Good morning, and good afternoon. My name is Stephanie. I will be your conference operator today. At this time, I would like to welcome everyone to the Nokia Fourth Quarter and Full Year 2015 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I would now like to turn the call over to Mr. Matt Shimao, Head of Investor Relations. You may begin.

Ladies and gentlemen, welcome to Nokia's fourth quarter 2015 conference call. I'm Matt Shimao, Head of Nokia Investor Relations. Rajeev Suri, President and CEO of Nokia; and Timo Ihamuotila, CFO of Nokia, are here in Espoo with me today. Also, joining us today from Paris to help with any questions on Alcatel-Lucent's Q4 and full year 2015 during the Q&A session is Jean Raby, Chief Financial and Legal Officer of Alcatel-Lucent. During this call, we'll be making forward-looking statements regarding the future businesses and financial performance of Nokia and its industry. These statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both external, such as general economic and industry conditions, as well as internal operating factors. We have identified such risks in more detail on pages 74 through 89 of our 2014 Annual Report on Form 20-F, our report for Q4 and full year 2015 issued today, as well as our other filings with the U.S. Securities and Exchange Commission. Please note that our results release, the complete interim report with tables and the presentation on our website include non-IFRS results information in addition to the reported results information. Our complete results reports with tables available on our website include a detailed explanation of the content of the non-IFRS information and a reconciliation between the non-IFRS and the reported information. With that, Rajeev, over you.

Thank you, Matt, and thanks to all of you for joining. Our fourth quarter results were a good way to cap off what was a truly transformational year for our 150-year-old company. It was a year in which we announced the acquisition of Alcatel-Lucent and moved towards the closing of that transaction faster than we originally thought possible. The year in which we sold our HERE mapping business for over €2.5 billion in cash proceeds launched our €7 billion capital structure optimization program and more, all while delivering on our financial commitments for the year. We are certainly not complacent and we know that we will have some challenges in 2016, but I believe that we can look back to last year with some measure of pride and with confidence that we took the right steps to position the company for the future. The results that we announced today for the fourth quarter reflect solid performances from both Nokia Networks and Nokia Technology. On a Nokia level, we delivered non-IFRS diluted EPS of €0.15 during the quarter, a rise of 67% year-on-year thanks largely to the Samsung arbitration results. Net sales were up 3% versus a year ago, although down 3% on a constant currency basis at €3.6 billion and our non-IFRS gross margin was 46.4%. For the full year, net sales were up 6% compared to 2014 at €12.5 billion, although on a constant-currency basis, sales were up 52% (03:38). Based on the company's good performance, the board of directors is planning to propose an ordinary dividend for 2015 of €0.16 per share and a special dividend of €0.10 per share in line with our capital structure optimization program which Timo will cover in more detail later. Given the recent announcement we made about the completion of the arbitration…

Thank you, Rajeev. It has been an eventful quarter for Nokia, and there are quite a few topics that I would like to cover in my remarks today. I will start with an update on the acquisition of Alcatel-Lucent and the sale of HERE before walking you through the Samsung arbitration result and the performance of Nokia Technologies in Q4. I will then turn to my customer discussion on our cash performance in the quarter and lastly, I will say a few words on our capital structure optimization program and outlook for 2016. Starting with the Alcatel-Lucent acquisition, as you know, following the successful initial offer period, the offer was reopened on January 14 and closed on February 3. The aim that (14:47) published the results of the reopened offer yesterday. The solid results show that the vast majority of Alcatel-Lucent investors clearly recognize the potential to create value by combining our two companies. Nokia will hold approximately 91.3% of the share capital of Alcatel-Lucent following the settlement of the tendered securities, which is expected to occur tomorrow. On a fully-diluted basis, Nokia will hold approximately 88.1% of the share capital of Alcatel-Lucent. The net cash reported by Nokia and Alcatel-Lucent at the end of 2015 totaled €9.2 billion. Assuming the conversion of the OCEANE tender during the initial and reopened offers, the net cash of the combined company would have been approximately €10 billion. Assuming that the exchange of all remaining outstanding Alcatel-Lucent shares and convertible bonds into Nokia shares at the exchange ratio offered in the earlier public exchange offers, the total number of Nokia shares would equal approximately 6 billion shares. Naturally, we aim to get to the 95% threshold enabling Nokia to squeeze out the remaining Alcatel-Lucent securities. We believe that we are very well positioned…

Thank you, Timo. Stephanie, please begin with the Q&A session.

