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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: hueyone who wrote (53232)	12/5/2002 10:33:18 AM
From: Eric L	Read Replies (1) of 54805

re: ADR Filings << I have the same question for Eric regarding Nokia. What does one find the filings for these ADRs? >> Nokia reports both IAS and Pro Forma IAS quarterly. Official currency for Nokia which trades on 6 exchanges is the Euro. Reported IAS differs from Pro Forma IAS in that it does not excludes goodwill amortization and non-recurring items so it is analogous to but not identical to GAAP. At the end of each year the Nokia Annual Report (Annual Accounts) does a preliminary reconciliation to US GAAP. nokia.com By mid-year Nokia files an annual 20-F reconciling to GAAP with the SEC: nokia.com There are no quarterly SEC filings. Those companies that calculate PE of TTM GAAP for US companies (MSN Money Central, Multex proVestor, etc.) calculate Nokia et al TTM PE off reported IAS. There is one idiosyncrasy that must be taken into account with stocks of companies whose official currency is other than the US dollar. Nokia has had 10 years of consistent top line growth since Ollila took the helm and commenced a focus strategy, but growth last year in Euro's translated to a slightly down year in USD which will reverse this year due to fluctuation in exchange rate. Best, - Eric -

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