Nokia Annual Report - Aalto
NokiaNokia is a leading international telecommunications company.ContentsThe Group employs 31 700 people in 45 countries and has sales in24Review by the President and CEOover 120 countries globally. Nokia’s net sales in 1996 totaled7Nokia is Building the Future ofFIM 39.3 billion.Nokia is focused on the key growth areas of wireline/wirelesstelecommunications. The Group runs global R&D programs onNokia 1996Telecommunications10Review of Operations20Research and Development Activities22Environmental Activities23Nokia in Briefaudio-visual signal/data processing and communications, thirdgeneration wireless systems as well as integrated, multiservicenetwork solutions.Financial Statements2429Review by the Board of DirectorsConsolidated Profitand Loss Account, IASA pioneer in mobile telephony, Nokia is the world’s secondlargest manufacturer of mobile phones and a leading supplier of3031Consolidated Balance Sheet, IASConsolidated Cash Flow Statement,IAS and FASdigital cellular networks. The Group is also a significant supplier of32Statements under FAS and IASadvanced transmission systems and access networks, multimedia33equipment, satellite and cable receivers and other telecom relatedproducts.Nokia’s shares are listed in Helsinki (since 1915), Stockholm,London, Paris, Frankfurt and New York.Reconciliation between FinancialConsolidated Profitand Loss Account, FAS34Consolidated Balance Sheet, FAS36Notes to the Financial Statements53Profit and Loss Account, ParentCompany, FAS54Consolidated Balance Sheet,Parent Company, FAS56Cash Flow Statement,Parent Company, FAS57Proposal of the Board to the AnnualGeneral Meeting57Auditors’ Report58U.S. GAAP60Nokia 1992–1996, IAS62Nokia 1992–1996, FAS63Calculation of Key Ratios64Data on Nokia Shares70Organization, February 13, 199772Addresses74Nokia’s Press Releases75Investor Information76GlossaryCover:Products clockwise from top: Nokia Mediamaster 9500multimedia terminal, Nokia 8110 GSM phone,Nokia PrimeSite base station, Nokia 3110 GSM phone,Nokia Multigraph 445Xavc monitor, Nokia DX 200 switchand Nokia 9000 Communicator.1
Nokia 1996Ten Highlights Nokia won a significant contract for delivery of dual band and dual mode handsets,operating in three different networks to AT&T Wireless Services, Inc. (AWS). Nokia created an entirely new product category with the Nokia 9000 Communicator,the world’s first all-in-one voice and data communications device. New productintroductions also included the Nokia 8100 GSM series with slide-cover, the Nokia 1610GSM phone, and the Nokia 2160, the world’s first dual mode AMPS/TDMA phone. Nokia introduced its GSM 1900 Mobile Switching Center (MSC), and was selectedsole supplier for Aerial Communications Inc s GSM 1900 network. New Nokia production plants were inaugurated in China, Hungary, Sweden and the UK. Nokia signed notable agreements to deliver GSM 1900 handsets to American PersonalCommunications (Sprint Spectrum) and Powertel. Nokia announced that it will integrate Network Computer features as well as utilizeJavaOS technology in its future multimedia products. Nokia started sales of its second-generation digital cellular phones in Japan andbecame the first foreign supplier of digital data/fax cards for the networks. Nokia signed 16 new contracts for GSM/DCS networks and had 53 GSM/DCScustomers in over 30 countries at the end of 1996. Nokia made an important breakthrough in the German deregulated fixed networkmarket when signing a fixed switching contract with VEW Telnet GmbH. A new mode of operation was announced to facilitate Group convergence anddecision-making in the Asia-Pacific region and in the North and South Americas.Net sales by market area19965Net sales by business group19951199651243241995 %692 Other European countries533 Americas4 Asia-Pacific21995132199613221995131231996 %1 Finland5 Other countries3Personnel, Dec. 311996 %1995 %1996 %1995 %1 Nokia Telecommunications33271 Nokia Telecommunications4234562 Nokia Mobile Phones54432 Nokia Mobile Phones363516133 Other Operations13303 Other Operations2231221933
Key DataCurrency rates at year-end19961995Change, %39 32136 810 7Operating profit, FIM million4 2665 012-15Profit before taxes, FIM million3 8984 933-21Profit from continuing operations, FIM million3 0444 087-26283 561284 567Net sales, FIM millionAverage number of shares (1 000 shares)Earnings per share, FIM10.7314.36-25Dividend per share, FIM3.503.00 17Return on capital employed, %22.729.1Net debt to equity (gearing), %-917Research and development, FIM million3 5142 531 39Capital expenditure*, FIM million2 0283 299-391996Net salesMFIMOperatingprofit/lossMFIMPersonnelDec 31.Nokia Telecommunications13 3332 98213 475Nokia Mobile Phones21 5791 43111 3295 197-1476 9194 26631 723Other OperationsInter-business group eliminationsNokia Group-78839 321Nokia TelecommunicationsNet sales, 7DEM0.3350.3291 FIM FRF1.1331.122JPY24.61823.618XEU0.1740.179* Excl. acquisitions and R&D capitalizationThe key data above as well as theinformation given in the Review by theBoard of Directors is based on financialstatements according to InternationalAccounting Standards, IAS, presentedon pages 29 to 31. Calculation of keyratios is explained on page 63.Nokia Mobile PhonesNet sales, MFIMOther OperationsNet sales, 20001200012000800080008000400040004000001992 1993 1994 1995 199601992 1993 1994 1995 19961992 1993 1994 1995 19963