Certainly. Your first question comes from the line of Gareth Jenkins from UBS. Your line is open.

Thanks. I think, Matt, you forgot to say one question each, so I might just slip two in. Rajeev, I wondered if you can talk about where you're seeing macro weakness into the first quarter. Where's that most prevalent globally? And maybe one for Timo, just what greater than normal seasonal decline actually means for Q1? Can you provide some color on what that means? I think typically you're down about 23% quarter on quarter. Thank you.

Thanks, Gareth. So macro weakness during 2016, we see that in Russia, we see that in Japan, and we see that in China. So these are some of the markets we see it in, of course coupled with the fact that a lot of LTE build out has already happened in Japan and China during the last few years. So that's on the macro weakness. And the second question.

Yeah, the discussion on the greater than normal seasonal decline, so as we said going into the year, we are seeing a bit slower market on wireless infrastructure, and that has a bit of an impact on that. And then the second thing which has an impact as well is that both companies had very strong Q4 performance, and we are also expecting that to have a bit of an impact. And traditionally, as you said, we have had about 24%, 23%, 24%, 25%, somewhere there, seasonally to decline from Q4 to Q1.

Thank you, Gareth. Stephanie, next question, please.

Our next question comes from the line of Sandeep Deshpande with JPMorgan. Your line is open. Sandeep Deshpande, your line is open.

Please, hold.

Your next question comes from the line of Andrew Gardiner with Barclays. Your line is open.

Thanks very much. Good afternoon. I had a question on the Alcatel-Lucent integration now that you've got the deal closed. Timo, you mentioned how strongly Alcatel had finished the fourth quarter. Certainly, it looks good from that point of view. It does make things a little more challenging as you start this year. But aside from that, sort of the comps perhaps being a bit tricky, is there anything else that you've sort of found now that you've got the deal closed that is of concern? Or perhaps alternatively, have you found anything that does surprises you positively? And then just related to that, how quickly can you execute on the integration plan in terms of actually starting to take cost out? Is that something we can look for by second quarter? Is it going to be more starting in the second half of the year? Any sort of idea on the phasing of the cost cuts would be helpful. Thanks very much.

Okay. Thank you, Andrew. So a couple of questions there, I guess. So first of all on our integration and have we found anything sort of surprising? No, I would not say so. I think this has been going according to the plan. And we noted today actually that in our new reporting structure there will be two businesses reported as part of corporate, ASN and RFS. So these we will look at somewhat differently maybe than in the previous structure. But, no, we have not found anything which would be some kind of major surprise. And then on the cost execution, we have not really given any further guidance on the cost side. I want to reemphasize that we have the master services agreement in place, which is approved by both companies. And under that, we can move swiftly ahead already now. So we are moving ahead as quickly as possible, and of course we target as good outcome as possible. But unfortunately I can't give any more detail at this point.

Thank you, Andrew. Stephanie, let's see if we can find Sandeep.

Sandeep Deshpande with JPMorgan, your line is open.

Yeah, hi. Can you hear me?

Yes.

Hello. Yeah, hi. My question is regarding IPR. I mean, there was some disappointment regarding how much you monetized on the IPR portfolio from Samsung. Is this the price that you now get from everybody else? That's my question. And in terms of further monetization with various other parties, is that ongoing at this point? And when should we expect to see some results from that? Thank you.

