VEON (VEON) 4 Nov 222022 Q3 Earnings call transcript

Good morning and good afternoon, ladies and gentlemen. And welcome to VEON's Third Quarter Trading Update for the Period Ending 30 September 2022. I'm Nik Kershaw of VEON's Group Direct of Investor Relations. I'm pleased to be joined in the room today by Kaan Terzioğlu, our Group CEO; as well as Serkan Okandan, our Group CFO. Today's presentation will begin with an operational overview from Kaan, following by a financial review from Serkan, and then Kaan will come back and close before we move to the Q&A. in be mode, function facilitated web be session the in will link. will today through participants listen and only question-and-answer the All the Q&A

Q&A questions could have share you any If in please the function. you

We will of we in can as time the allotted. questions the to look answer many

performance differ that risks the those statements presentation, network including over operational getting website. certain the which network SEC. and strategic Before you XX-F risks made and let I update company's relate forward-looking to statements, forward-looking company in initiatives, developments make the detailed and and our operational including materially filings its the that, company's and from be downloaded report future like would and may factors other results started, transactions. These targets Certain in on investments, hand ability involve to the in by me from with part statements anticipated With company's remind uncertainties. market may commercial trends, and future to we can the annual cause during public the guidance, realize and today's Form Kaan. the current to presentation trading and and recent to The actual development

wish welcome Thank and quarter third from him all and today presentation attempt quick you, update. and Pakistan. Good afternoon started Imran the Nik. to song to recovery. Once with of We Khan trading a again, we assassination condemn the to good our morning

the of operational despite challenges. macro another numerous and quarter been has geopolitical quarter solid third The execution,

will to whole business our in and today's deliver presentation. focus, a exceptional show to you continue growth we as with teams continues share Our as

at Ukraine, business. Kyivstar's all continued like colleagues home confidence our would thank and teams, would are in to and I connected broader also to for our customers keeping I who our like investors community our of is shareholders their the starting, abroad. Before thank especially and in

yesterday a done from outcome that competitive stakeholders. VEON relation that hope Russian being ensure we our is process in that also its would announcement to for in sales a manner is optimal achieved is You relevant all seen have an will conducting This operations.

revenues Now for year-on-year X.X% higher service let's currency X.X%. up reported by In X.X% quarter. were a on revenue Group review key terms, with by revenues basis growth the revenues grew third and figures of some X.X. local service grew

Ukraine, Excluding local currency up growth XX.X%. Russia our revenue was by and

we across ongoing tax supporting management, our Our withstood conversion, With in was rising the XG the digital a in an negative expanded are changing strategy. reported in of mobile penetration more all regimes particular subscribers, and higher ARPU results mind, having local in in services humanitarian inflation contributed inflationary year-on-year year-on-year portfolio Please disasters to operations execution With and X.X impact tough and energy driving repricing operator implementation pricing multiplay revenue countries. growth crisis costs, keep supported of and last year and up by X.X% currency flat digital quarter Georgia growth. a in the grew for all measures basis. Pakistan on markets of natural Ukraine. and good on EBITDA cost reported headwinds,

in points was US$XXX XX.X%, percentage of to X.X CapEx with third XX.X% a year-on-year Our decline, CapEx from intensity a million down quarter.

to cash continue healthy We maintaining prioritize position. a

billion remain the level; largely our at Group of We headquarters at and have self-funding. cash out operations level in billion $X.X $X.X and this,

at million year-on-year. adding to rates X% our almost on total delivered X.X customer from of operational our to subscribers expanded base, let's last ranging another growth Now across move XX months, quarter all the increasing XX% within we as while We balanced ARPU our performance. markets

churn, XX% penetration continue ARPU XX%. have XG we to the almost expanded toward is we that higher target XX% Our subscribers, penetration XG With to mark XG the XXX our significantly and users by over Group. lower Supported revenue increased data make for is and XG, million penetration by With progress XX.X% almost increasing overall digital currency growth. pace our our revenues terms. local of local double of key remain year-on-year the growth. users service and This in to currency XG were up

