28 Feb 2022
VEON reports 4Q & FY 2021 results Beating revenue & EBITDA guidance and posting USD 801 million net profit
Amsterdam (28 February 2022) - VEON Ltd. (VEON) announces results for the fourth quarter and full year ended 31 December 2021:
VEON reports FY 2021 results with full-year revenue of USD 7,788 million 10.1% YoY in local currency ( 6.8% YoY reported currency) and EBITDA of USD 3,332 million 8.9% YoY in local currency ( 5.7% YoY reported currency). Full-year capex of USD 1,826 million was in line with 2020, with lower capex intensity (23.4%) as revenues expanded. Group Net Debt/EBITDA was 2.44x.
Kaan Terzio lu commented on 4Q & FY 2021 results:
I am encouraged by the progress we made this past year in a number of important growth areas such as our digital operator metrics including 4G subscribers, penetration of digital services, data revenues as well as achieving balanced growth across all our geographies, including Russia.
FY 2021 results highlights:
Revenue USD 7,788 million, 10.1% YoY in local currency ( 6.8% YoY reported currency)
EBITDA USD 3,332 million, 8.9% YoY in local currency ( 5.7% YoY reported currency)
Net income of USD 801 million
Capex of USD 1,826 million, 1.8% YoY, capex intensity of 23.4%
Equity Free Cash Flow (after licenses) USD 334 million, up 41.9% YoY
Total cash USD 2.3 billion (additional undrawn committed credit lines of USD 1.5 billion)
Beeline Russia closed 2021 strongly, showing healthy growth following increased 4G investment and we believe is now well positioned to deliver further improvement in revenue and EBITDA. In 4Q21, service revenue accelerated with growth of 6.6% YoY (local currency) and Beeline Russia reported 49.4 million mobile subscribers and 25.5 million 4G subscribers ( 12.8% YoY).
Good financial discipline saw Group EBITDA in 4Q21 increase by 9.5% YoY in local currency and 10.6% YoY in reported currency. This solid result was driven by double digit local currency EBITDA performance across five countries with Russia posting a strong quarter with YoY EBITDA growth of 4.3% in local currency. While EBITDA grew YoY in absolute terms, a slight margin dilution of 0.4 p.p. was reported, as handset sales grew. Over the next three years, project Optimum is expected to deliver cumulative margin expansion of approximately 300 basis points.
Strong 2021 full year equity free cash flow (after licenses) of USD 334 million up 41.9% YoY. We reported Group net debt of USD 8.1 billion (of which lease liabilities were USD 2.7 billion) at the end of 4Q21 and closed the year with total cash and undrawn committed credit lines of USD 3.7 billion. At the end of 4Q21 our net debt/EBITDA ratio was 2.44x. While within our comfort zone, this ratio is above the limit of 2.4x set by our dividend policy. Moving forward we aim to further deleverage the company and build sustainable dividend capacity for the future. Given current circumstances we are not providing specific guidance for 2022.
We successfully closed the Russia tower transaction, with the sale of our Russian tower assets to ServiceTelecom for RUB 70.65 bn. We have established separate tower companies in both Ukraine and Pakistan and we expect to announce further tower transactions in the coming year.
Strong progress on expanding our digital assets. JazzCash closed the quarter with 15.2 million monthly active users ( 24.9% YoY), Toffee TV in Bangladesh with 6.4 million monthly active users, up from 2.5 million a year ago; and Beeline TV in Russia with 3.1 million monthly active users ( 11.8% YoY).
We further strengthened the management team with the appointment of Victor Biryukov as VEON Group General Counsel and Mohammad Khairil Abdullah as CEO for VEON Ventures who will both be members of the Group Executive Committee. Andrey Pyatakhin was appointed as CEO for Beeline Kyrgyzstan. With the appointment of Karen Linehan to the VEON Group board on 5th January 2022 as a non-executive director we expanded board diversity while bringing a wealth of experience and a valuable perspective to our Audit & Risk and Nominating & Corporate Governance Committees.
VEON announced its intention to move its group parent company to the United Kingdom. The change of the place of incorporation of the top holding company, would place the company in a jurisdiction with high standards of corporate governance and a strong and transparent legal framework and is expected to enable VEON and its operating subsidiaries to operate more effectively across its markets.
Key recent developments:
On 1 December 2021, VEON announced the successful conclusion of the sale of its Russian tower assets to Service-Telecom for RUB 70.65 billion.
On 18 December 2021, VEON announced the appointment of Andrey Pyatakhin as CEO of Beeline Kyrgyzstan.
On 18 December 2021, VEON announced the appointment of Victor Biryukov as VEON Group General Counsel.
On 24 December 2021, VEON announced the successful conclusion of two bilateral loan facilities of RUB 45 billion each with Sberbank and Alfa Bank.
On 29 December 2021, VEON announced the appointment of Mohammad Khairil Abdullah as CEO of VEON Ventures, effective 1 March 2022.
On 5 January 2022, VEON announced the appointment of Karen Linehan to the VEON Group board as a non-executive director.
On 3 February 2022, VEON announced its intention to establish new parent holding company in the UK.
In 4Q21, Kaan Terzioglu, our Group Chief Executive Officer and Erik Aas, the Chief Executive Officer of Banglalink, each purchased 200,000, and 50,000 of our ADR/ORDs, respectively.
On 17 February 2022, VEON announced the successful conclusion of a seven years term facility of RUB 30 billion with VTB.