Thanks, Sandeep. So as I said, we would have of course preferred a better outcome, but I want to be clear and point out that circumstances for each case are really different. And so this single arbitration does not necessarily suggest the outcome of future transactions either with Samsung or with other parties. Again, I want to repeat the main points. First, the arbitration with Samsung was focused on a part of the patent portfolio within Technologies. There are other parts within Technologies that we can yet monetize. And then there are, of course, portfolios beyond Nokia Technologies, which is both Nokia Networks as well as Alcatel-Lucent. Given this, we expect that we will have discussions with Samsung going forward as well to generate additional revenue from these areas. And then, we are fully engaged in licensing actions well beyond just Samsung. Like I said, we have other licensees in play. We've also got an arbitration already underway with another smartphone vendor, and I want to see opportunities to expand the licensing activities not just in mobile devices but clearly on a longer term basis in other segments. Automotive is one example. IoT consumer electronics will be other. And so, overall, I'd say that we believe that our portfolio is second to none. And we still have a strong licensing opportunity on the long-term given the strength of the portfolio.

Thank you, Sandeep. Stephanie, next question, please.

Your next question comes from the line of Robert Sanders with Deutsche Bank. Your line is open.

Yeah, hi, guys. Maybe just a first question would be around the services business of the old Nokia. Is that set to grow in 2016, or are you seeing some pressure also in that business?

Thanks, Robert. On the services business, now of course we'll have four services business in a sense because every business will have an underlying services business that they will be focused on. But you know we've been doing quite well in the services business. The opportunities for us in terms of growth will be primarily in the services-led segments such as network planning, optimization, which are a bit independent from the Mobile Broadband equipment sales. Then of course systems integration both in Mobile Networks business, but also beyond that in applications and analytics because typically IMS, VoLTE, a lot of these kinds of sales, customer experience management analytics drive system integration and also the move to the cloud. So those are the growth pockets. But I will not comment on whether we see growth overall in Global Services.

Maybe on that we can say as much that traditional services business top line has been a bit more stable than Mobile Broadband.

Yeah.

Thank you, Rob. Stephanie, we'll take our next question, please.

Your next question comes from the line of Francois Meunier with Morgan Stanley. Your line is open. Francois A. Meunier - Morgan Stanley & Co. International Plc: Yes. Thank you. Timo, I think you made quite a few remarks about the cash development in Q1 in 2016. So I just wanted to dig a bit deeper into that. So the working capital at Alcatel seems to have been going in the wrong direction. Actually in the right direction in 2016 – in 2015, while yours has been in the wrong direction. So do you expect one to offset each other and maybe to have like a flattish working cash outlay in 2016? Is that the plan? Also, I was wondering regarding the pensions of Alcatel, if you could give us an idea of the cash outlay we need to put in the model for 2016 and the coming years; is it around €130 million? And also I was wondering about the factoring of Alcatel. I know you're not too keen on that, but still, the amount of factoring of Alcatel has still increased in 2015 to I think around €2 billion. Is it something that you expect to unfold in Q1, or it's going to take all year or maybe more time? Thank you.

Thanks, Francois. Maybe, Jean, I would ask you to just quickly comment on the net working capital performance of Alcatel and the pension question, and then I can talk maybe in more detail on the full value of the Q1 cash dynamics, if you could please.

Okay. Thank you, Timo. Insofar as our working capital is concerned as you saw, we had a good performance in the reduction of our inventories. This is really a reflection of the work done since the launch of the Shift Plan as well as the natural inventory clearing we can do in Q4 on the back of built up of inventories in Q3 ahead of what is traditionally a high-level activity at the end of the year. I do believe that the Shift Plan has resulted in a much more resilient management of our business, and that includes tighter and more efficient management of our working capital. Secondly, insofar as pension is concerned, the principal cash outlays relate to Europe, not the U.S. In U.S., we do not expect other than the nonqualified pension plans to make any cash contribution to our pension plans for the foreseeable future. As far as Europe is concerned, taking a trend line from what we achieved, what we had to pay in 2015 is a good place to be. Thank you.