Review by the President and CEOTo our Shareholders1996 was another year of good financial performance and significant changes forming Nokia for the future. We continued on ourdetermined route towards a focused telecommunications company.At the same time, we continued to further strengthen our corecompetencies.Strong financialsWe have every reason to be pleased with our financial performance. In comparablefigures, net sales increased by 25% to FIM 39.3 billion. Strong growth in both NokiaTelecommunications (29%) and Nokia Mobile Phones (34%) continued and, togetherwith a number of actions improving our productivity, contributed to the healthyprofitability levels.The profit level of Nokia Telecommunications was excellent throughoutthe year and increased by 10% over 1995. The business group increased itsprofits and order inflow for the fifth successive year. The continued high levelof operating margin is a result of both successful focusing of operations and our dedication to serving customers.In Nokia Mobile Phones, the logistics and otherrelated problems that we experienced in late 1995 andearly 1996, were addressed with determination by thewhole organization, and we returned to healthy levels ofprofitability during the third quarter of 1996. The speedyturnaround is a show of strength from our organization.All employees of Nokia Mobile Phones should be dulyproud of their achievement.The favorable financial performance, particularly inthe second half of the year, had a positive impact on4
the cash flow from operations, bringing it to FIM 8.3 billion. Improved working capitalmanagement and better cost control were major contributors to this development. Theend result is that we now have a stronger balance sheet than ever in the history of thecompany.Building future competitive strength1996 was an important milestone in our efforts to streamline our structure to a focusedtelecommunications company. The divestment of our interests in cables, color TV andchemicals businesses completed the restructuring. We are now fully equipped toconcentrate on what we do best. I am convinced that by putting all of our resources towork for the best of our telecommunications clients, we will improve the shareholdervalue more effectively.It was our customer orientation that led us to take a new step in developing ourorganization. We want to improve our local and regional responsiveness by implementing a group-wide area organization in the Americas and in the Asia-Pacific. The globalprofit responsibility will continue to be assigned to our key business groups, whileadded senior executive attention and overall client orientation will be further enhancedin order to serve our customers even better in the future.Wealth of new business opportunities1996 was a milestone year also in terms of our strengthened market position. At theend of the year, Nokia was the global market leader in digital cellular phones, one of thetwo largest suppliers of GSM networks and the world’s leading supplier of DCS 1800systems.I am convinced that we are now well-positioned to exploit new business opportunities. To further improve our future competitiveness, we will continue our targeted R&Dinvestments. We believe that the on-going deregulation, the rapid technological development and the convergence of wireless/wireline as well as voice/data will produce usnew business opportunities. We are investing in these new growth areas, including5
wireless data, broadband and fixed wireless solutions as well as InternetProtocol based network solutions. These will enable operators to provide newservices to their corporate and residential subscribers.Looking aheadThroughout our change process during the past years, our corporate cultureand the Nokia Values have provided us with an important internal point ofreference, linking the different parts of the company into a whole that exceedsthe sum of its parts. As we go along, we will continue to seek new ways todevelop our internal culture. We will also ascertain that they are perceived andappreciated by our customers and partners as “the Nokia Way”. This is a jointteam effort in which all the Nokia employees take part.In the past three years we have welcomed some 16 000 new employeesinto the Nokia organization. 1996 showed us that this team is equipped totackle the challenges as they emerge and to stretch to exceptional performances. Our ability to systematically analyze and identify improvement areasand adapt our operations to new realities gives us great confidence for thefuture. My thanks go to all our people for their deep enthusiasm and agility.The strength demonstrated by our total work-force of over 31 000people worldwide is our asset which we will continue to leverage to the best ofour capabilities for the benefit of our shareholders.Jorma Ollila6
