Sony Pixel Power calrec Sony

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

28/06/2022

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/ and https://www.veon.com/media/media-releases/2022/from-veon-ceo-key-developments-update-for-investors-and-partners/.
LINK: https://www.veon.com/media/media-releases/2022/veon-discloses-the-unau...
See more stories from vimpel

Most recent headlines

07/12/2022

Dalet Flex Takes a Leap Forward

Dalet, a leading technology and service provider for media-rich organizations, today announced key new capabilities available in Dalet Flex that support importa...

04/11/2022

Game better with DTS Headphone:X

The best gamers know DTS Headphone:X technology ups their play. Now major magazines have caught on, too. DTS Headphone:X technology creates immersive soundsc...

08/10/2022

Dalet Next-Gen Solutions at IBC 2022

Dalet, a leading technology and service provider for media-rich organizations, is pleased to announce its return to the IBC Show, held in Amsterdam from Septemb...

25/09/2022

Daily devotion: Your bible verse and prayer for 25 September 2022

Daily devotion: Your bible verse and prayer for 25 September 2022GOOD MORNING! Here's your daily bible verse and prayer to get you ready and excited about y...

24/09/2022

DirecTV Adds NBCU Diginet Cozi TV to Satellite Lineup

DirecTV added NBCUniversal's digital broadcast network Cozi TV to its satellite pay TV lineup....

24/09/2022

Byron Allen's theGrio To Premiere Masters of the Game' Sept. 30

Byron Allen's theGrio said it plans to launch a new series, Masters of the Game, on Sept. 30....

24/09/2022

Tennis Channel To Air Roger Federer's Finale

Federer anyone? Tennis Channel will air what is expected to be the final competitive match of tennis great Roger Federer on Friday (Sept. 23) as part of its cov...

24/09/2022

Senate Judiciary Committee Approves Online News Antitrust Bill

The Senate Judiciary Committee has favorably reported the Journalism Competition and Preservation Act (S. 673) to the Senate for a vote, potentially paving the ...

24/09/2022

IMAX Makes Move Into Streaming By Buying SSIMWave For $21 Million

IMAX Corp. said it acquired streaming video technology company SSIMWave for $21 million....

24/09/2022

Circle City Broadcasting Launches College-Level News Production Program

DuJuan McCoy, owner, president and CEO of Circle City Broadcasting, is behind the Multicultural Media Producing Program (MMPP), a one-year certificate program a...

24/09/2022

Roku Hires Fox's Charlie Collier as President of Media Division

Roku, the struggling streaming company, said it hired Fox Entertainment CEO Charlie Collier to be president of Roku Media, effective late October....

24/09/2022

Apple Grabs Super Bowl Halftime Show, Replacing Pepsi as Sponsor

The National Football League said that Apple has signed a long-term deal to be the sponsor of the Super Bowl halftime show, replacing Pepsi, which was part of t...

24/09/2022

FX's Reservation Dogs' Gets Season Three on Hulu

Reservation Dogs has received a season-three order from FX. The show streams on Hulu. Season three arrives in 2023....

24/09/2022

Sinad O'Connor Documentary Nothing Compares' in Theaters Before Showtime Debut

Sin ad O'Connor documentary Nothing Compares (opens in new tab) arrives in s...

24/09/2022

Will Livingston Joins FOR-A Americas as Sales Engineer for Southcentral U.S.

CYPRESS, Calif. FOR-A has tapped Will Livingston as sales engineer to serve the Southcentral region of the United States, with a focus on Arizona and Texas. He ...

24/09/2022

Harmonic, Hitron Technologies to Offer Sustainable Fiber Solution

SAN JOSE, Calif. Harmonic has announced that it is working with Hitron Technologies to provide a powerful new fiber solution for cable operators....

24/09/2022

New Multicultural Media Producing Program Set to Launch in Indianapolis

INDIANAPOLIS DuJuan McCoy, owner, president and CEO of Circle City Broadcasting, has announced a partnership between JPMorgan Chase, Circle City Broadcasting, I...

24/09/2022

Evoca Inks Deals With Portland Trail Blazers, Winterhawks

PORTLAND, Ore. Evoca this week announced a pair of moves to enhance its sports channel offerings for subscribers to its ATSC 3.0-based broadcast-OTT hybrid cabl...

24/09/2022

IMAX Acquires Streaming Tech Company SSIMWAVE

NEW YORK and ONTARIO IMAX Corporation has announced that it has acquired SSIMWAVE Inc., a provider of AI-driven video quality solutions for media and entertainm...

24/09/2022

Twitter Users Critique 'House of the Dragon', Rings of Power'

A new study of over 375,000 tweets by Wettfreunde.net (opens in new tab) indicates that Twitter users were more positive than negative in their reactions to HBO...

24/09/2022

SMPTE Announces 2022 Honorees

SMPTE Announces 2022 Honorees Brie Clayton September 23, 2022 0 Comments Honorees to Be Recognized in Hollywood at First In-Person Awards Gala in Three...

24/09/2022

disguise Launches Cloud Solution for the Media & Entertainment Industry

disguise Launches Cloud Solution for the Media & Entertainment Industry Brie Clayton September 23, 2022 0 Comments Manage Complex Projects On a Web Bro...

24/09/2022

PlayBox showcases streaming and channel management at IBC2022

PlayBox showcases streaming and channel management at IBC2022 Brie Clayton September 23, 2022 0 Comments PlayBox Technology UK, the leading channel in ...

