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

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

06/09/2026

Dolby and MagentaTV Bring Fans Closer to the FIFA World Cup 2026 in Germany with Dolby Vision and Dolby Atmos

June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...

25/08/2026

The Big Shift: Inside NC State's Phased Move From SDI to SMPTE ST 2110

NC State's Matthew Byrd breaks down how an IP-based infrastructure is delivering greater flexibility and scalability for Wolfpack productions...

25/08/2026

Monumental Sports Network Adds DAZN as Distribution Partner for Monumental+ in the DMV

Deal expands the DTC reach in-market of Capitals, Wizards, Mystics games and oth...

25/08/2026

Jacksonville Jaguars Carlos Caceres on Producing Shows at an Ever-Evolving EverBank Stadium

The two-year renovation period will create a stadium of the future for the NFL f...

25/08/2026

Behind The Mic: Genie Bouchard Joins ESPN for 2026 US Open; NBC Sports Names College Football Announce Hosts

Behind The Mic provides a roundup of recent news regarding on-air talent, includ...

25/08/2026

LD Systems Installs L-Acoustics A Series at Shell Energy Stadium in Houston

Shell Energy Stadium in Houston has installed a new L-Acoustics A Series loudspeaker system, designed and installed by LD Systems, a Clair Global brand. The 20,...

25/08/2026

FloCollege Expands Distribution and Adds Features for 2026-27 Season

FloCollege is expanding its distribution and product offerings for the 2026-27 season, covering more than 20 NCAA partner conferences across Division I, II, and...

25/08/2026

TNA Wrestling and REVOLT Announce Content Partnership

TNA Wrestling and REVOLT have announced a content partnership bringing exclusive TNA Xplosion matches and content from TNA's library to REVOLT. Our indust...

25/08/2026

Gracenote: FAST Sports Programming Growth Outpaces Channel Growth

Gracenote, Nielsen's content intelligence business, has released its Q3 2026 Data Hub analysis showing that FAST sports programming is growing at more than ...

25/08/2026

Amagi Appoints Thomas dHrouville Head of Sales for France, Benelux, and Nordics

Amagi has appointed Thomas d'H rouville as Head of Sales for France, Benelux, and Nordics. Based in Paris, he will lead Amagi's growth strategy across t...

25/08/2026

IPC Appoints CCATech as Channel Partner in Brazil

IPC has appointed CCATech as its channel partner in Brazil, expanding the company's presence in Latin America. CCATech was founded in 2023 by Carlos Abrah o...

25/08/2026

FanConnect Introduces FC4 Multi-Output Media Player

FanConnect has announced the FC4, a multi-output media player designed to drive mid-sized video walls, multi-screen concession stands, and multi-display digital...

25/08/2026

JWX Launches JWX Content Hub for Publisher Video Distribution and Monetization

JWX has launched JWX Content Hub, a platform for publisher video that combines content transformation, social distribution, audience engagement, and monetizatio...

25/08/2026

Techex Appoints Stuart Almond as Chief Revenue Officer

Techex has appointed Stuart Almond as Chief Revenue Officer. Almond brings more than 25 years of experience across technology, media, and telecommunications, ha...

25/08/2026

IBC 2026: Grass Valley to Showcase Unified SDI, IP, and Software Infrastructure

Grass Valley will demonstrate infrastructure connecting SDI, SMPTE ST 2110, MXL, and software-based processing at IBC2026 (Booth 9.A01, RAI Amsterdam, September...

25/08/2026

Taking Control: How Professional Sports Teams Are Building Their In-Market Future as the RSN Model Fractures

Franchises are taking greater ownership of production, distribution, and the fan...

25/08/2026

The PRO Tour Takes Golf Broadcasts Wireless With BMG's REMI-Driven Production Model

The first-year circuit for former professional athletes leans on LiveU, Starlink...

25/08/2026

UNIVERSAL FILM AND FOCUS FEATURES RENEW EXCLUSIVE PARTNERSHIP WITH SUNDANCE INSTITUTE TO SUPPORT RISING FILMMAKERS

Announcing the 2026 Sundance Institute Breakthrough | Focus Features Fellows L...

25/08/2026

Soundgas third John Paul Jones auction now live

Auction Part 3 running until 9 September 2026 Soundgas have announced that the latest stage of their John Paul Jones Gear Auction is now live, and that bids...

25/08/2026

MONO Music Conference programme announced

Over 60 award-winning artists, songwriters, producers, engineers The MONO Music Conference (formerly Music Expo SF), San Francisco's premier event for m...

25/08/2026

Groove Synthesis update the 3rd Wave

All three versions receive firmware upgrade Groove Synthesis have just launched a free firmware update that kits the 3rd Wave out with two major new feature...

