Sony Pixel Power calrec Sony

VEON publishes preliminary 4Q22 and FY22 results

16/03/2023

Amsterdam, 16 March 2022 07:00 CET: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces selected financial and operating results for the fourth quarter and full year ended 31 December 2022, excluding the results of the Russian operations, as they were classified as held for sale' and discontinued operations' in 4Q22:

In Q4 2022, VEON's local currency performance accelerated sharply with total revenues of USD 940 million, -4.9% YoY in reported currency ( 18.6% YoY in local currency), service revenues were USD 901 million, -4.4% YoY in reported currency ( 19.2% in local currency), and EBITDA was USD 453 million, 1.2% YoY in reported currency ( 30.1% YoY in local currency).

For FY 2022, VEON's total revenues amounted to USD 3,755 million, -2.4% YoY in reported currency ( 14.0% YoY local currency), service revenues were USD 3,600 million, -2.4% YoY in reported currency ( 13.9% YoY in local currency), and EBITDA was USD 1,743 million, -5.3% YoY in reported currency ( 12.6% YoY local currency). Full-year capex of USD 832 million was 2.9% higher than in 2021, with capex intensity up 1.1 p.p. as the company invested in 4G network expansion. Total cash and cash equivalents were USD 3.1 billion, with USD 2.5 billion held at the HQ level.

Commenting on the results, Kaan Terzio lu said: In the final quarter of 2022, we added further operational momentum and recorded double-digit local currency revenue growth in five of our countries, doubling the growth rate from a year ago. With our Russian operations now classified as held for sale' and discontinued operations' and not contributing to Group revenues, VEON's topline growth in local currency for the full year 2022 was 14.0%. Furthermore, the sale of Russia will result in the significant deleveraging of the Group balance sheet. While we are smaller in size, we are now a faster growing company, serving emerging markets with strong potential demand for the services that VEON's Digital Operator 1440 model offers.

In 2022, each of our operations achieved significant growth, both in terms of financial performance and the operational metrics that underpin our business. Our local operating companies collectively added 14 million 4G customers, bringing 4G-powered digital multiplay' users to 22% of our subscriber base while growing ARPU and customer engagement by providing more relevant connected services for our core telecom users. This strong operational performance has continued and YTD February 2023 local currency revenues are up by 15.2% YoY and local currency EBITDA up by 11.8% YoY. With continued focus on operational performance as well as financial discipline and liquidity management, including our strong liquidity position at year-end, we are well positioned to deliver growth while significantly deleveraging VEON's balance sheet and enhancing VEON's credit profile in 2023.

Q4 2022 highlights

Revenue of USD 940 million, -4.9% YoY ( 18.6% YoY in local currency)

Service revenue of USD 901 million, -4.4% YoY ( 19.2% YoY in local currency)

Data and digital revenues of USD 474 million, -7.5% YoY ( 15.8% YoY in local currency)

EBITDA of USD 453 million, 1.2% YoY ( 30.1% YoY in local currency)

Capex of USD 263 million, -5.1% YoY, with capex intensity of 22.1%

Total cash and cash equivalents of USD 3.1 billion, 37.9% YoY, with USD 2.5 billion at Headquarters

157 million mobile subscribers, up 2.7% YoY

85 million 4G users, up 19.4% YoY, with 53.9% penetration of customer base

FY 2022 highlights

Revenue of USD 3,755 million, -2.4% YoY ( 14.0% YoY in local currency)

Service revenue of USD 3,600 million, -2.4% YoY ( 13.9% YoY in local currency)

Data and digital revenues of USD 1,937 million, -0.7% YoY ( 16.5% YoY in local currency)

EBITDA of USD 453 million, -5.3% YoY ( 12.6% YoY in local currency)

Capex of USD 832 million, 2.9% YoY, with capex intensity of 22.1%

Total cash and cash equivalents of USD 3.1 billion, 37.9% YoY, with USD 2.5 billion at Headquarters

157 million mobile subscribers, up 2.7% YoY

85 million 4G users, up 19.4% YoY, with 53.9% penetration of customer base

In 4Q22, VEON accelerated local currency revenue & EBITDA growth and continued to gain market share in each of its markets. The Group maintained strong liquidity, with Group cash and cash equivalents of USD 3.1 billion as of 31 December 2022.

