VEON reports 3Q21 Results
29/10/2021
VEON reports 3Q21 Results Execution gains momentum:
Another quarter of double-digit growth
Raising full year EBITDA guidance
Amsterdam (28 October 2021) - VEON Ltd. (VEON) announces results for the third quarter ended 30 September 2021.
3Q21 HIGHLIGHTS:
Strong year-over-year revenue performance in both reported currency ( 10.2%) and local currency ( 11.2%)
Strong acceleration in Beeline Russia's total revenue and service revenue performance, which were up 8.2% and 4.7% YoY in local currency respectively ( 8.3% and 4.8% YoY reported respectively)
EBITDA increased strongly year-over-year in both reported currency ( 8.6%) and local currency ( 9.1%)
Equity free cash flow for the quarter of USD 308 million showing a significant improvement over prior quarters
4G subscribers increased to 93.8 million, reaching penetration of 46.2%, up 10.3 p.p. YoY and 3.0 p.p. QoQ
JazzCash in Pakistan reached 13.9 million monthly active users, and Toffee TV in Bangladesh reached 6.3 million monthly active users.
FY2021 Group EBITDA guidance raised to minimum local currency growth of 8%. On Group revenues guidance, we maintain high single-digit local currency growth for the full financial year
Algeria has become a discontinued operation, is accounted for as an Asset held for sale and does not contribute to both the comparison base and the actual reported numbers
With reported revenues up 10.2% YoY and local currency revenues growing 11.2% YoY, VEON recorded double digit growth for the second consecutive quarter in 3Q21.
Beeline Russia continued to execute on its turnaround, as revenue growth accelerated with 3Q21 local currency revenue growth of 8.2% YoY and local currency mobile service revenue growth of 4.5%. Beeline added 0.5 million mobile customers in last quarter reaching 50.6m ( 1.7% YoY).
All of our countries posted local currency revenue growth, with double digit performance from Kazakhstan ( 25.5% YoY), Georgia ( 21.4% YoY), Pakistan ( 13.0% YoY), Ukraine ( 11.9% YoY) and Uzbekistan ( 10.4% YoY).
Group EBITDA increased by 8.6% YoY in reported terms, and 9.1% YoY in local currency. This solid result was driven primarily by robust local-currency EBITDA performance in Ukraine ( 11.4% YoY) and Kazakhstan ( 36.7% YoY). Russian posted a second consecutive quarter of positive EBITDA with local currency growth of 1.9%.
Group capex stood at USD 381 million, supporting the continued expansion of our 4G customer base, which increased by 24.7 million YoY and 7.0 million QoQ. Total Group 4G users reached 93.8 million, corresponding to 4G subscriber penetration of 46.2% at quarter-end. The Group also recorded a QoQ increase in its total subscribers, which grew by 3.2 million in 3Q21 to reach 202.9 million.
Mobile data revenue increased by 18.8% YoY in local currency (18.1% YoY reported), driven by our ongoing 4G focus. A noteworthy contribution to our data revenue growth came from Pakistan ( 25.5% YoY), Kazakhstan ( 40.3% YoY) and Bangladesh ( 32.0% YoY).
JazzCash closed the quarter with 13.9 million monthly active users ( 43.6% YoY), Toffee TV in Bangladesh reached 6.3 million monthly active users from 1.8 million a year ago; and Beeline TV in Russia hit 3.1 million monthly active users ( 16.7% YoY) in 3Q21.
We remain focused on active portfolio management and the pursuit of opportunities to realize the value of our infrastructure portfolio. On 6 September 2021, VEON announced that it had reached an agreement to sell its mobile network towers in Russia to Service-Telecom Group of Companies LLC for a total consideration of RUB 70.65 billion (USD 970 million equivalent), subject to customary regulatory approvals.
Group net debt of USD 8.2bn (of which lease liabilities were USD 1.8bn) at the end of 3Q resulted in a net debt/EBITDA ratio of around 2.5x. These figures reflect cash capex of approximately USD 347mn in the quarter. The Group's cost of debt (excluding leases) in 3Q21 increased to 6.3% from 6.1% in 3Q20, while debt maturity (excluding leases) increased to 3.2 years, from 2.8 years in 3Q20.
