VEON publishes
preliminary 4Q22 and FY22
results
Sale of Russia will lead to a significant
reduction in debt
Amsterdam, 16 March 2022: A
correction has been issued for the release disseminated today at
07:00 CET. The figure for EBITDA in FY
2022 highlights was inaccurately cited. The
correct amount is USD 1,743 million. The complete and
corrected release follows:
Amsterdam, 16 March 2022 07:00
CET: 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 2022,
excluding the results of the Russian operations, as they were
classified as ‘held for sale’ and ‘discontinued operations’ in
4Q22:
In Q4 2022, VEON’s local currency performance
accelerated sharply with total revenues of USD 940 million, -4.9%
YoY in reported currency (+18.6% YoY in local currency), service
revenues were USD 901 million, -4.4% YoY in reported currency
(+19.2% in local currency), and EBITDA was USD 453 million, +1.2%
YoY in reported currency (+30.1% YoY in local currency).
For FY 2022, VEON’s total revenues amounted to
USD 3,755 million, -2.4% YoY in reported currency (+14.0% YoY local
currency), service revenues were USD 3,600 million, -2.4% YoY in
reported currency (+13.9% YoY in local currency), and EBITDA was
USD 1,743 million, -5.3% YoY in reported currency (+12.6% YoY local
currency). Full-year capex of USD 832 million was 2.9% higher than
in 2021, with capex intensity up 1.1 p.p. as the company invested
in 4G network expansion. Total cash and cash equivalents were USD
3.1 billion, with USD 2.5 billion held at the HQ level.
Commenting on the results, Kaan Terzioğlu said:
“In the final quarter of 2022, we added further operational
momentum and recorded double-digit local currency revenue growth in
five of our countries, doubling the growth rate from a year ago.
With our Russian operations now classified as ‘held for sale’ and
‘discontinued operations’ and not contributing to Group revenues,
VEON’s topline growth in local currency for the full year 2022 was
14.0%. Furthermore, the sale of Russia will result in the
significant deleveraging of the Group balance sheet. While we are
smaller in size, we are now a faster growing company, serving
emerging markets with strong potential demand for the services that
VEON’s Digital Operator 1440 model offers.
In 2022, each of our operations achieved
significant growth, both in terms of financial performance and the
operational metrics that underpin our business. Our local operating
companies collectively added 14 million 4G customers, bringing
4G-powered digital ‘multiplay’ users to 22% of our subscriber base
while growing ARPU and customer engagement by providing more
relevant connected services for our core telecom users. This strong
operational performance has continued and YTD February 2023 local
currency revenues are up by 15.2% YoY and local currency EBITDA up
by 11.8% YoY. With continued focus on operational performance as
well as financial discipline and liquidity management, including
our strong liquidity position at year-end, we are well positioned
to deliver growth while significantly deleveraging VEON’s balance
sheet and enhancing VEON’s credit profile in 2023.”
Q4 2022 highlights
- Revenue of USD 940 million, -4.9% YoY (+18.6% YoY in local
currency)
- Service revenue of USD 901 million, -4.4% YoY (+19.2% YoY in
local currency)
- Data and digital revenues of USD 474 million, -7.5% YoY (+15.8%
YoY in local currency)
- EBITDA of USD 453 million, +1.2% YoY (+30.1% YoY in local
currency)
- Capex of USD 263 million, -5.1% YoY, with capex intensity of
22.1%
- Total cash and cash equivalents of USD 3.1 billion, +37.9% YoY,
with USD 2.5 billion at Headquarters
- 157 million mobile subscribers, up 2.7% YoY
- 85 million 4G users, up 19.4% YoY, with 53.9% penetration of
customer base
FY 2022 highlights
- Revenue of USD 3,755 million, -2.4% YoY (+14.0% YoY in local
currency)
- Service revenue of USD 3,600 million, -2.4% YoY (+13.9% YoY in
local currency)
- Data and digital revenues of USD 1,937 million, -0.7% YoY
(+16.5% YoY in local currency)
- EBITDA of USD 1,743 million, -5.3% YoY (+12.6% YoY in
local currency)
- Capex of USD 832 million, +2.9% YoY, with capex intensity of
22.1%
- Total cash and cash equivalents of USD 3.1 billion, +37.9% YoY,
with USD 2.5 billion at Headquarters
- 157 million mobile subscribers, up 2.7% YoY
- 85 million 4G users, up 19.4% YoY, with 53.9% penetration of
customer base
In 4Q22, VEON accelerated local currency
revenue & EBITDA growth and continued to gain market share in
each of its markets. The Group maintained strong liquidity, with
Group cash and cash equivalents of USD 3.1 billion as of 31
December 2022.