Total Group revenues decreased by 4.9% YoY during 4Q22 in reported currency and increased by 18.6% in local currency terms, with Ukraine revenues growing 8.7% YoY in local currency and all other countries reporting double-digit local currency revenue growth for the period. Service revenues decreased by 4.4% YoY in reported currency and rose by 19.2% YoY in local currency.

In 4Q22, Group EBITDA increased by 1.2% YoY in reported currency terms ( 30.1% in local currency), with Group EBITDA margin of 48.2% ( 2.9 p.p. YoY). Energy costs increased across the Group c.30% YoY negatively impacting Group EBITDA margin. We remain focused on implementing planned cost-efficiency measures across the Group and on applying inflationary pricing across our operations. Project Optimum delivered c.USD 95 million of savings in 2022 with cost intensity improving by 2.5 p.p. YoY in local currency.

The Group's YoY revenues and EBITDA performance was impacted by several extraordinary non-recurring items in 4Q22 and in 4Q21, as noted in the Country Performance section. Excluding these one-off items, Group total revenue increased by 15.4% YoY, service revenue increased by 15.8% YoY and EBITDA increased by 7.4% YoY in local currency.

In 4Q22, we reported subscriber base growth of 2.7% YoY. The Group continued to focus on overall customer experience, seeing improving Net Promoter Score ( NPS ) across mo
LINK: https://www.veon.com/media/media-releases/2023/veon-publishes-prelimin...
See more stories from vimpel

More from VimpelCom

26/03/2024

VEON announces sale of stake in Beeline Kyrgyzstan, increasing the focus on its large markets

26 Mar 2024 VEON announces sale of stake in Beeline Kyrgyzstan, increasing the ...

21/03/2024

VEON 4Q23 trading update: Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy

21 Mar 2024 VEON 4Q23 trading update: Strong organic growth in revenue and EBIT...

18/03/2024

Banglalink Gets Unified Licence to Deliver Superior Digital Services in Bangladesh

18 Mar 2024 Banglalink Gets Unified Licence to Deliver Superior Digital Service...

14/03/2024

VEON appoints PwC as 2023 auditors, provides updates on reporting timelines

14 Mar 2024 VEON appoints PwC as 2023 auditors, provides updates on reporting timelines Amsterdam, Netherlands, 14 March 2024, 17:00 CET: VEON Ltd. (Nasdaq: VE...

11/03/2024

VEON to Hold Capital Markets Day on June 6, 2024

11 Mar 2024 VEON to Hold Capital Markets Day on June 6, 2024 Amsterdam, 11 March 2024: VEON (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator...

04/03/2024

MSCI upgrades VEON to 'AA' ESG Rating

04 Mar 2024 MSCI upgrades VEON to AA ESG Rating Amsterdam, 4 March 2024: VEON (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides...

01/03/2024

VEON announces the issuance of previously authorized shares representing approximately 4.99% of total share capital

01 Mar 2024 VEON announces the issuance of previously authorized shares represe...

29/02/2024

VEON's Kyivstar Awarded Best Mobile Innovation Supporting Emergency or Humanitarian Situations at GLOMOs

29 Feb 2024 VEON's Kyivstar Awarded Best Mobile Innovation Supporting Emer...

27/02/2024

VEON launches ROX, its digital-first brand in Pakistan

27 Feb 2024 VEON launches ROX, its digital-first brand in Pakistan ROX to provide Pakistan's digital-first generation with integrated content and services ...

26/02/2024

Rakuten Symphony and Kyivstar Sign Letter of Intent to Deploy Open RAN to Rebuild Ukraine's Digital Infrastructure

26 Feb 2024 Rakuten Symphony and Kyivstar Sign Letter of Intent to Deploy Open ...

21/02/2024

VEON Launches Geolocation Gateway, Enabling Proximity-Based Digital Services

21 Feb 2024 VEON Launches Geolocation Gateway, Enabling Proximity-Based Digital Services Amsterdam and Tashkent, 21 February 2024 - VEON Ltd. (NASDAQ: VEON, Eu...

