20 Oct 2023
VEON issues CEO Letter to Investors on Group Financial Position, Reinstatement of Analyst Coverage and Unrestricted Trading Amsterdam, 20 October 2023 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services today published the following open letter from its Group CEO Kaan Terzioglu to its investors. The open letter can be found on the company website: www.veon.com
Amsterdam, 20 October 2023
Dear VEON Investors,
I am writing to you today to share a number of key developments in VEON's re-engagement with the capital markets. Following our exit from Russia, VEON has a renewed focus on leveraging our Digital Operator 1440 strategy in the six fast-growing markets where we operate. I am pleased to note that we enter this new phase supported by a solid financial foundation; and that the investment community is already taking a fresh look at our company and its potential to generate value and growth.
Group financial position
Following the early redemption of the VEON Holdings December 2023 and June 2024 notes in September, and considering VEON's exit from Russia and the payment of October 2023 VEON Holdings bond in October, our pro-forma Group debt and cash position as of 30 September 2023, is as follows:
Group debt is USD 3.5bn (USD 4.4bn including leases), of which USD 2.8bn at HQ
Group cash is USD 1.7bn, of which USD 1.3bn at HQ[1]
Group net debt including leases is USD 2.6bn, of which USD 1.6bn at HQ.
This is a major reduction from the Group net debt including leases of USD 8.2bn as per 30 September 2022.
Our pro-forma Group weighted average cost of debt, excluding leases, is approximately 8% with a Group weighted average maturity of approximately 2.4 years.
Our pro-forma externally outstanding VEON Holdings notes, their maturities and outstanding amounts are shared at the end of this letter* for the clarity of our investors.
Reinstatement of independent analyst coverage of VEON shares and return to unrestricted trading
We are pleased to report that independent analyst coverage of VEON shares has resumed. New Street Research reinstated its coverage of VEON shares on 11 October 2023; on 18 October 2023, Inam (via Tellimer) also initiated coverage of VEON.
We can now also confirm stronger volumes in the trading of our shares. We understand some of the world's largest banks are now accepting buy orders from our investors; and welcome the fact that our investors are now able to work with these institutions in purchasing VEON's debt and equity instruments. We would like to thank our investors for their patience and trust in our business; and reiterate that we remain at their disposal should they need our further support.
Reiterating our commitment to the future of Ukraine
As we have communicated last week, we are also actively engaging with our stakeholders to address the concerns relating to some media reports in Ukraine. A VEON delegation including members of our Board and management will be in Kyiv in the coming days to visit Kyivstar and hold discussions with key stakeholders, reiterating our commitment to the recovery and reconstruction of Ukraine - for which we have committed USD 600 million over the course of the next three years.
I trust that these recent developments, combined with the high potential of our business, will enable our existing and potential investors to participate in the growth opportunity that our business presents. We are confident in the value we can generate in Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan, which will support not only VEON's value proposition for its investors, but also the sustainable growth of these markets that are home to 510 million people, or 7% of the world's population.
We look forward to working with VEON investors and analysts in the months ahead, providing further clarity into our investment case following our exit from Russia and answering any further questions. Please reach out to our Investor Relations team at ir@veon.com.
Thank you for your continued trust in our company.
Kaan Terzioglu
VEON Group Chief Executive Officer
*Pro-forma externally outstanding VEON Holdings notes:
ISIN Date of Issuance
Maturity date
Amount issued
Amount outstanding
US92334VAA35 (144A)
XS2058691663 (REGS) October 9, 2019
tap: January 22, 2020
April 9, 2025
USD 1,000 million
USD 556 million
XS2184900269 (144A)
XS2184900186 (REGS) June 18, 2020
June 18, 2025
RUB 20,000 million
RUB 9,187 million
XS2226712995 (144A)
XS2226716392 (REGS) September 11, 2020
September 11, 2025
RUB 10,000 million
RUB 3,274 million
XS2343534462 (144A)
XS2343532508 (REGS) September 16, 2021
September 16, 2026
RUB 20,000 million
RUB 1,357 million
US91823N2A05 (144A)
XS2252958751 (REGS) November 25, 2020
November 25, 2027
USD 1,250 million
USD 1,093 million
[1] Cash and cash equivalents do not include amounts relating to banking operations in Pakistan.
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: www.veon.com.
Disclaimer
This 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. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with
Most recent headlines
02/01/2025
With more than 640 million users and more than 250 million subscribers, Spotify ...
02/01/2025
NextGen TV, aka ATSC 3.0, continued to advance in 2024, with some notable developments and renewed hopes that a deregulatory-minded Federal Communications Commi...
02/01/2025
Artificial intelligence is undoubtedly the hottest topic in the tech industry today, displaying all the excitement, apprehension and hype of the early days of t...
02/01/2025
STAMFORD, Conn. NBC Sports said 2024 was its best year in terms of ratings since 2016. Its success was fueled by the Paris Summer Olympics as well as its NFL co...
02/01/2025
MSG Networks has been dropped from Altice USA's Optimum-branded pay TV offerings after the operator and the regional sports provider were unable to reach a ...
02/01/2025
How color film and analog color TV works with bluescreen / chromakey
Graham Quince January 2, 2025
0 Comments
A deep dive into VFX History looking at ...
02/01/2025
Hulu Series Interior Chinatown Graded with DaVinci Resolve Studio
Brie Clayton January 2, 2025
0 Comments
Colorist Aidan Stanford delivers complex gra...
02/01/2025
Bulk Font Replacement in Premiere Pro
Andy Ford January 2, 2025
0 Comments
If you want to change the font of multiple text layers in Premiere Pro, the...
02/01/2025
Streaming media's impact on the media and entertainment industry continued to widen in 2024, as more sports rights moved to streaming platforms and the rapi...
