Upside Total Sales Total operating Profit AnancLaI Income AnancLaI expense Other financial expense Profit before tax Taxes (25%) Minonty losses Net Income to Nokla parent Goodwlll. Intangible. and other non-current assets Plant property and equlpment Total non-current assets Inventones Accounts receivable. net of allcwances Prepad expenses. accrued Income. and other current assets Cash and short-term Ilquld Investments Total assets Common equlty. net of retalned eamlngs Retalned eamlnqs Total equ15' Long-term Interest-bearing Ilabllltles Other long-term liabllltles Total non-current Ilabllltles Shon-term debt and other financlal liabllltles Accounts payable Accrued expenses. prcMsons. and other Total shareholders' equIW and Ilabllltles External Funds Needed Other selected figures Adjusted EBIT Adjusted 201 OA 42.446 2.070 1.786 1,850 10.024 1.954 11.978 7.570 4.777 12.275 39.123 5.721 10.soo 16.221 4.242 1.110 s.3S2 1484 6.101 9.955 39.123 2.203 2.841 4.010 201 IA 38.659 (1.073) (1.198) (1,164) 1.842 10.750 2.220 7.181 s.042 10.902 36.205 6.080 7.826 12.916 2.969 4.845 1.825 s.S22 10.077 36.205 1.825 2.ss3 2012E 35.170 (1.405) (1.04) (384) (1,011) 1.842 2.110 4.220 9.496 32.409 5.241 11.421 2.969 4.845 4.572 8.265 29.103 3,305 1.245 2013E 36,170 212 7.502 1.842 9,344 2.170 6.872 g. 766 32.493 6.080 4.070 10,150 3.969 4,845 4.702 8.500 28,197 4,296 1.122 1.523 1.823 2012E 37,870 eos8 1.842 9,900 2.083 6.817 10.225 33.569 6.080 6.453 12,533 3.969 4,845 5.302 8.899 31,579 1,989 1.720 2.420 Data source: Case writer estimates based on company filings and analyst reports. 5 186. 28 ax Cash and sh Acc md rwVSt"VntS NDt DMdoi 10.3. 12.w 229 2012E 19m 27m 13m o go 2013E 19m 270. asow 0.40 2013E 38.970 1,974 1.855 1,491 1.842 9,344 1.949 7.015 4.676 10.522 33,sos 6.080 6.460 12,540 2.969 4,845 5.456 9.158 31,999 2.620 2.220 2.330 2012E 27,o 22.5* 250% 140 C40 2.710 201* 120 SIW aso 0.40