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VEON Ltd. reported its 1Q22 financial results, showing a net loss of USD 97 million yet a significant net profit before impairments rose by 168% YoY to USD 375 million. Revenue increased by 9.8% YoY in local currency to USD 1,823 million. Cash from operations was USD 565 million, demonstrating strong cash flow generation despite challenges. A non-cash goodwill impairment of USD 449 million affected results, primarily due to operations in Russia. Overall, VEON continues to strengthen its market presence in various regions, including Ukraine and Pakistan.
VEON Ltd. has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2021, with the U.S. Securities and Exchange Commission. The report, which includes comprehensive audited financial statements, is accessible on the company's Investor Relations page. Shareholders can request a hard copy at no cost by contacting VEON's Investor Relations Department.
VEON is a global provider of connectivity and digital services, listed on NASDAQ and Euronext Amsterdam.
VEON Ltd. revealed its trading update for Q1 2022, reporting revenues of USD 1,823 million, up 9.8% YoY in local currency, while EBITDA reached USD 775 million, reflecting a 5.7% increase. Capex was USD 367 million (-6.2% YoY) with a capex intensity of 23.2%. The company maintained a strong cash position of USD 1.9 billion and a net debt/EBITDA ratio of 2.4x. Despite challenges, Ukraine and Kazakhstan showed notable revenue growth, whereas Russia's revenue declined in reported currency. Overall, VEON reported a healthy 3.9% growth in its subscriber base, reaching 206 million mobile subscribers.
VEON Ltd. (NASDAQ: VEON) confirmed on April 7, 2022, that it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of USD 1.00 per share. This notification has no immediate impact on the listing status of its American Depositary Shares (ADSs). VEON has a 180-day grace period until October 4, 2022, to regain compliance. If the share price remains below the threshold, VEON may be eligible for an additional 180-day period. The company’s operations and its listing on Euronext Amsterdam remain unaffected.
VEON Ltd. offers a business update amid market volatility, highlighting a strong liquidity profile with USD 2.1 billion in cash and deposits. The company has repaid USD 417 million in maturing bonds and cleared a RUB 30 billion loan. VEON assures stakeholders of its confident legal position as it faces no sanctions from the EU, US, or UK. The CEO emphasizes the company's commitment to protecting its employees and engaging with stakeholders, while the Digital Operator strategy aims to leverage growth opportunities.
VEON Ltd. announces that Robert Jan van de Kraats has resigned from its Board of Directors effective March 7, 2022, citing personal reasons. Van de Kraats has been a member since July 2018 and served as Chairman of the Audit and Risk Committee. Gennady Gazin, Chairman of the Board, expressed gratitude for his contributions. A new chairperson for the Audit and Risk Committee will be appointed later. The company emphasizes that forward-looking statements in the release are subject to risks and uncertainties.
VEON Ltd. reported its 2021 financial results, revealing full-year revenue of USD 7,788 million (+10.1% YoY in local currency) and EBITDA of USD 3,332 million (+8.9% YoY). The company achieved a net income of USD 801 million and a capex of USD 1,826 million, with a cash balance of USD 2.3 billion and undrawn credit lines of USD 1.5 billion. The net debt/EBITDA ratio stood at 2.44x, indicating a focus on deleveraging. VEON also closed a tower transaction in Russia and enhanced its digital services, marking significant growth across its markets.
VEON Ltd. (NASDAQ: VEON) announces its MobileID authentication system is gaining traction as a potential global standard to replace social network-based authentication. The system has grown from 600,000 users in December 2021 to over 1 million, leading to its expansion in Uzbekistan, Georgia, and Pakistan. Supported by GSMA and other major mobile operators, MobileID enhances security through multi-factor authentication while simplifying online access for users. VEON aims to protect user data through regulated service providers and plans to further promote MobileID's adoption.
VEON Ltd. has successfully secured bank financing of RUB 90 billion (approximately USD 1.215 billion) through its subsidiary VEON Finance Ireland. The financing involves two bilateral loan facilities of RUB 45 billion each from Sberbank and Alfa Bank, with terms spanning five years. The fixed and floating rate tranches aim to enhance VEON's capital structure and support corporate purposes, including intercompany loans to PJSC VimpelCom. CFO Serkan Okandan highlights this move as part of ongoing efforts to extend VEON’s debt maturity.
VEON Ltd. has acquired IBS DataFort, a prominent cloud IT infrastructure provider. This acquisition, executed through VEON's VimpelCom subsidiary, enhances Beeline's cloud service offerings in Russia. IBS DataFort, established in 2001, is recognized for managed cloud services. The integration will bolster Beeline's market position and enable the development of innovative products in cloud, cybersecurity, and Big Data. CEO Kaan Terzioglu emphasized that this move supports VEON's digital operator strategy and technological expansion.
