Integrated Annual Report 2020
Our companies are transforming lifestyles through
technology-driven services that empower opportunity
in some of the world’s fastest-growing emerging markets.
As Chairman, I am pleased to present VEON’s Integrated Annual Report for the financial year ended December 31, 2020.
2020 has seen enhanced emphasis on, and continued delivery of, VEON’s turnaround, which was successfully initiated at the end of 2019. During the past year, we have accelerated investments, brought deep changes to our management, both centrally and across our countries, and continued to focus on developing and delivering our business proposition well beyond connectivity. In addition, we have significantly enhanced our Board of Directors, which now includes nine independent members with a highly diverse range of skills and experiences. We have also continued to perfect our governance standards while introducing other important changes across the organisation.
With these changes in place and given progress to date, we look to the future with great anticipation and optimism.
2020 financial highlights
$ 8.0bn
Reported revenue
$ 3.5bn
Reported EBITDA
43.3%
EBITDA margin
$ 2.6bn
Data revenue
CEO Statement
A year of adversity, transformation and achievement
2020 was the year connectivity and digital services became the bricks and mortar of a transformed, new economy. Having enabled our customers to remain connected to their loved ones, their working environments and their other lifestyle priorities throughout COVID-19, we will continue to empower the building of digitally-focused, resilient economies of the future.
Kaan Terzioğlu
CEO
Performance Summary
2020 was a challenging year for the Group operationally as COVID-19 lockdowns interrupted our retail operations and resulted in major shifts in demand for our services. The Group’s financial performance reflects the extremes of the year and our response to its challenges, which helped to bring about a return to growth in the fourth quarter.
2020 operational highlights
213m
Active total subscribers
12.3m
Total digital wallets
80m
4G subscribers
25.8m
Total active users self-care app
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.
