VEON publishes preliminary 4Q22 and FY22 results
16/03/2023
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 |
Europe Stories
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
25/04/2024
AI-assisted optronics: an unprecedented European project to increase combat perception capabilities
Facebook Twitter LinkedIn The European Commission signed the Grant Agreeme...
24/04/2024
UKTV's pay TV channel Alibi joins forces with S4C and All3Media International for new legal crime drama series Mudtown
Cast set to star include Erin Richards and Tom Cullen Wednesday 24 April 2024 ...
24/04/2024
K-Hip-Hop's Biggest Names Take Center Stage on KrOWN X HAN 2024'
This month marked the return of Spotify's HAN, our collaborative program that brings the unique sounds and culture of Korean hip-hop to the world through ex...
24/04/2024
RADAR Italy Returns With 6 Artists Transforming the Country's Music Landscape
As Spotify's program to spotlight rising talent from around the world, RADAR...
24/04/2024
Spotify Partners With Les Flammes Music Awards To Celebrate French Rap
Spotify is once again teaming up with Les Flammes, the only music awards dedicated to rap, R&B, Afrobeats, and popular culture in France. Spotify helped create...
24/04/2024
Taylor Swift's THE TORTURED POETS DEPARTMENT' Becomes Spotify's Most-Streamed Album in One Week
Records smashed. History made. It's been just five days since Taylor Swift u...
24/04/2024
Authentic Perspectives
The first feature film from writer-director Shaun Seneviratne, Ben and Suzanne: A Reunion in 4 Parts depicts the struggle between love and duty as Ben (Sathya S...
24/04/2024
Melanie Georgieva Joins Panalux as Long Form Sales Director
LONDON, England (24 April 2024) Panalux, a leading rental provider of lighting and power solutions for the motion-picture industry and part of Panavision'...
24/04/2024
Deutsche Telekom Powers New MagentaTV Service With Broadpeak's Cloud DVR Solution
April 24, 2024 -- Deutsche Telekom Powers New MagentaTV Service With Broadpea...
24/04/2024
VEON Announces 2024 AGM and Board Nominees
24 Apr 2024 VEON Announces 2024 AGM and Board Nominees Amsterdam, 24 April 2024 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator...
24/04/2024
Rohde & Schwarz and IPG Automotive unveil a complete Hardware-in-the-Loop automotive radar test solution
Rohde & Schwarz and IPG Automotive unveil a complete Hardware-in-the-Loop automo...
24/04/2024
Nurturing a new look for Huntapac
Posted on 24 Apr 2024 Creating a contemporary brand update that reflects a company's strong heritage can often pose a challenge, yet its a task ICG embrace...
24/04/2024
2024-04-24
Beginning in May, a special Today at Apple series titled Made for Business will offer small business owners and entrepreneurs free opportunities to learn how ...
24/04/2024
Print beats other media channels to deliver largest ROI
% of profit volume % of advertising investment % of full payback % of sustained parback % of short-term payback % of immediate payback Full payback ROI S...
23/04/2024
Tackling lies online: the answer may be all in the mind
Psychology can play an important role in helping us understand what audiences respond to (Dr Jon Roozenbeek, Cambridge Social Decision-Making Lab) For newsroom...
23/04/2024
Spotify Reports First Quarter 2024 Earnings
Today, we announced our first quarter 2024 earnings. In a solid start to the year, Spotify reported Monthly Active Users grew 19% Y/Y to 615 million. Subscri...
23/04/2024
Spotify rapporterar intkter fr frsta kvartalet i 2024
Idag publicerar Spotify sina finansiella resultat f r f rsta kvartalet 2024. ret har inletts stabilt: M natliga aktiva anv ndare kade med 19 % j mf rt med f...
23/04/2024
Discover Your K-Pop Persona With Spotify's New Interactive Experience
In the last decade, as K-Pop cemented its status as a global phenomenon, Spotify has helped fans around the world keep their fingers on the pulse at every step ...
23/04/2024
Creative UK launches manifesto calling for more investment in creative R&D; revised approach to trade and exports
Entitled Our Creative Future, the manifesto calls for radical new action' t...
23/04/2024
Audiotonix secures landmark' investment
The company has secured investment from private equity firm PAI Partners, which also holds a stake in outside broadcasting company EMG By Jenny Priestley Pub...
23/04/2024
James Cameron backs Marlow Film Studios proposal
Cameron also said he recognised Marlow as a potential UK and European base for his new company, LIGHTSTORM 3D By Matthew Corrigan Published: April 23, 2024 ...
23/04/2024
IBC launches 2024 Innovation Awards with new categories
The five categories cover Content Creation, Content Distribution, Content Everywhere, Social Impact and Environment & Sustainability By Matthew Corrigan Publ...
23/04/2024
Pascal Fratellia leaves Olympics role at EBU
He played a central role in securing key broadcast rights, including the FIFA World Cup 2018 and 2022 By Matthew Corrigan Published: April 23, 2024 He pla...
23/04/2024
Discover what is new: Mistika Boutique and Ultima enhance conforming, rendering and project collaboration
Published On: April 23rd, 2024 data-orig-src=https://www.sgo.es/wp-content/upl...