Total Group revenues decreased
by 4.9% YoY during 4Q22 in reported currency and increased by 18.6%
in local currency terms, with Ukraine revenues growing 8.7% YoY in
local currency and all other countries reporting double-digit local
currency revenue growth for the period. Service
revenues decreased by 4.4% YoY in reported currency and
rose by 19.2% YoY in local currency.
In 4Q22, Group EBITDA increased
by 1.2% YoY in reported currency terms (+30.1% in local currency),
with Group EBITDA margin of 48.2% (+2.9 p.p. YoY).
Energy costs increased across the Group +c.30% YoY negatively
impacting Group EBITDA margin. We remain focused on implementing
planned cost-efficiency measures across the Group and on applying
inflationary pricing across our operations. Project Optimum
delivered c.USD 95 million of savings in 2022 with cost intensity
improving by 2.5 p.p. YoY in local currency.
The Group’s YoY revenues and EBITDA performance
was impacted by several extraordinary non-recurring items in 4Q22
and in 4Q21, as noted in the Country Performance section. Excluding
these one-off items, Group total revenue increased by 15.4% YoY,
service revenue increased by 15.8% YoY and EBITDA increased by 7.4%
YoY in local currency.
In 4Q22, we reported subscriber
base growth of 2.7% YoY. The Group continued to focus on
overall customer experience, seeing improving Net Promoter Score
(“NPS”) across most of the countries. This supported a 19.4% YoY
increase in 4G users, which reached 84.6 million,
with 13.8 million users added during the year. As of 31 December
2022, 4G subscribers accounted for 53.9% of our total subscriber
base, up 7.5 p.p. from a year earlier supporting the execution
of VEON’s Digital Operator strategy.
Each of our operations have increased their ARPU
levels YoY as they delivered a broader range of services to their
customers, achieving greater wallet shares while also implementing
inflationary pricing.
Our operating companies continued to execute
VEON’s Digital Operator strategy (“DO1440”),
aiming to deliver digital experiences for every minute of the day
powered by high-quality mobile internet connectivity. On the back
of our growing 4G penetration and with increasing usage of our
digital services, we have expanded our multiplay customer
base by 40.3% YoY, with 28.4 million multiplay customers
at the end of December. While representing just 22% of the user
base, multiplay customers were the source of 38.6% of VEON’s B2C
revenues. Multiplay customer ARPU is 3.6 times
higher, and churn is 0.4 times lower than for
single play voice-only customers.
Media streaming services Toffee in Bangladesh
and Tamasha in Pakistan were among key drivers of growth in
multiplay, as well as our overall digital offering.
Toffee in Bangladesh reached 21.2 million
monthly active users (“MAUs”) in December 2022, a
3.3-fold YoY increase, with 5.2 million average daily
users (5.0 times higher YoY). Tamasha in
Pakistan reached 4.3 million MAUs, a 3.5-fold YoY increase.
Our digital financial services business in
Pakistan, JazzCash, increased its monthly
active users by 8.0% YoY, reaching 16.4 million MAUs and
increasing its 12-month total transaction volume
by 31.3% YoY.
