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...

03/09/2026

Yospace releases new Ad Presentation solution, unlocking revenue opportunities with non-linear ad formats

Yospace will be at IBC from 11th - 14th September (booth 5.C78). For more inform...

03/09/2026

Creative Technology Group Announces Leadership Transition Effective January 2027

NEP Group has announced leadership changes at Creative Technology Group. Founder and CEO Graham Andrews will step away from day-to-day leadership at the end of ...

03/09/2026

NFL and TikTok Renew Multi-Year Partnership

The NFL and TikTok have announced a multi-year partnership renewal expanding the league's presence on the platform. NFL posts on TikTok increased more than ...

03/09/2026

Grass Valley Appoints Ronny Van Geel as Vice President, Cameras

Grass Valley has appointed Ronny Van Geel as Vice President, Cameras. Van Geel began his career in 1999 at Philips DVS and moved into product management in 2005...

03/09/2026

IBC 2026: Telestream to Preview Vantage Super Resolution

Telestream has announced Vantage Super Resolution, an AI-powered upscaling capability for the Vantage media workflow platform, developed in collaboration with N...

03/09/2026

IBC 2026: Solid State Logic TCA Tour

Solid State Logic (SSL) will debut the TCA Tour at IBC2026 (Hall 8, Stand 8.B45), a portable production system built from System T components in a desktop frame...

03/09/2026

IBC 2026: DPA Microphones Launches 6388 CORE+ Headset Microphone

DPA Microphones has announced the 6388 CORE Headset Microphone, making its debut at IBC2026 (Hall 8, Stand D60). The supercardioid headset features a physicall...

03/09/2026

IBC 2026: Qvest to Demonstrate Multi-Vendor Dynamic Media Facility Showcase

Qvest will present a multi-vendor Dynamic Media Facility (DMF) showcase at IBC2026 (Booth 10.C24), demonstrating how the EBU's DMF architecture can be imple...

03/09/2026

IBC 2026: Imagine Communications Debuts Magellan PanelFlex

Imagine Communications will showcase the Magellan PanelFlex control surface and other control portfolio updates at IBC2026 (Stand 1.B73, RAI Amsterdam, Septembe...

03/09/2026

IBC 2026: Bridge Technologies Launches Software-Based VB440 Deployment Option

Bridge Technologies will announce at IBC2026 (Booth 1.A71) that its VB440 production probe is now available as a software-based solution, deployable on commerci...

03/09/2026

Audio-Technica Launches BP350ST Mid-Side Stereo Microphone in Two Variants

Audio-Technica has unveiled the BP350ST MS (mid-side) microphone in two versions: the camera-mount BP350ST-UL and the boundary or gooseneck-mountable BP350ST-UB...

03/09/2026

IBC 2026: Jnger Audio flexAI Adds CastCompanion, 12G-SDI, NDI, and TVU MediaMesh Integration

Telos Alliance will introduce updates to the J nger Audio flexAI audio processin...

03/09/2026

DUNKMAN to Expand in 2027 with Team Competitions, Junior Division, and Global Qualifiers

DUNKMAN, the professional dunk league founded by Shaquille O'Neal in partner...

03/09/2026

Orlando Magic Tap DAZN as DTC Streaming Partner, Will Join OTA Distribution Plans for 2026-27 Season

Orlando's WRDQ TV 27, WFTV Channel 9 previously named over-the-air broadcast...

03/09/2026

EverPass Media Expands NFL Agreement with Netflix for Commercial Venues

EverPass Media has announced a multi-year commercial distribution agreement with Netflix, expanding on an existing partnership that has delivered NFL Christmas ...

03/09/2026

Yahoo Sports and Apple TV Partner on MLB and MLS Alternate Broadcasts

Yahoo Sports and Apple TV have announced a partnership to deliver alternate broadcasts of select Friday Night Baseball and MLS games on the Yahoo Sports website...

03/09/2026

BIG EAST's Scott Hecht on the Evolution of Campus Production and What Comes Next

With another academic year underway, college athletic departments across the cou...

03/09/2026

ESPN Debuts Revamped, Cutting-Edge Studio W in Bristol as New Home to NFL Live, College Football, and More

Facility becomes permanent home of NFL Live on Sept. 9; centerpiece studio for c...

03/09/2026

Anthony Marinelli launches Bass DNA course

Create musical synth bass sounds from scratch Anthony Marinelli Music have recently announced the launch of Bass DNA, a new online course that teaches music...

03/09/2026

IK Multimedia unveil the Tonex Board

Most powerful Tonex hardware to date IK Multimedia's latest release introduces their most advanced Tonex hardware unit to date, combining their AI Machi...

03/09/2026

Penteo Audio Plugins announce Penteo 8

Upmix & downmix software upgraded Penteo Audio Plugins have announced that the latest version of their powerful upmix and downmix software is now available....

