might be some phasing issues depending which customer is investing in which time, and that affects a little bit our sales development there as well. And we believe that, as I said earlier, that North American market is very supportive, so there's big CapEx plans. And with our competitive position as well, we believe that we see growth opportunities in North America.

是的，就北美市場整體而言，我們確實看到市場是有支撐的。可能會有一些時點安排（phasing）問題，取決於不同客戶在不同時間投資，這也會在一定程度上影響我們在當地的銷售發展。我們相信，如我先前所說，北美市場非常具支撐性，資本支出（CapEx）計畫很大。加上我們的競爭地位，我們相信在北美仍有成長機會。

Thank you, Peter. Thank you, both Marco and Pekka. And ladies and gentlemen, this concludes today's call.

謝謝你，Peter。也謝謝 Marco 與 Pekka。各位女士先生，今天的電話會議到此結束。

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 our Investor Relations website.

我想提醒各位，在今天的電話會議中，我們做出了一些涉及風險與不確定性的前瞻性陳述。因此，實際結果可能與目前預期的結果有重大差異。可能造成此類差異的因素既可能是外部因素，也可能是內部營運因素。我們已在年度報告 Form 20-F 的「風險因素」章節中識別這些風險，該報告可於我們的投資人關係網站取得。

With that, thank you all for joining us.

最後，感謝各位參與。