In mid-November 2002, Nokia CEO Jorma Ollila and his management team had to decide on a course of action for their company’s growing cash balance of 8 billion euros. The company has no immediate acquisitions in sight and has a low debt burden: 450 million euros in long-term debt and 2.6 billion euros in customer financing. Ollila recently ruled out a share buyback after banks like Moody’s threatened to downgrade the company’s credit rating from its current A1 credit rating. Ollila must present a cash plan that is online with shareholders within two weeks. In developing his plan, Ollila and his management must consider the environment and Nokia’s potential future investment and financing needs.
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