28 Apr 2022
VEON publishes Q1 2022 trading update Protecting stakeholder value delivering continued local currency growth across our operations
Amsterdam (28 April 2022) - VEON Ltd. (VEON) announces a trading update for the first quarter ended 31 March 2022, including selected financial and operating results:
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 775 million, 5.7% YoY in local currency (-4.0% YoY in reported currency). Group capex was USD 367 million (-6.2% YoY), with capex intensity of 23.2%, -2.2 p.p. YoY. Group net debt/EBITDA was 2.4x.
Commenting on results, Kaan Terzio lu said:
I am proud of how our teams are tackling the current challenges and ensuring service and business continuity, keeping our 220 million customers across nine countries connected. Our commitment to provide access to information and other vital digital services is intact in these character-building times. The solid results we are reporting today illustrate our operational and financial discipline. We continue to enjoy high-single-digit growth and we have improved our capital structure.
1Q 2022 highlights:
Revenue of USD 1,823 million, 9.8% YoY in local currency (-0.4% YoY reported currency)
EBITDA of USD 775 million, 5.7% YoY in local currency (-4.0% YoY reported currency)
Capex of USD 367 million, -6.2% YoY, capex intensity of 23.2%
Total cash USD 1.904 million, with USD 1,304 million at Headquarters (additional USD 692 million in committed undrawn credit lines)
206 million mobile subscribers, up 3.9% YoY
8 million 4G users, up 24.3% YoY
Net debt/EBITDA ratio of 2.4x
Current ratio (Current assets/Current liabilities) of 1.11x
Group revenue increased by 9.8% in local currency terms (-0.4% in reported currency). All our operating companies delivered YoY revenue growth in local currency terms. Strong growth in data revenue, up 17.1% in local currency terms ( 7.1% in reported currency), was a key driver of strong Group revenue performance.
Ukraine revenues increased 15.1% YoY in local currency ( 12.7% in reported currency) a good result given the ongoing conflict in the country. For March 2022, Ukraine reported revenue of UAH 2.8 billion ( 16.7% YoY), with service revenue of UAH 2.7 billion ( 16.7% YoY). This performance was driven once again by continued growth in Kyivstar's 4G customer base, which increased 30.7% YoY. Mobile revenue growth was also supported by higher roaming revenues, which increased 3.0x YoY.
Russia reported 1Q22 revenue growth of 5.6% YoY in local currency (-6.9% YoY in reported currency). The average March exchange rate used for consolidation was 104.1 ruble per dollar, impacting reported numbers. 1Q22 mobile service revenue was up 3.3% YoY and fixed-line service revenue was up 8.2% YoY in local currency. For March 2022, Russia reported revenue of RUB 24.9 billion ( 3.6% YoY), with service revenue of RUB 22.2 billion ( 3.7%).
Pakistan revenue increased 9.1% YoY in local currency (-2.6% YoY in reported currency) driven by strong growth in data revenue, notwithstanding the increase in withholding tax from 10% to 15% on 16 January 2022 and the reduction in mobile termination rates.
In Kazakhstan revenues increased 20% YoY in local currency ( 10.6% in reported currency), another excellent performance especially taking into account the unrest in January 2022. For January 2022, Kazakhstan reported revenue of KZT 20.4 billion ( 15.6% YoY), with service revenue of KZT 19.7 billion ( 15.0% YoY).
Group 1Q22 EBITDA rose by 5.7% in local currency terms (-4.0% in reported currency) and we reported positive local currency EBITDA performance across all markets. In Russia, EBITDA increased 2.8% YoY in local currency (-9.3% in reported currency), marking the fourth consecutive quarter of growth. Excluding the impact of charitable donations and employee support, in Ukraine Kyivstar's EBITDA grew 9.3% YoY in local currency and in Kazakhstan, Beeline's EBITDA grew 16.5% in local currency. Excluding these extraordinary costs, Group EBITDA increased 7.3% YoY in local currency. We remain focused on implementing planned cost efficiency measures across the business.
We reported healthy growth of 3.9% YoY in our 1Q22 subscriber base. The Group continued to focus on the overall customer experience on our 4G networks. This supported the growth in our 4G subscriber base, which reached 100.8 million, adding an additional 19.7 million users over the past 12 months. 4G subscribers now account for 48.8% of our total subscriber base, up 8.0 p.p. from a year ago.
Our financial service business in Pakistan, JazzCash, ended the quarter with 15.7 million MAUs, a rise of 12.2% YoY. In Bangladesh, Toffee TV reached 6.3 million MAU ( 86.9% YoY) in 1Q22. Our digital operator in Kazakhstan, izi', ended the quarter with 101,000 subscribers, an increase of 87% YoY.
Group capex was USD 367 million with capex intensity of 23.2%, driven in particular by increased network investments in Bangladesh and Pakistan in line with our growth strategy. On 12 April 2022, Jazz signed a core 4G license renewal with the Pakistan Telecommunication Authority, for a fee of USD 486.2 million for a duration of 15 years, with 50% paid upfront and the balance over five years. Fifty percent of the fees (PKR 44.54 billion, equivalent to USD 243.1 million) was settled before signing in April 2022. On 31 March 2022, Banglalink acquired new spectrum in the 2300 MHz band for USD 205 million, payable in installments over 11 years, doubling the company's spectrum holding. We believe this investment will continue to support Banglalink's ambitious nation-wide 4G growth strategy. We closed the quarter with total cash of USD 1.9 billion, with a further USD 0.7 billion in undrawn revolving credit facilities. All our operations are in
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
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...
