ICC Financial Report

Business Credit Management UK

ICC Financial Report

NOKIA UK LIMITED

STATUTORY INFORMATION

Previous Name(s):

NOKIA (UK) LIMITED until 31/12/1998

Registered Number:

02212202

Registered Office:

LANCASTER HOUSE LANCASTER WAY,

Date of Incorporation:

20/01/1988

ERMINE BUSINESS PARK,

Latest Annual Return:

04/03/1999

HUNTINGDON,

Date Accounts Lodged:

07/10/1999

CAMBRIDGESHIRE,

Latest Filed Accounts Date:

31/12/1998

PE18 6XU

Date of Analysed Accounts:

31/12/1998

Accounts Reference Date:

31/12

Issued Capital (£):

20,000,000

Company is:

Large

Private Limited with share capital

English/Welsh companies incorporated under part 1 of the Companies Act

Type of Accounts:

Full Accounts

DIRECTORY INFORMATION

Trading Address:

Lancaster Ho,

Telephone Number:

01480 434444

Lancaster Way,Ermine Business Park,

Fax Number:

Huntingdon,

Cambridgeshire,

PE18 6XU

Region:

EAST ANGLIA

Bankers:

60-04-23 NATIONAL WESTMINSTER BANK PLC. CAMBRIDGE KINGS PARADE

Auditors:

PricewaterhouseCoopers

Audit Qualification:

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/1998.

Principal Activities:

The development, manufacture, marketing, sale and implementation of telecommunications equipment and systems.

UK SIC Code(s):

32201 Manufacture of telegraph and telephone apparatus and equipment

RISK INFORMATION

RISK SCORE

1998

Credit Limit (£):

10,000,000

1997

Contract Limit (£):

150,000,000

1996

1995

The ICC score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 75 and this indicates a risk level for the next year over five times less than the average rate of 2%. We would expect 15.88% of companies to be at and above this score. The credit limit is Ł10,000,000, which is a reflection of the score and the substantial financial strength of the company.

County Court Judgments:

There are 3 exact unsatisfied CCJs totalling Ł437.00.

Latest Ten Judgments:

On 25/07/1995, a Judgment of Ł243.00 was made in ALDERSHOT & FARNHAM court (Case No. QL568379) against NOKIA TELECOMMUNICATIONS LTD of 15 MYERS WAY, FRIMLEY, CAMBERLEY, SURREY, GU16 5NZ, Ref. No. 0610507210. (Exact)
On 20/04/1994, a Judgment of Ł95.00 was made in BARNSLEY court (Case No. JG450712) against NOKIA TELECOMMUNICATIONS LTD of R/O LANCASTER HOUSE, LANCASTER WAY, ERMINE BUSINESS PARK, HUNTINGTON, CAMBS, Ref. No. 2704407718. (Exact)
On 22/02/1994, a Judgment of Ł99.00 was made in BARNSLEY court (Case No. 33670272) against NOKIA TELECOMMUNICATIONS LTD of R/O LANCASTER HOUSE, LANCASTER WAY, ERMINE BUSINESS PARK, HUNTINGDON, PE18 6XU, Ref. No. 3003405852. (Exact)

OWNERSHIP

GROUP STRUCTURE

Holding Company:

N/A Nokia UK Holdings Ltd

Ultimate Holding Company:

FIN OY NOKIA AB (FINLAND)

ALL IMMEDIATE SUBSIDIARIES ON ICC DATABASE BY TURNOVER

None

PROFIT & LOSS ACCOUNT

Date of Accounts	31/12/1998	31/12/1997	31/12/1996	31/12/1995	31/12/1994
Consolidated	No	No	No	No	No
Subsidiary	Yes	Yes	Yes	Yes	Yes
No. of Weeks	52	52	52	52	52
Currency	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)

Audit Qualification	No	No	No	No	No

1 Turnover	528,544	502,113	378,087	349,911	225,853
Cost of Sales	481,139	460,991	367,188	320,392	198,254
Gross Profit	47,405	41,122	10,899	29,519	27,599
2 Operating Profit	41,618	33,803	696	11,256	4,662
Non Trading Income	337	358	112	1,847	251
Interest Payable	3,055	5,993	5,397	3,553	2,151
Pre-tax Profit	38,900	28,168	(4,589)	9,550	2,762
Taxation	13,084	9,555	(104)	3,645	1,373
Profit After Tax	25,816	18,613	(4,485)	5,905	1,389
Dividends Payable	0	0	0	0	0
Retained Profit	25,816	18,613	(4,485)	5,905	1,389

Value Added	106,185	86,839	42,596	40,278	23,929

BALANCE SHEET

Date of Accounts	31/12/1998	31/12/1997	31/12/1996	31/12/1995	31/12/1994
Consolidated	No	No	No	No	No
Subsidiary	Yes	Yes	Yes	Yes	Yes
No. of Weeks	52	52	52	52	52
Currency	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)

3 Tangible Fixed Assets	59,231	65,799	65,571	58,946	21,191
Intangible Assets	0	0	0	0	0
Total Fixed Assets	59,231	65,799	65,571	58,946	21,191

Stocks	32,325	51,215	69,055	59,113	31,238
Trade Debtors	49,773	38,316	41,412	52,247	26,574
Cash	1,164	368	39	761	712
4 Miscellaneous Current Assets	42,470	42,565	35,841	40,102	20,538
Total Current Assets	125,732	132,464	146,347	152,223	79,062

5 Creditors: Amounts falling due within one year	111,957	147,324	174,676	161,732	80,744

Total Assets less Current Liabilities	73,006	50,939	37,242	49,437	19,509

6 Total Long Term Liabilities	5,095	8,844	13,760	21,470	10,147

Total Liabilities	117,052	156,168	188,436	183,202	90,891

7 Share Capital & Reserves	20,000	20,000	20,000	20,000	7,300
P & L Account Reserve	47,911	22,095	3,482	7,967	2,062
Revaluation Reserve	0	0	0	0	0
Shareholders' Funds	67,911	42,095	23,482	27,967	9,362
Capital Employed	73,006	50,939	37,242	49,437	19,509

Net Worth	67,911	42,095	23,482	27,967	9,362
Working Capital	13,775	(14,860)	(28,329)	(9,509)	(1,682)

Contingent Liabilities	1,653	2,581	1,197	3,005	7,730

CASH FLOW

Date of Accounts	31/12/1998	31/12/1997	31/12/1996	31/12/1995	31/12/1994
Consolidated	No	No	No	No	No
Subsidiary	Yes	Yes	Yes	Yes	Yes
No. of Weeks	52	52	52	52	52
Currency	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)

Net Cashflow from Operating Activities	-	-	-	3,565	2,316
Net Cashflow from Return on Investment and Servicing of Finance	-	-	-	(2,995)	(3,451)
Net Cashflow before Financing	-	-	-	(42,321)	(11,325)
Net Cashflow from Financing	-	-	-	2,000	9,984
Increase in Cash	-	-	-	(40,321)	(1,341)

ACCOUNTS NOTES

Date of Accounts	31/12/1998	31/12/1997	31/12/1996	31/12/1995	31/12/1994
Consolidated	No	No	No	No	No
Subsidiary	Yes	Yes	Yes	Yes	Yes
No. of Weeks	52	52	52	52	52
Currency	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)	(Ł '000)

1 Exports	176,341	172,823	150,123	151,092	84,793

2 Operating Profit is after charging the following
Employees' Remuneration	46,490	36,298	27,978	20,708	14,699
Directors' Remuneration	213	179	189	255	321
Audit Fees	100	105	70	54	44
Non Audit Fees	73	60	66	53	65
Depreciation	13,242	12,963	11,012	6,160	3,039

Average Number of Employees (actual)	1,698	1,499	1,213	957	645

3 Tangible Assets consist of:
Fixed Assets	59,231	65,799	65,571	58,946	20,549
Intermediate Assets	0	0	0	0	642
which includes:
-Due from Group, Non Current	0	0	0	0	0

