nokia acquisition rumors 2020

ET by Jacob Passy. It has been a pleasure and an honor. Thank you all. As a result, we ended Q2 2020 with approximately EUR 7.5 billion of total cash.As the overwhelming majority of Nokia employees continue working remotely, we are providing guidance on how staff can maintain a healthy work-life balance and look after their physical and mental well-being.In Q2 2020, connectivity continued to bring together people isolated from each other by the COVID-19 pandemic.

We announced new deals that bring connectivity to the most rural areas of, for example, California and Ireland, making sure small businesses, farms and schools are connected.In Q2 2020, we engaged with local organizations such as hospitals, community groups and NGOs in nearly 50 countries, helping them fight the pandemic and mitigate its impacts.This is my last quarterly announcement as CEO of Nokia and I want to close with a note of thanks: thanks to our shareholders, thanks to our customers, thanks to our many other stakeholders, and a particular thanks to the great employees of Nokia.

We started implementing these measures in some regions in January already and have updated guidance as the situation has developed.We believe the impact of COVID-19 on Nokia's financial performance and financial position was primarily related to a net sales impact of approximately EUR 500 million in the first half of 2020, with the majority of these net sales expected to be shifted to future periods, rather than being lost. In Q1 2020, the estimated COVID-19 impact was approximately EUR 200 million, and related primarily to supply chain disruptions. Nokia is the only global supplier fully committed to O-RAN with commercial 5G Cloud-RAN networks.

Our supply network consists of 25 factories around the globe and six hubs for customer fulfillment. The end of the last decade saw some huge oil & gas takeovers, and the action is set to continue in 2020 with some potentially big deals in the Permian basin Annual General Meeting 2020. To a much lesser extent, COVID-19 also affected our operational costs (for example, lower travel), capital expenditures (temporary delays), cash outflows related to taxes (tax relief), and net working capital (for example, lower inventories due to temporary disruptions).COVID-19 has affected the valuations of certain assets, including investments in non-publicly quoted assets through Nokia's venture fund investments and pension plans, the valuation of which is inherently challenging in fast-moving market conditions (for details, please refer to note 5, "Pensions and other post-employment benefits" and note 8, "Fair value of financial instruments" in the "Financial statement information" section included in Nokia Corporation interim report for Q2 and Half Year 2020).Profitability gains in the quarter were supported by a 4.5 percentage point year-on-year improvement in Networks gross margin, building on a 3.5 percentage point gain in the first quarter, and driving Nokia non-IFRS gross margin to 39.6%.

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