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VEON 4Q23 trading update: Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy

21/03/2024

21 Mar 2024

VEON 4Q23 trading update: Strong organic growth in revenue and EBITDA, solid execution of VEON 2.0 strategy Amsterdam, 21 March 2024 07:00 AM CET VEON Q4 and FY 2023 Highlights

Q4 revenue of USD 953 million, 1.4% YoY ( 17.9% YoY in local currency normalised) and EBITDA of USD 364 million, -20.4% YoY ( 24.9% YoY in local currency normalised)

FY revenue of USD 3,698 million, -1.5% YoY ( 17.9% YoY in local currency normalised) and EBITDA of USD 1,609 million, -7.9% ( 20.0% YoY in local currency normalised)

Q4 capex of USD 258 million, -1.8% YoY, with LTM capex intensity of 17.6% and FY capex of USD 651 million, -21.8% YoY, with LTM capex intensity of 17.6%

Total cash and cash equivalents of USD 1.7 billion, with USD 1.3 billion at HQ and gross debt at USD 4.7 billion (decreased by USD 2.8 billion YoY), with net debt excluding lease liabilities at USD 2.0 billion (decreased by USD 1.7 billion YoY)

Appoints PwC as 2023 auditor

Credit ratings of BB- assigned by S&P Global and Fitch

FY 2024 revenue growth guidance in local currency of 16-18%, EBITDA growth guidance in local currency of 18-20%, and capex intensity of 18-19%

VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces selected financial and operating results for the fourth quarter and full year ended 31 December 2023.

In 4Q23, VEON continued to report growth in revenues in reported currency terms with double digit local currency top-line growth. Total revenues reached USD 953 million, an increase of 1.4% YoY in reported currency ( 17.9% YoY in local currency normalised for one-offs). Service revenues amounted to USD 915 million, an increase of 1.1% YoY in reported currency ( 17.5% YoY in local currency normalised for one-offs), while EBITDA of USD 364 million represented a 20.4% YoY decrease in reported currency terms ( 24.9% YoY in local currency normalised for one-offs). Capex in 4Q23 was USD 258 million, a decline of 1.8% YoY, and reported capex intensity for the last twelve months was 17.6%. Total cash and cash equivalents as of 31 December 2023 amounted to USD 1.7 billion with USD 1.3 billion held at the headquarters ( HQ ) level at the end of the quarter.

For FY 2023, total revenues amounted USD 3,698 million, a decrease of 1.5% YoY in reported currency ( 17.9% YoY in local currency normalised for one-offs). Service revenues reached USD 3,576 million, a decrease of 1.2% YoY in reported currency ( 18.1% YoY in local currency normalised for one-offs), while EBITDA of USD 1,609 million represented a 7.9% YoY decrease in reported currency terms ( 20.0% YoY in local currency normalised for one-offs). Capex in FY 2023 was USD 651 million, a decline of 21.8% YoY.

VEON has announced its full-year revenue guidance of 16-18% growth in local currency, EBITDA guidance of 18%-20% growth, and outlook for the Group's capex intensity for 2024 year at 18%-19%. As a result of its digital operator strategy, and expected slowdown in inflation, the company has guided to another year of double digit growth.

Commenting on the results, Kaan Terzio lu said: In 2023, we kept our promise to our investors: we delivered on our strategic priorities and operational goals, making VEON a faster growing company with a healthier balance sheet. Our growth has accelerated from mid-teens in FY22 to high-teens in FY23 with an increase of 18% year-on-year in our revenues in local currency, while our leverage ratio improved significantly from 2.4x to 1.4x. We gained not only market share but wallet share, turning the strength of our digital offerings into commercial and financial outcomes.

I am excited for the growth potential in our markets, where we are well positioned to serve unmet demand in digital verticals: financial services, entertainment, healthcare, education. We start 2024 with nearly 100 million cumulative monthly active users of our digital products and a growing set of digital capabilities and services, including in AI-focused initiatives. We are pleased to guide the market for continued strong and profitable growth in 2024, maintaining our focus on financial discipline and balance sheet management.

Additional information

View the full 4Q23 trading update

View 4Q23 trading update presentation

View 4Q23 factbook

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext.

For more information visit: https://www.veon.com.

Notice to readers: financial information presented

VEONs results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (IFRS) based on internal management reporting, are the responsibility of management, and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period.

Notice to readers: impact of the war in Ukraine

The ongoing war between Russia and Ukraine and the sanctions imposed by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, counter-sanctions by Russia and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, sanctions and such responses and other consequences c
LINK: https://www.veon.com/newsroom/press-releases/veon-4q23-trading-update...
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