
29 Apr 2021
VEON reports 1Q21 Results Amsterdam, 29 April 2021 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today announces results for the first quarter ended 31 March 2021:
1Q21 highlights:
Acceleration of Group revenue and EBITDA growth on a local currency basis despite one less day in 1Q21 compared to 1Q20
Beeline Russia reporting full quarter growth, with 1Q21 revenues up 1.4% YoY with one less trading day
Ukraine, Kazakhstan and Pakistan in aggregate reporting 13.4% YoY revenue growth, beating their inflation rate
Digital services continue to expand their reach, with more than 23 million monthly active users across our products
Continued progress in optimizing our capital structure with a lower cost of debt and lengthened maturities for our funding
FY2021 guidance increased to mid-single-digit revenue and EBITDA local currency growth, from previous guidance of low to mid-single-digit revenue and EBITDA local currency growth
- Q1 results at upper end of full-year guidance. The 4.3% YoY growth in Group total revenues in local currency in 1Q21 indicates an acceleration of growth, following 1.4% YoY growth that the Group recorded in 4Q20. Reported revenues declined 5.1% due to currency headwinds. In Russia we saw further improvement in revenue trends, with 1Q21 YoY local currency growth of 1.4% being the third successive quarter of improving revenue trends.
- Group EBITDA increased by 4.4% YoY in local currency terms, while reported Group EBITDA declined 4.9% YoY due to adverse currency movements. This solid local currency result was driven by Ukraine ( 15.3%), Kazakhstan ( 12.4%) and Pakistan ( 8.1%). In Russia, the business reported a YoY decline in local currency EBITDA of 4.8%, a marked improvement over the -11.9% YoY EBITDA reported in 4Q20.
- We successfully implemented our investment plans, with total operational capex of USD 425 million, bringing our 12-month capex intensity to 24.7%, supporting the continued expansion of our 4G customer base during the period. The combined 4G population coverage of our operating companies reached 75.9%, an increase of 10.9pp YoY.
- The Group's 4G user base increased by 21.4 million YoY and 6.3 million QoQ, driven by targeted network investments and other customer care measures, resulting in total 4G users of 86.8 million. 4G subscriber penetration was at 40.8% at quarter-end. The Group also recorded a QoQ increase in its total subscribers, which grew by 3.6 million in 1Q21 to 212.7 million.
- Mobile data revenues for the period increased by 13.6% YoY in local currency (3.8% reported), driven by the growth in 4G users with correspondingly higher ARPUs. This growth trend in 4G users is expected be a key tailwind for the Group over the next few years, driving further growth in data revenues.
- VEON's digital businesses continued to expand customer reach. JazzCash closed the quarter with 14.0 million monthly active users ( 78.8% YoY), Toffee TV in Bangladesh reached 3.3 million monthly active users from launch in November 2019 and Beeline TV had 2.9 million monthly active users ( 28% YoY) in 1Q21.
- We closed 1Q21 with net debt of USD 8.3bn (including lease liabilities), corresponding to a net debt/EBITDA ratio of around 2.4x. These figures include the impact of the Pakistan put option as we settled the USD 272.5m payment and cash capex costs of approximately USD 572m. Over the past 12 months, the Group's cost of debt (excluding leases) reduced to 5.9% from 6.8%, while debt maturity increased to 3.4 years, from 2.3 years.
Key recent developments:
The Group completed its acquisition of the 15% minority stake in its Pakistan operating business for USD 272.5 million
Sergi Herrero is to step down as co-CEO, effective 30 June 2021
Alex Bolis and Dmitry Shvets appointed to Group leadership team
USD 1.25 billion multi-currency revolving credit facility agreement concluded
Banglalink successfully acquired 9.4MHz frequency in spectrum auction
VEON's Mobilink Microfinance Bank won prestigious Diversity & Inclusion CSR Award
Kaan Terzio lu and Sergi Herrero commented on 1Q21 results:
Kaan Terzio lu: The momentum behind the good work done during 2020 has continued into this first quarter as the Group returned to year-over-year organic growth, continuing the positive monthly trend we saw in December 2020. A key driver of this was the strong growth of our 4G customers, now reaching 41% of our total base, a 10 percentage-point growth over the past year. I am encouraged to see the increase in users who consume our digital applications on our improving networks as they deepen their engagement with our brands. I am also particularly pleased that Beeline Russia reported positive revenue growth in local currency terms for the full quarter as we continue to execute on our turnaround strategy.