Additional information
View the full 4Q21 and FY21 results
View 4Q21 and FY21 results presentation
View 4Q21 and FY21 factbook
About Veon
VEON is a NASDAQ and Euronext Amsterda
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
15/06/2026
Detach from Direct-Attached: How Remote Editing with EVO Keeps Creative Teams Mo...
14/06/2026
Library captures 1960s R&B/pop drum sound
Following on from their recent wave of plug-in effects, Iconic Instruments have just launched an all-new virtual d...
14/06/2026
HBO Comedy Rooster Shot with URSA Cine 17K 65
Brie Clayton June 14, 2026
0 Comments
Large format brings viewers intimately close to characters.
Black...
13/06/2026
Latest expansion pack includes 252 presets
Devious Machines have recently introduced another expansion for their powerful multi-effects plug-in, Infiltrator...
13/06/2026
Create custom DAW/plug-in controllers using prompts
MetaGrid have recently introduced an all-new AI Builder function to their touchscreen-based control surf...
13/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
13/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
YES Network and The Gotham Sports App will air seven Athletes Unlimited Softball...
12/06/2026
The United Football League will host its FAST Innovation Suite at the 2026 United Bowl presented by Credit One Bank on Saturday, June 13 at 3:00 p.m. ET at Audi...
12/06/2026
PTZOptics and LayerJot will present live demonstrations at InfoComm 2026 showing how natural-language AI prompting, robotic camera control, and on-device comput...
12/06/2026
MultiDyne Video and Fiber Optic Systems will exhibit at InfoComm 2026, featuring...
12/06/2026
Ateme has announced that Eurovision Services is using Ateme's software-based frame-rate conversion technology for international live event workflows. The de...
12/06/2026
Bitmovin and Simplestream have announced a partnership with Xperi to simplify the launch of OTT streaming services on TiVo OS smart TVs and devices. The collabo...
12/06/2026
Net Insight has announced that a multinational technology company is deploying a...
12/06/2026
MLB Players Inc., the business arm of the MLB Players Association, has announced a partnership with Athletes First to develop and sell brand partnerships across...
12/06/2026
Guntermann and Drunck (G&D) and VuWall have announced the CommandKeyboard-Advanc...
12/06/2026
Comcast Smart Solutions announces a new smart technology deployment with Major L...
12/06/2026
Elevation Worship completed the initial leg of its Elevation Nights 2026 tour ...
12/06/2026
AJA Video Systems has announced KONA IP25 support for Colorfront Transkoder and ...
12/06/2026
Audinate Group Limited (ASX: AD8) will exhibit at InfoComm 2026 (Booth C7321, Ce...
12/06/2026
Pac-12 Commissioner Teresa Gould has announced the appointment of Scott Adametz as Chief Technology Officer. The Pac-12 describes the hire as the first CTO appo...
12/06/2026
Grass Valley has announced AMPP Edge Live, a production system combining Grass Valley hardware, NVIDIA Blackwell GPU acceleration, and AMPP OS in a single platf...
12/06/2026
At one time a trailblazer with the launch of the Longhorn Network, the Universit...
12/06/2026
Ratings Roundup is a rundown of recent rating news and is derived from press rel...
12/06/2026
Chyron has announced PAINT 10.4, an update to its illustrated replay and sports ...
12/06/2026
SVP, Production, Mark Gross: With the new schedule, with not having every Sunday night, it has given us an opportunity to take a step back and reimagine what o...
12/06/2026
For Televisa Technical Engineering Manager Roberto N nez Ibarra and the small team of 12 technicians and two production personnel at the IBC things are already ...
12/06/2026
Simple Steps to Better Acoustics - Taming The Small Room
Most of us mix in spare rooms and small spaces, where the acoustics fight us at every turn. At Gear...
12/06/2026
Latest addition expands vintage-inspired effects palette
Meris' Ottobit pedal range draws its inspiration from vintage gaming consoles, and the latest a...
12/06/2026
Soundbox-based chamber strings series expanded
Sonora Cinematic have just announced the launch of the second instalment in their Soundbox-based chamber stri...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
AJA Announces KONA IP25 Integration with Colorfront Software
Brie Clayton June 12, 2026
0 Comments
Collaboration enables uncompressed SMPTE ST 2110 I/O ...
12/06/2026
URSA Cine 12K LF Used to Create Visuals for STUTS' K-Arena Concert
Brie Clayton June 12, 2026
0 Comments
Organic visuals projected on a giant scre...
12/06/2026
MTI FILM Acquires Mango New Edit, Expanding its Global Post-Production Services ...
12/06/2026
AI Point Tracking Speeds Up Complex VFX Tracks in Mocha Pro
Jessie Electa Petrov June 12, 2026
0 Comments
The 2026.5 release adds automatic point trac...
12/06/2026
Bitmovin, a provider of video streaming solutions, has partnered with Simplestream, a provider of OTT and broadcast solutions, and technology provider Xperi, to...
12/06/2026
Leostream Corporation, creator of the world-leading Leostream Remote Desktop Access Platform, today announced Jigsaw24, a leading B2B IT solutions provider wit...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
How Aussie indie games and screen are levelling up with IP 11 June 2026
Ari Harrison, Pro Jank Footy
Head of Games Joey Egger and Ari Harrison of Umbrella sha...
12/06/2026
AgentPerf from Artificial Analysis, the industry's first agentic AI benchmark, gives developers, enterprises and infrastructure providers a clear way to com...
28 Feb 2022