In 4Q22, Group
capex was USD 263 million, driven by investment in
4G networks in Ukraine, Bangladesh and Uzbekistan, in line with our
growth strategy. At 22.1%, capex intensity
increased marginally by 1.1 p.p. YoY, primarily due to adverse FX
rate movements. We closed the fourth quarter with total
cash of USD 3.1 billion, including USD 2.5 billion at the
HQ level. Our operations remain largely self-funding.
In Ukraine, the team continued to work
to keep the country connected, with around 90% of our
radio network operational at the end of the quarter. However, over
the course of the quarter, damage to Ukrainian power infrastructure
impacted network availability at times. Kyivstar’s
revenues were up 8.7% YoY in local currency
(-20.7% YoY in reported currency); the Ukrainian hryvnia’s forex
performance negatively impacted reported currency growth rates.
Kyivstar’s 4G customer base grew 8.2% YoY, and our customers
consumed more data, with data usage rising 26.3% YoY.
EBITDA decreased by 7.3% YoY in local currency
(-32.4% YoY in reported currency) in 4Q22. EBITDA performance was
impacted by the change in revenue mix impacting margins,
operational cost pressures including energy costs, indexation of
frequency fees, as well as by charitable donations and the staff
care program, as Kyivstar continues to support its employees and
the community.
Pakistan revenues rose 24.3%
YoY in local currency (-2.6% YoY in reported currency), driven by
strong growth in data revenue, despite the negative impact of the
increase in withholding tax from 10% to 15% on 16 January 2022, and
the further reduction in mobile termination rates from PKR 0.70
last year to PKR 0.40 from 01 July 2022. The weakness in the
Pakistani rupee negatively impacted financial performance in
reported currency. Jazz grew its subscriber base (+1.5% YoY), 4G
users (+17.9% YoY) and ARPU (+22.0% YoY) in 4Q22.
EBITDA in Pakistan rose by 86.9% YoY in local
currency (+46.9% YoY in reported currency). Revenue and EBITDA
performance in 4Q22 was positively impacted by the reversal of a
provision following a favorable decision from the Islamabad High
Court on pending litigation, increasing recorded revenues by PKR
6.6 billion (c.USD 30 million) and EBITDA by PKR 20.2 billion
(c.USD 91 million). Higher energy prices in Pakistan negatively
impacted EBITDA margin by c.4 p.p.
In Kazakhstan, revenues
increased 20.0% YoY in local currency (+10.2% YoY in reported
currency), another quarter of strong growth supported by further
expansion of our mobile customer base (+6.8% YoY), higher data
usage (+19.2% YoY) and inflationary pricing of tariffs. This was
the seventh consecutive quarter of local-currency revenue YoY
growth above 20%, while Beeline Kazakhstan reached 68.3% 4G
penetration in the customer base (+4.7 p.p. YoY).
EBITDA rose by 7.0% YoY in local currency terms
(-1.6% YoY in reported currency).
In Bangladesh, Banglalink’s
revenues increased 16.9% YoY in local currency
(-2.5% YoY in reported currency). This was the third quarter of
double-digit local currency revenue growth. Banglalink’s execution
of its Digital Operator strategy, 4G focus and nation-wide
expansion continue to deliver results, with the rising number of
data and, in particular, 4G users, driving growth in data
consumption. Banglalink reported balanced expansion of its
subscriber base (+7.1% YoY) and ARPU (+5.0% YoY)
in 4Q22. EBITDA decreased 9.7% YoY in local
currency (-24.7% YoY in reported currency) impacted by the higher
network related costs and minimum tax on gross revenue paid in
4Q22.
In Uzbekistan, revenues
increased 30.3% YoY in local currency (+25.3% YoY in reported
currency), a sixth consecutive quarter of double-digit revenue
growth and a fourth consecutive quarter of revenue growth above
20%. This was driven by a 28.4% YoY expansion in the 4G subscriber
base and a solid increase in data revenues, which were 38.9% higher
YoY. EBITDA rose 14.4% YoY in local currency
(+10.0% YoY in reported currency).
