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
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...
10/06/2026
DAZN-owned digital-media company launches three fan-first series leaning into cr...
10/06/2026
Clear-Com has announced the appointment of Jason Dino as Southwest Regional Sales Manager USA, covering Southern California and the Southwest region. Dino joins...
10/06/2026
An 11% decrease in number of global broadcast deals reflects the organization...
10/06/2026
The Women Without Boundaries Awards recognize women whose work is advancing the future of media, broadcast, AV, workplace technology, digital experience, and re...
10/06/2026
Today is match day minus two for FIFA and HBS. On Thursday, there will be two ma...
10/06/2026
SES is supporting broadcast distribution of the world's biggest football tou...
10/06/2026
NDI has announced that BirdDog has become the first hardware manufacturer to achieve full NDI 6.3 compatibility across its complete lineup of cameras, encoders,...
10/06/2026
Vince Caputo and Scott Carter, winners of the 2026 Sports Emmy for Outstanding Post Produced Audio have been announced as presenters for the 2026 SVG Advanced A...
10/06/2026
FOX One today unveiled a slate of new product features and enhancements designed to elevate the viewing experience for fans on the official streaming platform o...
10/06/2026
Primary production partners Dome Productions and Raycom Sports once again played...
10/06/2026
The Women in Sports Filmmaking Experienceship is an immersive professional devel...
10/06/2026
The league has expanded its HSAN architecture for the NBA Finals to manage more ...
10/06/2026
The inaugural MoonPay X Games League (XGL) Winter Draft will take place Wednesday, September 16, 2026 at Cosm Los Angeles from 7-9 p.m. PT. The event will strea...
10/06/2026
The University of Oklahoma (OU) Athletics Department and Learfield have announce...
10/06/2026
The Video Services Forum (VSF) has released TR-06-4 Part 8, a new specification for RIST Satellite-Hybrid: Out-of-Band Method. The specification creates a mecha...
10/06/2026
Riedel Communications provided the communications infrastructure for the 14th World Live Neurovascular Conference (WLNC) in Lisbon, supporting live medical proc...
10/06/2026
A still from The Doom Generation by Gregg Araki (Courtesy of Sundance Institute)
By Lucy Spicer
Have you checked out our Sundance Film Festival 101 list yet...
10/06/2026
Get Hands-On with Interfaces & Mic Preamp Brands
If youre after a new interface or preamp, then GearExpo UK is the place to be! Well have a whole host of au...
10/06/2026
November 13-14 2026, The Midway, San Francisco
Following their recent rebranding, MONO Music Conference (formerly Music Expo) have officially announced thei...
10/06/2026
Debut instrument free for limited time
deFORM is the debut release from newly founded developer ebbandflow, and it's being offered as a free download fo...
10/06/2026
Alone Australia Season 4: Meet the Cast
10 June, 2026
Media releases
WATCH THE TRAILER
Smash-hit survival series Alone Australia drops its highly anticipa...
10/06/2026
DEADLY THEN, DEADLY NOW, DEADLY ALWAYS: SBS & NITV IGNITE NAIDOC WEEK 2026 WITH ...
10/06/2026
Rohde & Schwarz and TRUMPF advance laser-based drone defense with THORIS LCS Rohde & Schwarz is showcasing THORIS at ILA 2026: A sovereign, end to end counter...
10/06/2026
MAHLE and Rohde & Schwarz develop application for sensor testing of modern drive...
10/06/2026
Production and Development Funding supports the creation of compelling, commercially viable, artistic and culturally relevant South African screen content. Deve...
10/06/2026
Media buyers and sellers can now compare YouTube reach from computer, mobile, an...
10/06/2026
Accedo, Humans not Robots, and the Institution of Engineering and Technology (IET) have announced the launch of Ecoflow X. Formerly an IBC Accelerator project, ...
10/06/2026
Frequency, the engine powering the world's leading streaming television channels, today announced that James Smith has joined the company as General Manager...
10/06/2026
At the 14th World Live Neurovascular Conference (WLNC) in Lisbon, Riedel Communications provided the communications infrastructure for live medical procedures s...
10/06/2026
Globecast, a leading provider of broadcast, media, and entertainment managed services, today announced the launch of its Content Exchange platform powered by Or...
10/06/2026
Klvr will showcase how venues, integrators and production teams are rethinking disposable battery usage at InfoComm 2026 (Las Vegas, June 17-19, booth #N6311). ...
10/06/2026
The Video Services Forum (VSF) has further enhanced the Reliable Internet Streaming Transport (RIST) protocol by incorporating a new feature, RIST Satellite-Hyb...
10/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/06/2026
10 Jun 2026
VEON's Banglalink Brings Every World Cup 2026 Match to Football...
10/06/2026
Wednesday 10 June 2026
How to watch every ICC Women's T20 World Cup 2026 match live on Sky Sports
Where is the ICC Women's T20 World Cup 2026 availabl...
10/06/2026
Wednesday 10 June 2026
P RLA brings first-ever Beautifully Clean Oral Care'...
10/06/2026
Wednesday 10 June 2026
Sky reveals pulse-pounding first teaser trailer for upco...
10/06/2026
Wuppertal June 10, 2026
Riedel Artist at the Heart of the 14th World Live Neurovascular ConferenceAt the 14th World Live Neurovascular Conference (WLNC) in Li...
10/06/2026
Back to All News
Netflix Showcases New Mobile Experience, Collections and Games Vision in APAC
Product
10 June 2026
GlobalSouth KoreaJapan
Link copied to c...
10/06/2026
Back to All News
Ready to Join? The Netflix Fan Club Arrives at Cannes Lions
Business
10 June 2026
Global
Link copied to clipboard
Download all assets
N...
10/06/2026
Chemists snap together complex 3D molecules from highly reactive radicals-without losing their shape Scripps Research team develops stereoretentive radical-radi...
09/06/2026
Kiswe announces an expanded long-term partnership with ONE Championship (ONE), t...
09/06/2026
SiriusXM will broadcast FOX Sports' English-language commentary for all 104 FIFA World Cup 2026 matches from June 11 through July 19, available to subscribe...
09/06/2026
EVS has announced it is changing its corporate name from EVS Broadcast Equipment to EVS, reflecting the company's expanded portfolio beyond broadcast equipm...
09/06/2026
Fox Corporation and the NFL have announced a multi-year agreement to bring NFL c...
28 Jun 2022