Our continued is talk we operator investment and growth On important XG strategy, operator enabler of strategy in our this slide. on Slide which the digital X, our I'll expand execution. an will digital next about

a Our XG revenue digital of have our subscriber XX% voice-only reached XX% third one million. deliver the of users, of $XX voice services, times of customer, base, top of showing at multiplay users was churn high the least our XX% subscriber our their of our In who increased multiplay ARPU year-on-year churn X.X data XX% account are but subscribers and voice-only digital of on of and They customers ARPU for while the quarter, only generation potential the of of users. revenues, operator strategy. being was

across growth by Let's operations digital higher penetration, the achieved supported engagement We pricing. of base, countries. subscriber higher and all talk increased with about our details a applications service XG inflationary our revenue disciplined some

our on good terms EBITDA upcoming most which of the underlying markets saw I slides. of also across We momentum in will cover

take the individual performances start you through of will I now each Ukraine. with large markets. me of Let our

XG than XG Helsi roam-like-home its connected to reconnected optic They base, sites Ukraine Our Inside until more the to quality cable Kyivstar -- XXXX, partnership and Around infrastructure. And and of XX extraordinary seeking February fiber end be European Outside customer and were upgraded our do tremendous rebuilding doing thank this in continues Ukraine, of supported and associations were all services keeping In network has Ukrainians high and active by XXX,XXX continued Ukraine. the XG privacy August announced September. around X,XXX as broken More leading investment monthly like largest protecting is connected, of were with the digital their of by as network. country's information Helsi team unwavering increase extended stations a its of sites them system continue some Supported in stations, customers access more These maintaining medical end Internet effort replaced. provider while the Kyivstar outside base XXX on were country's customers the to X,XXX with regulators healthcare higher XXXX, making built millions we for Kyivstar’s at continues data. kilometers Kyivstar education, such has are and Kyivstar our essential would solid these circumstances, year. operators industry well partners In an in Ukraine, and to of delivered with XXX,XXX network its have to work. throughput. on year-on-year. Ukraine than than stations digital operational with enabling quarter their healthcare revenue Kyivstar of serving we more another XG around services Ukraine the for around In connectivity. mobile users and New app, to in of to settlements with XXX XXX Since repaired focus keeping Kyivstar results, support. and damaged X.X% of appointments the base are XX% services modernized QX as growth extraordinary base job September. of exceptional Europe. essential XG and

programs, environment, operating and to streams, Ukraine due energy the was Given charity employee including XX.X% costs and EBITDA revenue support our current our profile tariffs, down in of year-on-year. the exceptional change of increased

to Let's essential Beeline of XG XX% providing has both XX of for related year-on-year operations. its to competitive connectivity lower million our and potential X.X% sales, which Total by revenues rose account handset Today, services declined revenues to subscribers. VEON revenues to announced of Today, Service impacted The its and and essential year-on-year we Beeline users were service growth turn Russia. expanded. total a for margins as EBITDA on of are telecom sale Beeline XX.X Russian in year-on-year. revenue recorded million continues X% provisioning focus process has XX% that almost team by services. Russia's by users X.X% initiated Russian XG increased customers. Beeline EBITDA.

have to changed. not how particular priorities not any emphasize outcome, that committed and certain this we our develop, want have yet cannot will be to I process While

safety our of and and We are keeping the committed to supporting well-being connected our customers and employees. satisfied

mobile growth. Jazz reduction overall growing total double-digit is percentage Pakistan. with point rates is XX% a termination to third and X increase range well local market currency quarter, economic XX% at was up withholding was the despite year-on-year. look a overall pace macro This in year-on-year. have This environment from ahead compared tax of Let's revenue to in as challenges to last EBITDA In X.X% the year as down that than more floods. recent achieved

performance QX, inflation a EBITDA a impact higher termination year-on-year market as XX% as in drag point XXX% in by expands in tax digital offerings. prices. prices prices base, and The Jazz EBITDA to of increase higher was is margins. on rates, XG of addition electricity accelerating In able in almost double-digit utility increase of X customers XX% Despite impacted it and its continued percentage withholding percentage to its was diesel achieve growth lower Jazz challenges, had of well as these multiplay users expansion customer and growth operator points with

