10 Jun 2022
From VEON CEO: Key Developments Update for Investors and Partners Amsterdam, 10 June 2022 - Today the Chief Executive Officer of VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, updated the Company's stakeholders on key financial and business developments. In his letter, VEON's CEO Kaan Terzio lu wrote:
Dear VEON stakeholder,
I am pleased to update you on our latest achievements in key areas of interest for VEON Group. Since my last letter we have closed several important transactions and we are driving several others towards completion, while the operating performance of our companies remains healthy. As a global operator providing digital services to almost 220 million people across eight countries, VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) continues to attract international investors such as EXOR Capital (UK), Shah Capital (US), Kopernik Global Investors (US) and PIMCO (US), who recently increased their holdings of our shares, according to the latest public filings. I would like to express my appreciation for your continued trust in VEON.
Liquidity, capital structure and M&A
This week we announced the successful closing of the sale of our Georgian operations to our former local partner, delivering proceeds of USD 45 million, equivalent to 3.5 times 2021 EBITDA (pre-IFRS 16). This is another step in strengthening our focus on high-growth markets with a critical mass of users, streamlining our Group operations to create long-term value for customers, partners and shareholders. Beeline Georgia is a leader in terms of 4G penetration and digital services, thanks to its successful execution of VEON's digital operator strategy. The local management team and the new Georgian shareholder are committed to the successful development of the company and to supporting the digital transformation of the country.
Another important focus area for VEON recently has been liquidity management and we have increased our Group's total cash and deposits to approximately USD 2.4 billion, including USD 1.8 billion equivalent of USDand EUR-denominated cash and deposits held by the headquarters in Amsterdam. This was achieved after we further enhanced VEON Group's cash position by increasing our current revolving credit facility utilization to USD 973 million, as announced on 25 May 2022. As stated previously, we do not have any material debt maturing in 2022.
In addition to HQ-level liquidity, the self-sufficient nature of our operating companies in terms of financing was again highlighted recently. Jazz in Pakistan and Banglalink in Bangladesh have successfully raised local longterm funding to cover their spectrum requirements, with 10-year PKR 40 billion (c. USD 222 million) and 5-year BDT 12 billion (c. USD 135 million) loans, respectively. We have also made material progress in the simplification of our capital structure. As communicated on 21 April 2022, a total of RUB 90 billion in loans were novated to PJSC VimpelCom, with the former borrower (VEON Finance Ireland) and the former guarantor (VEON Holdings BV) having been released. This transaction aligned ruble liabilities with ruble revenues and reduced HQ external debt. We are also working on rationalizing VEON Group's ownership structure of Beeline Kazakhstan. The next important step in portfolio management is now the pending completion of the put option for Djezzy in Algeria for USD 682 million, as disclosed in our 1Q22 trading update on 28 April 2022. This will both better streamline our operations and further improve our cash position.
Supporting connectivity across our markets
Today the humanitarian need for connectivity is as important as other basic needs such as food, water, shelter and health care. In fact, connectivity is often a crucial lifeline for each one of us, as we rely on telecommunications networks to secure basic needs, stay connected with loved ones, access reliable information and use key digital services. In Ukraine, the Kyivstar team continues to make an extraordinary effort to keep the networks running despite the damage to towers and power supplies. Since the beginning of the conflict, more than 3,400 repairs of base stations have been performed, and some 26,500 meters of broken fiber-optics have been replaced. More than 90% of Kyivstar's network is still operational. We have added 100 new base stations across the Western part of the country and upgraded hundreds more with the latest technologies to enable uninterrupted communications.