We will be executing on our growth strategy with a revised leadership structure in the coming period and I would like to thank Sergi Herrero for his contribution to the Group over the past 18 months, in particular the development of our digital businesses across our markets. I wish Sergi all the best in his future endeavors.
Sergi Herrero: Our digital platforms have continued to perform strongly in the period, with some good milestones across our JazzCash business in particular. I remain excited about the longer-term prospects for our digital businesses across our various operations. In the quarter we have seen Kazakhstan, Ukraine and Pakistan return towards their historic trend growth levels, with double-digit growth in local currency terms. I expect see ongoing positive momentum from these markets in the coming quarter. Cost efficiency across the operations remains a key focus in our new decentralized model, which is positive for shareholder value going forward a
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
15/06/2025
July 2025 in Dublin, Berlin, Amsterdam & London
Photo: Thea Martre
Music Production for Women (MPW) have announced that they will be running a series of fo...
15/06/2025
Composer/producer launches free virtual instruments
Sulcata Sound is the latest venture of Jason Graves, a two-time British Academy Award-winnning composer,...
14/06/2025
NEW YORK Pluto TV and the All Womens Sports Network have launched a free ad-supported streaming TV (FAST) AWSN channel in the U.S., Canada, the U.K. and the Nor...
14/06/2025
NEW YORK and CINCINNATI E.W. Scripps has announced a new, multiyear agreement with the WNBA that will continue Ions regular-season coverage of the league on Fri...
14/06/2025
WASHINGTON The National Association of Broadcasters highlighted the hidden importance of spectrum in the production of major sporting events and described wha...
14/06/2025
WASHINGTON Sunsetting ATSC 1.0, expanding business opportunities for NextGen Broadcast and increasing international adoption of the ATSC 3.0 standard were top o...
14/06/2025
SAN FRANCISCO Samba TV and Acxiom have announced that they will dramatically expand their longstanding relationship....
14/06/2025
July 2025 in Dublin, Berlin, Amsterdam & London
Photo: Thea Martre
Music Production for Women (MPW) have announced that they will be running a series of fo...
14/06/2025
San Francisco State University's School of Cinema Uses Blackmagic Design
Brie Clayton June 13, 2025
0 Comments
More than 40 Blackmagic Design came...
14/06/2025
Boris FX Mocha Pro Adds New AI Tools To Tackle VFX Tasks Fast
Jessie Electa Petrov June 13, 2025
0 Comments
The 2025.5 release helps artists work more...
14/06/2025
AJA Debuts DRM2-Plus Mini-Converter Frame at InfoComm 2025
Brie Clayton June 13, 2025
0 Comments
Next-gen frame addresses diverse rackmount needs wit...
13/06/2025
(L-R) Lindsay Utz, Michelle Walshe, and The Right Honourable Dame Jacinda Ardern attend the 2025 Sundance Film Festival premiere of Prime Minister at Eccles T...
13/06/2025
Photo credit: Atsushi Nishijima
If you're a true lover of rom-coms, chances...
13/06/2025
Pure Drama and Fierce Rivalries set to dominate the world's most iconic spor...
13/06/2025
Johannesburg, 12 June 2025 - The National Film and Video Foundation (NFVF), an a...
13/06/2025
ABILENE. Texas A severe storm knocked down the tower and severely damaged the news studio and main facility of Sinclair-owned KTXS here on Sunday, June 8....
13/06/2025
Berklee's Music Business/Management Department Recognized by the Music Biz A...
13/06/2025
WASHINGTON The ATSC, the Broadcast Standards Association, honored veteran technologist Aldo Cugnini and Clarence Hau, Senior Vice President of Standards, Policy...
13/06/2025
(Editor's note: The 2025 UFL Championship Game between the D.C. Defenders and Michigan Panthers kicks off Saturday, June 14, at 8 p.m. Eastern. The game wil...
13/06/2025
New iPad/iPhone synth App announced
Following on from last year's release of Gradient Synth - which reached #6 on the App Store's Paid Music charts ...
