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
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
02/10/2026
v1.9.3 introduces AUv3 support
Roland have just released an update that kits their free iPad-based software synth out with AUv3 support, meaning it can now ...
02/10/2026
Dolby Atmos support, AI-powered stem separation & more
The latest version of MOTU's DAW software is now available, and marks a major step forward with t...
02/10/2026
Portable DAC created in collaboration with Steve Levine
British hi-fi experts iFi audio have unveiled a new Master Tuned variant of their praised iDSD GR2 p...
02/10/2026
In our latest blog, Tim Pearson looks at streaming piracy from a different lens, focusing on digital trust, consumer risk, and the future of subscriber protecti...
02/10/2026
Friday 2 October 2026
Crystal Lake, a Friday the 13th' prequel series, com...
02/10/2026
Friday 2 October 2026
Sky VIP helps families celebrate the Christmas season wit...
02/10/2026
How the fertility sector in Ireland remains unregulated
Undercover filming reveals how without proper regulation the promotion of controversial fertility treat...
02/10/2026
Transforming Homes, Transforming Lives
Presenter Baz Ashmawy and his team take on four life-changing builds across Kildare, Limerick, Wicklow and Offaly in the...
01/10/2026
Third collaboration with celebrated composer
Spitfire Audio have once again teamed up with Grammy-nominated composer, producer and technologist BT, creating...
01/10/2026
FL Studio gets dedicated grid controller
Novation have teamed up with FL Studio developers Image-Line to create another dedicated controller for the popular...
01/10/2026
Six new USB interfaces introduced
Universal Audio's USB audio interface line-up has just been refreshed, gaining six new models aimed at musicians, prod...
01/10/2026
Siretta's SNYPER-5G cellular network analyser has been shortlisted for the IoT Global Awards 2026.
The IoT Global Awards recognise products, services and o...
01/10/2026
Mesh Broadcast Services Fits Big-Truck Audio Power into Compact Eclipse Unit with Calrec Argo M Canadian OB company Mesh Broadcast Services has fitted its Eclip...
01/10/2026
X-Rite Pantone Launches Spectura to Advance Connected Color Quality from Lab to ...
01/10/2026
Thursday 1 October 2026
Nominees revealed for 2026 Sky Arts Awards
Current slide, 0 0, undefined1
0
Irish National Opera and Jennifer Walshe: MARS
Jacob Al...
01/10/2026
Vital TV antenna replaced at SudburyHelicopter and broadcast engineers work together to upgrade TV services for 1.5M in the East
--
Share to Linkedin
Octobe...
01/10/2026
Arqiva appoints Simon Duffy as ChairSimon Duffy joins as Chair effective 01 October 2026
--
Share to Linkedin
October 1, 2026
Press Office
01 October 2026...
01/10/2026
Season 4 of the multi-award-winning hit entertainment series The 2 Johnnies Late Night Lock In is back, serving up another round of unpredictable laughs, unforg...
01/10/2026
New season begins Sunday, 4 October at 6pm on RT lyric fm and RT Listen
RT lyric fm's arts and culture documentary series The Lyric Feature returns on S...
01/10/2026
RT is proud to continue its commitment to supporting and celebrating the arts across Ireland this October, highlighting a vibrant programme of theatre, music, ...
30/09/2026
Add an envelope generator to any plug-in
Sync Audio's latest creation is a handy utility plug-in that can be used to combine and modulate other effects ...
30/09/2026
All-analogue tape-style drive joins Series A
Strymon's reputation was built on their digital knowhow, so many were surprised (and intrigued) when they a...
30/09/2026
Two new expansion packs released
Sonuscore have just introduced two new expansion packs for The Pulse, its production engine instrument for modern cinematic...
30/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
30/09/2026
New Solution Expands Harmonic's Network Intelligence Portfolio and Brings Comcast-Developed Fiber Monitoring Technology to Broadband Operators, Providing Re...
30/09/2026
How to Shop Well Now starts Monday at 9.35pm
on RT One and RT Player
On the...
29/09/2026
Two new plug-ins launch alongside updated bundles
Zynaptiq have just announced the launch of two new plug-ins, alongside new and improved versions of two of...
29/09/2026
All-in-one bus processor revealed
Wes Audio's ng product range has come a long way since it was first introduced, and now includes a tasty selection of ...
29/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/09/2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITO...
29/09/2026
We tend to think we live in a digital world, with hopes and fears around artificial intelligence (AI), quantum computing, data centres and the next big technolo...
29/09/2026
Today, in partnership with the American Academy of Pediatrics (AAP), Apple relea...
29/09/2026
Final Cut Camera, the professional filming app for iPhone, receives a major upda...
29/09/2026
RT lyric fm is proud to announce the annual Choirs for Christmas competition callout. Warm up those vocal chords and join us on RT lyric fm for a celebration ...
28/09/2026
EQ plug-in can now be played via MIDI
Scaler Music have recently released a new and improved version of their patented musical EQ plug-in, kitting it out wi...
28/09/2026
New synth developed in collaboration with philterSoup
Boutique effects pedal and Eurorack manufacturer Animal Factory Amps have announced that the new compa...
28/09/2026
Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FS...
28/09/2026
Monday 28 September 2026
Sky launches Full Fibre 1.6 Gbps for millions of homes
Sky has launched a new Full Fibre 1.6 Gbps product, rolling out from today, gi...
28/09/2026
Arvato Systems Highlights It's Role for Automotive Manufacturers and Suppliers
TISAX
Arvato Systems has successfully completed the TISAX Level 3 assess...
28/09/2026
Crimecall, presented by Carla O'Brien, returns tonight for a brand new series at 9.35pm on RT One and RT Player.
In tonight's episode, alongside appe...
28/09/2026
CELEBRATING 40 YEARS AT THE HEART OF NEW IRISH WRITING
LIVE FROM POETRY IRELAND, DUBLIN AND ON RT RADIO 1 FROM 7PM
DETAILS: www.rte.ie/writing | FOLLOW: #r...
27/09/2026
New compact pedal packs in 120 effects
The latest multi-effects pedal from Boss is a compact unit that promises to give any pedalboard a massive boost in s...
26/09/2026
Launched alongside three new expansion packs
In celebration of their 30th anniversary, Native Instruments have released a major update for their Maschine 3 ...
25/09/2026
Algorithm update & new DVA vibrato-detection engine
A new flagship version of Antares' iconic pitch-correction software has arrived, and along with a co...
25/09/2026
New flagship unit to arrive in early 2027
Two notes Audio Engineering have revealed that a new and improved version of their hugely popular reactive load bo...
25/09/2026
AI-free mixing tool gets an upgrade
Launched in October 2025, Tim Exiles Finalist is an algorithmic mixing tool that's been designed for those who don&#...
28 Jun 2022