14/02/2024

Kyivstar and Come Back Alive Raise UAH180M to Demine Ukraine, Reaching Campaign Target

14 Feb 2024 Kyivstar and Come Back Alive Raise UAH180M to Demine Ukraine, Reach...

08/02/2024

VEON's Kyivstar Nominated for the GLOMO in Best Mobile Innovation for Emergency and Humanitarian Connectivity

08 Feb 2024 VEON's Kyivstar Nominated for the GLOMO in Best Mobile Innovat...

06/02/2024

Augmented Intelligence for Disaster Response: Beeline Kazakhstan Mobilises AI to Fight Forest Fires

06 Feb 2024 Augmented Intelligence for Disaster Response: Beeline Kazakhstan Mo...

05/02/2024

VEON and Kyivstar Welcome Former U.S. Secretary of State and Kyivstar Board member Mike Pompeo to Ukraine

05 Feb 2024 VEON and Kyivstar Welcome Former U.S. Secretary of State and Kyivst...

05/02/2024

VEON and Kyivstar set in motion their 600m USD investment plan with Kyiv visit, Mike Pompeo joins the delegation

05 Feb 2024 VEON and Kyivstar set in motion their 600m USD investment plan with...

31/01/2024

VEON and Summit Complete USD 100m Deal for Bangladesh Towers Portfolio

31 Jan 2024 VEON and Summit Complete USD 100m Deal for Bangladesh Towers Portfolio Amsterdam and Dhaka, 31 January 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amst...

18/01/2024

Kyivstar Completes Preliminary Assessment of the Financial Impact of the Cyberattack

18 Jan 2024 Kyivstar Completes Preliminary Assessment of the Financial Impact o...

20/12/2023

VEON Presents Digital Operator Success Story at NSR/BCG Investor Conference in New York

20 Dec 2023 VEON Presents Digital Operator Success Story at NSR/BCG Investor Co...

19/12/2023

Kyivstar restores services in all categories, brings 99% of mobile network back on air

19 Dec 2023 Kyivstar restores services in all categories, brings 99% of mobile ...

15/12/2023

Kyivstar restores mobile internet across Ukraine, reactivates international roaming

15 Dec 2023 Kyivstar restores mobile internet across Ukraine, reactivates inter...

14/12/2023

Kyivstar restores voice services across Ukraine, starts the reactivation of mobile data services

14 Dec 2023 Kyivstar restores voice services across Ukraine, starts the reactiv...

13/12/2023

Kyivstar starts restoring voice services on its network following widespread cyber-attack

13 Dec 2023 Kyivstar starts restoring voice services on its network following w...

12/12/2023

Kyivstar Network Targeted by Widespread Cyber Attack

12 Dec 2023 Kyivstar Network Targeted by Widespread Cyber Attack Amsterdam, 12 December 2023 13:45 CET - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a ...

12/12/2023

Kyivstar Provides Update on Cyber-Attack Recovery; Reports Partial Restoration of Connectivity on its Fixed Network

12 Dec 2023 Kyivstar Provides Update on Cyber-Attack Recovery; Reports Partial ...

11/12/2023

VEON's Mobilink Bank Participates in COP28, Emphasizes the Role of Gender Inclusivity in Climate Finance

11 Dec 2023 VEON's Mobilink Bank Participates in COP28, Emphasizes the Role...

04/12/2023

VEON's Kyivstar and Amazon Web Services Sign Memorandum of Cooperation to Support the Development of Ukrainian Businesses

04 Dec 2023 VEON's Kyivstar and Amazon Web Services Sign Memorandum of Coop...

27/11/2023

VEON Recognised for Crisis Response at World Communication Awards 2023

27 Nov 2023 VEON Recognised for Crisis Response at World Communication Awards 2023 Amsterdam, 27 November 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: V...

27/11/2023

VEON Implements New Clawback Policy and Updates Incentive Plans to Enhance Accountability in Compliance with Nasdaq Listing Standards

27 Nov 2023 VEON Implements New Clawback Policy and Updates Incentive Plans to ...

20/11/2023

VEON 3Q23 trading update: raising full-year revenue and EBITDA guidance, return to USD revenue growth, exit from Russia completed

20 Nov 2023 VEON 3Q23 trading update: raising full-year revenue and EBITDA guid...

15/11/2023

Going Asset-Light: VEON and Summit Reach USD 100m Deal for Partial Sale of Bangladesh Towers Portfolio

15 Nov 2023 Going Asset-Light: VEON and Summit Reach USD 100m Deal for Partial ...

14/11/2023

VEON Welcomes Former U.S. Secretary of State Mike Pompeo to Kyivstar Board of Directors

14 Nov 2023 VEON Welcomes Former U.S. Secretary of State Mike Pompeo to Kyivsta...

31/10/2023

VEON Launches Digital-First Operator OQ in Uzbekistan

31 Oct 2023 VEON Launches Digital-First Operator OQ in Uzbekistan New brand targets digital natives with integrated media and entertainment services Amsterda...