As VEON Group strengthens its position
for accelerating growth, our 2023 local currency guidance
for both revenue and EBITDA is
growth of 10%-14%. VEON’s 2023 outlook for the Group’s
capex intensity is in the range of 18%-20% (See
Disclaimer on pages 25-26 below for a discussion of factors that
could cause actual results to differ from expectations).
Key recent developments
- Veon appoints Joop Brakenhoff as Group Chief Financial
Officer. On 15 March 2023, VEON announced the appointment
of Joop Brakenhoff as Group Chief Financial Officer (CFO),
effective from 1 May 2023. Joop will replace Serkan Okandan whose
three-year contract as Group CFO is set to expire at the end of
April 2023. Serkan will continue to serve VEON as a special advisor
to the Group CEO and CFO.
- VEON to accelerate Digital Operator
roll-out with appointment of Group DO1440 Officer. On 9
March 2023, VEON announced the appointment of a dedicated Group
DO1440 Officer, Lasha Tabidze, to support its operating companies
in executing its digital operator model. Lasha Tabidze has a strong
track record in delivering digital products and digital
transformation. His previous roles include CEO of Beeline Georgia,
which was sold by VEON in 2022. In his Group DO1440 Officer role,
Mr. Tabidze will report to VEON Group CEO Kaan Terzioglu.
- VEON’s Digital Operator 1440
recognized as “The Best Service for Connected Consumers” at GLOMO
Awards. On 1 March 2023, VEON announced that it had
received GSMA’s Global Mobile Award for “Best Mobile Operator
Service for Connected Consumers” with its Digital Operator 1440
model – DO1440. VEON Group CEO Kaan Terzioglu received the award on
behalf of the Group’s digital operators, who have implemented the
DO1440 model in their markets over the past 2 years, aiming to
deliver valuable digital experiences for their customers 1440
minutes of a day.
- VEON enters into agreement to sell its
Russian operations and obtains Russian regulatory
approval1. On 24 November 2022, VEON announced that
following a competitive process, it has entered into an agreement
to sell its Russian operations to certain senior members of the
management team of PJSC VimpelCom, led by Beeline Russia’s current
CEO Aleksander Torbakhov. The transaction is subject to customary
closing conditions, including receipt of requisite regulatory
approvals and licenses from relevant government authorities. The
target completion date for the transaction is on or before 1 June
2023, with options on both sides for extensions in case any
required regulatory license has not yet been received. As part of
the transaction, ownership of VEON’s Kazakhstan operations has been
transferred from PJSC VimpelCom to VEON headquarters on 7 December
2022. This ensures that VEON will continue to control its
Kazakhstan operations, with VEON Holdings B.V. taking direct
ownership of the Group’s 75% stake in Kar-Tel, which operates under
the Beeline brand in the country.
- On 7 February 2023, the Sub-Commission of the Government
Commission for Control over Foreign Investments in the Russian
Federation issued its approval of the proposed sale of VEON’s
Russian operations to certain senior members of the management of
PJSC VimpelCom, led by its current CEO Alexander Torbakhov, subject
to certain conditions. It is anticipated that the remaining closing
conditions will be satisfied and that, as previously communicated,
the transaction will complete on or before 1 June 2023.
- Scheme of arrangement to extend 2023 notes
maturities. On 30 January 2023, VEON announced that the
Scheme Sanction Hearing had taken place, at which the Court made an
order sanctioning the Scheme in respect of the Company’s 2023 Notes
(the “Order”). On 31 January 2023, VEON confirmed that the Order
had been delivered to the Registrar of Companies and become
effective. The amendments to the 2023 Notes will become effective
upon receipt of relevant licenses, at which time the maturity dates
of the February 2023 and April 2023 notes will be amended to
October and December 2023, respectively. Pursuant to the
amendments, the respective maturity dates of the February 2023
Notes and April 2023 Notes will be extended to October 2023 and
December 2023 respectively, noteholders will be entitled to payment
of an amendment fee of 200bps payable on the 2023 Notes outstanding
on their respective amended maturity dates and a put right will be
opened requiring the Company to repurchase 2023 Notes held by 2023
Noteholders exercising the Put Right, exercisable at a purchase
price of 102 per cent of the principal amount, together with
accrued and unpaid interest. The Put Right should only be open to
international investors.