4 Miscellaneous Current Assets includes:
-Due from Group, Current	26,583	32,571	31,851	37,636	16,180
5 Creditors: Amounts falling due within one year consists of:
Trade Creditors	26,700	16,676	19,423	18,082	10,572
a Bank Overdraft	0	49,244	80,994	66,462	36,792
Miscellaneous Current Liabilities includes:	85,257	81,404	74,259	77,188	33,380
b -Bank Loans - Current Portion	0	0	0	0	0
c -Other Short Term Finance, including:	27,928	34,088	47,591	54,878	24,383
-Due to Group, Current	27,928	34,088	47,591	54,878	24,383
-Due to Directors, Current	0	0	0	0	0
-Other Current Liabilities	57,329	47,316	26,668	22,310	8,997

Short Term Loans (a+b+c)	27,928	83,332	128,585	121,340	61,175

6 Total Long Term Liabilities consists of:
Long Term Loans, which consists of:	0	0	0	0	0
-Long Term Bank Loans	0	0	0	0	0
-Other Long Term Finance, including:	0	0	0	0	0
-Due to Group, Non Current	0	0	0	0	0
-Due to Directors, Non Current	0	0	0	0	0
Other Long Term Liabilities	5,095	8,844	13,760	21,470	10,147

7 Share Capital and Reserves consists of:
Called Up Share Capital	20,000	20,000	20,000	20,000	7,300
Sundry Reserves	0	0	0	0	0

RATIOS

Date of Accounts	31/12/1998	31/12/1997	31/12/1996	31/12/1995	31/12/1994
Profit/Sales (%)	7.36	5.61	-1.21	2.73	1.22
Profit/Capital Employed (%)	53.28	55.30	-12.32	19.32	14.16
Profit/Total Assets (%)	21.03	14.21	-2.17	4.52	2.76
Profit/Shareholders' Funds (%)	57.28	66.92	-19.54	34.15	29.50

Sales/Total Assets (%)	285.76	253.26	178.41	165.70	225.28
Sales/Fixed Assets	8.92	7.63	5.77	5.94	10.99
Sales/Capital Employed	7.24	9.86	10.15	7.08	11.58
Working Capital/Sales (%)	2.61	-2.96	-7.49	-2.72	-0.74

Stock Turnover	16.35	9.80	5.48	5.92	7.23
Credit Period (days)	34.37	27.85	39.98	54.50	42.95
Creditor Days (days)	18.44	12.12	18.75	18.86	17.09
Debtors/Total Assets (%)	26.91	19.33	19.54	24.74	26.51

Current Ratio	1.12	0.90	0.84	0.94	0.98
Liquidity Ratio	0.83	0.55	0.44	0.58	0.59
Creditors/Debtors	0.54	0.44	0.47	0.35	0.40
Current Liabilities/Stocks	3.46	2.88	2.53	2.74	2.58

Interest/Pre-Interest Profit (%)	7.28	17.54	667.95	27.12	43.78
Total Debt/Net Worth (%)	41.12	197.96	547.59	433.87	653.44
Bank Overdraft & Long Term Liabilities/Net Worth	7.50	137.99	403.52	314.41	501.38
Long Term Debt/Net Worth (%)	0.00	0.00	0.00	0.00	0.00
Long Term Liabilities/Net Worth	0.08	0.21	0.59	0.77	1.08
Shareholders' Funds/Total Liabilities (%)	58.02	26.95	12.46	15.27	10.30
Shareholders' Funds/Total Assets	0.37	0.21	0.11	0.13	0.09

Bank Overdraft & Long Term Liabilities/Working Capital (%)	0.37	-3.91	-3.34	-9.25	-27.91
Total Debt/Working Capital	2.03	-5.61	-4.54	-12.76	-36.37

Average Employee Remuneration (Ł)	27,379	24,215	23,065	21,638	22,789
Sales per Employee (Ł)	311,274	334,965	311,696	365,633	350,160
Capital Employed per Employee (Ł)	42,995	33,982	30,702	51,658	30,247
Total Fixed Assets per Employee (Ł)	34,883	43,895	54,057	61,595	32,854
Total Assets per Employee (Ł)	108,930	132,264	174,706	220,657	155,431

Profit/Value Added (%)	36.63	32.44	-10.77	23.71	11.54
Value Added/Sales(%)	20.09	17.29	11.27	11.51	10.59
Value Added per Employee (Ł)	62,535	57,931	35,116	42,087	37,099
Value Added/Employee Remuneration (%)	2.28	2.39	1.52	1.95	1.63