KEY RECENT DEVELOPMENTS
17 August 2021, Michael Schulz joined VEON as Group Chief People Officer
6 September 2021, VEON announced the sale of its Russian tower assets for USD 970 million
9 September 2021, VEON announced the pricing of its 5-year RUB 20 billion 8.125% notes issued under its GMTN programme
21 October 2021, VEON announced that its Group General Counsel Scott Dresser will be leaving the Company effective 31 December 2021
26 October 2021, VEON published its integrated report for 2020
Kaan Terzio lu commented on 3Q21 results:
Our successful execution along VEON's 3 strategic pillars - infrastructure, digital operator transformation and Ventures - is moving full steam ahead and bearing fruit. With this we have now delivered five consecutive quarters of improvement in both operational and financial performance.
All of our operating companies have recorded year-over-year total revenue growth, with 5 of them reporting double-digit growth. I am particularly pleased that Beeline Russia's strong performance has continued to accelerate further in the month of September with total revenues up 8.2% and mobile service revenue growth of 4.5% making Beeline Russia a significant contributor to our Group's revenue growth.
These financial results are built on strong operational foundations as we strengthen our 4G subscriber base - now 46% of our customers. With significantly higher ARPU and lower churn, they form the fundamental building block of our present and future growth as we execute on our digital operator transformation.
Our operating companies are widening and deepening their relationship with the users of our digital services. In Q3, Toffee TV reached 6.3 million YoY growth and Beeline TV reached 3.1 million subscribers with 17% YoY growth.
We are m
LINK: | https://www.veon.com/media/media-releases/2021/veon-reports-3q21-resul... |
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...
02/05/2024
Reality Slips Away in the Eerie I Saw the TV Glow
PARK CITY, UTAH - JANUARY 18: Jane Schoenbrun introduces the 2024 Sundance Film Festival I Saw the TV Glow premiere at the Library Center Theatre in Park City...
02/05/2024
Meet the 10 Hampton University Students Receiving Spotify NextGen's Scholarship
Spotify is committed to amplifying the voices of underrepresented groups, and th...
02/05/2024
Advertisers and Creators Come Together at Our First-Ever Spotify Sparks in London
With more than 600 million users around the world tuned in to Spotify, there'...
02/05/2024
Gear up for the 2024 Cycling Grand Tours on Australia's Home of Cycling, SBS
Gear up for the 2024 Cycling Grand Tours on Australia's Home of Cycling, SBS Media releases All of the rivalry begins with the Giro d'Italia this we...
02/05/2024
New SBS documentary dives into one of Australia's greatest underdog stories of all time!
New SBS documentary dives into one of Australia's greatest underdog stories ...
02/05/2024
Alone Australia cements its place as one of Australia's biggest hits of 2024
Alone Australia cements its place as one of Australia's biggest hits of 2024 2 May, 2024 Media releases Alone Australia has cemented its place as one o...
02/05/2024
The Making of All of Us Strangers
I always like to base my lighting choices in reality, says cinematographer Jamie D. Ramsay, SASC. For his recent collaboration with writer-director Andrew Haig...
02/05/2024
Hiltron Introduces Field-Upgradable Motorisation Kit for CPI 2385 Satcom Antenna
Accompanying image shows Hiltron's new HMAM-based field-upgradable motorisation kit for the CPI 2385 satellite communications antenna. Backnang, Germany,...
02/05/2024
Millennium Space Systems Selects L3Harris to Build Space Development Agency Electro-Optical Infrared Payloads
MELBOURNE, Fla., May 2, 2024 - L3Harris Technologies (NYSE:LHX) has received a c...
02/05/2024
Samba TV Launches New Generative AI Ad Solution
NEW YORK Samba TV is debuting new capabilities for Samba AI, the company's suite of generative AI technologies. Samba AI's new capabilities provide a re...
02/05/2024
Television Academy Foundation Names Anne Vasquez Executive Director
LOS ANGELES The Television Academy Foundation has announced the appointment of Anne Vasquez as its executive director effective May 13....