02/01/2025
ATLANTA The board of directors for Gray Television Inc. has unanimously voted to change the company's name to Gray Media, Inc. effective Jan. 1....
02/01/2025
Official television and film archives exist to preserve the history and creativity of media. But even these formal institutions do not contain everything that h...
02/01/2025
Welsh succeeds Renard Jenkins, who has reached the end of his two-year tenure in the role
By Jenny Priestley
Published: January 2, 2025
Welsh succeeds Ren...
02/01/2025
Creator Economy Isn't Really Like Film/Show Entertainment
Andy Marken January 1, 2025
0 Comments
Come on Barry, you're good at this sort of s...
02/01/2025
Blackmagic Design Announces New Lower Price for Blackmagic Pocket Cinema Camera ...
02/01/2025
Hollywood Lighting Hacks: Big Looks, Tiny Budget
Sean Alami January 1, 2025
0 Comments
Discover how to create stunning Hollywood-style lighting using ...
02/01/2025
PDC World Darts Championship: Sky Sports on the oche for the Nuke's' re...
02/01/2025
PGA TOUR's Mike Raimondo on the Highlights and Impact of the PGA's New C...
02/01/2025
SVG Year in Review - Audio Edition: More Music, More Mergers, Fewer A1s Spectrum, sports betting, AI are other factors in sound for both broadcast and streaming...
02/01/2025
SVG Year in Review: Our Most Read Stories, A Look Back at Paris 2024, and the Bi...
02/01/2025
Comscore Appoints New Chief Marketing Officer Measurement innovator taps TV, streaming and digital ad veteran Jackelyn Keller for brand and product marketing e...
02/01/2025
A fresh start to 2025 with new faces, familiar voices and plenty of Irish music ...
02/01/2025
GeForce NOW is kicking off 2025 by delivering 14 games to the cloud this month, with two available to stream this week so members can get started on their New Y...
01/01/2025
Marcy Lefkovitz, Dalet SVP product innovation, details the findings of the companys report into the future of newsrooms, including leveraging AI, optimising mul...
01/01/2025
PGA TOUR Centers Media Operations in Transformative New Studio Fully integrated ST 2110 facility enhances production for fans domestic and international By Ken...
31/12/2024
Rashad Frett shares a moment with Michelle Satter at the 2023 Directors Lab. Pho...
31/12/2024
What's Ahead in 2025? OWC's Larry O'Connor Offers Some Bold Predicti...
31/12/2024
Blackmagic Design Announces New Features for Blackmagic Cloud
Brie Clayton December 31, 2024
0 Comments
New thumbnail icon view, clip metadata inspect...
31/12/2024
5 Features in DaVinci Resolve You're Not Using (But You Should Be)
Kasia Jarco December 31, 2024
0 Comments
In this video we are going to talk abo...
31/12/2024
Back to All News
NFL Christmas Day Games on Netflix Average Over 30 Million Global Viewers
Entertainment
31 December 2024
Global
Link copied to clipboard
...
31/12/2024
Back to All News
Squid Game' Season 2 Smashes Top 10 Records as Millions W...
30/12/2024
Leaving Thomson after 21 years, former Managing Director David Quin reflects on a career spent navigating the shifting sands of global media development. From r...
30/12/2024
[Pictured: a still from Love Lies Bleeding, one of the 100 Sundance-supported titles that opened to wider audiences in 2024]...
30/12/2024
Digital Domain Creates Groundbreaking VFX for Venom: The Last Dance, Bringing ...
30/12/2024
Internet Giant GMP Builds Tokyo Virtual Event Space with URSA Broadcast G2
Brie Clayton December 30, 2024
0 Comments
Blackmagic URSA Broadcast G2 and ...
30/12/2024
Renderboxes launches Photon, a no-compromise transportable high-performance work...
30/12/2024
Shinobi II Monitor Supports Canon, Sony, Nikon - Touch to Focus with New Feature...
30/12/2024
30 Dec 2024
In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink ...
30/12/2024
The pace of technology innovation has accelerated in the past year, most dramati...
29/12/2024
Gyeongnam Culture and Arts Foundation (GCAF), an active promotor of cultural and artistic diversity, has chosen Ikegami UHK-X700 camera chains for integration i...
27/12/2024
After starting 2024 with hopes that the transition to streaming might finally produce a more stable, profitable businesses, the media and entertainment industry...
27/12/2024
Broadcasters ended the year with hopes and fears about how the federal government will regulate the TV industry in 2025. While the incoming Trump administration...
27/12/2024
NVIDIA's AI Podcast gives listeners the inside scoop on the ways AI is transforming nearly every industry. Since the show's debut in 2016, it's gar...
26/12/2024
Talking about artificial intelligence in 2024 is akin to talking about the internet in 1994 everyone's excited about it and thinks it will have an enormous ...
26/12/2024
Back to All News
Netflix NFL Christmas Gameday Reaches 65 Million US Viewers
Entertainment
26 December 2024
GlobalUnited States
Link copied to clipboard
U...
26/12/2024
Back to All News
Check Out All the Must-See Trailers From Netflix's NFL Chr...
26/12/2024
Back to All News
Beyonc Delivers Epic Gift of a Halftime Performance "Beyonc...
26/12/2024
Back to All News
Get in the Game With Squid Game' Season 2 Complete Coverage Guide
Entertainment
26 December 2024
Global
Link copied to clipboard
Are...
26/12/2024
This GFN Thursday wraps up another incredible year for cloud gaming. Take a look back at the top games and new features that made 2024 a standout for GeForce NO...
24/12/2024
The National Film and Video Foundation (NFVF) is calling for applications from South African film and television filmmakers to be part of the NFVF's delegat...
20 Oct 2023