Okay. Thanks. And then on the overall cash going forward, so clearly we have the following impacts on cash. So as we said, results we expect to be sequentially down. So that will have an impact. We expect some of this net working capital performance to reverse as there was some really rapid cash conversions late Q4. Then Alcatel-Lucent said that there is licensing agreement with Qualcomm which will likely result into a negative cash outflow of €2.74 million (38:38). This is related to Nokia's acquisition of Alcatel-Lucent so that's triggered that thing. It was mentioned in the Alcatel- Lucent longer report today. Then on the other side on a tailwind, we have a Samsung, where we will receive I would say maybe the right characterization is clearly less than half of the expected total. We said that between 2016 and 2018, we expect about €1.3 billion, so clearly less than half of that. Then OCEANEs, of course, will play into the cash mix as well during Q1. So there will be a lot of moving parts. When it comes to the overall reduction of debt-like items, as we have said, as part of our capital structure optimization plan, we will look at this diligently already during Q1 and see what makes sense. But our target clearly is to take the financing cost down as we have very strong balance sheets. So kind of it is possible that we will run quite a big part of that through the P&L already during Q1.

Great. Thank you, Francois. Stephanie, we'll take our next question, please.

Your next question comes from the line of Kai Korschelt with Merrill Lynch. Your line is open.

Yes. Afternoon, gents. Thanks for taking my questions. So I just wanted to follow-up on the wireless outlook, just because it seems a bit inconsistent with what the semiconductor supply chain is saying about demand improving on the IRF (40:09) side. So, is your comment more specific to Alcatel's wireless business because that obviously had a very strong fourth quarter because the Nokia Networks standalone business seemed to have if anything, I'd say a sub-seasonal Q4. So I'm just wondering, is this really very broad based or is it may be more specific to the Alcatel part of the wireless business. And then the second question is really on the IPR business. So I'm just wondering why you haven't provided any revenue guidance, because I thought you said after the Samsung arbitration, your run rate should be around €800 million this year. It appears that maybe the Apple agreement is due to get renewed this year. So why haven't you said €800 million plus any additional revenue on top from that settlement? Or are you potentially concerned that they may stop paying you like they have with some of your peers? Thank you.

Thanks, Kai. So on the wireless market, it's the radio market within the wireless market that we see that will be soft during 2016. There'll be markets that have momentum in spending, because LTE build outs still need to be done in some markets, and those are North America, both coverage type and of course building of capacity. Then there is Latin America, Middle East and Africa, and partially India. Latin America is a question mark but could also be. And then the rest, as I commented, would be in decline. But again, let's be clear, it's the radio market within the wireless.

Okay. And then the IPR business revenue outlook, so, I mean, clearly the timing and the amounts of the settlements are quite difficult to estimate. And for that reason, as we have also said earlier, we think that we don't want to be in a position where we would give kind of like certain guidance or outlook on revenue on that business which would then force us to do deals which would be not in the long-term value creation interest of the company and its shareholders. So that really is the main reason. But it has nothing to do with somebody either stopping paying or something. I mean, if the license agreement runs out and you have not agreed something before it runs out, it's quite typical that somebody would stop paying. And then you'd just sort of do a catch up when you agree again. So, there is no drama there.

Thank you, Kai. Stephanie, next question, please.

Your next question comes from the line of Achal Sultania with Credit Suisse. Your line is open. Achal Sultania - Credit Suisse Securities (Europe) Ltd.: Hi. Thanks. So real quickly on the end market, I think obviously you're talking about RAN softness. But if I look at the Alcatel part of the business, should we, given that RAN or wireless, is only about one-third of the business, should we expect some sort of growth in rest of the business, which is routing, optics, fixed and in some parts of platforms?

Thanks, Achal. So like we said, so flattish CapEx environment for the total addressable market of the new Nokia. Wireless being down within that, it is radio really that's the issue of softness. So the businesses that have potential for growth are IP, transport, backhaul transport, video gateways, some part of the applications and the analytics business. And those will offset the decline, if you like, from radio, thereby the market being flattish.

Thanks, Achal. Stephanie, next question, please.

