Sony Pixel Power calrec Sony

VEON discloses the unaudited interim condensed consolidated financial statements for its 1Q22 Group results

28/06/2022

28 Jun 2022

VEON discloses the unaudited interim condensed consolidated financial statements for its 1Q22 Group results Strong YoY growth in underlying Group net profit and resilient cash flow generation

Amsterdam (28 June 2022) - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today discloses the unaudited interim condensed consolidated financial statements for its 1Q22 Group results. Following the release of our 1Q22 trading update on 28 April 2022, and given the unprecedented challenges and market volatility that VEON has been facing, we have now completed our 1Q22 financial statements, which further support the resilient performance we reported with our trading update. VEON ended 1Q22 with revenue of USD 1,823 million, +9.8% YoY in local currency (-0.4% YoY in reported currency) and EBITDA of USD 771 million, +5.3% YoY in local currency (-4.5% YoY in reported currency). VEON posted a 1Q22 net loss of USD 97 million, while the Group's net profit before impairments rose 168% YoY to USD 375 million, versus USD 140 million in 1Q21. In 1Q22 Group capex was USD 377 million (-3.8% YoY), with capex intensity of 23.3%, -2.1 p.p. YoY. Group net debt/EBITDA was 2.4x as of 31 March 2022.

Commenting on results, Kaan Terzio lu said:

The 1Q22 financial statements published today further reinforce VEON Group's strong underlying performance driven by the successful implementation of our digital operator strategy across all our geographies, where we continue to deliver vital connectivity and digital services. Net profit before impairments rose by 168% YoY, while cash from operating activities of USD 565 million demonstrates the high resilience of our business even in difficult times. Our 1Q22 results, together with our strong performance in April and May, show VEON's ongoing and effective operational and financial discipline, as well as the progress we continue to make delivering on our strategy.

1Q22 Financial Statements

Following the 1Q22 trading update on 28 April 2022, VEON today reports the unaudited interim condensed consolidated financial statements for 1Q22. VEON posted a 1Q22 net loss of USD 97 million, while the Group's net profit before impairments rose 168% YoY to USD 375 million. Cash from operating activities in 1Q22 was USD 565 million, versus USD 596 million in 1Q21, highlighting continued strong cashflow generation across the operations.

In 1Q22 we recorded a non-cash goodwill impairment of USD 449 million against Beeline in Russia. This is primarily caused by a higher discount factor to be used for future cashflows related to our Russian operations, in accordance with IFRS. In 1Q22, Ukraine showed resilient strong operational performance, which was also previously disclosed in our 1Q22 trading update. We did, however, record a fixed asset impairment of USD 20 million in 1Q22 related to property, plant and equipment of Kyivstar as a result of the physical damage to sites caused by the ongoing conflict. Including the impact of the impairments, VEON reported a 1Q22 net loss of USD 97 million with shareholder equity of USD 227 million as of 31 March 2022.

Since reporting the strong 1Q22 results, operational momentum has continued across the Group, driven by successful implementation of our digital operator strategy, as noted in our CEO letter published on 10 June 2022. Our double and multiplay 4G subscribers have 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. We continue to make market share gains across a number of markets including Ukraine, Pakistan, Kazakhstan, Bangladesh and Uzbekistan.

The 1Q22 trading update, the CEO Letter and the 1Q22 unaudited interim condensed consolidated financial statements are available on the VEON Group website at

https://www.veon.com/investors/reports-results/reports-results/

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and digital services, headquartered in Amsterdam. Our vision is to empower customer ambitions through technology, acting as a digital concierge to guide their choices and connect them with resources that match their needs. For more information visit: https://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 management plans and the ability to successfully execute operating model, governance and development plans. 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. Furthermore, elements of this release contain or may contain, inside information as defined under the Market Abuse Regulation (EU) No. 596/2014. Notice to reader VEON's results presented in this press release are, unless otherwise stated, based on IFRS, using internal management accounts, are the responsibility of management and have not been externally audited, reviewed or verified. This information may not be indicative of the actual results for any future period.

Contact information

VEON

Investor Relations
LINK: https://www.veon.com/media/media-releases/2022/veon-discloses-the-unau...
See more stories from vimpel

More from VimpelCom

10/07/2025

VEON and Cohen Circle Secure Investor Commitments for Kyivstar Listing

10 Jul 2025 VEON and Cohen Circle Secure Investor Commitments for Kyivstar Listing Kyiv, New York, Dubai, and Philadelphia - July 10, 2025 - VEON Ltd. (Nasdaq:...

02/07/2025

VEON Raises USD 200 Million in Private Bond Placement

02 Jul 2025 VEON Raises USD 200 Million in Private Bond Placement Dubai, July 1, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON ), announces ...

18/06/2025

VEON's Kyivstar Advances Direct-to-Cell Services With Starlink Integration and Regulatory Approval for Testing

18 Jun 2025 VEON's Kyivstar Advances Direct-to-Cell Services With Starlink ...

17/06/2025

Omiyinka Doris Chooses to Step Aside from VEON General Counsel Position

17 Jun 2025 Omiyinka Doris Chooses to Step Aside from VEON General Counsel Position Dubai, June 17, 2025: VEON Ltd. (Nasdaq: VEON; the Company or VEON ), a ...