As XX% Pakistan. digital consuming subscriber customer of least accounted XX% for their This base. multiplay XX% of reached XG are in in the subscriber the at of of and our revenues Jazz JazzCash end penetration of Tamasha. multiplay has base XX% our quarter, customers subscribers services one like

higher JazzCash growth digital is of million. specific among XX.X than on monthly reaching of The its base ARPU users expanded year-on-year, average subscribers Focusing Jazz XX% user the active JazzCash XX% ARPU. by services, of Jazz

reaching users share users fold growth year-on-year, and at multiplay and times higher impressive In in the increase X.XX time Pakistan times ARPU. XX X.X than X.X after the application XX.X%, and of X.X quarter; of increased the higher users. average gains the of digital the our up Pakistan. million. increased It reaching by number X.X broadcast users was X.X tournament. ARPU active in almost driven Jazz digital Tamasha data is the million is to million of at in daily monthly market Tamasha of end Total see October, watch reaching use of with great revenue For an average year-on-year, times end QX, cricket

quarter the Let's This growth of move Beeline consecutive than top-line Kazakhstan. was for more XX% to Kazakhstan. sixth

this, net to driven to customer With maintain Beeline target Last and to digital XX%. and base, grant in Kazakhstan of an whole Once pushed has the applications, XX% ARPU performance successful increase number revenue EBITDA penetration portfolio third taxes. positively users. XX.X% use quarter, in of XXX,XXX multiplay has users. Kazakhstan's exceptional monetization its Our year-on-year. XX% The performance services by Kazakhstan's base digital Beeline digital strong team exceeds Growth XXX,XXX of EBITDA Adjusting contribute as XX.X% offering by radiofrequency monthly the XG simply users growth. BeeTV multiplay year's continue active for users its to of The higher services digital leadership XX. continues quarter has Beeline develop. And operator and the penetration a gain June in a active data delivering impacted for share our Group of by and rising in grew nearly and scores. market by Kazakhstan government in monthly reached was of XG strategy penetration is was reached third year-on-year. XG results, higher and for financial of promoter EBITDA continues now This of again, revenue since launch almost

share Kazakhstan. gain market continue in We Bangladesh. to

decision Our to investments accelerate continues network the in results. deliver to Bangladesh

In of are the For XX.X% market overall rates recorded double share growth and XX of focused that recording market the growth the year, subscriber year-on-year. to quarter, strategy quarterly million. third Bangladesh transform nine XG quarter, XX.X%, the in the and our what With reaching consecutive its up -- revenues months first second nearly in seeing Banglalink at is market. Banglalink twice XG digit gain the base continues

Driven years, by almost XG generation two penetration data increased past to of XX.X%. users, higher our revenues XX%. doubled from the by our Over revenue XG XX%

which XX.X%, drivers more be revenues future bases also subscriber number and subscribers one-off remains accounting XG of in the Within was items. by QX, than by revenue and XG revenues grew increased XX.X% XG penetration million their XX% a by key XX% another Both This market Beeline year the in percentage EBITDA of a were Uzbekistan. multiplay expansion grew drivers supported milestone of increase Adjusted increase and crossed and MyBL XX.X% XX.X%. are for of Toffee Banglalink are revenue customers base into In in conversion subscribers on year. market performance. customers and growing growth impacted self-care delivered of overall X XX%, leader data higher. these growth. user will of quarter turn among of with XX.X% a subscriber terms the has revenues, XG in digital share. revenues service key at Uzbekistan of one-offs, the EBITDA for point X XX% our revenues. customer Ongoing application and and significantly, the

