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To: scratchmyback who wrote (126166)	12/24/2002 11:38:33 AM
From: Art Bechhoefer	Respond to of 152472

>>Nokia´s royalty income<< I was referring to the total return on assets or on equity. When a large portion of revenues comes from royalties, obviously the overall profit margins are well above what one would expect from sales of manufactured products (e.g., chips and other products). So what I was suggesting is that if you look at margins or overall return on assets from a company that gets substantial licensing fees and royalties as part of its mix, you're going to see much larger margins and/or return on equity than would be the case with another company that depends mainly on profits from manufactured products rather than royalties. I've never seen the royalties broken out for Nokia. I suspect the GSM royalties are shared. Art