Nokia is Building the Future of TelecommunicationsThe future need for telecommunications has no limits. More and more users will want a thousandtimes more bits than are being transmitted in today’s networks. But the increased number of bits doesnot only mean that a single person will require and receive larger amounts of information. It means thatthe data quality will be vastly enhanced, resulting in clearer images and sounds at the chosen location.Telecommunications will eliminate distances.Digitalization makes the differencewireless connections ensures that the new multimediaDigitalization has ushered in a completely new telecom-services can also be utilized by wireless equipment.munications age. Peoples’ ideas of the nature of telecommunications will fundamentally change within the nextdecade. All operations will be focused on the users. Thefuture networks will offer them broader spectrum of”Early in the next millennium your right and left cufflinks or earrings may communicate with each other.and have more computer power than your present PC.– NICHOLAS NEGROPONTE: BEING DIGITAL (1995)services.Deregulation of telecommunications and decreasing”prices of new technology will attract new service provid-A trailblazing veteraners to the market. National operators will be joined byOne explanation of Nokia’s success is the early invest-multinational private operators who will provide theirments in digital and wireless technologies. We introducedcustomers with a multitude of services. This explains whyour first digital transmission systems already in 1969. Theone of the focuses of Nokia’s technological advancementdecision to develop digital periodic switches was madeprojects is the development of intelligent applications foralready in the 1970s. At that time there was no generalfixed and wireless network infrastructures.consensus to start digitalizing. As a result of this decision,More and more bits transmitted over the phoneNokia could deliver Europe’s first fully digital switch whichrepresent data or graphics in addition to speech. There-started operating in 1982. The world’s first digital GSMfore, new technologies are being developed to enhance(Global System for Mobile Communications) network,the capacities of access networks. In two or three years,including exchange, was delivered in 1991 by Nokia.it will be possible to cost-effectively transmit about aNokia, having developed and expanded in a chal-hundred times more information over access networkslenging market environment, has created solutions on thethan today. These and the home multimedia terminals ofcutting edge of international technology. The strength ofthe future will allow integrated use of telecommunications,our know-how and pioneering vision has been demon-computer applications and media technologies.strated many times. Examples are our introductions ofDifferent networks can be operated jointly and reachthe user via one terminal. Continuous development innew mobile phone generations and base stations, ourstate-of-the-art solutions facilitating wireless data traffic7
and the almost futuristic world-class Nokia Communicatortechnology will also be part of next generation mobile9000.telecommunications.”Radio has no future.– LORD KELVIN, (1897)””Any sufficiently advanced technology isindistinguishable from magic.– ARTHUR C. CLARKE, TECHNOLOGY AND THE FUTUREStandards of the new millennium”Our in-depth know-how of radiophone systems is acknowl-Data traffic will increaseedged world-wide, and Nokia plays a central role in theAs broadband systems become more popular, the sharecreation of new-generation wireless telecommunicationsof data in all network traffic will increase. New producttechnology and standards.possibilities include Internet whose rapid expansion isThe third-generation telecommunications systemsstunning the world. Internet will generate a new demandUMTS (Universal Mobile Telephone System) and FPLMTSfor broadband services, thereby offering new challenges(Future Public Land Mobile Telecommunications System)as well as business potential to Nokia.will be standardized during the next few years and theyThe highly entangled Internet websites provideare designated for market introduction at the beginning ofneither sure access to the data required nor guaranteesthe next millennium. Future solutions will include newas to their accuracy. In the future, there will be manyplatforms on which operators will build their serviceopportunities for those who can offer a professionallyranges. Third-generation wireless telecommunications willmanaged Internet network to operators.support versatile broadband services largely based