25/08/2026

Clear-Com FreeSpeak Cell Field Trial Demonstrates Cellular Intercom Capabilities...

eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...

25/08/2026

BMG Taps LiveU For REMI Coverage of Golf's Pro Tour

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Rate of Subscription Fee Hikes Drops for Netflix, Disney+ and Amazon

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Law&Crime Reconvenes Court TV on Amagi CLOUDPORT

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Akta Tech To Showcase AI-First Video Platform At IBC 2026

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Major Live Sports Events Bolster Broadcast Viewing in Q2 2026

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Lingopal debuts real-time AI translation advances for mul...

Lingopal, the AI-powered live translation and localization specialist, is unveiling new platform capabilities at IBC2026 (11 14 September, RAI Amsterdam), helpi...

25/08/2026

TV5MONDE combines AI and editorial expertise with Bminty...

Bminty is supporting TV5MONDE in the evolution of its editorial processes through a new AI-assisted press information generation solution. Combining the Louise ...

25/08/2026

Two Cultures. Millions Reached. One Berklee Connection.

Two Cultures. Millions Reached. One Berklee Connection. Meet Annie Dickinson and Zhengxi Zhang-the couple who turned their creative partnership into music car...

25/08/2026

Law and Crime Moves Court TV to Amagi CLOUDPORT for Unifi...

Amagi, the media industry cloud platform for unified broadcast, streaming, and monetization, today announced that Law&Crime has migrated its Court TV channel, s...

25/08/2026

Broadcast Solutions demonstrates world-class technology a...

Broadcast Solutions, a leading systems integrator and provider of innovative solutions for the broadcast and media industry, is showcasing the breadth of its ca...

25/08/2026

Leader boosts Test and Measurement capabilities for Denma...

Thatcham, UK 25 August 2026: Test & measurement innovator, Leader Electronics, has announced that leading broadcast rental company Minitech has purchased a Le...

25/08/2026

Appear and TVTEL power centralised VAR signal transport i...

Appear's X20 Platform enables visually lossless video contribution with sub-frame latency and full path redundancy for TVTEL's centralised VAR operation...

25/08/2026

Big Blue Marble to showcase next-generation 5G Broadcast...

World-first demonstration combines 5G Broadcast and Media over QUIC for seamless, ultra-low-latency hybrid media delivery Big Blue Marble will showcase new dev...

25/08/2026

MNC Software Unveils Unified Software Suite at IBC2026 to...

MNC Software, a global leader in network management and operational support systems tailored to the broadcast and media industry, will showcase its complete sof...

25/08/2026

VAB: Ads in Local News Boost Sales and Brand Perception

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

ESPN to Bump Up Streaming Subscription Prices

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

HPA Opens Call for Award Entries

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

CNN Returns to Air After Technical Difficulties

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Calrec to Showcase DMF Capabilities at IBC 2026

Share Copy link Facebook X Linkedin Bluesky Email...

25/08/2026

Imagine Communications to Showcase AI and MCP Strategy at...

Company to Demonstrate Practical AI Applications That Add Value Today and Longer-Term Path Toward Agentic AI At IBC2026 (Sept. 11 14, RAI Amsterdam, Stand #1.B...

25/08/2026

KRK Kreate Series Standardizes Monitoring at Miamis WDNA...

Serving South Florida with a unique blend of jazz, Latin jazz, salsa, reggae, blues, and culturally reflective programming, WDNA 88.9FM operates as both a tradi...

25/08/2026

GlobalM Brings GMX Broadcast Platform to Oracle Cloud Inf...

GlobalM announced that it is integrating its GMX software-defined media platform with Oracle Cloud Infrastructure (OCI), bringing together Oracle's global c...

25/08/2026

Anthony Boyle leads cast of thrilling new Sky Original Charmer

Siena Kelly, Connor Swindells and Sophie Wilde join Boyle in the eight-part series from Working Title Television and Story Films, directed by Emmy and BAFTA nom...

25/08/2026

Ella Purnell makes a killer comeback in Sweetpea Season 2: Teaser Trailer Revealed for Sky and STARZ Original

The critically acclaimed thriller will return to Sky in NovemberTuesday 25 Augus...

25/08/2026

Scottish Rugby Expands Managed Coach Communications Partnership With Riedel

Wuppertal August 25, 2026 Scottish Rugby Expands Managed Coach Communications Partnership With RiedelRiedel Communications today announced the continued expan...

25/08/2026

Apple introduces M6 and M5\u00A0Ultra for a big leap in performance and AI compute - PRESS RELEASE - Posted on 25 August 2026

CUPERTINO, CALIFORNIA Apple today debuted M6 in the new Mac mini and M5 Ultra in...