Your next question comes from the line of Vincent Maulay with Oddo. Your line is open. Vincent Maulay - Oddo & Cie SCA (Broker): Hey. Good afternoon. A question regarding the risk of the synergy so namely what about the risk of seeing a Tier 1 mobile operators swapping Alcatel-Lucent because so far it seems to be quite reassuring. So what about you seeing in the short-term on this topic?

Thanks, Vincent. So I think the question is around really portfolio rationalization swaps and so on. So we have overlap in substantially the radio business basically on seven accounts. We have worked through – remember we have talked about the CPRI, the CPRI interface that would allow in a nutshell our equipment to talk to the Alcatel-Lucent equipment so that we can minimize the impact of swaps. That is already tested in the labs. We will have it in Barcelona. We are ready for field trials with our customers. We are now working through the specific migration plans of these seven overlapping customers and at this point in time the dialogue has been pretty good. Our focus is on continuing to use open interfaces to minimize swaps unless there are very specific cases where there's an element of modernization that might be needed which is distinct from swaps per se because of roadmap rationalization.

Thank you, Vincent. Stephanie, we'll take our next question, please.

Your next question comes from the line of Pierre Ferragu with Bernstein. Your line is open. Pierre C. Ferragu - Sanford C. Bernstein & Co. LLC: Hi. Thank you for taking my question. I have one actually on gross margins. So I have two things in mind. In radio, if you have a softer market in 2016 with like a slowdown in rollout in China, in Russia and to some extent, in Japan, is that reasonable to think this will have like a positive impact on gross margin because typically in a slowdown like that, it's more like, say, hardware, lower margin (45:43) activity which has affected those – the lower margin rollout activity which is affected. So that's one driver I have in mind. And then the second driver I have in mind is about Alcatel-Lucent, the gross margin they've pulled out on the software that is very, very impressive. Should we think of that as almost a one-off?, the last nice quarter and then we should think that the normalized gross margin for Alcatel-Lucent being 2 points, 3 points below that level? Or is it actually like a fairly sustainable level we can take into consideration when we start modeling 2016 for the combined entity? Thanks a lot.

Okay. So maybe I'll start first with the second question. So I actually think that Alcatel-Lucent called out that there was a bit of additional software sales on the Q4 numbers and it would have been few percentage points lower. So I think that's in line with what you said, Pierre. What then comes to the overall gross margin performance on 2016, as we said, we are really at this point not giving any guidance on 2016 so I can't really comment on that. I mean, of course, big part of the radio is hardware, but I would say overall, the software component everywhere in the network now is bigger and bigger part of the deal. So I wouldn't draw such straight conclusion, but again we'll come back to the 2016 guidance after Q1 results.

Thank you, Pierre. Stephanie, next question, please.

Your next question comes from the line of Richard Kramer with Arete Research. Your line is open.

Thanks very much. Just to follow that question up with maybe a different take on it. Rajeev, when you look at how networks are evolving and that both companies noted software licenses boosting gross margins and indeed, when you look at Alcatel's Nuage and the platforms business, can you envision reaching a material portion of sales from recurring software license income in 2016? And do you think you'd be willing to disclose that? And equally, since Jean is on the line, I'd love to hear his comments on the sustainability of the cash flows and specifically the margins in some of the Alcatel divisions. The margin in access, for example, was the highest that we've seen in a decade or more. And I guess stripping out those software one-off benefits, I'd love to know underlying that whether there are material margin improvements that we can expect to carry on into following years when there's not the bonus of the Shift Plan hanging overhead. Thanks.

Thanks, Richard. Let me start the first question. So software, of course, is an area of focus. A lot of the development in the equipment is software-driven. All I would say it's an area of focus and we talked about it from Q1 2015 onwards, so we had a 1 point increase in software sales during 2015 compared to 2014. again looking at it from a full year perspective. And of course, that's the focus that we have to keep driving it separately. We now have Applications & Analytics which is a software business in itself, which is primarily all software and our aim is to try and capture more and more of that market over time.