onvarious combinations of image, voice and data.The investments necessitated by the new systemsIn order to speed up data transfer, Nokia is developingcircuit switched and packet switched data traffic. Bothcan be realized within the GSM system up to speeds ofare so sizable that the networks must be developed in80 kbit/s while the present GSM transfer rate is 9.6 kbit/s.stages. Operators must be able to utilize their existingPacket switching will make it possible to transfer verynetworks also in the future. That is why third-generationlarge data volumes within wireless telecommunicationssolutions will probably be built on existing second-generationnetworks in a quick and easily accessed way for the user.solutions to ensure compatibility. Approximately 60% ofthe mobile systems market at the moment is based onGSM. Unlike the other mobile technologies, GSM hasfacilitated the versatile development of services. GSM8”The science of today is the technology of tomorrow.– EDWARD TELLER”
Differentiating to get a competitive edgeTechnology has a faceIn the future, telecommunications and information tech-For high-tech companies technological sophistication alsonology as well as different media technology applicationsincludes knowledge and appreciation of different cultures.will increasingly often merge. More differentiation from theUnderstanding technical equations is not enough. Tech-competition is required in these new markets.nology has a face, and we must never forget people andIn mobile telephony, Nokia differs from computerdifferent cultural values. What do people really want, andmanufacturers not only because of its high frequencywhy? Will they want that tomorrow? Equipment andtechnology know-how. Radio technology is one of Nokia’sservices must be reliable and easy-to-use. Service appli-core competencies. We have a leading edge in the relatedcations are not produced to wait passively on store-system and circuitry solutions and integration. Additionally,shelves for customers. Our product and systemour know-how in digital signal processing is extensive.development is always carried out in close cooperationwith the customer and based on the understanding of theFocus is reflected on researchchanging demands.Nokia’s innovativeness accelerates our future progress.Technological progress and telecommunicationsThe company’s research and development units arederegulation accelerate the advent of the informationplaced in the world’s leading technology centers. Thesociety. Simultaneously as telecommunications is beingbest possible know-how is obtained from all over theadapted to social change, it also serves as an instrumentworld to support our own development efforts. Nokia’sin promoting changes. Telecommunications of the futurefocus on growth areas is reflected in our R&D investments.will help solve many socially important matters faster, lessAt the same time, we cooperate closely with leadingexpensively and more humanely than at present. In Nokia,centers of excellence in other fields, something that clearlywe feel privileged to be among the developers of thebenefits Nokia. An illustrative example of this is the semi-information society.conductor industry. Although Nokia itself does not manufacture semi-conductors, it searches for functioning futuresolutions together with the manufacturers. Research anddevelopment work reaching out to the future is carried out”It is difficult to say what is impossible, for the dreamof yesterday is the hope of today and the reality oftomorrow.– ROBERT H. GODDARD”in collaboration with our business partners.”Computers in the future may. perhaps only weigh1.5 tons.– POPULAR MECHANICS, (1949)”Juhani KuusiProfessor, Senior Vice President, Head of NokiaResearch CenterYrjö NeuvoProfessor, Senior Vice President, Product Creation,Nokia Mobile Phones9
Review of OperationsNokia is a global telecommunications systems and equipment company. Its core businesses include the development, manufacture anddelivery of operator-driven infrastructure solutions and end-userNokia has a global chain of R&D units.One of the focus areas in the R&D isdriven mobile phones and other terminals.new applications for GSM technology.Continued growth in infrastructure businessNokia is a leading supplier of digital cellular networks. The company s objective isto grow in importance as a strong partner for both cellular and fixed telecomoperators. Nokia offers systems and solutions for analog and digital wirelessnetworks as well as fixed networks for telecom operators and dedicated networksfor utilities. The systems include switching, base stations, transmission, networkmanagement, intelligent network (IN) solutions and related customers services.As the proliferation of digital GSM/DCS (Global System for Mobile Communications/ Digital Cellular System) cellular networks continued during 1996, new potentialemerged in several access and fixed network markets around the world spurred on byaccelerating deregulation in telecommunications. Concurrent with this, operatorsincreased their efforts on offering differentiated services to their customers whileimproving their own competitiveness. This produced new opportunities for Nokia.In 1996, research and development investments in the area of telecommunications infrastructure represented 14% of Nokia Telecommunications’ net sales. The R&Dnetwork was enlarged to encompass units in Australia, Finland, Germany, the UK andthe USA.Nokia s DX 200 switching system isthe platform for fixed and mobilenetworks alike.10