- VEON management increased
ownership. On 21 February 2023, VEON announced the
completion of a further share transfer to Group Executive Committee
(“GEC”) member, Group Chief Internal Audit & Compliance
Officer, Joop Brakenhoff. A total of 104,047 shares vested as part
of VEON’s Deferred Share Plan. Of those, 52,543 shares were
transferred to Mr. Brakenhoff, with the remaining 51,504 withheld
to cover local withholding tax. This award followed the completion
of share transfers to the Group CEO and Group CFO announced on 11
July 2022 and the completion of share transfers to GEC members
announced on 18 July 2022 as part of the Group’s incentive program
announced in February 2022.
- VEON announced ratio change under its
American Depositary Receipt (“ADR”) program. On 6 February
2023, VEON announced that its Board of Directors approved a change
of ratio in the Company’s ADR program, comprising a change in the
ratio of American Depositary Shares (the “ADSs”) to VEON common
shares (the “Shares”) from one (1) ADS representing one (1) Share,
to one (1) ADS representing twenty-five (25) Shares (the “Ratio
Change”). On 6 March 2023, VEON announced postponement to
effectiveness of ratio change under its ADR program as The
Depository Trust & Clearing Corporation (“DTCC”) was not
prepared to make the new CUSIP with new ratio available on Monday,
6 March 2023 as scheduled. On 7 March 2023, VEON confirmed revised
timing for effectiveness of ratio change under its ADR program. The
effective date of the Ratio Change was 8 March 2023.
- US Treasury expanded General License to include both
VEON Ltd. and VEON Holdings. On 18 January 2023, VEON
announced that the U.S. Department of the Treasury, Office of
Foreign Assets Control (OFAC) has replaced the General License 54
originally issued on 18 November 2022 with General License 54A to
now include both VEON Ltd. and VEON Holdings B.V. (VEON Holdings).
This general license applies to all debt and equity securities of
VEON Ltd. or VEON Holdings that were issued before 6 June 2022, and
confirms that the authorization applies not only to the purchase
and receipt of debt and equity securities, but also to transactions
ordinarily incident and necessary to facilitating, clearing and
settling of such transactions. This General License ensures that
all market participants can trade the relevant securities with
confidence that such trading is consistent with E.O. 14071, which
targeted “new investment” in Russia.
- VEON appoints PWC as the Dutch statutory financial
statement auditors. On 11 January 2023, VEON announced the
appointment of PricewaterhouseCoopers Accountants N.V. as the Dutch
statutory financial statement auditors for the year ended 31
December 2022. As noted in the “Notice to Readers: Impact of The
Conflict”, the Company notes that due to the military conflict in
Ukraine and its consequences, it is unlikely that the 2022 Dutch
financial statements can be filed within the statutory deadline of
30 April 2023.
1 The sale of VEON’s Russian operations is subject to customary
closing conditions, including receipt of requisite regulatory
approvals and licenses from relevant government authorities. There
can be no assurance that the requisite approvals will be received
or that such sale will complete.
Additional information
View the full 4Q22 and FY22 earnings release
View 4Q22 and FY22 results presentation
View 4Q22 and FY22 factbook
About VEON
VEON is a global digital operator that currently
provides converged connectivity and online services to over 200
million customers in seven dynamic markets. We are transforming
people’s lives, empowering individuals, creating opportunities for
greater digital inclusion and driving economic growth across
countries that are home to more than 8% of the world’s population.
Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext.
For more information visit: https://www.veon.com.
Notice to reader: impact of conflict
VEON's results and other financial information
presented in these financial statements 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.