17/06/2025

VEON Appoints Vitaly Shmakov as Acting General Counsel

17 Jun 2025 VEON Appoints Vitaly Shmakov as Acting General Counsel Dubai, June 17, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the Co...

16/06/2025

VEON Announces USD 35 Million Share Buyback

16 Jun 2025 VEON Announces USD 35 Million Share Buyback Announcement marks the third phase of USD 100 million share buyback program Dubai, June 16, 2025: VEON...

05/06/2025

VEON Progresses in Kyivstar Group's Nasdaq Listing with the Public Filing of Registration Statement on Form F-4

05 Jun 2025 VEON Progresses in Kyivstar Group's Nasdaq Listing with the Pub...

05/06/2025

Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process

05 Jun 2025 Kyivstar Group Reports First Quarter 2025 Financial Results in Conj...

03/06/2025

VEON and Engro Corporation Complete Pioneering Infrastructure Partnership in Pakistan

03 Jun 2025 VEON and Engro Corporation Complete Pioneering Infrastructure Partn...

03/06/2025

Empowering Kazakh Students: VEON's Beeline Kazakhstan introduces AI-based Tutor powered by KazLLM

03 Jun 2025 Empowering Kazakh Students: VEON's Beeline Kazakhstan introduce...

23/05/2025

VEON and Engro Corporation Advance to Closing Pioneering Infrastructure Partnership in Pakistan Following Regulatory Approvals

23 May 2025 VEON and Engro Corporation Advance to Closing Pioneering Infrastruc...

20/05/2025

Beeline Uzbekistan Moves its Headquarters to Tashkent's IT Park, Deepening Commitment to Uzbekistan's Digital Future

20 May 2025 Beeline Uzbekistan Moves its Headquarters to Tashkent's IT Park...

15/05/2025

VEON 1Q25 Earnings Release: Strong Start to 2025, Digital Revenues Surge 50%, Driving Growth

15 May 2025 VEON 1Q25 Earnings Release: Strong Start to 2025, Digital Revenues ...

12/05/2025

VEON Joins GSMA Advance's People Excellence Partner Program as Founding Member to Further Professional Skills Development

12 May 2025 VEON Joins GSMA Advance's People Excellence Partner Program as ...

08/05/2025

VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela to Serve as Chairman

08 May 2025 VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela ...

07/05/2025

VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solutions to Drive Digital Growth

07 May 2025 VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solut...

02/05/2025

VEON to release 1Q25 trading update on May 15, 2025

02 May 2025 VEON to release 1Q25 trading update on May 15, 2025 Dubai, May 2, 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms that t...

25/04/2025

VEON Files its 2024 Annual Report on Form 20-F

25 Apr 2025 VEON Files its 2024 Annual Report on Form 20-F Dubai, April 25, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON' or the Compa...

14/04/2025

VEON Publishes 2024 Integrated Annual Report Detailing Commitment to Sustainable Growth and Highlighting Robust Financial Performance

14 Apr 2025 VEON Publishes 2024 Integrated Annual Report Detailing Commitment t...

08/04/2025

VEON Completes Reorganization Ahead of Kyivstar's Planned Nasdaq Listing

08 Apr 2025 VEON Completes Reorganization Ahead of Kyivstar's Planned Nasdaq Listing Dubai, April 8, 2025: VEON Ltd. (Nasdaq: VEON), a global digital opera...

31/03/2025

VEON Announces 2025 AGM and Board Nominees

31 Mar 2025 VEON Announces 2025 AGM and Board Nominees Notice of the 2025 Annual General Meeting of Shareholders of VEON Ltd. Dubai, March 31, 2025 - VEON Ltd...

27/03/2025

VEON Returns to Capital Markets with Successful Syndication of USD 210 Million Term Loan

27 Mar 2025 VEON Returns to Capital Markets with Successful Syndication of USD ...

26/03/2025

VEON Appoints Anand Ramachandran as Corporate Development Officer

26 Mar 2025 VEON Appoints Anand Ramachandran as Corporate Development Officer Dubai, March 26, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON...

21/03/2025

VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Solutions Supporting Ukraine's Resilience

21 Mar 2025 VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Sol...

20/03/2025

VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth

20 Mar 2025 VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital...

20/03/2025

VEON to Proceed with USD 35 Million Share Buyback

20 Mar 2025 VEON to Proceed with USD 35 Million Share Buyback Announcement marks second phase of USD 100 million share buyback program announced on August 1, 2...

20/03/2025

VEON Discloses Selected Key Financial Metrics About Uklon

20 Mar 2025 VEON Discloses Selected Key Financial Metrics About Uklon Kyiv and Dubai, March 20, 2025 - VEON Ltd. (Nasdaq: VEON), a global digital operator, tod...

