
15 Mar 2022
VEON CEO letter to investors and partners Amsterdam, 15 March 2022 -VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, has today, given the recent market volatility, provided our investors and partners with an update on our business setting out how we are successfully navigating through the current turbulence.
In the update, VEON's Chief Executive Officer Kaan Terzio lu comments on the following points:
Strong liquidity profile
Our business is strong, and we are well placed to weather the current storm.
The credit rating agencies define our liquidity margin as strong (Fitch) and sound (S&P). At the end of February 2022, VEON had USD 2.1 billion in cash and deposits, of which USD 1.5 billion at headquarters, held with international banks from the European Union, the United States and Japan. On top of that, VEON has a USD 1.25 billion committed revolving credit facility available to it (of which USD 820 million remains undrawn) from a group of diversified lenders headquartered in the United States, Europe and Asia.
On 1 March 2022, VEON repaid USD 417 million of maturing bonds, and on 9 March 2022 it pre-paid and closed a RUB 30 billion (approximately USD 259 million) interest-bearing loan with VTB Bank. Following this payment to VTB, VEON has no further loans outstanding with VTB. VEON has no additional debt maturities at its HQ level for the rest of 2022. We will of course continue to maintain financial discipline, underpinned by our strong liquidity position and our resilient operating profile.
VEON is a global telecoms operator
We are proud to provide to our 218 million customers connectivity and digital services. These are essential for a combined population of 680 million in the nine countries where we operate. We continue to execute on our Digital Operator strategy across our markets, pursuing all growth opportunities enabled by our Digital Products portfolio. VEON shares are listed on NASDAQ in New York and EuroNext in Amsterdam. Our company is run by a diverse and international management team, with oversight from an independent Board of Directors. We have a globally diverse investor base, comprising of shareholders from around the world, and with no single controlling shareholder. VEON employs more than 60,000 people worldwide.
Confident legal position
I want to be absolutely clear: VEON is not the subject of any sanctions imposed by the European Union, the United States or the United Kingdom, and our counterparties' ability to continue to do business with us has not been impacted by these measures. We have received numerous questions regarding sanctions against a former director and indirect shareholders of VEON, so let me also address that particular concern. Following the imposition of sanctions on Mikhail Fridman and Petr Aven on 28 February 2022 by the Council of Europe, Mr. Fridman has resigned from his position as a member of the Board of VEON. Mr. Fridman and Mr. Aven have also resigned from their positions as members of the Boards of Directors of LetterOne Investment Holdings S.A., LetterOne Holdings S.A. and LetterOne Core Investments S.a.r.l. ( LetterOne ). Furthermore, I would underscore that LetterOne does not have a controlling shareholding stake in VEON-neither as a matter of governance nor as the concept of control as interpreted under applicable law.
Protecting our employees and customers
We have been taking specific actions and will be doing all that is in our power to protect the safety of our employees and their families affected by the conflict. We continue contributing to humanitarian support across all our countries. And our technology is more relevant and necessary to our customers than ever before, ensuring continued connectivity, access to information, and it is also being used to help millions of displaced people and locate missing persons.
Committed to further engagement with our stakeholders
In closing, VEON's Chief Executive Officer Kaan Terzio lu notes, Continued engagement with our stakeholders is more important than ever. We deeply value our relationship, and we will continue to maintain an open dialogue, providing you with timely, accurate and relevant information about VEON's strategy, plans and performance .
About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com
Disclaimer
This press 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, and include statements relating to, among other things, expectations regarding the sufficiency of VEON's liquidity to meet its obligations, the impact of further sanctions imposed by the European Union, the United States or the United Kingdom, the safety of our employees and customers, and continued engagement with our stakeholders. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
Contact information
Investor Relations
Nik Kershaw
ir@veon.com
This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To fi
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...
01/07/2026
Broadcast Management Group (BMG) has announced the appointment of Kathy Samuels ...
01/07/2026
Shade has announced Custom Objects and Automations, a platform expansion releasing June 29, 2026, that adds database and workflow automation capabilities direct...
01/07/2026
FOR-A America has announced the addition of Jaz Wray and Fernando Cruz to its U.S. sales team. Both report to Ernie Leon, Senior VP and Head of Sales and Strate...
01/07/2026
NBC Sports will air all 15 MLB games nationally on Sunday, July 5, across NBC, P...