03/09/2026

Young talents begin their training at SGL Carbon in Germany

With the start of the new apprenticeship year, young talent has once again begun their professional careers at SGL Carbon's sites in Germany. Recently, the ...

03/09/2026

Calrec advances EBU's Dynamic Media Facility vision at IBC 2026

With the industry increasingly embracing hybrid, software-defined production models, Calrec will preview a series of Argo and ImPulseV software enhancements at ...

03/09/2026

NAB Backs Most Proposed EAS Changes at FCC

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

TiVo Expands FAST Channels, AI Discovery with Latest OS Update

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

Eluvio Advances Content Fabric, AI at IBC 2026

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

Haivision Adds Bonded 5G Cellular Support to Makito ONE

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

Alex Pannell Joins Gravity Media as Chief Business Officer

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

AI-Media To Feature Multilingual AI Developments At IBC2026

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

Tuxera and ATTO collaborate to deliver blistering macOS n...

Recognizing the ever-increasing demands for media throughput in challenging environments like post-production, two leaders in network technology have worked tog...

03/09/2026

EVS and Matrox Video Join Forces to Accelerate Dynamic Me...

EVS, a leader in live video technology and production infrastructure solutions, and Matrox Video, a leader in software-defined media technology and IP-based vid...

03/09/2026

AJA Debuts OG-FiDO-4 openGear Four-Channel SDI/Fiber Conversion Cards

AJA Debuts OG-FiDO-4 openGear Four-Channel SDI/Fiber Conversion Cards Brie Clayton September 3, 2026 0 Comments New product family expands 12G-SDI and...

03/09/2026

Nice Touch launches V2 of its AI edit assistant for professional editors

Nice Touch launches V2 of its AI edit assistant for professional editors Brie Clayton September 3, 2026 0 Comments Built by two editors with twelve ye...

03/09/2026

Accedo and MediaKind Launch End-to-End Streaming Solution...

Accedo, a global provider of video streaming software and services, and MediaKind, a world-leading video technology company and the number one independent provi...

03/09/2026

14 Percent of live sports viewers have considered switchi...

International research from Big Blue Marble puts a consumer churn number against a technical failure, and sets out what streaming providers must fix before 2030...

03/09/2026

Broadpeak expands CDNaaS for streaming at scale with new...

High-performance points of presence power video streaming delivery to large audiences across Latin America with guaranteed quality of experience Broadpeak , a ...

03/09/2026

Dalia Delivers New Agentic Workflows Changing How Media W...

Dalet, a leading technology and service provider for media-rich organizations, will unveil the next evolution of Dalia at IBC2026 (7.A43), its media-aware agent...

03/09/2026

CGI showcases AI-assisted newsroom and radio workflows pa...

CGI (TSX: GIB.A) (NYSE: GIB), one of the world's largest independent IT and business consulting services firms, will showcase CGI OpenMedia Evolve and CGI d...

03/09/2026

LiveU Joins IBC Accelerator Smart Stories Consortium to D...

LiveU is participating in the IBC Accelerator Incubator 2026: Smart Stories The New Knowledge Architecture for Content Production, an industry-wide initiative...

03/09/2026

Christer Palsson brings global experience to Broadcast So...

Broadcast Solutions, a leading systems integrator and provider of innovative solutions for the broadcast and media industry, has taken another major step in its...

03/09/2026

Quortex brings AI and IP transition into focus at IBC 202...

Quortex today announced that it will showcase how it is accelerating innovation and the transition to IP at IBC 2026. The company will debut its newest intellig...

03/09/2026

Grass Valley Names Ronny Van Geel Vice President Of Cameras

Share Copy link Facebook X Linkedin Bluesky Email...

03/09/2026

VisualOn and EZDRM Enable Visualization of C2PA Provenanc...

The EZDRM approach to Revenue Security on streaming video can be visualized as a multi-dimensional set of solutions. A growing dimension of that approach is the...

03/09/2026

Kiloview Brings Hybrid AV-over-IP to Life at IBC 2026 wit...

From field capture to management, control and production, Kiloview will demonstrate one connected Hybrid AV-over-IP workflow including a complete 4RU producti...

03/09/2026

Mediagenix Curation Unlocks Greater Catalog Value Through...

Mediagenix, a global leader in smart content solutions to profitably connect the right content to the right audience, today announced Mediagenix Curation, a new...

03/09/2026

LucidLink brings distributed media into active workflows...

LucidLink, the Emmy-winning cloud-native file streaming platform for instant, secure access to large files, today announced the next step in its vision to make ...

03/09/2026

Fraudulent communications purportedly from Screen Australia

Fraudulent communications purportedly from Screen Australia 3 September 2026 Screen Australia is aware of scam attempts involving fake emails and promotional m...