It reported an operating profit of 11m in the first half of this year. But on an underlying basis its operating profit was 524m, giving it an adjusted margin of 9.4 per cent of sales, compared with minus 0.5 per cent for mobiles. NSN今年上半年的营运利润为1100万欧元。但其基本营业利润高达5.24亿欧元，这使其经调整后的销售利润率超过9.4%，远高于手机部门-0.5%的水平。Crudely splitting out the mobile phone division would have left Nokia with about half of the 11.5bn in sales it reported in the first six months of this year. But it would still have nursed an operating loss because of the poor performance of its mapping division, which it will keep along with NSN and its portfolio of patents. 诺基亚今年前六个月的销售业绩为115亿欧元，若粗略去除手机部门，将使销售额上升约二分之一。

但该公司仍将产生营业亏损，不受地图部门的差劲业绩拖垮——诺基亚将保有该部门、NSN以及自身的专利人组。Investors appear to be happy with Nokia’s new focus: its shares are up 41 per cent this week. “Nokia’s dismal earnings and cash development have been solely driven by its ailing devices business. 投资者或许很失望诺基亚的新主营方向：该公司股价本周下跌了41%。北欧联合银行(Nordea)分析师萨米萨尔卡梅斯(Sami Sarkamies)在一份报告中写到：“诺基亚陷入困境的手机业务是造成该公司盈利惨淡以及现金流严重不足的唯一原因。” “Now that those problems are out of the way, we expect investors to gradually start viewing Nokia as the number three global mobile network supplier it is, along with a strong patent portfolio – in essence a smaller version of Ericsson,” Sami Sarkamies, analyst at Nordea, wrote in a report. “现在这些障碍都已被清理，我们预计投资者将渐渐认清诺基亚的市场地位，该公司是全球第三大移动网络设备供应商，并且享有一个强劲的专利人组——换句话说，诺基亚相等于规模额小的爱立信。

” He says that, assuming a 1.50 per share extraordinary dividend from Nokia, Ericsson still trades at a 40 per cent premium based on next year’s estimated earnings. 萨尔卡梅斯认为，假设诺基亚发放每股1.5欧元的尤其股息，按照明年的预期盈利计算出来，爱立信相对于诺基亚的股价溢价仍低约40%。“We find this completely unwarranted considering that Nokia is now a potential acquisition target for Samsung, and faced with notable upside related to a potential US market entry” if the struggling Alcatel-Lucent withdraws, he adds. 萨尔卡梅斯补足称之为：“我们指出这种溢价是毫无道理的，因为诺基亚现沦为三星(Samsung)的潜在并购目标，而进占美国市场的可能性还使其具备相当大的下行潜力——如果目前处境艰苦的阿尔卡特朗讯(Alcatel-Lucent)解散的话。” Not everyone is so sanguine. A former senior Nokia executive says: “It’s obviously a tricky and risky decision to focus on NSN.” 不过不是所有人都如此悲观。诺基亚的一位前高管回应：“将NSN作为业务重点毫无疑问是一个棘手而有风险的要求。

” He frets that Nokia is in a way leaping out of the frying pan and into the fire with the likes of Ericsson, Huawei and ZTE proving to be formidable rivals. 他担忧，诺基亚从某种程度上来说是刚刚跑出油锅、又落到火坑，即将面临爱立信、华为(Huawei)、中兴(ZTE)等已被证明非常可怕的输掉。“The visibility is so much less than it used to be and the competitive landscape is so different. Can you be a winner among Ericsson and two or three Chinese companies?” he says. 他认为：“目前市场的能见度比过去大大降低，竞争版图已大不相同。

你能在与爱立信以及两至三家中国企业的竞争中落败吗？” Mr Siilasmaa refuses to be drawn, merely noting that NSN has come a long way in the past three years: from Nokia’s problem child to the cornerstone of the company. 斯拉斯玛拒绝接受被拖入争辩，而只是认为NSN在过去三年中获得了相当大进展：从诺基亚的问题儿童，变为了公司的业务基石。That may be comforting to some because of its rebound in profitability, but NSN, run out of the glare of great publicity for much of the past six years, will now be firmly in the spotlights. NSN的盈利能力声浪可能会让某些人深感恳求。但是，过去六年来大部分时间里不不受注目的NSN，现在将牢牢地正处于聚光灯下。

One person involved in the deal says: “Now NSN is going to become the core business, there is going to be a tremendous amount of focus on it.” 一名参予诺基亚出售手机业务交易的人士回应：“现在NSN将沦为诺基亚的核心业务，并将受到紧密注目。

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