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
Europe Stories
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
12/05/2025
As newsrooms around the world begin to experiment with artificial intelligence, many are asking the same question: how do we move beyond isolated pilots and emb...
12/05/2025
12 May 2025
VEON Joins GSMA Advance's People Excellence Partner Program as ...
12/05/2025
Fox Corporation Reports Third Quarter Fiscal 2025 Financial Results NEW YORK, NY, May 12, 2025 - Fox Corporation (Nasdaq: FOXA, FOX; FOX or the Company ) t...
12/05/2025
FOX Unveils Name of New Streaming Service FOX One Featuring all of FOX's Premium News, Sports and Entertainment Programming in One Dynamic Platform New ...
12/05/2025
FOX Orders Propulsive, Edge-Of-Your-Seat Thriller Memory of a Killer For 2025-20...
12/05/2025
FOX Announces Schedule for 2025-26 Season #1 NETWORK IN A18-49 DELIVERS SLATE FILLED WITH FUN, IRREVERENT CONTENT AND BOLD, SIGNATURE FOX CHARACTERS ALL-NEW ...
12/05/2025
What is success? How is it achieved? And what does it really cost? These are the...
09/05/2025
At the Frontline Club in London, a venue long associated with media freedom and ...
09/05/2025
As excitement builds for the annual Eurovision Song Contest, Spotify data offers...
09/05/2025
In our latest blog, Laura Rognoni dives into the shifting currents of change in the digital entertainment landscape, revealing the trends that will keep viewers...
09/05/2025
Friday 9 May 2025
Download images HERE
Episodes are available on Sky Media Vil...
09/05/2025
New beta programme for Avid Pro Tools users provides versioned backup/archive
M...
09/05/2025
Further to the comments from RT Director-General, Kevin Bakhurst on Wednesday 7th May included below in which he asked the EBU for a discussion on Israel&#...
09/05/2025
Here is your host, Patrick Kielty!
In the season finale of The Late Late Show, ...
09/05/2025
My Eurovision Party 2025 - join in on the fun with RT Kids!
Eurovision launche...
08/05/2025
As expected, continued weak demand from key sales markets and declining economic...
08/05/2025
A new three-part series is coming to BBC iPlayer and BBC One
(Image: The Christie Archive Trust)
The BBC has announced Agatha Christie's Endless Night, a...
08/05/2025
Expect even more chaos this July with Harriet Webb leading the returning cast, p...
08/05/2025
08 May 2025
VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela ...
08/05/2025
Comedy and entertainment channel U&Dave bring back their #1 ranked programme of ...
08/05/2025
Expect even more chaos this July with Harriet Webb leading the returning cast, p...
08/05/2025
TenneT relies on Arvato Systems for market communication
Energy industry: Impressive market communication know-how and system integration expertise
G tersloh...
08/05/2025
When Taiki Hamamoto, 22, came across a Hanafuda deck at his local game shop, he was intrigued. He had grown up playing the traditional Japanese card game with f...
08/05/2025
The Liveline is now open , said Joe Duffy earlier today, as he previewed this af...
08/05/2025
RT , in association with the BBC, Screen Ireland and Cineflix Rights has reveale...
07/05/2025
Discovering music should feel effortless and fun. That's why Spotify continu...
07/05/2025
FOX Doubles Down on the Laughs Renewing Comedies Animal Control, Starring Joel M...
07/05/2025
07 May 2025
VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solut...
07/05/2025
UKTV has ordered a feature length documentary celebrating the life of Britain...
07/05/2025
Wednesday 7 May 2025
Shaun the Sheep fans are in for a baaaarilliant treat in 2...
07/05/2025
Rohde & Schwarz to highlight innovative broadcast technologies at CABSAT 2025 Rohde & Schwarz will showcase its latest energy-efficient transmitters and 5G Br...
07/05/2025
The Importance of Workflow Efficiencies in Post-Production Wednesday, 14 May
14:40
FilmLight sits down with Sam Lempp, head of business development for Nara, ...
07/05/2025
RT News is pleased to announce the appointment of RT journalist, Fergal O'Brien, as its new Business Correspondent.
In his new role, Fergal will be repor...
06/05/2025
In Colombia, music isn't just background noise-it's center stage. It'...
06/05/2025
En Colombia, la m sica no suena de fondo: es el centro del escenario. Es el cora...
06/05/2025
At Spotify, we always seek ways to connect users with their next favorite podcas...
06/05/2025
Since Spotify's 2019 launch in India, the growth of the country's local ...
06/05/2025
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
06/05/2025
Comscore Reports First Quarter 2025 ResultsRESTON, Va., May 6, 2025 Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating ...
06/05/2025
Live from Studio 1 at 7pm, Tuesday May 6
Iconic trad-fusion group K LA will be ...
06/05/2025
Rohde & Schwarz hosts RF Testing Innovations Forum 2025, helping design engineer...
06/05/2025
LONDON, UK, May 6, 2025 /PRNewswire/ -- Today at the company s annual THINK event, IBM (NYSE: IBM) is unveiling new hybrid technologies that break down the long...
06/05/2025
Apple today introduced Tap to Pay on iPhone in Bulgaria, Finland, Hungary, Liechtenstein, Poland, Portugal, Slovakia, Slovenia, and Switzerland, enabling millio...
06/05/2025
Ahead of Pride Month, Apple is introducing a new Apple Watch Pride Edition Sport Band, watch face, and iPhone and iPad wallpaper to celebrate the strength and b...
06/05/2025
First episode airs this Friday at 8pm on RT One and RT Player with Doireann N Ghlac in presenting
Guests include Barry Murphy, Brooke Scullion, Bryan Dobso...
05/05/2025
As Europe gears up for the Eurovision Song Contest 2025, Spotify is celebrating the spirit of unity and musical legacy with a new series of Spotify Singles. Fiv...
05/05/2025
As part of the restructuring of its loss-making Carbon Fibers business unit, SGL Carbon has decided to close its production site in Lavradio (Portugal). Lavradi...
05/05/2025
Comscore Launches Certified Deal IDs in Magnite's SSP, Bringing Trusted Cont...
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:
