VEON says IFRS revenue falls by 4.3% to $916 mln in April–June

MOSCOW, Aug 3 (PRIME) – The revenue of Amsterdam-based VEON decreased by 4.3% on the year to U.S. $916 million in April–June, excluding the results of the Russian office intended for sale, as calculated under International Financial Reporting Standards (IFRS), the company said on Thursday.

“Completing the sale of our Russia operations and financial disciple remain our top priorities. We have closed the quarter with a strong liquidity position, with Group holding cash and cash equivalents totaling $2.4 billion, nearly $2.0 billion of which was held at the headquarters level as of June 30,” the company said citing CEO Kaan Terzioglu

Earnings before interest, taxes, depreciation, and amortization (EBITDA) contracted 10.6% to $415 million.

VEON raised the forecast for revenue in the national currencies for 2023 by 16–19%, while the forecast for the growth of EBITDA was kept at 10–14%.

According to the company, it is at the final stage of sale of the Russian assets after submitting a request to Euroclear, Clearstream and registrars for cancellation of VEON’s Eurobonds held by the Russian subsidiary.

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