13/06/2025
LONDON Warner Bros. Discovery has announced that HBO Max will launch direct-to-consumer in multiple new countries this July as the streamer becomes available in...
13/06/2025
AI voice transcription and captioning platform Verbit has added a new feature to its Captivate ASR solution the ability to identify specific features in automat...
13/06/2025
WASHINGTON Federal Communications Commission member Anna Gomez has wrapped up two weeks in California visiting broadcasters, television studio executives, enter...
13/06/2025
WASHINGTON The U.S. House of Representatives voted mostly along party lines to approve a rescission package that would cancel $9.4 billion in previously approve...
13/06/2025
At InfoComm 2025, AJA Video Systems announced DRM2-Plus, an intuitive, high-capacity 3RU frame that can neatly house up to 24 AJA Mini-Converters. Tailored to s...
13/06/2025
Cinema advertising leader to leverage AOS and suite of AI-enabled solutions to optimize forecasting, yield management, and streamlined ad sales and operations a...
13/06/2025
Manfrotto has launched the ONE Hybrid Tripod, a new support system designed specifically for professional content creators working with mirrorless cameras acros...
13/06/2025
Leading video software provider, Synamedia, today announced that its Media Edge Gateway (MEG), an ATSC 3.0 software-based IRD, now supports Device Security requ...
13/06/2025
LiveU, the global leader in live IP-video contribution, production and distribution solutions, is deepening its commitment to the German-speaking market with th...
13/06/2025
Chaos, the leader in architectural visualisation software, today announces Chaos Corona 13, giving archviz designers new ways to add eye-catching style and flai...
13/06/2025
PALI's Nena Music Video Shot with Blackmagic Design
Brie Clayton June 12, 2025
0 Comments
Blackmagic Cinema Camera 6K and DaVinci Resolve Studio b...
13/06/2025
OddBeast Powers Up iRobot's Newest Roombas with Suite of CGI Launch Assets
Brie Clayton June 12, 2025
0 Comments
The motion design and production ...
13/06/2025
On Chick Coreas Birthday, a Newly Uncovered Archival Release The Visitors, composed by Corea and performed by vibraphonist Gary Burton and pianist Kirill Gers...
13/06/2025
In fulfilment of a recommendation by the Government's Expert Advisory Commit...
13/06/2025
SVG Sit-Down: Backblaze's Gleb Budman Talks Products, Partnerships, and the ...
13/06/2025
SVG Sit-Down: DAZN's Walker Jacobs Calls Streaming the FIFA Club World Cup ...
13/06/2025
New Sponsor Spotlight: Vecima Networks' Paul Strickland on How Improving QoE...
13/06/2025
Pitch Perspective: Where's Next for Specialty Cameras in Soccer? Leaders from Sky Austria and ACS discuss the possibilities of camera placement pitchside B...
13/06/2025
Premiership Rugby Final 2025: Vintage clash between Bath and Leicester gets full...
13/06/2025
Premiership Rugby Final 2025: TNT Sports gears up for Bath vs Leicester battle w...
13/06/2025
NCAA Men's College World Series: ESPN Adds Two-Point SupraCam, Invests in Ne...
13/06/2025
New FSWX signal and spectrum analyzer with novel architecture overcomes limits o...
13/06/2025
Apple today announced the addition of iPad to Self Service Repair, providing iPad owners with access to repair manuals, genuine Apple parts, Apple Diagnostics t...
13/06/2025
CUPERTINO, CALIFORNIA Apple today previewed iOS 26, a major update that brings a beautiful new design, intelligent experiences, and improvements to the apps use...
13/06/2025
At Apple's Worldwide Developers Conference (WWDC), Apple unveiled Apple Games, an all-new destination designed to help players jump back into the games they...
13/06/2025
Industrial AI isn't slowing down. Germany is ready.
Following London Tech Week and GTC Paris at VivaTech, NVIDIA founder and CEO Jensen Huang's Europea...
12/06/2025
In 2018, Spotify launched Heart & Soul, a mental health initiative developed to ...
12/06/2025
50 Years Strong: SBS and NITV Supercharge NAIDOC Week 2025 in a joint 50th celeb...