And we will look at the new combined Networks business through a little bit of a different lens going forward. So I don't think it's really appropriate to start to comment how any of these specific businesses, either in the Alcatel-Lucent or at Nokia, would carry forward as is because that's simply not going to be the exact management structure where we will be in. I mean, Jean, I'm happy if you want to comment further on the margin performance and how it improved on 2015 and Q4, but – so the forward-looking, unfortunately, we can't go further.

No, Timo. Thanks. I'll just make one or two comments about our performance in 2015 as a whole on the cash flow and the improvement in margins. I mean, it's fair to say that this was all the design of the Shift Plan, to improve profitability on a lasting basis and increase the visibility of the business. And I think the steady progress we have made throughout the Shift Plan demonstrates that. That being said, we have called out in our Q4 release the fact that we had – like Nokia has seen some elevated sales of software. We use a different word. And frankly, gross margin, when you look at it on a more normalized basis, would have been a few percentage points lower. That being said, it would have still, in our view, exceeded the gross margin of last year, therefore demonstrating the steady progress we have made in improving our profitability and our management of the business. And that also reflects a total cultural change we have done within the company to focus on profitability and cash.

Thank you, Jean and Richard. So, Stephanie, let's take our next question, please.

Your next question comes from the line of Avi Silver with CLSA. Your line is open.

Hi. Thank you very much. How would you characterize the current competitive landscape? Has it changed in the last six months in Networks? And do you see competition intensifying now that the deal has closed and the demand environment seems to be a little bit uncertain? And then on just gross margin, given the softer 1Q revenue outlook, can you talk about 1Q gross margin on a year-on-year basis for the combined companies? I know you're not providing specific guidance, but maybe directionally, you can provide some insight there that would be helpful. And to that end, did the FX tailwind in 2015, to what extent did that help gross margin for Nokia? Thank you.

Thank you. On the competitive landscape, we said in Q1 of last year that things have changed and since then there's no significant shift. So I would say it's been stable sequentially over the last few months.

Yeah. And, again, I really don't think I can shed more color on the forward-looking gross margin topic. What comes to the FX, FX had a bit of a tailwind on our gross margin and also on operating margin. Actually, it was bigger in Q3 than Q4. So Q4, it was actually a bit less on the Nokia side.

Okay. Thank you, Avi. Stephanie, next question, please.

Your next question comes from the line of Simon Leopold with Raymond James. Your line is open. Simon M. Leopold - Raymond James & Associates, Inc.: Thank you very much for taking my question. First, just a quick clarification. Earlier, you were talking about the Alcatel-Lucent gross margin in the fourth quarter, mentioning that there was a call-out of the contribution from software. Is there a value you can give us for the gross margin, what it would have been ex that additional software mix? And then in terms of my question, I wanted to see if we could talk a little bit more about the trends in China. Understanding the macro environment there is tough, but one of the other challenges I'm wondering about is, historically, China had awarded Western vendors roughly equal share with Alcatel-Lucent and Nokia each about 10% and the other fellow with roughly 10%. Is there a headwind where you might be concerned about the Chinese operators trying to rebalance share among the Western suppliers? And also on China, is there a possibility that Chinese government tries to stimulate its economy with investment in the telco network infrastructure that might be a possible source of upside – if we've seen that? Thank you.

Yeah. So Timo here, maybe I'll start and then hand over to Rajeev on the China question. So again, as Jean said, Q4 gross margin in Alcatel-Lucent could have benefited a few percentage points from this, let's call it, additional software sale dynamic. And if you look at the overall gross margin, if I remember correctly – Jean, you can correct me if I'm wrong – it's a little over 39% for Q4 and for the full year about 36%. So I think that gives also a bit of a color on the matter.