30/10/2023

VEON files motion with Kyiv Court challenging the freezing of corporate rights in Kyivstar

30 Oct 2023 VEON files motion with Kyiv Court challenging the freezing of corpo...

23/10/2023

VEON Group Board and Management Delegation Visit Ukraine, Highlighting Commitment to the Country's Future

23 Oct 2023 VEON Group Board and Management Delegation Visit Ukraine, Highlight...

20/10/2023

VEON issues CEO Letter to Investors on Group Financial Position, Reinstatement of Analyst Coverage and Unrestricted Trading

20 Oct 2023 VEON issues CEO Letter to Investors on Group Financial Position, Re...

12/10/2023

VEON is the sole and rightful owner of Kyivstar

12 Oct 2023 VEON is the sole and rightful owner of Kyivstar Company responds to speculation about Kyivstar Amsterdam, 12 October 2023 - VEON Ltd. (NASDAQ: VE...

09/10/2023

VEON closes the sale of its Russia operations, completes its exit from Russia

09 Oct 2023 VEON closes the sale of its Russia operations, completes its exit from Russia Amsterdam, 09 October 2023, 15:15 CET - VEON Ltd. (NASDAQ: VEON, Euro...

05/10/2023

Beeline Uzbekistan invests in developing local IT talent with Beeline Academy

05 Oct 2023 Beeline Uzbekistan invests in developing local IT talent with Beeline Academy Beeline Academy launched to help train youth with emphasis on data pr...

28/09/2023

Keeping Ukraine connected: Kyivstar CTO addresses GSMA Sec Con at MWC Las Vegas 2023

28 Sep 2023 Keeping Ukraine connected: Kyivstar CTO addresses GSMA Sec Con at M...

22/09/2023

VEON Hits a Six in Cricket Asia Cup 2023

22 Sep 2023 VEON Hits a Six in Cricket Asia Cup 2023 Tamasha Draws Record 14.4 Million Digital Viewers During the Tournament Amsterdam, 22 September 2023: VE...

20/09/2023

Kyivstar Raises UAH100 million to Support Ukraine's Demining

20 Sep 2023 Kyivstar Raises UAH100 million to Support Ukraine's Demining Amsterdam, 20 September 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON),...

13/09/2023

VEON finalizes sale agreement to exit Russia

13 Sep 2023 VEON finalizes sale agreement to exit Russia Amsterdam, 13 September 2023 12:45 CET - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global ...

13/09/2023

NOTICE OF REDEMPTION June 2024

13 Sep 2023 NOTICE OF REDEMPTION June 2024 NOTICE OF REDEMPTION: VEON HOLDINGS B.V. (the Issuer) (a private company incorporated under Dutch law) US$900,000...

13/09/2023

NOTICE OF REDEMPTION December 2023

13 Sep 2023 NOTICE OF REDEMPTION December 2023 NOTICE OF REDEMPTION: VEON HOLDINGS B.V. (the Issuer) (a private company incorporated under Dutch law) US$700...

13/09/2023

VEON notifies bondholders of early payment of its 2023 and 2024 notes

13 Sep 2023 VEON notifies bondholders of early payment of its 2023 and 2024 notes Amsterdam, 13 September 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: V...

11/09/2023

Beeline Uzbekistan enhances its 4G network, supporting digital operator services across the country

11 Sep 2023 Beeline Uzbekistan enhances its 4G network, supporting digital oper...

07/09/2023

VEON Group Announces Vesting of Share Award for the Group CEO

07 Sep 2023 VEON Group Announces Vesting of Share Award for the Group CEO Amsterdam, 7 September 2023: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a gl...

05/09/2023

CEO Letter to Investors: VEON confirms unhindered trading, offers support to investors

05 Sep 2023 CEO Letter to Investors: VEON confirms unhindered trading, offers s...

29/08/2023

VEON discloses its 2Q23 unaudited interim condensed consolidated financial statements

29 Aug 2023 VEON discloses its 2Q23 unaudited interim condensed consolidated fi...