TOP10Top 10TelecommunicationEquipmentManufacturers 1995New wireless network customersGrowth in GSM and DCS networks continued in 1996. At the end of the year, 172networks in 97 countries were in operation worldwide serving over 30 million subscribers.During the year, Nokia concluded agreements with 16 new GSM/DCS operators,increasing the total number of these customers to 53.Particularly noteworthy was the strong growth in the Asia-Pacific region. Nokiawon several GSM/DCS deals in China and India. In the United States, the deal withAerial Communications Inc. marked the first North American GSM 1900 turnkeyagreement for Nokia. Additionally, several new customers and sizable GSM/DCSexpansion agreements in Europe helped Nokia maintain its position as one of the twolargest suppliers of GSM networks and the world’s largest supplier of DCS systems.To accommodate growth and delivery requirements, Nokia opened new basestation production facilities in China, the UK and the USA.”The year proved that GSM/DCS is the winning technology of second-generationwireless systems,” comments Matti Alahuhta, President of Nokia Telecommunications.”Now, it is time to further develop its strengths and accelerate the development of thirdgeneration wireless systems.”In Professional Mobile Radio (PMR), a number of new orders were placed forNokia’s ACTIONET trunked mobile solution, sustaining its position as the leading MPT1327-based PMR system in the ensEricssonNECNorthern TelecomNokiaFujitsuBoschSource: ITU/BDT/INFSNokia started volumemanufacturing of the NokiaPrimeSite base station atthe end of 1996.Growing potential in fixed networksDuring the year, Nokia made good progress also in its fixed network business. With thegrowing demand for broadband, markets developed promisingly especially in accessnetworks.11
Nokia has established a strongposition in Europe’s most competitivefixed network markets.Nokia s new PrimeHopper radio, withthe Nokia PrimeSite base station, is aunique, optimized combination forcellular sites.12As European-wide deregulation came closer to its deadline of January 1, 1998,strong signs of its impact were seen and Nokia’s growth accelerated. In Germany, Nokiaachieved a significant breakthrough in winning contracts to supply network solutions tonew local and regional operators. ”As deregulation accelerates, the fixed networksegment is also becoming more market-driven. Consequently, a systems businessapproach is now becoming essential here as well,” notes Mr. Alahuhta.Progress also continued in the supply of telecommunications solutions to the UKcable TV/telecomms sector, where Nokia continued to increase market share.In increasingly important fixed access networks, operator investments in highspeed SDH (Synchronous Digital Hierarchy) systems gradually picked up. In bothEurope and the Asia-Pacific region, Nokia’s market position developed positively withthe number of SDH customers growing to 48 in 18 countries.To strengthen their competitiveness, many operators began deploying IN (Intelligent Networks) solutions that enhance the creation, differentiation and delivery of newservices to their customers. Nokia’s IN solution was successfully deployed in fixednetworks during the year. Similarly, deals were signed for the delivery of IN for mobilenetworks.Furthermore, Nokia’s GSM-based fixed wireless solution made its inroads as apromising alternative for providing rapid, cost-effective service in developing markets.Beginning of the data communications eraOne of the key drivers in the coming years will be the dramatic growth in data communications. The opportunities offered to suppliers and operators are great, both in mobileand fixed networks.The emergence of Internet as a universal technology reference, facilitating theexchange of information and commerce across networks, is just one example of thedata communications phenomenon.In the wireless world, cellular subscriber penetration rates continue to rapidly rise,approaching over 30% levels. To respond to these trends, Nokia has made notableprogress on two fronts. Nokia has developed a number of capacity-enhancing solutionsthat better optimize limited radio resources for operators. It has also become the leaderin wireless data delivery through advanced network server solutions and data terminals.These two areas will continue to be in the focus of Nokia’s development projects.