02/05/2024
SAG-AFTRA to License Nielsen Streaming Data
NEW YORK SAG-AFTRA has inked a deal with Nielsen to become its third-party provider of streaming content measurement and has announced that it will use the Niel...
02/05/2024
Cineverse Unveils Public Beta of AI-Powered cineSearch
LOS ANGELES Cineverse has debuted cineSearch, its previously announced new content search and discovery service in public Beta....
02/05/2024
Can AI find a way to reduce the broadcast industry's energy consumption?
OpenDrives Trevor Morgan asks if AI has the answer to making data centres for the media and entertainment industry more sustainable By Contributor Published:...
02/05/2024
Bill Baggelaar Asks the Questions: An Unfiltered Look at Media Supply Chain Transformation
Bill Baggelaar Asks the Questions: An Unfiltered Look at Media Supply Chain Tran...
02/05/2024
Two Boston Conservatory at Berklee Alums Nominated for Tony Awards
Two Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions. By...
02/05/2024
Viewers Call Finding New TV Content Frustrating' in Comcast Advertising Report
A majority of viewers 51% said the difficulty in finding new content on TV c...
02/05/2024
Programming Legend Art Moore Retiring After 53 Years With ABC Stations
Art Moore, who headed production of long-running syndicated series, including Live, said he plans to retire in September as VP of programming for WABC New York....
02/05/2024
Nexstar Will Move The CW Affiliation to WGN Chicago
Nexstar Media Group, which owns The CW, said the network's affiliation will be moving to Nexstar-owned WGN Chicago....
02/05/2024
Future Today Puts First Original Shows on Fawesome Channel (NewFronts)
Future Today said that it plans to launch the first original shows on its Fawesome streaming channel....
02/05/2024
Behind the Music' Returns on Paramount Plus
Behind the Music is back on Paramount Plus with new episodes May 1. Those profiled in the season two episodes are Bell Biv DeVoe, Trace Adkins and Wolfgang Van ...
02/05/2024
All American: Homecoming' Returns on The CW July 8
All American: Homecoming starts season three on The CW Monday, July 8, while season two of 61st Street kicks off Monday, July 22....
02/05/2024
Jerry Seinfeld's Pop-Tart Movie Starts on Netflix May 3
Unfrosted, a movie about the race to create a game-changing breakfast pastry, such as, say, the Pop-Tart, debuts on Netflix May 3. Jerry Seinfeld directs, his f...
02/05/2024
Former BT Sport COO Jamie Hindhaugh joins EMG / Gravity Media
Charlie Cubbon has also been appointed chief operating officer By Matthew Corrigan Published: May 2, 2024 Charlie Cubbon has also been appointed chief ope...
02/05/2024
Durable Goods Signs Lionel Coleman
Durable Goods Signs Lionel Coleman Brie Clayton May 2, 2024 0 Comments Durable Goods has signed multi-hyphenate director Lionel Coleman for commercial...
02/05/2024
Hitsujibungaku's Music Video GO!!! Shot by Kyotaro Hayashi with Blackmagic Cinema Camera 6K
Hitsujibungaku's Music Video GO!!! Shot by Kyotaro Hayashi with Blackmagic C...
02/05/2024
Diamond Sports RSNs Go Dark On Comcast Systems
Bally Sports Regional Networks were taken off Comcast's systems on April 30 when their existing distribution agreement expired and Diamond Sports Group was ...
02/05/2024
Diamond Sports Group, DirecTV Renew Distribution Deal
SOUTHPORT, Conn. and EL SEGUNDO, Calif. Diamond Sports Group ( Diamond or the Company ) and DirecTV have announced that they have reached a multi-year renewal...
02/05/2024
Three Nexstar Stations to Become CW Affiliates
IRVING, Texas Nexstar Media Group has announced that its owned and operated television stations in Chicago, Illinois (DMA #3), Norfolk, Virginia (DMA #43), and ...
02/05/2024
FCC, FTC Ink Agreement to Cooperate on Net Neutrality Enforcement
WASHINGTON, D.C. The Federal Communications Commission and Federal Trade Commission have signed a Memorandum of Understanding to coordinate consumer protection ...