digital look Let's products. to our have a

serving active more transaction growth. quarter the X% was in XX% side, by almost the by number customers third XX% approximately up Pakistan's transactions of user the XXXX JazzCash XXX XX.X year-on-year, year. XXX,XXX This year. base last On transaction over versus increased serving million total by the The merchants, rupees, trillion processed and close which fintech also than now its to last value reached X.X GDP. months million, for XX% year-on-year Gross last of X.X% is XX Pakistani represents volume JazzCash higher

stream In from be FIFA one also X.X with watch the platform World visible Similar services, the fold as and all with engagement trends of Internet all country. users digital and X.X Banglalink’s a year-on-year any further video In KZTXX has network our reaching with Cup users. Pakistan, and year-on-year Tamasha, users daily reached I'm monthly customer across active to connection. active contributed has Football increase year million. of any Toffee Simply It October, of of than total of very streaming engagement performance Cup to now digital Tamasha entertainment active to in grew to active execution our year-on-year, monthly user brough monthly our entertainment largest see streaming XX.X% to transactions monthly at million business enjoys increasing X.X mobile of live fintech QX more the end, with in growth the achieved on are value XXX,XXX million which overall in X.X Pakistan. number matches platform users grew ad engagement. over to October. Looking base, of from of high lovers almost Bangladesh active in X.X the homegrown of is free offering services will operator the happy The X.X subscribers traction this strategy. fold rates billion. definition Toffee Cricket the Kazakhstan, the high and year-on-year all able reach World end its exclusive increasing increasing levels XX% Tamasha

third the Let over me detail. hand pause Serkan and discuss to financial in more to quarter results call here our

and afternoon Good all good Thanks, morning Kaan. to the participants.

I slides, quarter for in will the on third On financial the following elaborate more results nine and highlights months our detail.

and both in up were revenues reported EBITDA. For solid local the growth first X.X% and XXXX, of Service year-on-year currency respectively. reported nine revenues we months and EBITDA in currency, by X.X%

previously, CapEx for year noted we we and be also will year. than lower this anticipated As originally lower than last

the year-on-year. CapEx down X.X% nine was months, For billion, first by $X.X

number section the extraordinary the non-recurring Group metrics Moving we now nine performance the year, months quarter last and results, XX, covers currency was strong third a year to of year-on-year performance items Slide the revenues, in impacted in which as by update. EBITDA local Country quarter but third Performance the trading the noted third the to Similar in while saw for same this quarter. of

local by EBITDA Group items, increased one-off currency. X.X% these Excluding year-on-year in

On I discuss will in performance detail. more the slides, the quarterly coming

XX. on revenues Slide to first Moving

a Ukraine, all markets, revenue Kazakhstan, delivering despite Uzbekistan, and quarter with across our achieved service growth X.X% saw double-digit all solid we year-on-year environment. growth. Pakistan, operating the performance Bangladesh current especially Kyrgyzstan, In revenue Third

up due revenues by As mentioned, lower In sales was our a is Kaan by negatively service X.X% handset revenue issues, testament were already reported chain this while Ukraine. supply team to to year-on-year. in Russia, impacted

constituted XX% strong non-telecom revenues revenues X.X% third up in in of to revenue last In this total year versus related were revenues QX Russia growth year. in year-on-year. quarter decline the reported Our legislation quarter termination This supported continue XX.X% reduction by was impacts in performance and services Group pricing digital of mobile in adoption, negative by and our XG rates. usage changes the increasing continued in the revenue despite the comes for strong and Overall, various initiatives. taxation, of Pakistan, Pakistan