Growth across our footprint driven by the digital operator model
The latest available data shows that our double and multiplay 4G subscribers reached 35% of the Group's monthly active customer base. This supported continued high single-digit local currency year-on-year growth in the Group's service revenues, both in April and May. In Pakistan, Jazz continues to perform strongly, enabled by growth in 4G customer base. As of May, it serves 50% of its customer base with 4G connectivity. With its 4G offering, Jazz continues to lead the market in terms of both revenue and customer base growth. In Bangladesh, our planned additional network coverage is expanding fast. The positive impact of this was already evident in Q1 as Banglalink recorded 8.6% year-on-year revenue growth. This performance has further accelerated: Banglalink's topline grew at a double-digit year-on-year pace in both April and May, driven by the 45% increase in its double and multiplay 4G customers. Beeline Kazakhstan is heading toward its sixth consecutive quarter of double-digit topline growth, powered by the highest customer base 4G penetration among our larger operations. Over 66% of Beeline Kazakhstan's customers are now 4G users, bringing it closer to the 70% 4G penetration ambition th
Most recent headlines
04/08/2024
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, a leading technology and service provider for media-rich organizations, a...
30/04/2024
By Adam Piron
In anticipation of this edition of the Indigenous Program's Native Lab, it actually dawned on me that this will be our lab's tenth year i...
30/04/2024
Launch of SBS South Asian channel and SBS Spice, a new English language offering...
30/04/2024
LOS ANGELES (April 30, 2024) Light Iron, the post-production creative-services division of Panavision, is excited to announce that lodie Ichter has joined th...
30/04/2024
Now streaming on Netflix, Good Grief marks the feature-film directorial debut of Daniel Levy, well known as the co-creator and costar of the series Schitt's...
30/04/2024
The Forsyte Saga, John Galsworthy's sweeping portrait of a wealthy British family in 1880s London, is getting its third TV adaptation in less than 60 years....
30/04/2024
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
30/04/2024
CAMPBELL, Calif. Streaming media company Plex and T-Mobile will work together to expand T-Mobile's connected TV (CTV) inventory and advance the connection b...
30/04/2024
SAN JOSE, Calif. & BELLEVUE, Wash. Roku, Inc. has announced an expanded measurement partnership with iSpot.tv, the cross-platform TV measurement company....
30/04/2024
NEW YORK As Paramount Global wrestled with management turmoil and ongoing negotiations for a proposed merger with Skydance, the company managed to report improv...
30/04/2024
Cobalt Digital Receives Trifecta of Awards at NAB 2024
Company adds two 2024 NAB Show Product of the Year awards and one Best of Show from TV Tech to long list...
30/04/2024
arkona technologies GmbH, provider of IP core infrastructure solutions for top-tier broadcast productions, has announced that its BLADE//runner IP Audio Engine ...
30/04/2024
OpenDrives, Inc., the global provider of software-defined media workflow solutions and data management capabilities, announced today that it has joined the glob...
30/04/2024
The first norm conform sustainability service dedicated to the needs of the events industry
Easy-to-use, intuitive platform for venues, event organisers and su...
30/04/2024
Dejero GateWay enables Stream7 to create independent internet connectivity at any venue or location, including UK teaching hospital for live streaming of surgic...
30/04/2024
Excitement is building as farmerswife, a leading software provider for resource scheduling, project management, and team collaboration in the media industry, ha...
30/04/2024
XL8, a leading deep-tech startup specializing in AI-powered machine translation technology, proudly announces the successful completion of a System and Organiza...
30/04/2024
Test & measurement innovator, Leader Electronics of Europe, has announced that it will exhibit at CABSAT, which takes place this year from 21-23 May 2024 at the...
30/04/2024
MRMC Debuts Cinebot Max Camera Robot at NAB 2024
Brie Clayton April 30, 2024
0 Comments
Expands its range of live-action, motion-control camera robots...
30/04/2024
Next Jazz Legacy Announces 2024 Cohort of Women and Nonbinary Awardees The program was created by New Music USA and the Berklee Institute of Jazz and Gender J...
30/04/2024
European telecom satellite company SES announced today that it is acquiring rival Intelsat for $3.1 billion. The deal, unanimously approved by both companies...
30/04/2024
Bob Bakish, chief executive of Paramount stepped down on Monday, effective immediately. Bakish, who was a staunch ally of Shari Redstone, controlling shareholde...
