VEON issues CEO Letter to Investors on Group Financial Position, Reinstatement of Analyst Coverage and Unrestricted Trading
20/10/2023
VEON issues CEO Letter to Investors on Group Financial Position, Reinstatement of Analyst Coverage and Unrestricted Trading Amsterdam, 20 October 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services today published the following open letter from its Group CEO Kaan Terzioglu to its investors. The open letter can be found on the company website: www.veon.com
Amsterdam, 20 October 2023
Dear VEON Investors,
I am writing to you today to share a number of key developments in VEON's re-engagement with the capital markets. Following our exit from Russia, VEON has a renewed focus on leveraging our Digital Operator 1440 strategy in the six fast-growing markets where we operate. I am pleased to note that we enter this new phase supported by a solid financial foundation; and that the investment community is already taking a fresh look at our company and its potential to generate value and growth.
Group financial position
Following the early redemption of the VEON Holdings December 2023 and June 2024 notes in September, and considering VEON's exit from Russia and the payment of October 2023 VEON Holdings bond in October, our pro-forma Group debt and cash position as of 30 September 2023, is as follows:
Group debt is USD 3.5bn (USD 4.4bn including leases), of which USD 2.8bn at HQ
Group cash is USD 1.7bn, of which USD 1.3bn at HQ[1]
Group net debt including leases is USD 2.6bn, of which USD 1.6bn at HQ.
This is a major reduction from the Group net debt including leases of USD 8.2bn as per 30 September 2022.
Our pro-forma Group weighted average cost of debt, excluding leases, is approximately 8% with a Group weighted average maturity of approximately 2.4 years.
Our pro-forma externally outstanding VEON Holdings notes, their maturities and outstanding amounts are shared at the end of this letter* for the clarity of our investors.
Reinstatement of independent analyst coverage of VEON shares and return to unrestricted trading
We are pleased to report that independent analyst coverage of VEON shares has resumed. New Street Research reinstated its coverage of VEON shares on 11 October 2023; on 18 October 2023, Inam (via Tellimer) also initiated coverage of VEON.
We can now also confirm stronger volumes in the trading of our shares. We understand some of the world's largest banks are now accepting buy orders from our investors; and welcome the fact that our investors are now able to work with these institutions in purchasing VEON's debt and equity instruments. We would like to thank our investors for their patience and trust in our business; and reiterate that we remain at their disposal should they need our further support.
Reiterating our commitment to the future of Ukraine
As we have communicated last week, we are also actively engaging with our stakeholders to address the concerns relating to some media reports in Ukraine. A VEON delegation including members of our Board and management will be in Kyiv in the coming days to visit Kyivstar and hold discussions with key stakeholders, reiterating our commitment to the recovery and reconstruction of Ukraine - for which we have committed USD 600 million over the course of the next three years.
I trust that these recent developments, combined with the high potential of our business, will enable our existing and potential investors to participate in the growth opportunity that our business presents. We are confident in the value we can generate in Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan, which will support not only VEON's value proposition for its investors, but also the sustainable growth of these markets that are home to 510 million people, or 7% of the world's population.
We look forward to working with VEON investors and analysts in the months ahead, providing further clarity into our investment case following our exit from Russia and answering any further questions. Please reach out to our Investor Relations team at ir@veon.com.
Thank you for your continued trust in our company.
Kaan Terzioglu
VEON Group Chief Executive Officer
*Pro-forma externally outstanding VEON Holdings notes:
ISIN Date of Issuance
Maturity date
Amount issued
Amount outstanding
US92334VAA35 (144A)
XS2058691663 (REGS) October 9, 2019
tap: January 22, 2020
April 9, 2025
USD 1,000 million
USD 556 million
XS2184900269 (144A)
XS2184900186 (REGS) June 18, 2020
June 18, 2025
RUB 20,000 million
RUB 9,187 million
XS2226712995 (144A)
XS2226716392 (REGS) September 11, 2020
September 11, 2025
RUB 10,000 million
RUB 3,274 million
XS2343534462 (144A)
XS2343532508 (REGS) September 16, 2021
September 16, 2026
RUB 20,000 million
RUB 1,357 million
US91823N2A05 (144A)
XS2252958751 (REGS) November 25, 2020
November 25, 2027
USD 1,250 million
USD 1,093 million
[1] Cash and cash equivalents do not include amounts relating to banking operations in Pakistan.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com.
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with
LINK: | https://www.veon.com/newsroom/press-releases/veon-issues-ceo-letter-to... |
See more stories from vimpel |
Most recent headlines
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...
11/05/2024
Survey: Fubo Boasts High Levels of Audience Attention
NEW YORK FuboTV has released a new study from TVision, which studies TV and CTV viewer engagement, that found ads on Fubo get higher viewer attention levels tha...
11/05/2024
The Weekly TV Tech Product News Roundup
Missed any of our product news this week? Here is our new weekly wrap-up with all the product news we published in our newsletter between May 6 and May 10. The ...
