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The Global Digital Operator

Integrated Annual Report 2023

We are VEON

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

  • Customer obsessed
  • Entrepreneurial
  • Truthful
  • Collaborative
  • Innovative

Our strategy

Our strategy in 2023 was based on three pillars:

  • Digital operator 1440 (DO1440): To provide world-class connectivity and added-value services across finance, entertainment, healthcare, education and other adjacent markets.
  • Digital assets: To develop a wide portfolio of market-leading digital products with profitable and sustainable business models.
  • Infrastructure: To be an asset-light provider of high-quality 4G networks.

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.

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Our brands and DO1440 strategy

Brands

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.

SDG’s

Where we operate

For more on our country performance

Numbers at a glance(1)

Financial highlights

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.

Message from our Leadership

Augie K Fabela II

Chairman of the Board and VEON Founder

Message from our Chairman

2023 was a year where we accelerated the building of VEON 2.0 – a Group of Digital Operators who transform lives with connectivity and digital services across six frontier markets.

Kaan Terzioğlu

Group Chief

Executive Officer

Message from our Group CEO

2023 was a significant year in VEON’s journey as we transformed into a business that is firmly rooted in emerging economies, delivering growthfor all stakeholders – customers, markets and investors worldwide – through digital transformation.

Joop Brakenhoff

Group Chief Financial Officer

Message from our Group CFO

2023 was a challenging year for VEON, but it also gave us the opportunity to demonstrate both our strength and our resilience.

3.69bn

Revenue (USD)

-1.5% YoY

16.4% YoY in local currency

1.61bn

EBITDA (USD)

-7.9% YoY

9.9% YoY in local currency

Our DO1440 model

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.

Technology for good

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.

Investing in human capital

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.

Ensuring diversity, equity and inclusion

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.

Principles of governance

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.

How we manage risks

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.

Our performance

“Alignment of business strategy and risk appetite should minimise the company's exposure to large and unexpected risk.”

Joop Brakenhoff,
Group CEO

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Navigating this report
Navigating this report

Who we are
Message from our Chairman
Message from our Group CEO
We are VEON
Where we operate
Numbers at a glance

About this report
About this report
Approach to ESG reporting
Our business model
Our stakeholders
Material matters

Fulfilling our digital promise
Transforming people’s lives
Our DO1440 model
Technology for good
Our commitment to the environment
Investing in human capital
Ensuring diversity, equity and inclusion
Principles of governance
Risk

Please note, that some navigation elements work only in the full version of the report


Our performance
Message from our Group CFO
Country performance
Ukraine
Pakistan
Bangladesh
Kazakhstan
Uzbekistan
Kyrgyzstan

Governance
How we govern
Board of Directors
Group Executive Committee
Board committees

Remuneration
Aligning remuneration
Remuneration framework
Appendix
Independent Assurance Statement
Shareholder information
Directors' résumés
Report disclaimer
Glossary of terms
Definitions
Reconciliation tables
Financial information*
Downloads icon VEON Ltd. Audited Annual Report 2024
(Netherlands AFM)
Downloads icon VEON Ltd. Audited Annual Report 2024
on Form 20-F (United States SEC)

* These documents will be available upon VEON Ltd. Filing with the US Securities and Exchange Commission (SEC) / Autoriteit Financiële Markten (AFM)