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VEON Ltd. ADS (symbol: VEON) is a global digital operator providing converged connectivity and internet services to nearly 160 million customers across six dynamic markets, including Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. VEON offers a comprehensive suite of services encompassing voice, fixed broadband, data, and digital solutions under renowned brands such as Beeline, Kyivstar, banglalink, and Jazz.
Headquartered in Amsterdam and listed on NASDAQ and Euronext, VEON is committed to driving the personal internet revolution by transforming lives through technology-driven services that foster digital inclusion and economic growth. The company prides itself on its ability to empower individuals and create opportunities across its footprint, which covers more than 7% of the world's population.
VEON continuously innovates and expands its offerings. For instance, its subsidiary, Beeline Kazakhstan, in collaboration with IT firm QazCode, hosted the 2024 Beetech Conference in Astana. This event highlighted advancements in AI and big data, featuring participation from global tech giants like NVIDIA and local experts. QazCode also unveiled plans to establish the first GPU cloud in Central Asia, enhancing AI product development capabilities in the region.
Another milestone includes Banglalink's strategic phase-out of 3G services in Bangladesh to enhance its 4G network. This move is part of VEON's broader strategy to provide superior digital experiences and support the country's 'Smart Bangladesh Vision 2041'. Banglalink's 4G subscriber base has grown significantly, reflecting the success of this initiative.
VEON's digital entertainment platform, Tamasha in Pakistan, secured streaming rights for major ICC tournaments, catering to the passionate cricket fanbase. Such strategic content acquisitions are integral to VEON's customer engagement and retention strategy.
Financially, VEON has demonstrated robust growth, with a 6.6% year-on-year increase in total revenues for the first quarter of 2024. The company continues to invest in its infrastructure, with a notable 38.6% year-on-year increase in Capex. VEON maintains a strong liquidity position with USD 632 million in cash equivalents as of March 31, 2024.
VEON's leadership, including CEO Kaan Terzioğlu, is focused on executing its digital operator strategy, leveraging new technologies like AI to enhance customer experiences and drive growth. The recent AGM saw the appointment of a new board, including notable figures like former U.S. Secretary of State Michael R. Pompeo, reflecting VEON's commitment to governance and strategic oversight.
For more information, visit www.veon.com.
VEON has received an extension from Nasdaq to file its delayed 2023 20-F annual report. The company must submit the report by November 11, 2024, to regain compliance with listing rules. The delay stems from the war in Ukraine and the sale of VEON's Russian operations, which complicated the appointment of an independent audit firm. VEON has since appointed UHY LLP as its PCAOB auditor and is working towards completing the report by the fourth quarter of 2024.
VEON has announced the successful amendment of its 2025 and 2027 notes following the consent of bondholders and obtaining a license from the U.S. Treasury's Office of Foreign Assets Control (OFAC). The amendments effectively cancel the economic obligations under the original notes, relieving VEON Holdings from making principal or interest payments. In May and June 2024, new notes due in April 2025, June 2025, and November 2027 were issued to eligible investors. Additionally, VEON executed the early redemption of its September 2025 and September 2026 notes, concluding the consent solicitation process initiated in April 2024. The company also settled deferred considerations related to the sale of PJSC Vimpelcom. VEON shares continue to trade without restrictions on Nasdaq and Euronext-Amsterdam.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has released its unaudited interim condensed consolidated financial statements for the three-month period ended 31 March 2024. These financial statements are based on internal management accounts and have not been externally reviewed or audited. VEON emphasizes that the financial information is subject to material variation and should not be overly relied upon. The full financial statements can be accessed on the VEON Group website.
VEON, a global digital operator, through its subsidiary Kyivstar, has announced an increase in its investment commitment to rebuild Ukraine's digital infrastructure to USD 1 billion over five years (2023-2027), up from the previously announced USD 600 million for three years. This investment will fund network and digital services, potential acquisitions, social contributions, and partnerships. VEON's leaders, including Chairman Augie Fabela and board member Michael R. Pompeo, will attend the Ukraine Recovery Conference to discuss this commitment. Kyivstar has already invested significantly in Ukraine, including building and upgrading LTE base stations, expanding 4G coverage, and investing in the country's energy resilience and digital healthcare. Kyivstar aims for near-universal 4G coverage and continues to support local businesses with digital services.
