Nokia (NOK) CFO Ihamuotila Sees Limited Impact from S&P Downgrade
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Timo Ihamuotila, Nokia's (NYSE: NOK) Executive Vice President and CFO, comments on today's rating decision from Standard & Poor's:
"The impact of Standard & Poor's decision on the company is limited. As we continue our transition, we are applying a strong focus on cash conservation while simultaneously reducing our operating costs and making our operating model stronger and more agile.
We ended the second quarter 2012 with gross and net cash both higher than a year earlier. With gross cash of EUR 9.4 billion and net cash of EUR 4.2 billion, we have a strong financial position and robust liquidity profile. We also have access to additional liquidity via a revolving credit facility of EUR 1.5 billion. This is entirely undrawn, available to us until March 2016, and comes without any financial covenants."
Further information on Nokia's debt instruments can be found in the company's Q2 2012 Interim Report issued on July 19, 2012.
"The impact of Standard & Poor's decision on the company is limited. As we continue our transition, we are applying a strong focus on cash conservation while simultaneously reducing our operating costs and making our operating model stronger and more agile.
We ended the second quarter 2012 with gross and net cash both higher than a year earlier. With gross cash of EUR 9.4 billion and net cash of EUR 4.2 billion, we have a strong financial position and robust liquidity profile. We also have access to additional liquidity via a revolving credit facility of EUR 1.5 billion. This is entirely undrawn, available to us until March 2016, and comes without any financial covenants."
Further information on Nokia's debt instruments can be found in the company's Q2 2012 Interim Report issued on July 19, 2012.
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