Integrated Annual Report 2019

Creating a better future for our customers, employees and communities is what matters to us. Connecting people through technology is how we achieve this.

As Chairman, I am pleased to present the Integrated Annual Report for VEON for the financial year ended December 31, 2019.  


2019 was another year of solid financial performance for the Group, achieved alongside important milestones in compliance, governance and social responsibility.


Our Integrated Report catalogues a year in the life of our business. It is a review of our operational performance as well as a record of how we have performed through the voices of some of our 212 million customers. It acknowledges that all responsible businesses need to measure themselves against a variety of benchmarks that extend beyond financial reporting to address the individual, social and environment imprints they leave behind. And alongside our 2019 Sustainability Report, it summarises our commitment to forging sustainable businesses that enrich the communities we serve.


2019 Results


Reported revenue


Reported EBITDA


Equity Free Cash Flow


Data revenue

Forward Together: in conversation with our co-CEOs

Sergi Herrero



Sergi Herrero joined VEON in July 2019 to lead VEON Ventures, a new division of the Group tasked with defining VEON’s growth ambitions beyond traditional connectivity services.  Sergi’s expertise in digital payments now pairs with that of Kaan Terzioğlu as co-Chief Executive Officer following their respective appointments to the joint role in March 2020. Here, Sergi shares his views on VEON’s digital strategy and how he sees the Group’s services transforming the experiences of our customers.

Kaan Terzioğlu



Appointed to the role of Joint Chief Operating Officer in November 2019 before becoming co-CEO in March 2020, Kaan Terzioğlu brings a wealth of industry experience to the operational helm of VEON. Here, Kaan shares his thoughts on some of the fundamental questions that define the long-term sustainability of a mobile telecoms company and how VEON can play its role in seizing the opportunities and overcoming the challenges they raise.


2019 Performance Summary

2019 was another year of solid growth for the Group. Our performance either matched or exceeded the financial goals we set ourselves at the start of the year and was achieved alongside important milestones in compliance, governance and social responsibility.


Performance: Our three business clusters

Collectively, ours is a portfolio of markets that enjoys strong organic growth, which we are positioned to capture through long-term investment and the development of new services that we adapt continuously to the evolving needs of our customers.


Russia is our Cornerstone market and the largest contributor to our revenues and cash flows.

2019 EBITDA Contribution

Growth Engines

Our Growth Engines comprise Pakistan, Ukraine, Uzbekistan and Kazakhstan, each of which is in a sweet-spot of rapid services adoption and growth.

2019 EBITDA Contribution

Frontier Markets

Dominated in size by Algeria and Bangladesh, our Frontier Markets share long-term demographics and growth trends that point to an exciting future for our business.

2019 EBITDA Contribution

Reports & Results

All our past reports, and any accompanying data and assurance letters, are available to download in one place. These provide details on our progress as we connect our vision to our actions.

Reports And Data 1050X700 Min

Integrated Annual Report 2019 (PDF – 7.56MB)