11/05/2024
Enghouse Completes Acquisition of SeaChange
MARKHAM, Ontario Enghouse Systems Limited has announced it has successfully completed its acquisition of substantially all of the assets of SeaChange Internatio...
11/05/2024
Unreal for video Rendering for After Effects
Unreal for video Rendering for After Effects Graham Quince May 10, 2024 0 Comments Welcome to my series on learning Unreal Engine for video producti...
11/05/2024
CEO David Zaslav On How Warner Bros. Discovery Is Using AI
Warner Bros. Discovery is using artificial intelligence to improve ad targeting and help viewers find content, but not to create programming, CEO David Zaslav s...
11/05/2024
Allen Media Group Reaches Expanded Carriage Deal With Hawaiian Telcom
Byron Allen's Allen Media Group said it reached an expanded carriage agreement with Hawaiian Telcom....
11/05/2024
Good Morning Football' To Air on Fox Television Stations
Good Morning Football, an NFL-focused panel talk show that has aired on NFL Network since 2016, is coming to broadcast syndication with the Fox Television Stati...
11/05/2024
Andrea Robinson Joins WCMH Columbus as Weekend Anchor
Andrea Robinson starts on the weekend newscasts at WCMH Columbus, Ohio, Saturday, May 11, anchoring alongside Matthew Herchik and meteorologist Bryan Still. NBC...
11/05/2024
Streaming? No Thanks, Says Nexstar CEO Perry Sook
Perry Sook, founder and CEO of broadcast giant Nexstar Media Group, isn't a fan of streaming....
11/05/2024
Law & Order: Organized Crime' Moves to Peacock
Law & Order: Organized Crime is moving from NBC to Peacock for season five. The Dick Wolf drama follows the detectives of the Organized Crime Control Bureau as ...
11/05/2024
Harry Pappas, Station Group Founder, Has Died
Harry Pappas, Pappas Telecasting Companies founder/president/CEO, died April 24 at age 78. He was surrounded by his family when he passed. He had battled illnes...
11/05/2024
KXAS Dallas-Fort Worth, WTVF Nashville Pick Up Peabody Awards
KXAS Dallas-Fort Worth and WTVF Nashville have won 2024 Peabody Awards. Given out by the University of Georgia's Grady College of Journalism and Mass Commun...
11/05/2024
AMC Networks Earnings Drop To $48.5 Million in Q1
AMC Networks reported that its first-quarter earnings fell by half, with advertising revenue dropping 13%....
10/05/2024
The Greatest Night in Pop Proves That We're Most Powerful as a Collective
Lionel Richie (Photo by George Pimentel/Shutterstock for Sundance)...
10/05/2024
Give Me the Backstory: Get to Know Arun Bhattarai and Dorottya Zurb, the Filmmakers Behind Agent of Happiness
By Lucy Spicer One of the most exciting things about the Sundance Film Festival...
10/05/2024
SBS announces Voyager lead singer Danny Estrin as Australia's spokesperson for the 2024 Eurovision Song Contest jury
SBS announces Voyager lead singer Danny Estrin as Australia's spokesperson f...
10/05/2024
UK Ministry of Defence Selects L3Harris T4 Robots to Assist with Explosive Ordnance Disposal Missions
The T4's best-in-class manipulator arm reach and lift strength, patented sta...
10/05/2024
A True Industry Partner for the Western Australian Police Force
L3Harris, together with partner Radlink Communications, is delivering communications terminals for the Western Australian Police Force (WA Police Force) leverag...
10/05/2024
Survey: TV Declines as Preferred Source of Local News
A major new survey and study of local news reveals a number of unsettling trends for broadcasters. Key findings from the Pew Research Center survey include a de...
10/05/2024
LOBO Launches Standalone Live-Action Division With Impressive Roster of Directors
LOBO Launches Standalone Live-Action Division With Impressive Roster of Director...
10/05/2024
Limecraft Announces New Platform Update and Preview of MI at MPTS 2024
Limecraft Announces New Platform Update and Preview of MI at MPTS 2024 Brie Clayton May 10, 2024 0 Comments Accompanying image shows the Limecraft Act...
10/05/2024
Berklee Announces 2024 Songs for Social Change Contest Winners
Berklee Announces 2024 Songs for Social Change Contest Winners Student songwriters shine in the annual contest that recognizes music with a socially conscious...
10/05/2024
Meet Graduates from Berklees Class of 2024
Meet Graduates from Berklees Class of 2024 Members of this years graduating class reflect on their proudest moments at Berklee and look ahead to whats next. ...
10/05/2024
Zille Media aims to enhance media accessibility with Audio Description Editor
The company has worked with Motion Picture Solutions (MPS) on the development of the solution, which sits in the cloud-native Zille Platform By Jenny Priestley...
10/05/2024
Meet the head of entertainment
From The Tube and Top of the Pops to head of entertainment at 1185 Films, Chris Cowey tells TVBEurope about his journey through the ranks during a time of chang...
10/05/2024
Dimension bolsters senior team with four new appointments
Dimension said its new hires signal its investment in creative new production techniques for feature films, episodic series, music videos and more By Matthew C...