The ongoing conflict 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 consequences of all of the foregoing have impacted and, if
the conflict, sanctions and such responses continue or escalate,
may significantly impact our results and aspects of our operations
in Russia and Ukraine, and may significantly affect our results and
aspects of our operations in the other countries in which we
operate. We are closely monitoring events in Russia and Ukraine, as
well as the possibility of the imposition of further sanctions in
connection with the ongoing conflict between Russia and Ukraine and
any resulting further rise in tensions between Russia and the
United States, the United Kingdom and/or the European Union.
Although our Russian operations are now classified as ‘held for
sale’ and ‘discontinued operations’ and do not contribute to our
comparison base or actual reported numbers in this release (except
as specifically stated), our operations in Ukraine continue to be
affected by the conflict. We hope that there will be a peaceful and
amicable resolution and are doing everything we can to protect the
safety of our employees, while continuing to ensure the
uninterrupted operation of our communications, financial and
digital services.
The comprehensive sanctions on investment and
vendors in Russia and the ongoing conflict between Russia and
Ukraine have had and may continue to have a significant impact on
the Company’s operations and business plans in Russia and Ukraine.
During the twelve months-ended 31 December 2022, we have recorded
significant impairment charges related to the Russian and Ukrainian
operations. We may need to record future impairment charges, which
could be significant if the conflict continues or escalates and as
more information becomes available to management. It is possible
further impairment charges may rise to such a level on an
accounting basis as to require additional analysis of true asset
values in order to determine the true value of assets to be
compared to liabilities as outlined in the provisions of our debt
agreements.
Due to the ongoing conflict between Russia and
Ukraine and the consequences as mentioned above, the Company
requires additional time to complete all necessary disclosures in
its Annual Report on Form 20-F to be filed with the U.S. Securities
and Exchange Commission (“U.S. SEC”) as well as its Dutch financial
statements to be filed with the Autoriteit Financiële Markten
(“AFM”), including completing its preparation of VEON’s
consolidated financial statements and subsequently receiving the
related audit report on the financial statements and internal
control over financial reporting from its independent registered
public accounting firm. As a result, VEON anticipates it will not
be able to file its Dutch financial statements with the AFM by
April 30, 2023, nor its Annual Report on Form 20-F by May 1, 2023,
the respective deadlines for filing. If VEON is not able to
complete these filings by the prescribed deadlines (or the May 16,
2023 date for extension of the Form 20-F filing deadline provided
by U.S. Securities Exchange Act Rule 12b-25), it cannot be ruled
out that the AFM, Euronext, U.S. SEC or Nasdaq might, following the
missed deadline, take action against VEON, which could include
imposition of a fine or grant of a further grace period, or in the
most extreme cases, deregistration of VEON’s securities and/or
delisting of such securities from Nasdaq and/or Euronext.
Disclaimer
VEON’s results presented in this earnings
release are, unless otherwise stated, based on IFRS and have not
been externally reviewed and audited. The financial information
included in this earnings release is preliminary and is based on a
number of assumptions that are subject to inherent uncertainties
and subject to change. The financial information presented herein
is based on internal management accounts, is the responsibility of
management and is subject to financial closing procedures which
have not yet been completed and has not been audited, reviewed or
verified. Certain amounts and percentages that appear in this
earnings release have been subject to rounding adjustments. As a
result, certain numerical figures shown as totals, including those
in the tables, may not be an exact arithmetic aggregation of the
figures that precede or follow them. Although we believe the
information to be reasonable, actual results may vary from the
information contained above and such variations could be material.
As such, you should not place undue reliance on this information.
This information may not be indicative of the actual results for
the current period or any future period.
This earnings 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. These forward-looking
statements may be identified by words such as “may,” “might,”
“will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “seek,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “contemplate,” “possible” and other similar words.