01/06/2026
In its sixth year, the broadcaster's coverage has become a global brand and ...
01/06/2026
Designed to solve a common problem in broadcasting, the automated workflow detects, identifies, removes, and documents copyrighted music
AudioShake has introdu...
01/06/2026
The sports-analytics company combines its data with proprietary AI to help leagu...
01/06/2026
Category line-up & sponsors announced
Photo: Paul Clarke
The Production Music Awards (PMA) have announced that submissions are now officially open ahead of...
01/06/2026
New hybrid sample/synthesis instrument revealed
Excite Audio have just released the latest instalment in their Evolve series, which has been developed in co...
01/06/2026
Latest TONEX expansion captures three rare vintage amps
The newest addition to IK Multimedia's ever-growing TONEX line-up introduces a set of three incr...
01/06/2026
Musically intelligent soft synth gets upgraded
Scaler Music will be probably be best known to many for their music theory tools, but their product range al...
01/06/2026
SBS confirms its broadcast sponsors for FIFA World Cup 2026
1 June, 2026
Media releases
SBS has secured Hyundai, Hisense, Macca's, Rexona, bet365, Com...
01/06/2026
Rohde & Schwarz Satellite Industry Days 2026 guided by the motto From Earth to ...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Marshall Electronics is showcasing a comprehensive lineup of next-generation POV cameras, purpose-built to power today's connected AV environments, at InfoC...
01/06/2026
Adobe Announces Concept to Vector
Deepa Subramaniam June 1, 2026
0 Comments
One of the biggest frustrations we hear from designers is how difficult it...
01/06/2026
Vampire Feature Night Patrol Graded with DaVinci Resolve Studio
Brie Clayton June 1, 2026
0 Comments
Colorist shapes dark, gritty tone for horror thri...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
01/06/2026
Mardi 2 juin 14h00
FilmLight (ARRI), 10 rue Ren Boulanger, 75010 Paris
Rejoignez-nous pour d couvrir comment FLAPI (l'API FilmLight) peut transformer e...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
31/05/2026
Olivia P rez-Collellmir to Premiere Original Work at Gaud Centennial in Barcelona The Berklee graduate and faculty member will debut her choral symphony with...
31/05/2026
Back to All News
Netflix Wins 15 Awards at the Canadian Screen Awards - See Pho...
31/05/2026
Taiwan is home to more than 500 NVIDIA ecosystem partners. More than 1 million N...
31/05/2026
As factories move from isolated automation to plant-wide intelligence, manufacturers need AI systems that can connect live machine signals, quality systems, wor...
31/05/2026
The NVIDIA AI Cloud ecosystem is accelerating the global buildout of AI factory infrastructure. Partners are expanding capacity to meet growing demand from ente...
30/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
30/05/2026
Zero in on one that says yes (and no)
Andy Marken May 29, 2026
0 Comments
Hero image courtesy of Deposit Photos
For content creators the most difficu...
29/05/2026
With InfoComm 2026 just weeks away, NDI is giving attendees plenty of reasons to...
29/05/2026
Reaffirming a partnership that has defined Canadian sports broadcasting since 19...
29/05/2026
Mobile/tablet is No. 2 device for watching TV, suggesting that the sports-production industry needs to take another look at the format
Ring Digital's Sprin...
29/05/2026
Berliner Ensemble, one of Berlin's five major theater companies, has expande...
29/05/2026
Solid State Logic will showcase its new compact, fly-away TCA Tour audio product...
29/05/2026
Gerald (Jerry) Pierce, a pioneering technologist who helped shape the digital transformation of the motion picture industry, passed away last month on April 12 ...
29/05/2026
Paramount+ will be the English-language U.S. home for Barclays Women's Super...
29/05/2026
Further strengthening its virtualisation strategy to fully support broadcasters ...
29/05/2026
Swiss broadcaster Canal Alpha has deployed Harmonic's award-winning, software-based XOS Advanced Media Processor to modernize playout operations across cant...
29/05/2026
PTZOptics will showcase a new generation of intelligent video workflows at InfoComm 2026, June 17-19, Las Vegas. Visitors to booth N8227 will see how PTZOptics ...
29/05/2026
Arizona's Family has launched the Arizona's Family Sports (AZFS) streaming app, a new direct-to-consumer destination for live, local sports. The app is ...
29/05/2026
Starting in 2027, DAZN will be the exclusive home of The Canadian Football Leagu...
29/05/2026
Comcast Business has detailed the advanced network infrastructure it has deploye...
29/05/2026
In two-day event, leaders from academia and industry explored solutions to chall...
29/05/2026
The Basketball Tournament (TBT), now entering their 13th year of competition, ha...
29/05/2026
Roku has launched FOX One as a Premium Subscription on The Roku Channel in the U.S. Roku customers can now subscribe to FOX One using their Roku account for liv...
28 Apr 2022