23/04/2024
Rohde & Schwarz introduces new R&S SMB100B microwave signal generator for analog signal generation up to 40 GHz
Rohde & Schwarz introduces new R&S SMB100B microwave signal generator for analog...
23/04/2024
FilmLight Colour Awards welcomes 2024 entries and introduces new Emerging Talent' award
Entries open from 1 May 31 July to colourists on any grading platform The Fil...
23/04/2024
Niels Steenstrup appointed CEO of Thales InFlyt Experience
Facebook Twitter LinkedIn We thank TK for his leadership and dedication to our customers' success. We wish him well on his retirement, said Yannick ...
23/04/2024
Thales opens a new System Testing Centre for German F126 project
Facebook Twitter LinkedIn On April 23rd 2024, Thales, the German Navy and German military procurement agency, BAAINBw (Federal Office of Bundeswehr Equipm...
22/04/2024
UKTV Ventures partners with Elder, in airtime-for-equity deal
22 April 2024 - Award-winning broadcaster UKTV has today announced it has invested in the award-winning online care marketplace, Elder, using its multi-million ...
22/04/2024
Taylor Swift's THE TORTURED POETS DEPARTMENT' Breaks Multiple Spotify Records in Less Than 24 Hours
It's a beautiful day to be a Swiftie. On April 19, Taylor Swift dropped her ...
22/04/2024
Adapting to Landscapes With LEE Filters
In this video, LEE Filters ambassador Jordan Banks ventures into Snowdonia National Park in Wales. Faced with less-than-ideal weather conditions, he adapts his ...
22/04/2024
Ross Video expands graphics portfolio with Bannister Lake Software acquisition
The Chameleon solution provides access to real-time data from a range of sources, enabling users to construct tickers, L-bars, snipes, web widgets and full fram...
22/04/2024
What happened in Vegas: 2024 edition
TVBEuropes editor Jenny Priestley highlights some of the main talking points at this years NAB Show By Jenny Priestley Published: April 22, 2024 TVBEurope...
22/04/2024
Rohde & Schwarz expands footprint in India by opening new state-of-the-art facility in Bengaluru
Rohde & Schwarz expands footprint in India by opening new state-of-the-art facil...
22/04/2024
Comscore at the 19th Annual Needham Technology, Media & Consumer Conference
Comscore at the 19th Annual Needham Technology, Media & Consumer Conference RESTON, Va., April 22, 2024 Comscore (Nasdaq: SCOR), a trusted partner for plannin...
22/04/2024
CODA Audio system is Crowning Glory for Brooklyn Cultural Hub
Crown Hill Theatre in Brooklyn, New York, officially opened its doors with a red-carpet event in early December 2023. The brainchild of entrepreneur and musicia...
22/04/2024
Cian Cobhin's An Taobh Tuathail marks 25 years on air
An Taobh Tuathail (ATT), RT Raidi na Gaeltachta's flagship alternative radio, presented by Cian C obh in show turns 25 in May 2024. The acclaimed music ...
20/04/2024
Taylor Swift's THE TORTURED POETS DEPARTMENT Breaks Multiple Spotify Records in Less Than 24 Hours
It's a beautiful day to be a Swiftie. On April 19, Taylor Swift dropped her ...
19/04/2024
Thank You for visiting us at NAB 2024!
Thank You for visiting us at NAB 2024! Thank you for joining us at the ToolsOnAir booth during NAB Show 2024! We were delighted to showcase our latest inno...
19/04/2024
How Spotify Approaches Safety With Sarah Hoyle, Global Head of Trust and Safety
Spotify's mission is to unlock the potential of human creativity by giving a million artists the opportunity to live off their art and billions of fans the ...
19/04/2024
Spotify and Taylor Swift Create a One-of-a-Kind Library To Celebrate THE TORTURED POETS DEPARTMENT'
It's a beautiful day to be a Swiftie. Today, Taylor Swift dropped her 11th s...
19/04/2024
How 1185 Films created the VFX on new horror, All You Need Is Death
Simon Wilkinson, head of VFX at 1185 films, talks about the technology behind the newly-released horror By Matthew Corrigan Published: April 19, 2024 Updat...
19/04/2024
Could Sony be preparing a bid for Channel 5's parent company?
The global electronics company is said to be considering joining forces with investment firm Apollo Management to bid for Paramount Global By Jenny Priestley ...
19/04/2024
EBU report highlights contribution of free-to-air sport broadcasting
The report broke the economic footprint of EBU member sports broadcasting into three main areas By Matthew Corrigan Published: April 19, 2024 The report b...
19/04/2024
Rohde & Schwarz and VIAVI support European OTIC in Berlin for O-RAN conformance certification
Rohde & Schwarz and VIAVI support European OTIC in Berlin for O-RAN conformance ...
19/04/2024
Riedel launches Bolero Connect for seamless integration with PunQtum
Wuppertal April 19, 2024 Riedel launches Bolero Connect for seamless integration with PunQtum A pioneer in the field of digital intercom, Riedel has recently ...
19/04/2024
2024 ANNUAL GENERAL MEETING OF KUDELSKI SA
Ad hoc announcement pursuant to Art. 53 LR Cheseaux-sur-Lausanne, Switzerland - April 19, 2024 - The Annual General Meeting of Kudelski SA (SIX:KUD.S) was held...