VEON is a global digital operator that provides converged connectivity and digital services to nearly 160 million connectivity customers and about 100 million total monthly active users in six dynamic markets that are home to nearly 520 million people – 7% of world's population.
Our mission
Our core mission is to provide customers with connectivity, access to information and other vital digital services. We believe that connectivity and communication are essential humanitarian needs, whether it be connecting with loved ones, seeking help or searching for information and news from reliable sources.
Our Vision and strategy
At the heart of VEON’s philosophy is a desire to drive positive change and transform people’s lives. We do this by connecting millions of customers in dynamic and often underserved markets to the power of the digital world.
Our values
Our strategy
Our strategy in 2023 was based on three pillars:
ESG ratings
ESG ratings by rating agencies are crucial to VEON as they provide an independent assessment of our environmental, social, and governance performance, highlighting our commitment to sustainable and ethical business practices. These ratings enhance our reputation, attract socially-conscious investors, and ensure compliance with regulatory expectations, ultimately contributing to our long-term success and stakeholder trust.
Our brands and DO1440 strategy
UN SDGs
Adopted by all its member states, the UN has developed 17 Sustainable Development Goals (SDGs) as the blueprint to achieve a better and more sustainable future for all. The SDGs address the global challenges we face, including those related to poverty, inequality, climate change, environmental degradation, peace and justice.
Revenue
USD 3,698 million
-1.5% YoY
+17.9% YoY in local currency normalised
Multiplay and 4G revenues
USD 1,823 million
+9.7% YoY
+25.8% YoY in local currency
Total cash and cash equivalents
USD 1.7 billion
USD1.3 billion at HQ
Net debt excluding leases
USD 2.0 billion
USD1.7 billion
lower YoY
Capex
USD 651 million
–
21.8% YoY
LTM capex intensity 17.6%
4G users
93.6 million
+10.7% YoY
59.9% penetration
Service revenue
USD 3,576 million
–1.2% YoY
+18.1% YoY in local currency normalised
EBITDA
USD 1,609 million
–7.9% YoY
+20.0% YoY in local currency normalised
Gross debt
USD 4.7 billion
USD2.8 billion lower YoY
Leverage
1.42x
Down from 2.3x in 4Q22
Net debt excluding leases and EBITDA
Equity-free cash flow
USD 434 million
+53.3% YoY
Total digital monthly active users
95 million
+6.4% YoY
Across all VEON digital services and platforms
(1) | Preliminary Annual Results FY 2023. |
Note: Total cash and cash equivalents does not include USD165 million relating to banking operations in Pakistan. Financial information presented in this report have not been externally audited. |
Augie K Fabela II
Chairman of the Board and VEON Founder
Kaan Terzioğlu
Group Chief
Executive Officer
Joop Brakenhoff
Group Chief Financial Officer
VEON’s Global Digital Operator strategy is at the core of the Company’s operational philosophy and intertwined with all aspects of internal and external execution. Through digital services, we seek to engage with our customers for every minute of the 1,440 minutes of each day and to support their needs across financial services, digital healthcare, entertainment and education.
VEON’s Digital Operator vision is underpinned by our commitment to being a technology leader. We believe that through our investments, we bring transformational services to our customers and markets, using our technology for good.
2023 was a year of significant evolution for VEON. Our colleagues continued to drive and implement VEON’s Digital Operator strategy and our global people priorities remained to be the attraction and retention of the best critical talent and skills within the geographies that VEON operates in.
Creating an inclusive world for all – inside and beyond VEON
We aspire to create an inclusive world for all, by providing equal voice and representation, driving growth through a diverse range of products for digital financial inclusion, and creating value for our people, our partners and communities.
VEON’s governance policies are designed to empower our OpCos management, while ensuring appropriate control and oversight through the OpCo boards, and Group leadership serving on those boards and Board committees.
VEON has adopted the criteria set forth in Enterprise Risk Management – Integrating with Strategy and Performance (2017), issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), as the foundation of our enterprise risk management (ERM) approach.
“Alignment of business strategy and risk appetite should minimise the company's exposure to large and unexpected risk.”
Joop Brakenhoff,
Group CEO