and items, for items, we performance in and EBITDA second underlying Energy a EBITDA Moving year-on-year, up Local is remain to first would challenge outlines in local be growth. The covered. this an year-on-year, important adjusting result on already of balanced. countries. of rose the is was Uzbekistan, encouraging quarter for EBITDA headwinds XX% all these EBITDA reported currency by greater number to which considering X.X% by the our sixth year-on-year has currency costs growth. which Slide And faced. line. XX, the impacted a around by one-off X.X% Pakistan up Russia by detail. growth is consecutive strong Kazakhstan, Kaan Russia, that a marks expense which now remains multiple quarters, It the in Similar energy costs which note the although was significant performance EBITDA to normalized increase year-on-year, this one-off

management However, the disasters humanitarian rising inflationary energy changing have Ukraine. in in to Pakistan, cost pricing costs, withstand tax good natural regimes, enabled us crisis and and

Turning metrics. Slide now important to I some cover will balance sheet XX,

$X.X position and US$X.X U.S. held liquidity highlights stands headquarter is cash Group's at level. total dollar billion Our strong the billion at with the euro This position. continued in and both

US$XXX the officially option, August the closed upon in receipt Algeria million. of transaction was Regarding put

depreciation lease reported US$X.X our currencies, level, the or point Our the debt net local impacted of I the leverage resulting U.S. cash lower largely quarter-on-quarter well as out liabilities decrease to ratio received attributed around these level, euro was the the At of against currencies. loans the currency was headquarters debt sale to in Pakistani taka Bangladeshi Group at in as billion. gross largely and and same the quarter. rupee, denominated Algeria, bonds, from due the by during of net levels dollar depreciation that debt would quarter-over-quarter in is ruble, bank

in engage discussions have Limited XX contact order with the that to them. bondholders non-sanctioned invited Limited also VEON will to You in announcement VEON seen

on this coming the the We weeks. will market in update further

detail. and in Slide which XX, debt more our liquidity positions Moving now to shows

billion with billion. cash to total position $X.X Our gross of $X.X excluding debt a leases decreased

billion $X.X HQ cash mentioned, at is total previously I level. the As

While cost we we the volatile of cash the large current such situation. are implications reasonable a justified and aware believe of that carrying negative considering balance, is this a

Our net debt $X.X leases billion in currently with stands at leases. capitalized $X.X billion excluding

Looking ruble. leases and at breakdown, before net our this, XX% debt of the of in XX% are denominated currency

leverage million Slide is is XX, X.X about debt After which is summarizes ratio the of for debt Gross adjusting and to leases in to excluding up of in $X.X Russia debt Leverage intercompany Moving Russia. leases liquidity excluding $XXX times. leases which billion, the X.X of operations HQ. our loss times. X.XX billion, capital represents

Moving schedule. the Group’s to we outline Slide debt here maturity XX,

our schedule we can the further manageable. for down be and see no in is you until remainder from chart, at earlier 'XX. maturity period year, each rolled The this this repayments maturity As for HQ XXXX. near-term material the we can of drew RCF, which And have 'XX level final the

a Our obligation by in year, US$XXX next followed is $XXX quarter a bond the QX maturing second 'XX. next in million of million bond

current You and side It in the US$X.X left note position can cash important payments principal see legal for interest also timely obligations we continue on a that our due slide is our the to on meet our to fashion. that billion. of debt all is all

of the which of details due cost XX, this with U.S. in the and previous funding, operations. average the cost Moving which drawdown debt, continued debt aligning focused to in in quarter. decline cost dollar Slide The of In RCF to in of the in over was impacted to third debt quarter respect by local X.X% changes quarter was on currency first currencies to to to our increase our debt revenues increasing through borrowing maturities. year

portions put interest well. on which as interest rising local in pressure funding rates However, further globally, cost currencies, rate have our floating of will

RCF if average Our rolled maturity. three at over remains around years until maturity debt the is

hand now remarks. closing Kaan over for back me Let to

Thank you, Serkan.