In fixed access networks, where broader bandwidth requirements exceed thecapacity of wireless networks, Nokia is working closely with operators to providesolutions that match their targeted service strategies. For demanding, data-intensivebusiness environments, Nokia’s ATM (Asynchronous Transfer Mode) solutions and highcapacity SDH technologies give operators flexibility in regional transport and directbusiness access. For hybrid solutions that combine optical transport with existingcopper connections into homes and offices, Nokia offers a growing range of digitalsubscriber line technologies to boosting the capacity to fulfill operators’ service objectives. And to serve both business and residential Internet and Intranet use, IP (InternetProtocol) -based application development continues.Referring to the impact that the growing data traffic will have, Mr. Alahuhta says,”Mobile communications and data communications as key drivers will shape thetelecomms industry significantly by the end of the decade. Nokia is well positioned toexploit the coming changes.”To efficiently manage the necessary supporting network structures, Nokia enhanced its family of network management systems.From technology-driven to market-driven solutionsWith deregulation and intensified competition among operators, the boundaries betweenwireless and fixed networks will continue to diffuse. Services that were technology-drivenare now progressively market-driven, encouraging operators to expand their serviceportfolios. In the new competitive environment, operators pay increasing attention tomarketing and sales efforts as well as customer care, while outsourcing many networkrelated activities.”For Nokia, this development underlines the importance of understanding thechanging end-user needs and the ability to develop the right solutions for our teleoperator customers. In addition, the share of service sales, such as network planning,installation, maintenance and training, will increase. Here, our growing global customerservices network plays an essential role,” says Matti Alahuhta.To be better prepared to deal with these new challenges successfully, a newoperative structure was established in Nokia Telecommunications in the beginning of1997, based on the company core competencies. This will help Nokia to offer moreattractive, versatile evolution paths for the success of its customers.The Nokia 9000 Communicator, the first-everintegrated digital voice and data communicationsdevice, was sold in more than 30 countries at the endof 1996. The product is already in volume production.13
newLaunches 1996Digital Nokia 9000 Communicator Nokia 8100 product family Nokia 1610 handportableAnalog Nokia 638 AMPS phone Nokia 450 NMT 450 phone Nokia 239 AMPS phoneDual-mode Nokia 232N AMPS/N-AMPShandportable Nokia 2160 AMPS/TDMAhandportableOther Asian language interfacesfor the Nokia 8110 HATIS (Hearing AidTelephone InterconnectSystem) adapter Nokia Digital Data/Fax CardStandardsMajor wireless systemstandardsDigitalGSMDCS 1800GSM 1900PDCD-AMPSCDMATDMAAnalogNMTTACSNETZ CRTMSRADIOCOM 2000AMPSNTTNokia – a leading terminal supplierNokia is Europe s largest and the world s second largest mobile phone manufacturer,the leader in digital handsets and wireless data products, and a significant supplierof interactive multimedia terminals. Nokia also develops and manufactures PCmonitors and car audio systems.In the market development of mobile communications, there are clear regionaldifferences. In Europe, major part of the market is already digital with increasing amountof data traffic in the networks. In the Americas, an accelerating shift from analog todigital is taking place. Asia-Pacific is wittnessing growth in several mobile digital telecommunication standards, while Japan is experiencing an unprecedented speed involume growth. In total, mobile telecommunications equipment is generally expected togrow into the world’s biggest volume electronics industry by the end of 1997.Priority to value-added products”You can simplify only when you master the complexity of required technologies,” statesPekka Ala-Pietilä, President of Nokia Mobile Phones. ”As a communications toolmanufacturer, Nokia’s strength lies in the profound understanding of different technologies and expertise in both wireless voice and data communication.”Nokia has a good foundation for the on-going convergence in telecommunications where mobility brings the added value. Additionally, Nokia’s wide market presenceand the Nokia brand provide competitive advantages. Nokia has become a symbol ofuser-friendliness, simplicity and style combined with high technology and broad choiceof features.Referring further to Nokia Mobile Phones’ strengths, Mr.Ala-Pietilä says: ”We have combined volume productionwith local needs and integrated world-wide logistics. In1996, due to the very fast growth and some simultaneous problems in handling in-coming componentsand out-going inventories, Nokia
2 Nokia 1996 Ten Highlights Nokia won a significant contract for delivery of dual band and dual mode handsets, operating in three different networks to AT&T Wireless Services, Inc. (AWS). Nokia created an entirely new product category with the Nokia 9000 Communicator, the world's first all-in-one voice and data communications device.