Yeah. And on the market share question, we did model some potential dis-synergies in China when we – just to be prudent, when we did the Alcatel-Lucent deal. Having said that, I don't think there's any underlying reason as long as we can work with the customers on the product portfolio quickly and we intend to do that during and before Mobile World Congress, that we should necessarily lose share, where we've been prudent in assuming some. Now, the trend in China is that China Mobile did a big rollout over the last two, two-and-a-half years and so we can't see that repeat itself. Having said that, there could be possible puts and takes in terms of China Unicom and China Telecom potentially accelerating some more build because they did not do an equipment build, plus they may get new spectrum. But we are, for the moment, not counting on that changing. We still think macroeconomic and the big build-outs will lead to a softer market this year.

Thank you, Simon. And now, Stephanie, we are ready for our last question. I think we've used our time for today.

And your last question comes from the line of Sébastien Sztabowicz with Kepler Cheuvreux. Your line is open. Sébastien Sztabowicz - Kepler Cheuvreux SA: Yeah, hello. Sébastien Sztabowicz, Kepler Cheuvreux. Thanks for taking my questions. You will report ASN figures now in the Group Common Functions going forward. Could you please update us on the strategy you have for the Submarine business for the future? And also, a question to Jean, you did not mention growth in Submarine in the press release for Q4. Could you please comment a little bit on the business trends for the Submarine business in Q4 and the outlook for this business in 2016? Thank you.

Okay. So maybe I'll start on the reporting and then hand over to Jean on how the business was doing. So regarding ASN from, I'll call it, the new Nokia structure perspective, the reason why we have decided that we will run ASN and also RFS (56:22) business as part of Group Common is simply that they are less synergistic to the other businesses we have. So we have not made any other decisions. We now have to understand well what these businesses really are capable of doing from our standpoint, how they possibly are or are not synergistic to the rest of the business portfolio, and then we make further assessments. But it's way too early to assess it from our management's perspective at this point in time.

Jean, did you...

Jean, did you want to comment on the ASN overall.

Yeah, I can comment quickly. As you know, we don't report separate figures for ASN. They're part of IP Transport. It's fair to say that the cyclical upswing that we had alluded to in previous conversation continues to materialize. And if you want to look at 2015 as a whole, we had solid double-digit growth in our revenues and I mean by that more than 10%, but reflective of the cyclical upswing. And I'll leave my comments to that as I want to restrict any comments I make to past events as opposed to future looking. Thank you.

Okay. Thank you, Sébastien.

And I'd actually like to turn the call back now to Jean before Rajeev's closing comments.

Thank you, Matt. I just wanted to take this opportunity to thank the entire community for your support. You have taken time to understand and contribute to our equity story. You have trusted us that we could execute, and you have challenged us and contributed to our thinking with your insightful questions and comments. So thank you very much. I have the utmost faith in the group. I'll be a long-term shareholder and I hopefully will see some of you in my next endeavor. On that, back to Rajeev.

Thanks, Jean. Thanks, Matt and Timo, and thanks again to all of you for joining. I would like to close with a few words. Q4 end the chapter in the long histories of both Nokia and Alcatel-Lucent and we have now started a new chapter. Our focus is clearly on delivering the benefits of the Alcatel-Lucent deal to our customers and shareholders, creating long-term value in Nokia Technologies and quickly taking steps to realize the synergies that we have promised, as well as our €7 billion capital structure optimization program. While we're not blind to the market and macroeconomic challenges ahead of us, we will tackle these head on and from a much better starting position than we would have had as two separate companies. We start 2016 as an enlarged and strengthened company with confidence and humility. With that, thanks for your time and attention. And, Matt, back to you.

Ladies and gentlemen, this concludes our conference call. I would like to remind you that during the conference call today, we have made a number of forward-looking statements that involve risks and uncertainties. Actual results may therefore differ materially from the results currently expected. Factors that could cause such differences can be both external, such as general economic and industry conditions, as well as internal operating factors. We have identified these in more detail on pages 74 through 89 of our 2014 Annual Report on Form 20-F and a report for Q4 and full year 2015 issued today, as well as our other filings with the U.S. Securities and Exchange Commission. Thank you.

This concludes today's conference call. You may now disconnect.