
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
Most recent headlines
15/03/2025
Warner Bros. Discovery is reporting that the trailer for The Last of Us season two amassed 158 million global views across platforms in its first three days, ...
15/03/2025
LAS VEGAS & CINCINNATI The Las Vegas Aces and Scripps Sports have signed a multiyear agreement to make Scripps Vegas 34 station the official broadcast home of W...
15/03/2025
CHAMPAIGNE, Ill. Cobalt Digital will feature IPMX-compliant products, including its SAPPHIRE mini converters and PACIFIC encoders enhanced with IPMX support, du...
15/03/2025
SAN JOSE, Calif. TiVo has announced that the latest release of Sharp Smart TVs Powered by TiVo are now available for purchase in the U.S....
15/03/2025
BOSTON Collaborative media workflow solution provider EditShare has announced that it will be showing a wide range of new innovations at the 2025 NAB Show that ...
15/03/2025
SES to introduce a suite of integrated services that enhance Lynk Global's s...
15/03/2025
Editing and Color Grading Promo Codes for Audiio and MotionVFX!
Kasia Jarco March 14, 2025
0 Comments
I wanted to share some promo codes for great too...
15/03/2025
Avid Makes Key Additions to Executive Leadership Team to Meet the Needs of the E...
15/03/2025
NAB 2025: Cobalt Announces Plans to Bring Plug and Play ST 2110 Experience to NA...
15/03/2025
Student Spotlight: Rachel McFarlane The Canadian composer talks about being drawn to the storytelling power of scoring for film and video games, working with ...
14/03/2025
By Lucy Spicer
One of the most exciting things about the Sundance Film Festival...
14/03/2025
Time flies when you're having fun and we can confidently say that Bill Simmons, founder of The Ringer and Spotify's Head of Talk Strategy, is having not...
14/03/2025
The National Film and Video Foundation (NFVF) is pleased to announce that the ca...
14/03/2025
TV Technology: What do you anticipate will be the most significant technology trends at the 2025 NAB Show?...
14/03/2025
The Dalet NAB 2025 showcase will feature its market-leading enterprise News, Media Management and Supply Chain solutions designed for faster deployment and acce...
14/03/2025
IMAX Corporation (NYSE: IMAX) will debut its latest advancements for premium live streaming at NAB 2025 (booth W1401), introducing new AI-driven technologies d...
14/03/2025
TAG Video Systems, the leader in software-based IP media probing, monitoring, visualization, and analytics, and Harmonic (NASDAQ: HLIT), the worldwide leader in...
14/03/2025
Unicanal and Trece TV, two of Paraguay s leading broadcasters, have successfully launched digital TV services in three main cities: Encarnaci n, Ciudad del Este...
14/03/2025
The Alliance for IP Media Solutions (AIMS), Advanced Media Workflow Association (AMWA), and the Video Services Forum (VSF) today announced that the IP Showcase ...
14/03/2025
Digital Alert Systems, the global leader in emergency communications solutions for media providers, today announced that Nebraska Public Media is deploying the ...
14/03/2025
Interra Systems, a leading provider of end-to-end quality assurance solutions for the digital media industry, today announced that Comcast Technology Solutions ...
14/03/2025
At the 2025 National Association of Broadcasters (NAB) Show, Rightsline will showcase innovations designed to make rights and royalties management smarter, fast...
14/03/2025
PK Sound, the robotic line array company, has formally released the Tx Series of intelligent multi-purpose point source modules, beginning with the ultra-versat...
14/03/2025
Avid today announced the expansion of its executive leadership team (ELT) with the appointment of three experienced executives: Tom Sharma as Chief Technology ...
14/03/2025
DigitalGlue, a trusted systems integrator and provider of end-to-end media solutions, is redefining storage workflows with its innovative platform, creative.spa...
14/03/2025
CVP, one of Europe s leading resellers and providers of professional video and broadcast solutions, is partnering with renowned director and cinematographer Joe...
14/03/2025
Cobalt Digital, the leading designer and manufacturer of award-winning signal processing products, and a founding partner in the openGear initiative has announ...
14/03/2025
Keepit, a global provider of a comprehensive cloud backup and recovery platform, announced today its success at the Business Awards UK, 2025 Cybersecurity and R...
14/03/2025
Lightware, an industry-leading manufacturer of signal management solutions, has announced its commitment to fostering strong relationships with top technology c...
14/03/2025
Editing and Color Grading Promo Codes
Kasia Jarco March 14, 2025
0 Comments
I wanted to share some promo codes for great tools for your video editing ...
14/03/2025
Singaporean Singer-Songwriter JJ Lin on Craft, Courage, and Creativity The artist shared candid insights into his musical evolution, personal challenges, and ...
14/03/2025
Three strategic appointments aims to bolster the leadership team at Avid, reinforcing the companys commitment to remain at the forefront of innovation
By Matth...
14/03/2025
Coming at a pivotal time for the sector, the funding underscores Cinesites ambition and confidence in the media and entertainment industry
By Matthew Corrigan ...
14/03/2025
Karen Chupka, executive vice president and managing director, NAB Global Connections and Events, gives TVBEurope the lowdown on what visitors can expect at next...
14/03/2025
BURLINGTON, Mass. Avid has expanded its executive leadership team (ELT) with the appointment of three experienced executives: Tom Sharma as chief technology off...
14/03/2025
CUPERTINO, Calif. TVU Networks, a pioneer in live video production and a leader in cloud-based media solutions, is marking its 20th anniversary at the 2025 NAB ...
14/03/2025
Telos Alliance To Demonstrate New Next Generation Audio Features at 2025 NAB Sh...
14/03/2025
Live From THE PLAYERS: RED Cameras Help Cosm Capture Unique Looks for Cosm Venue...
14/03/2025
NWSL Kickoff 2025: League Operations Team Preps for NEP-Driven Remote Production...
14/03/2025
NWSL Kickoff 2025: Scripps Sports Introduces New On-Air Team for Second Year of ...
14/03/2025
SVG Sit-Down: Marie Margolius on the Thrill of Directing New Prime Video Docuser...
14/03/2025
Live From THE PLAYERS: NBC Sports Tees Up Drone Tracing, Taps Into NEP Compound ...
14/03/2025
Back to All News
Get a Glimpse of the Epic Battles in First Look at Record of ...
14/03/2025
Back to All News
Celebrating the Italian Historical Drama Il Gattopardo' Across the Globe
The series' creative team speaks at the Rome premiere.
Ent...
14/03/2025
Back to All News
The Electric State' Brings Cosmo and The Billbots to Life...
14/03/2025
Facebook
Twitter
LinkedIn
Thales has reached a historic milestone by deliv...
14/03/2025
2FM's fresh weekend lineup goes live this Saturday as a host of new presente...
13/03/2025
(L-R) Stephanie Suganami, Tatanka Means, John Malkovich, Ayo Edebiri, and Juliette Lewis attend the premiere of Opus at Eccles Theatre in Park City. (Photo by...
13/03/2025
Spotify took center stage at the London Book Fair this week, reaffirming our commitment to the audiobook market and showcasing our impact on the publishing indu...
13/03/2025
At Spotify, we work every day to lift up new voices, giving creators the opportunity to live off their art. Through Spotify Audiobooks, our in-house publishing ...