10/05/2024
Allen Media Group, Hawaiian Telcom Sign Multi-Year Distribution Deal
LOS ANGELES Byron Allen's Allen Media Group (AMG) has announced a multi-year comprehensive portfolio agreement with Hawaiian Telcom for continued carriage o...
10/05/2024
LG Ad Solutions to Adopt Unified ID 2.0
MOUNTAIN VIEW, Calif. LG Ad Solutions has announced that it has started to integrate the Unified ID 2.0 solution (UID2) into its platform....
10/05/2024
CBS Sports Expands Streaming Coverage of National Women's Soccer League
CBS Sports has expanded its partnership with the National Women's Soccer League by adding multiplatform coverage of 22 additional regular season matches. Th...
10/05/2024
Sinclair Prebooks $77M in Political Ads
Sinclair's Q1 2024 financial report once again highlighted the growing importance of political advertising for broadcasters at a time when core TV advertisi...
10/05/2024
Nexstar Reports Record Q1 Revenue
IRVING, TEXAS Nexstar reported record first quarter net revenue of $1.28 billion, up 2.1%, thanks to higher distribution revenue. But advertising revenue at the...
10/05/2024
Tegna Names David Loving President & GM of KHOU and KTBU in Houston
TYSONS, Va. Tegna Inc. has named David Loving president and general manager at KHOU, the CBS affiliate, and KTBU, Tegna's stations serving Houston, Texas, e...
10/05/2024
New FILM LOOK CREATOR in DaVinci Resolve 19 will put LUT creators out of business!
New FILM LOOK CREATOR in DaVinci Resolve 19 will put LUT creators out of busines...
10/05/2024
Spotted at CBC
Capitol Broadcasting employees frequently walk past photo shoots in progress when leaving work in the evenings. The WRAL Gardens and the striking architecture o...
10/05/2024
Berklee and Audio Engineering Society to Host Symposium on AI in Music
Berklee and Audio Engineering Society to Host Symposium on AI in Music The inaugural AES International Symposium on AI and the Musician will highlight excitin...
10/05/2024
LG Ad Solutions Integrating Trade Desk's Unified ID 2.0
LG Ad Solutions, the advertising arm of smart-TV maker LG Electronics, said it has begun to integrate the Unified ID 2.0 identity system developed by The Trade ...
10/05/2024
NBC Affiliates To Get Cut-Ins During Olympic Coverage To Promote Local News
NBC and its affiliates have worked out an arrangement that will give affiliates 90-second cut-ins during daytime network coverage of the Paris Olympic games....
10/05/2024
NBC Sends Leslie Jones to Paris for Offbeat Olympics Coverage
Comedian Leslie Jones is joining NBCUniversal's Olympics coverage this summer as what NBCU calls chief super fan commentator. She had a similar role at NB...
10/05/2024
Brooke Shields Stars in Netflix Film Mother of the Bride'
Brooke Shields stars in the rom-com Mother of the Bride, which premieres on Netflix May 9. Mark Waters directs the film, about a destination wedding in Thailand...
10/05/2024
Thuraya network coverage restored in the Indo-China region as recovery measures underway
Abu Dhabi, 10 May 2024: Further to our previous communications about the unexpec...
10/05/2024
Thuraya network coverage restored in the Indo-China region as recovery measures underway
Abu Dhabi, 10 May, 2024 : Abu Dhabi, 10 May 2024: Further to our previous commu...
10/05/2024
Tonight on House of Zwide: Mampho is hurt after catching Ona and Soka chilling in his car together
Tonight on House of Zwide: Mampho is hurt after catching Ona and Soka chilling i...
10/05/2024
SVG Rewind: NBC Sports' Senior Producer Lindsay Schanzer, Director Kaare Numme Reflect on Historic Photo Finish at Kentucky Derby
SVG Rewind: NBC Sports' Senior Producer Lindsay Schanzer, Director Kaare Num...
10/05/2024
SVG's Sports Content Management Forum Agenda Unveiled, Register Now for July 24 Event in NYC
SVG's Sports Content Management Forum Agenda Unveiled, Register Now for July...
10/05/2024
148th Westminster Dog Show: FOX Sports Calls USTA Billie Jean King National Tennis Center Home for Second Straight Year
148th Westminster Dog Show: FOX Sports Calls USTA Billie Jean King National Tenn...
10/05/2024
Skeem Saam: Thursday's episode, 9 May 2024 [video]
Skeem Saam: Thursday's episode, 9 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soap...
10/05/2024
Prison Journalism: You think the streets are crazy?
Prison Journalism: You think the streets are crazy?Wesley Leong was incarcerated at the age of 15 in 1996 at Pollsmoor Prison. He is currently part of Restore...
10/05/2024
Tonight on Smoke and Mirrors: Fanyana finally gives in to Lilly's advances
Tonight on Smoke and Mirrors: Fanyana finally gives in to Lilly's advancesDon't miss Friday, 10 May's riveting episode of South African soapie Smoke...