Forward-looking statements include statements relating to, among
other things, VEON’s plans to implement its strategic priorities,
including operating model and development plans; anticipated
performance, including VEON’s ability to generate sufficient cash
flow; VEON’s assessment of the impact of the COVID-19 pandemic on
its current and future operations and financial condition; VEON’s
assessment of the impact of the conflict surrounding Russia and
Ukraine, including related sanctions and counter-sanctions, on its
current and future operations and financial condition; future
market developments and trends; operational and network development
and network investment, including expectations regarding the
roll-out and benefits of 3G/4G/LTE networks, as applicable;
spectrum acquisitions and renewals; the effect of the acquisition
of additional spectrum on customer experience; VEON’s ability to
realize the acquisition and disposition of any of its businesses
and assets and to execute its strategic transactions in the
timeframes anticipated, or at all; VEON’s ability to realize
financial improvements, including an expected reduction of net
pro-forma leverage ratio following the successful completion of
certain dispositions and acquisitions; our dividends; completion of
VEON’s sale of its Russian operations; and VEON’s ability to
realize its targets and commercial initiatives in its various
countries of operation.
The forward-looking statements included in this
earnings release are based on management’s best assessment of
VEON’s strategic and financial position and of future market
conditions, trends and other potential developments. These
discussions involve risks and uncertainties. The actual outcome may
differ materially from these statements as a result of, among other
things: further escalation in the conflict surrounding Russia and
Ukraine, including further sanctions and counter-sanctions and any
related involuntary deconsolidation of our Russian and/or Ukrainian
operations; further unanticipated developments related to the
COVID-19 pandemic, such as the effect on consumer spending, that
has negatively affected VEON’s operations and financial condition
in the past; demand for and market acceptance of VEON’s products
and services; our plans regarding our dividend payments and
policies, as well as our ability to receive dividends,
distributions, loans, transfers or other payments or guarantees
from our subsidiaries; continued volatility in the economies in
VEON’s markets; governmental regulation of the telecommunications
industries; general political uncertainties in VEON’s markets;
government investigations or other regulatory actions; litigation
or disputes with third parties or regulatory authorities or other
negative developments regarding such parties; the impact of export
controls and laws affecting trade and investment on our and
important third-party suppliers' ability to procure goods, software
or technology necessary for the services we provide to our
customers; risks associated with data protection or cyber security,
other risks beyond the parties’ control or a failure to meet
expectations regarding various strategic priorities, the effect of
foreign currency fluctuations, increased competition in the markets
in which VEON operates and the effect of consumer taxes on the
purchasing activities of consumers of VEON’s services.
Certain other factors that could cause actual
results to differ materially from those discussed in any
forward-looking statements include the risk factors described in
VEON’s Annual Report on Form 20-F for the year ended 31 December
2021 filed with the U.S. Securities and Exchange Commission (the
“SEC”) on 29 April 2022 and other public filings made from time to
time by VEON with the SEC. Other unknown or unpredictable factors
also could harm our future results. New risk factors and
uncertainties emerge from time to time and it is not possible for
our management to predict all risk factors and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. Under no circumstances should the
inclusion of such forward-looking statements in this press release
be regarded as a representation or warranty by us or any other
person with respect to the achievement of results set out in such
statements or that the underlying assumptions used will in fact be
the case. Therefore, you are cautioned not to place undue reliance
on these forward-looking statements. The forward-looking statements
speak only as of the date hereof. We cannot assure you that any
projected results or events will be achieved. Except to the extent
required by law, we disclaim any obligation to update or revise any
of these forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made, or to reflect the occurrence of
unanticipated events.
The sale of VEON’s Russian operations is subject
to customary closing conditions, including receipt of requisite
regulatory approvals and licenses from relevant government
authorities. There can be no assurance that the requisite approvals
will be received or that such sale will complete.
Furthermore, elements of this release contain or
may contain, “inside information” as defined under the Market Abuse
Regulation (EU) No. 596/2014.
Contact Information
VEONInvestor RelationsNik Kershaw
ir@veon.com
- 4Q22 EARNINGS RELEASE FINAL
- 4Q22 RESULTS PRES FINAL
- Factbook4Q2022
VEON (NASDAQ:VEON)
Historical Stock Chart
From May 2023 to Jun 2023
VEON (NASDAQ:VEON)
Historical Stock Chart
From Jun 2022 to Jun 2023