24/09/2022

TraderTV.Live Scales Its Workflow with Blackmagic Studio Camera 4K Pro and ATEM Constellation 8K

TraderTV.Live Scales Its Workflow with Blackmagic Studio Camera 4K Pro and ATEM ...

24/09/2022

Daily devotion: Your bible verse and prayer for 24 September 2022

Daily devotion: Your bible verse and prayer for 24 September 2022GOOD MORNING! Here's your daily bible verse and prayer to get you ready and excited about y...

24/09/2022

I would not worship a God who is homophobic' - Tutu

I would not worship a God who is homophobic' - TutuThe Church of England has barred the daughter of Desmond Tutu from conducting a funeral service because s...

24/09/2022

'Hellbound' Returns: Acclaimed Horror Thriller Expands Its Dystopian Universe

Back to All News Hellbound' Returns: Acclaimed Horror Thriller Expands Its ...

24/09/2022

Tudum Recap: Everything You Missed From Our Show From Latin America

Back to All News Tudum Recap: Everything You Missed From Our Show From Latin America Entertainment 24 September 2022 GlobalArgentinaMexicoBrazilEl Salvador ...

24/09/2022

Tudum Recap: Everything You Missed From Our Show From the United States and Europe

Back to All News Tudum Recap: Everything You Missed From Our Show From the Unit...

24/09/2022

Tudum Recap: Everything You Missed From Our Show From Korea

Back to All News Tudum Recap: Everything You Missed From Our Show From Korea Netflix Staff Entertainment 24 September 2022 GlobalSouth Korea (Republic of K...

24/09/2022

Tudum Recap: Everything You Missed From Our Show From India

Back to All News Tudum Recap: Everything You Missed From Our Show From India Netflix Staff Entertainment 24 September 2022 GlobalIndia Welcome to Tudum: A...

24/09/2022

September 23, 2022

Detecting the earliest population changes of COVID-19 activity with wearable devices New data from Scripps Research shows how sensors can provide real-time COVI...

23/09/2022

The Spectacular Now and the First Loves That Gutted Us

Miles Teller and Shailene Woodley in The Spectacular Now...

23/09/2022

Lewis Capaldi Gives Fans Two New Spotify Singles Recorded at Abbey Road Studios

It didn't take long for Lewis Capaldi's new single, Forget Me, to soar to the top of the U.K. chart. But the Scottish singer-songwriter isn't usin...

23/09/2022

EQUAL Takes the Mic at Germany's Reeperbahn Festival

Taking place over four days and serving as a forum for international talent to discuss current developments in the global music industry, Reeperbahn is the bigg...

23/09/2022

A Look Beyond Horror

When cinematographer Zach Kuperstein got the job to shoot writer-director Zach Cregger's horror feature Barbarian, one of the first things he did was reach ...

23/09/2022

Ohio Defense & Aerospace Forum 2022

L3Harris is a global leader in multi-domain intelligence, surveillance and reconnaissance solutions and services - empowering those who serve from ocean to orbi...

23/09/2022

L3Harris' Florida Flight Academy Earns Additional Regulatory Approvals

L3Harris has added approvals from the European regulatory body, the European Aviation Safety Agency (EASA) to train Integrated Air Transport Pilot License (ATPL...

23/09/2022

Skeleton's Junior Animator of the Year' Competition

Skeleton's Junior Animator of the Year' Competition Brie Clayton September 23, 2022 0 Comments Win a 2-week paid internship with an award-winn...

23/09/2022

Live Music Returns to Wally's Cafe with Performances by Berklee Faculty, Alumni, and Students

Live Music Returns to Wally's Cafe with Performances by Berklee Faculty, Alu...

23/09/2022

New Research Reveals Broadcast & Media Tech Buying Decisions

Broadcast and media technology buying decisions are being driven by a search for vendors who are honest and open, according to the findings of new research comm...

23/09/2022

Pluto TV Gets a Canadian Launch Date

TORONTO Paramount Global and Corus Entertainment Inc. have announced that the free ad-supported streaming television (FAST) service Pluto TV will debut in Canad...

23/09/2022

Bitcentral Appoints Grenville Gooder as SVP of Sales

NEWPORT BEACH, Calif. Bitcentral Inc. has appointed Grenville Gooder as senior vice president of sales, leading a team focused on the broadcast and streaming ve...

23/09/2022

RFS Introduces Two New Series Of Next-Generation Broadcasting Antennas

MERIDEN, Conn. Radio Frequency Systems (RFS) today launched the new NGP and NGS series of antennas, which are particularly well-suited to next-generation broadc...

23/09/2022

Kentucky Senator Introduces Bill to Repeal Broadcast Ownership Limits

WASHINGTON Sen. Rand Paul (R-KY), has introduced a bill that, if passed, would repeal all broadcast ownership limits. The draft bill, titled the Local News and...

23/09/2022

Dentsu to Use Comscore Data for Local TV Deals

NEW YORK Comscore has announced that Dentsu will shift local TV buying to a Comscore-based currency that supports transactions in all 210 local markets....

23/09/2022

Prime Videos Thursday Night Football Scores with Younger Viewers

NEW YORK After a noticeable delay of nearly one week in releasing audience data for Prime Videos first regular season Thursday Night Football game, Amazons stre...

23/09/2022

IMAX acquires streaming technology company SSIMWAVE

IMAX's technology and post production teams will work with SSIMWAVE's engineering team to develop new solutions for delivering IMAX-quality video experi...