Nokia Asha 303 6 6 Nokia Asha 311 6 6 Nokia C1-01 6 6 Nokia C2-02 6 6 Nokia C5-00 6 6 Nokia Lumia 610 46 6 Nokia Lumia 620 346 116 Nokia Lumia 720 426 186 Nokia Lumia 800 579 379 . Xbox 360 4GB Kinect Sports 386 66 ZTE Blade 6 6 ZTE Blade III 6 6 ZTE KIS 6 6 . P4 SP. Z O.O./UL.
First in the world - Nokia Asha 308/3080 (RM-838) Full USB Flash First in the world - Nokia Asha 309/3090 (RM-843) Full USB Flash First in the world - Nokia Asha 310 (RM-911) Full USB Flash First in the world - Nokia Asha 501 (RM-902) Full USB Flash Nokia Infineon XGold618: First in the world - Nokia Asha 301 (RM-840) Full USB Flash Nokia Rapido:
Nokia Asha 302 669 Nokia Asha 303 749 Nokia Asha 311 709 Nokia C1-01 339 Nokia C2-02 539 Nokia C5-00 669 Nokia Lumia 610 1119 . Xbox 360 4GB Forza Motorsport 4 969 Xbox 360 4GB Kinect Sports 1749 ZTE Blade III 639 . Samsung GC100 Galaxy Camera 3240 Samsung N8000 Galaxy Note 10.1 3240 Samsung NC110 1210
Exhibition Alvar Aalto. Second Nature Vitra Design Museum Designer Title Church in Muurame, Finland, Interior Material - Technique Coal on tracing paper 1926 -1929 Subtitle Signatur: Alvar Aalto-26 Year: Alvar Aalto cat. # 101.00.01-E Lender Alvar Aalto Museum Ins. value: Inv. # 0FI-1052 EUR
Nokia 6101 and Nokia 6102 User Guide 2 Copyright 2005 Nokia DECLARATION OF CONFORMITY We, NOKIA CORPORATION declare under our sole responsibility that the product .
Working papers - Alvar Aalto Researchers’ Network March 12th – 14th 2012, Seinäjoki and Jyväskylä, Finland Aalto s Finnish followers and the natural form Kristo Vesikansa 1.2.2013 3/14 www.alvaraaltoresearch.fi Topological methods Aalto s influence on Finnish Architecture of the
fashion: New approaches Kirsi Niinimäki (ed.) Aalto University publication series Art Design Architecture 9/2013 Aalto ARTS Books Helsinki, Finland books.aalto.fi ISBN 978-952-5572-5 ISBN 978-952-60-5573-2 (pdf) ISSN-L 1799-4853 ISSN 1799-4853 ISSN 1799-4861 (pdf)
Forex Trading Strategies Editor: Harry Turner www.ifcmarkets.com . One of the most powerful means of winning a trade is the portfolio of Forex trading strat-egies applied by traders in different situations. Following a single system all the time is not enough for a successful trade. Each trader should know how to face up to all market conditions, which, however, is not so easy, and requires a .