01/07/2026
Clear-Com has announced a wireless communications upgrade for Jeopardy! and Wheel of Fortune, deploying FreeSpeak II and FreeSpeak Icon systems across both prod...
01/07/2026
England's performance team will use Sony's STATSports APEX GPS tracking system to monitor player physical data in real time during FIFA World Cup 2026 m...
01/07/2026
Adder Technology has announced the appointment of Neil Hillier as Chief Executive Officer, effective July 1, 2026. Hillier succeeds Adrian Dickens, who transiti...
01/07/2026
Bitcentral, Inc. has announced a strategic transaction creating two separate companies. The Production and Playout business will continue as Bitcentral, now own...
01/07/2026
DAZN has announced results from DAZN48, its creator initiative for the FIFA World Cup 2026. Launched in April 2026, the program received thousands of applicatio...
01/07/2026
Sarah Rose, VP, global services, Daktronics (NASDAQ: DAKT), will be inducted into the Information Display and Entertainment Association (IDEA) Hall of Fame at t...
01/07/2026
Gravity Media and the World Economic Forum's production team provided broadc...
01/07/2026
Insight Productions has announced the launch of Insight Storm, a 53-foot mobile broadcast unit built for esports production. The truck is built around a Ross Vi...
01/07/2026
ESPN has announced several content initiatives marking America's 250th anniversary, as part of The Walt Disney Company's Disney Celebrates America pro...
01/07/2026
Eleven production kits, REMI workflows, and cloud distribution bring 40 World Cu...
01/07/2026
The conference also discussed the opportunities offered an industry that is endu...
01/07/2026
The Mountain West Conference has announced the launch of MW , a direct-to-consumer streaming platform powered by Kiswe. The platform will carry live Mountain We...
01/07/2026
New AI Assistant, Multi-channel Audio, ARA2 improvements & more
Tracktion's DAW software has just received its latest major update, gaining a selection ...
01/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
01/07/2026
Exclusive run of limited-edition modelling pedals
Sweetwater and Andertons M...
01/07/2026
The National Film and Video Foundation (NFVF) is pleased to announce that the ca...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Manfrotto Introduces UNCOVER, the new premium camera bag collection for modern h...
01/07/2026
Blackmagic Design Powers Houston Tamil Sangam Literacy Competition
Brie Clayton July 1, 2026
0 Comments
Volunteers use ATEM Mini Pro, Blackmagic Desig...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
PlayBox Technology has published State of Broadcast Infrastructure 2026, an in-depth industry research report examining the technologies, operational challenges...
01/07/2026
LONDON, UK, 1 JULY Jigsaw24 has appointed Alan Henry as Head of Sales for Media and Entertainment, reinforcing its continued investment in helping broadcaster...
01/07/2026
Content Vault, the patent-pending secure content distribution platform protecting high-value media from disclosures, theft and unauthorised access, today announ...
01/07/2026
Bitcentral, Inc. a leading provider of enterprise software and digital media solutions for news, sports and entertainment broadcasters, as well as streaming pla...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/07/2026
Groundbreaking First Nations Screen Business Accelerator launched through nation...
01/07/2026
Chyron Launches the All-New Chyron Academy: A Reimagined, Hands-On Learning Expe...
01/07/2026
Amplium Captures Kawasaki Brave Thunders Game with Blackmagic URSA Cine Immersiv...
01/07/2026
Boris FX Optics Expands Plugin Support to Apple Photos, Capture One, and Affinit...
01/07/2026
UKTV has today announced the appointment of Matt Berry to the newly created role of General Manager - Marketing, effective 1 July.
Matt will take on this senio...
01/07/2026
Sky Zero Footprint Fund-backed TV campaign featuring Deborah Meaden challenges consumers to rethink everyday bathroom wasteWednesday 1 July 2026
Fussy asks Bri...
01/07/2026
Constituency-level analysis reveals where girls miss out most on sport - and where targeted action could unlock more than £640 million in economic and health be...
01/07/2026
Wuppertal July 1, 2026
Riedel and SKAARHOJ Expand Collaboration With SimplyLive IntegrationRiedel Communications today announced an expanded collaboration wit...
01/07/2026
Apple today introduced power-packed updates to Apple Creator Studio, a groundbre...