VEON held its Capital Markets Day 2024, revealing future goals and strategies until 2027.
Highlights include revenue growth of 16%-19% CAGR, EBITDA growth of 19%-22% CAGR, and a $900 million-$1 billion equity free cash flow target by 2027.
VEON aims to expand the EBITDA margin by 3 percentage points and increase multiplay customers to 50% by 2027.
Plans include reducing leverage, increasing local debt share, and maintaining a leverage ratio below 1.5x.
Additional targets for regional operations like Pakistan, Ukraine, and Kazakhstan were also shared, each with specific growth and revenue ambitions.
The CMD presentation will be available on VEON’s website.
On May 31, 2024, VEON held its Annual General Meeting (AGM) where shareholders approved a new seven-member Board of Directors. Key additions include former U.S. Secretary of State Michael R. Pompeo, Sir Brandon Lewis, and Duncan Perry. Incumbent directors Augie K. Fabela II, Andrei Gusev, Michiel Soeting, and VEON Group CEO Kaan Terzioglu continue to serve. Augie K. Fabela II, the company's founder, was elected as the Chairman. VEON aims to leverage its innovative spirit to deliver growth across its markets, meeting increasing demand for digital services and new technologies like AI. Approximately 97.9% of shares were represented at the AGM. Shareholders ratified PricewaterhouseCoopers Accountants N.V. for auditing the 2023 financial statements and approved changes to the Company’s Bye-laws for administrative corrections and electronic meeting facilitation.
VEON released its April YTD 2024 trading update during its AGM on May 31, 2024. The company reported total revenue of $1,278 million, an 8.6% increase YoY, and a 12.9% increase in local currency. Service revenue was $1,226 million, up by 7.5% YoY, and EBITDA reached $528 million, a 2.1% YoY increase. Five out of six countries showed revenue growth, with notable increases in Pakistan (22.3%) and Kazakhstan (21.7%). However, Ukraine's revenue and EBITDA declined by 13.5% and 22.3%, respectively. VEON cited positive FX developments and the execution of its Digital Operator strategy as key growth drivers.
VEON announced the appointment of UHY LLP as the independent registered public accounting firm for the audit of its 2023 consolidated financial statements. This move follows a delay in filing its 2023 annual report due to challenges in appointing an auditor after VEON's exit from Russia. Due to the delay, VEON received a non-compliance notice from Nasdaq. The new appointment aims to address this issue, and VEON has submitted a compliance plan to Nasdaq, aiming for full compliance by Q4 2024. UHY LLP, part of UHY International, is a leading global network of accounting firms.
VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) has agreed to sell its 49% stake in Kazakh wholesale telecommunications infrastructure provider TNS Plus LLP (TNS+) to its JV partner, the DAR group. The sale is valued at USD 137.5 million and awaits regulatory approval in Kazakhstan. The divestment aligns with VEON's asset-light strategy, allowing the company to focus on its core digital services in Kazakhstan, such as its financial app Simply, entertainment platform BeeTV, and AI-driven software development via QazCode. DAR will continue to invest in telecommunications infrastructure and digital innovations in Kazakhstan.
On May 20, 2024, VEON received a notification from Nasdaq's Listing Qualifications Department indicating non-compliance with timely filing requirements due to a delay in submitting its Annual Report on Form 20-F for 2023. This delay stems from challenges in appointing a Public Company Accounting Oversight Board (PCAOB) compliant auditor following VEON's exit from Russia. Although VEON has appointed PwC for Dutch filing purposes, the PCAOB-compliant auditor is still pending. Nasdaq has provided VEON until July 19, 2024, to submit a compliance plan, with a potential extension until November 11, 2024. Despite the delay, VEON's shares will continue trading on Nasdaq, and business operations remain unaffected.
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