30/04/2024
Hotspring said the breakthrough had been achieved through the acceleration of machine learning technology
By Matthew Corrigan
Published: April 30, 2024
Ho...
30/04/2024
Speaking about the deal, Adel Al-Saleh, CEO of SES, said: it will bring value-added, efficient, and reliable offerings for both companies media customers
By Je...
30/04/2024
Paramount said the Office of the CEO is working with its board to develop a comp...
30/04/2024
LOUISVILLE, Ky. In another sign that broadcasters are finally using NextGen TV broadcasts to offer viewers new features instead of simply simulcasting existing ...
30/04/2024
OKLAHOMA CITY The Oklahoma Journalism Hall of Fame will induct Blaise Labbe, a group news director for Sinclair Broadcast Group, May 2 at the 54th Anniversary I...
30/04/2024
ATLANTA and ENGLEWOOD, Colo. Cox Media Group and Dish have ended a dispute over retransmission fees that lasted nearly a year and a half with a new multi-year ...
30/04/2024
Video transport solution provider LTN has announced that it is working with TelevisaUnivision to help the Spanish-language media giant migrate to IP-based video...
30/04/2024
ALAMEDA, Calif. Clear-Com has released details about how it played a pivotal role in the seamless coverage of the recent solar eclipse on April 8, 2024 by NBC K...
30/04/2024
CINCINNATI The E.W. Scripps Company is adding Seth Walters to its sales leadership team as head of CTV sales, effective April 29....
30/04/2024
The force was strong at the Durham Bulls Athletic Park on Saturday night, April 27, 2024, as the night netted the ballpark's first official sellout crowd of...
30/04/2024
Revry, a network celebrating queer culture. said its second annual NewFront presentation will be a cabaret-type spectacle showcasing the spirit of the LGBTQ+ co...
30/04/2024
Family Entertainment Television (FETV) said that the Western series The Life and Legend of Wyatt Earp will be joining the network's afternoon lineup startin...
30/04/2024
Bob Bakish, president and CEO of Paramount Global, will depart the company as Paramount explores a merger, according to numerous published reports. The reports ...
30/04/2024
April 30th, 2024 Press Materials Available Here
TRIBECA FESTIVAL 2024 ANNOUNCES TALKS, REUNIONS, & RETROSPECTIVES
Live Conversations with Judd Apatow, Andy C...
30/04/2024
6 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Telenor showed good momentum...
30/04/2024
SES Acquiring Intelsat to Create New Satellite Giant; Will Offer Improved Reach ...
30/04/2024
Wuppertal April 30, 2024
WDR Filmhaus to Implement Riedel Infrastructure Award-Winning MediorNet HorizoN Hybrid Processing Platform Serves as Bridge to IP
Ri...
30/04/2024
Back to All News
Tilda Swinton Joins Colin Farrell in Edward Bergers The Ballad...
30/04/2024
Back to All News
Netflix Reveals First Look Images and Teaser from Senna, Inspi...
30/04/2024
Back to All News
Top 10 Week of Apr. 22: Baby Reindeer' and Rebel Moon - ...
30/04/2024
Dr. Nicola Hodson, Chief Executive, IBM UK & Ireland introduces the UK findings of an IBM study on female leadership in the age of AI
Advances in Artificial In...
30/04/2024
Channel Expansion, and New Codecs, Compression and Transport Technology Among Latest Updates...
30/04/2024
Accel-KKR Credit Partners today announced that it has provided debt financing to support Dalet in its next chapter of innovation and growth. Accel-KKR Credit Pa...
30/04/2024
Skeem Saam: Monday's episode, 29 April 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soa...
30/04/2024
Tonight on Skeem Saam: Lewatle witnesses an explosive fight between Sthoko and B...
30/04/2024
RT News is pleased to announce the appointment of David Murphy as its new Economics & Public Affairs Correspondent. David is currently RT 's Political Cove...
10 Jun 2022