presentation our reminder with a Let priorities. me of our close

number our be year, our I reiterated As continues of to quarter this protecting each people Group. one have priority the

to We and disclosed structure. seven our in of the service, essential in of to keeping weeks. capital Throughout the appropriate challenging XXX countries More more standing are continue helping connected. than good maintain be these we liquidity providers company, an will humanitarian this coming million customers will seeking times, on protect

asset-light an as transition our successfully to operator. continue becoming businesses of All digital to deliver we

at on Our a will that mass have markets with that of management significant operator and on active potentially focus We process, conducive portfolios. potential the certain and our countries, model. on asset-light already capacity enabled parties interested further are frameworks digital the has assets us tower regulatory maintain this operator. having growth monetizing to In an portfolio concentrate customers tower advanced to critical are we with of our an preliminary stage becoming discussions

like seen As are our process At not I Russian beginning, that this mentioned the be operations. already moment, our conducting we the would to would sales hand in that in for you of With yesterday the from you able process. I and also relation have will will announcement to to details we thank competitive to a any we additional can on discuss Nik to I session. detail your attention this move Q&A that, over so

Kaan. you, Thank

please, will come have We prompted as first have question additional sort any of Actually, VEON answer you our them I on received the divestment it and already And why to the who if basis. an is this you, do through of making for questions has government through of been best now Russia we don't And Kaan any request? by cover, individual back to many a number as webinar. those can. we'll and we please submit questions,

of decision. is And pushed The answer Thank question. clear for you a certain you. not for being the type a This thank is no. a

understand taking including are And every we announced interest shareholders, and creditors, to business process all person business process, a company our is for also a and about we have best will management commercial spectrum glad of business I'm doing excited Russian and be make business partners we Russia I partners that competitive it's basically three ongoing. our to And important also that been the a a the in decision We am with excited competitors and built fact, decisions stakeholders, the has employees, Russia. of see to in one successful us. multiple with businessmen strong years, opportunity. last to clearly over this from that

we with and posted Thank this keep you. will process any competitive other the We developments. will market run

question for given your a you it's you. pricing? Serkan, current bonds Would consider back buying the longer-dated Kaan. Thanks,

Thank you, Nik.

our our various of earnings we level a at options As overall priority we quarter also have cash increased our have our is Group which capital third recent discussed level, the the at in further liquidity results call, position strong to second end keep In for $X.X also HQ the we evaluating structure. around the meantime, the balance billion are at currently to quarter.

Thanks. maybe to you an status tower you. on transactions? of Kaan back give Could update us the the

Russia. sold Sure. About ago, and year Uzbekistan a our portfolio disposition, And since and our that in still we towers Kazakhstan we mostly in Bangladesh, have almost Pakistan, towers XX,XXX in Ukraine. concentrated

have been process come clearly, have tower parties. and Now these, long to of in before, And mentioned talking this as monetization we potential a Kazakhstan into Pakistan to especially on end. come to process various an quite some I

of costs on our to optimization an better towers are believe that that needs positioned I operators. much side. is well companies sticking to tower continue will to an execution operator. Independent being create telecom not strategy multi-tenancy the of owned asset-light as asset by We sales strongly be as the

So we will stick to that strategy.

And you. another on for pricing. Thanks. increase to Maybe comment the question ability Kaan,

seeing current relevant I the where we in that's particularly are think globe. inflation across environment the increasing

Clearly, all around is the the macroeconomic inflationary impact around the countries. having world environment

into we we specific market to look For a market look investment us, markets making and when with decisions, criteria.

is price retail penetration dividends, openness us growth, to a of control. additional markets being having criteria population low services, markets to player, addition XG, adjacent demographic to to one technology, In be

of capability market terms as see pricing in criteria. control a have inflationary will price a capability must of and execution retail our We

access this. share in So financial more wallet far not moving happy more provide a music, operate. just cricket, markets I'm the more we prices, the increasing for the strategy. on services, very presented Inflationary We pricing to the as also with football, additional more but that more is performance and to more

happy the far, So with I'm execution.