19/03/2025

VEON's Kyivstar Expands Digital Portfolio with Acquisition of Uklon, Ukraine's Top Ride-Hailing Business

19 Mar 2025 VEON's Kyivstar Expands Digital Portfolio with Acquisition of U...

18/03/2025

VEON Moves Forward with Kyivstar's Landmark Nasdaq Listing; Signs Definitive Business Combination Agreement with Cohen Circle

18 Mar 2025 VEON Moves Forward with Kyivstar's Landmark Nasdaq Listing; Sig...

17/03/2025

VEON appoints Johan Buse as the Incoming CEO of Banglalink

17 Mar 2025 VEON appoints Johan Buse as the Incoming CEO of Banglalink Dubai and Dhaka, 17 March 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VE...

12/03/2025

VEON to release 4Q 2024 trading update on 20 March 2025

12 Mar 2025 VEON to release 4Q 2024 trading update on 20 March 2025 Dubai, 12 March 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms ...

06/03/2025

Mobilink Bank Wins GLOMO Award for Invisible Heirs Campaign

06 Mar 2025 Mobilink Bank Wins GLOMO Award for Invisible Heirs Campaign Barcelona and Islamabad, March 06, 2025: VEON Ltd. (Nasdaq: VEON), a global digital ope...

05/03/2025

VEON's Jazz to Deploy 1,000 Solar Sites across Pakistan in collaboration with Huawei

05 Mar 2025 VEON's Jazz to Deploy 1,000 Solar Sites across Pakistan in coll...

04/03/2025

VEON's Beeline Uzbekistan to Deploy Predictive AI for Enhanced Customer Experience

04 Mar 2025 VEON's Beeline Uzbekistan to Deploy Predictive AI for Enhanced ...

26/02/2025

VEON Highlights Role of Investments in Rebuilding Ukraine, Renews Invest in Ukraine, NOW! Call in Kyiv Visit

26 Feb 2025 VEON Highlights Role of Investments in Rebuilding Ukraine, Renews ...

14/02/2025

VEON's Kyivstar and the Come Back Alive Foundation Raise USD 2.6 Million for Demining in Ukraine

14 Feb 2025 VEON's Kyivstar and the Come Back Alive Foundation Raise USD 2....

12/02/2025

VEON's JazzCash and Mobilink Bank Shortlisted for Prestigious GLOMO Awards

12 Feb 2025 VEON's JazzCash and Mobilink Bank Shortlisted for Prestigious GLOMO Awards Dubai and Islamabad, February 12 2025: VEON Ltd. (Nasdaq: VEON), a g...

30/01/2025

VEON Gets Unanimous Support from Noteholders Voting in Consent Solicitation to Facilitate Indirect Listing of Kyivstar on Nasdaq

30 Jan 2025 VEON Gets Unanimous Support from Noteholders Voting in Consent Soli...

16/01/2025

VEON Appoints New Members to the Group Executive Committee

16 Jan 2025 VEON Appoints New Members to the Group Executive Committee Dubai, 16 January 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or t...

13/01/2025

VEON to List Kyivstar on Nasdaq in New York, Signs Letter of Intent with Cohen Circle

13 Jan 2025 VEON to List Kyivstar on Nasdaq in New York, Signs Letter of Intent...

09/01/2025

VEON appoints Burak Ozer as Group Chief Financial Officer

09 Jan 2025 VEON appoints Burak Ozer as Group Chief Financial Officer Dubai, 9 January 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the...

30/12/2024

In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink Direct-to-Cell Satellite Connectivity to Kyivstar Customers

30 Dec 2024 In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink ...

19/12/2024

VEON Completes the Move of its Headquarters to Dubai

19 Dec 2024 VEON Completes the Move of its Headquarters to Dubai Dubai, 19 December 2024: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the G...

13/12/2024

VEON discloses its unaudited interim condensed consolidated financial statements for 3Q and 9M 2024

13 Dec 2024 VEON discloses its unaudited interim condensed consolidated financi...

12/12/2024

Kyivstar and Jazz Secure Double Win for VEON at The World Communication Awards 2024

12 Dec 2024 Kyivstar and Jazz Secure Double Win for VEON at The World Communica...

11/12/2024

Kazakh Language Gets its National LLM with a Groundbreaking Partnership of Kazakh Research Institutions and VEON's QazCode

11 Dec 2024 Kazakh Language Gets its National LLM with a Groundbreaking Partner...

09/12/2024

VEON Approves Launch of the Initial USD 30 Million Phase of its Share Buyback Program

09 Dec 2024 VEON Approves Launch of the Initial USD 30 Million Phase of its Sha...

05/12/2024

VEON and Engro Corp Announce Strategic Partnership for Telecommunications Infrastructure

05 Dec 2024 VEON and Engro Corp Announce Strategic Partnership for Telecommunic...

03/12/2024

In an Open Letter to VEON Investors, VEON Group CEO Welcomes the Unfreezing of VEON's Corporate Rights in Kyivstar

03 Dec 2024 In an Open Letter to VEON Investors, VEON Group CEO Welcomes the Un...