02/05/2024
Haivision Celebrates 20th Anniversary
MONTREAL Haivision Systems Inc. is marking its 20th anniversary by detailing some of the accomplishments and developments that have helped the company become a ...
02/05/2024
Agora Introduces Adaptive Video Optimization Technology
SANTA CLARA, Calif. Agora today unveiled its Adaptive Video Optimization (AVO) technology that uses machine learning to adjust parameters dynamically at every s...
02/05/2024
Study: Streaming Market Is Saturated But Subscriptions Continue to Grow
NEW YORK Kantar has released a new study showing the U.S. streaming market has hit a saturation point, with the household penetration rate stagnating and at nea...
02/05/2024
Samba TV To Spotlight New Capabilities For Generative AI Ad Solution
NEW YORK Samba TV is debuting new capabilities for Samba AI, the company's suite of generative AI technologies, at the 2024 IAB (Interactive Advertising Bur...
02/05/2024
GSTV Pumps Up Research, Programming at NewFront
GSTV, the network that programs screens at gas stations, will be talking about new research and new programming at its NewFront presentation Wednesday....
02/05/2024
EMG / Gravity Media Taps Jamie Hindhaugh To Head Up UK, US, Australia, and Middle East; Names Charlie Cubbon as COO
EMG / Gravity Media appoints Charlie Cubbon COO and Jamie Hindhaugh regional CEO...
02/05/2024
Watch SVG NEXT Conversations, Ep. 2: How XR and Other Emerging Technologies Are Transforming the Landscape of M&E'
Watch SVG NEXT Conversations, Ep. 2: How XR and Other Emerging Technologies Are...
02/05/2024
SVG Sit-Down: Program Productions' Bob Carzoli, Integrum's Kathy Reiland on the Strategy Behind the New Alliance
SVG Sit-Down: Program Productions' Bob Carzoli, Integrum's Kathy Reiland...
02/05/2024
YES Network App Logs Record Usership With New Expanded Pick-N-Play Live Interactivity, YES Rewards
YES Network App Logs Record Usership With New Expanded Pick-N-Play Live Interact...
02/05/2024
Rohde & Schwarz presents its test solutions at CCW 2024 that enable a successful migration to mission-critical broadband
Rohde & Schwarz presents its test solutions at CCW 2024 that enable a successful...
02/05/2024
Baselight training. Paris. Les Lapins Bleus. 27-31 May 2024
Baselight accredited training partner, Les Lapins Bleus, is conducting a five day Baselight training course in Paris in May. Location: Paris Dates: 27-31 May ...
02/05/2024
Skeem Saam: Wednesday's episode, 1 May 2024 [video]
Skeem Saam: Wednesday's episode, 1 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soa...
02/05/2024
Prison Journalism: It's alright not to have
Prison Journalism: It's alright not to haveWesley Leong was incarcerated at the age of 15 in 1996 at Pollsmoor Prison. He is currently part of Restore's...
02/05/2024
Tonight on Smoke and Mirrors: Thandiswa's quest to reclaim Caesar's house intensifies
Tonight on Smoke and Mirrors: Lulu navigates the complexities of her relationshi...
02/05/2024
GeForce NOW Delivers 24 A-May-zing Games This Month
GeForce NOW brings 24 new games for members this month. Ninja Theory's highly anticipated Senua's Saga: Hellblade II will be coming to the cloud soon -...
02/05/2024
NVIDIA AI Microservices for Drug Discovery, Digital Health Now Integrated With AWS
Harnessing optimized AI models for healthcare is easier than ever as NVIDIA NIM,...
02/05/2024
ARRI announces the ALEXA 35 Live - Multicam System
ARRI announces the ALEXA 35 Live - Multicam System posted: 02/05/2024 Arri Alexa 35 Live - Multicam System ARRI announces the ALEXA 35 Live - Multicam Sy...
02/05/2024
The Women': Author shines light on forgotten women in war
The Women': Author shines light on forgotten women in warThe bestselling author of The Nightingale', Kristin Hannah, has outdone herself with her new h...