Exports/Sales (%)	33.36	34.42	39.71	43.18	37.54
Sales/Audit Fees	5,285.44	4,782.03	5,401.24	6,479.83	5,133.02
Total Assets/Audit Fees	1,849.63	1,888.22	3,027.40	3,910.54	2,278.48

GROWTH RATES

	1 year	2 year	3 year	4 year
Sales	5	40	51	134
Pre-tax Profit	38	-	307	1,308
Audit Fees	-5	43	85	127

Directors' Remuneration	19	13	-17	-34
Number of Employees	13	40	77	163
Employees' Remuneration	28	66	125	216

Tangible Assets	-10	-10	1	180
Stocks	-37	-53	-45	4
Trade Debtors	30	20	-5	87
Total Current Assets	-5	-14	-17	59
Total Assets	-7	-13	-12	85

Trade Creditors	60	38	48	153
Short Term Loans	-67	-78	-77	-54
Total Current Liabilities	-24	-36	-31	39
Shareholders' Funds	61	189	143	625
Long Term Loans	-	-	-	-
Long Term Liabilities	-42	-63	-76	-50
Capital Employed	43	96	48	274

COMPANY/INDUSTRY COMPARISON

This comparison is based on the results of 582 companies in the same industrial sector: 32200 Manufacture of television and radio transmitters and apparatus for line telephony and line telegraph

	Company	Industry Averages
	31/12/1998	Lower	Median	Upper
PERFORMANCE
Profit/Sales (%)	7.36	-1.7	3.7	11.8
Profit/Capital Employed (%)	53.28	-1.2	16.7	43.7
Profit/Total Assets (%)	21.03	-3.8	6.7	18.9
Profit/Shareholders' Funds (%)	57.28	0.0	24.1	54.8

TURNOVER
Sales/Total Assets (%)	285.76	117.4	167.7	234.4
Sales/Fixed Assets (%)	8.92	6.0	10.7	19.5
Working Capital/Sales (%)	2.61	23.6	8.1	-2.2
Stock Turnover	16.35	5.0	8.3	13.0
Credit Period (days)	34.37	79.2	56.2	32.0
Creditor Days (days)	18.44	51.5	31.1	13.2

LIQUIDITY
Current Ratio	1.12	0.8	1.2	1.9
Liquidity Ratio	0.83	0.6	0.9	1.5

GEARING
Total Debt/Net Worth (%)	41.12	124.4	56.0	10.8
Shareholders' Funds/Total Assets	0.37	0.2	0.4	0.6
Long Term Debt/Net Worth (%)	0.00	22.0	1.0	0.0
Interest/Pre-Interest Profit (%)	7.28	24.2	5.7	0.3
Total Debt/Working Capital	2.03	2.0	0.6	0.1

EMPLOYEE
Average Employee Remuneration (Ł)	27,379	16,462	21,569	27,379
Wages/Sales (%)	8.80	31.6	25.0	17.4
Profit per Employee (Ł)	22,909	-1,500	2,431	10,689
Sales per Employee (Ł)	311,274	53,500	77,808	124,992
Capital Employed per Employee (Ł)	42,995	8,113	8,113	8,113
Total Fixed Assets per Employee (Ł)	34,883	3,833	9,469	17,333
Total Assets per Employee	108,930	31,210	49,111	90,333

OTHER
Creditors/Debtors	0.54	0.5	1.0	1.7
Debtors/Total Assets (%)	26.91	13.8	27.7	42.4
Current Liabilities/Stocks	3.46	1.9	3.0	6.0
Exports/Sales (%)	33.36	4.4	24.2	52.8
Sales/Audit Fees	5,285.44	334.5	541.3	977.7
Total Assets/Audit Fees	1,849.63	190.4	334.4	580.0

FILING HISTORY

14/12/1999

Change among the directors of a company

04/01/1996

Alteration in memorandum or articles of association

04/01/1996

Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 (allotment of securities)

DIRECTORS

COMPANY SECRETARY

DEBORAH GRIMASON

DIRECTORS

LARS AKS

PHILLIP JOHN BROWN

DR ANDREW ROGER COOPER

PETER KUHNE

FRANK MCGOVERN

HANNU JUHANI MUSTONEN

Report Generated: Dec 22, 1999

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