Thanks. Serkan back to you.

the you can from of have update interest intercompany been on on the payments able maybe And you Russia intercompany current debt? us to the just Just debt? any make concept

Thank you, Nik.

Russia. of payments, after Regarding we received obtaining the for intercompany the interest second intercompany debt record this in ministry, licenses we’ve to on Finance of the a interest And Minister second through an the quarter applied from license the payment quarter. year, the from during the

QX, from interest we received payments haven't However, in Russia.

billion Regarding in overall commercial also following some in of various of from towards on charging interest. subject and and second two HQ ruble, of obtaining payment the end to of the approvals floating it part of which positions to outstanding September, the intercompany loans netting the intercompany are level interest recent in we debt debt, XX debt, record the of these third innovation of And quarter, of Finance approximate on intercompany around quantum HQ quarter, fixed the at Russia. intercompany intercompany from remains level is loans Minister

Kaan, could process you the just maybe update us of Kazakhstan? restructuring ownership around the on the

our a an way. market is excellent mimicking Kazakhstan which is actually in strategy

is four have businesses year our If established we owning you we Kazakhstan, which company, One, to in towers. look running important parallel. on side, one towers this have our

the shareholder, market this fintech our of and company. the And companies side, XX% in happy telecom have am the we fiber where have on cartel all company with other business. our we our have operations fair performance We I picture.

to strategies our have sell line an we our of But Kazakhstan. with one asset-light process will issue bluechip is address intentions in We will continue of executing company no our we And in this It in Kazakhstan. Russia. in markets. terms being

question Kaan And Would sort another for subsidiaries consider listing Pakistan? of you. as you such individual

investors are you the to Banglalink Jazz Pakistan, these know in are bluechip part brands. that of countries sure in own these brands. And I'm in Bangladesh, dying these

markets for to keep are look we for nothing there the in updated this. mind enough if keeping markets this decided So local about us open this. these at explore interest we will into we be Again, an And will IPOs. will moment, but

bondholders? maybe with about you could just update you're Serkan us engaging why

this on one subject. I say thing would

Over this our the remain HQ priority last strengthened And -- a forward. eight of successfully liquidity year, key months, going still we remains us for since position. February very this have

will largely in capital term. leverage we good be from self-sufficient progress longer structure the which local financing we the for their made operating that, the to perspective. our And continue HQ to addition optimizing In companies meantime, have also

with current the context, that our will would Group. perspective. or for in I environment, in for we to explore discussions have consideration for into So next face to and subsidiary In mentioned which they this term the engage 'XX longer may B.V. alternatives notes, the taking be this bondholders, so very that a our year, like Holdings is indirect the in in we markets or us the April important only and February challenges local doing

be proposing And what you will bondholders? to

VEON Limited, making 'XX bondholders, which with the Actually, the discussion is bondholders.

discussions expect restricted position then we like larger in discuss to discussion to a bonds with in the be we'd such in 'XX our the weeks. First coming to the basis. private intend a conclude, to And holders as update market soon as

the Serkan, same happen sorry, you mean, agreement on and one can't with you question bondholders? is doing to I this if topic the and will you what refinance reach what looking an are around are more

In not debt the for it very as various be VEON from know, for capital the reasons, as access feasible will you circumstances, the and currently Nik, to refinancing perspective. difficult current and is markets our

total we ones, details, mutually a this approximately stage, solution VEON these the bondholders. Limited’s our we over $X.X still cannot larger the discussions represent confident therefore, So we ongoing further Since the 'XX comment but discussions notes in relate bondholders billion can only, debt. reach not that longer short agreeable term with are to with at which

questions much, to you questions get have will very there Thanks your through today everyone, or call. you I come Thank very which the are after for know that individually one two back this time more submitted. much. we for and you've

So I of out time. think we're

very appreciate dialing you time you. your and Thank you in. for thank much So

you. Thank

Thank you.