VEON Ltd. · NASDAQ:VEON
VEON — Q4 2023 Earnings Presentation
61 slides from VEON's earnings presentation, Mar 21, 2024
Slide 1: 4Q23 Trading Update
VEON 4Q23 TRADING UPDATE STRONG ORGANIC GROWTH IN REVENUE AND EBITDA SOLID EXECUTION OF VEON 2.0 STRATEGY 21 March 2024 1 4Q23 trading update |1
Slide 2: Agenda
AGENDA 1. OPENING Faisal Ghori 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS – INCLUDING DEBT MATURITY AND LIQUIDITY UPDATE Joop Brakenhoff 4. CLOSING REMARKS Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Joop Brakenhoff 2 4Q23 trading update |2
Slide 3: Disclaimer
DISCLAIMER VEON's results and other financial information presented in this presentation are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and audited. The financial information included in this presen
Slide 4: Notice to Readers: Financial Information Presented; Impact of the War in Ukraine
NOTICE TO READERS: FINANCIAL INFORMATION PRESENTED VEON's results and other financial information presented in this presentation are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibili
Slide 5: Agenda
AGENDA 1. OPENING Faisal Ghori 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS – INCLUDING DEBT MATURITY AND LIQUIDITY UPDATE Joop Brakenhoff 4. CLOSING REMARKS Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Joop Brakenhoff 5 4Q23 trading update |5
Slide 6: VEON 2.0 – Best in Class Digital Operator
VEON 2.0 – BEST IN CLASS DIGITAL OPERATOR Key fundamental trends and themes shaping our equity story • Across our geographies, population growth, 4G data consumption, smart 1 Double-digit growth phone penetration, digital product monetization and pricing drives double-digit topline growth EBITDA mar
Slide 7: FY 2023 Highlights
FY 2023 HIGHLIGHTS TOTAL SERVICE EBITDA REVENUE REVENUE $3,698mn $3,576mn $1,609mn -2% YoY -1% YoY -8% YoY +18% YoY +18% YoY +20% YoY local currency local currency local currency High-teens growth, faster than Growth supported by digital Normalised EBITDA margin at weighted average inflation scale a
Slide 8: FY 2023 YoY Performance
FY 2023 YOY PERFORMANCE Factors impacting organic financial performance of the Group • Revenues +PKR 6.6bn in 4Q22 (c.USD 30mn) Tax court disputes resolved in VEON’s favor in Pakistan and 1 Uzbekistan in 2022 • EBITDA +PKR 20.2bn in 4Q22 (c.USD 91mn) • EBITDA +UZS 222bn in 2Q22 (c.USD 20mn) One-off
Slide 9: 4Q23 Highlights
4Q23 HIGHLIGHTS TOTAL SERVICE REVENUE REVENUE EBITDA $953mn $915mn $364mn +1% YoY +1% YoY -20% YoY +18% YoY +17% YoY +25% YoY local currency local currency local currency Balanced growth across Strong uptake in Multiplay Inflationary pricing, ARPU markets, disciplined segment, higher ARPU and expans
Slide 10: FY23 Group Overview - Normalised
FY23 GROUP OVERVIEW - NORMALISED Ukraine Pakistan Bangladesh +10.2% +23.7% +14.6% Service revenue Service revenue Service revenue +7.7% EBITDA +23.6% EBITDA +18.2% EBITDA Kazakhstan Uzbekistan Kyrgyzstan +21.1% +22.3% +18.9% Service revenue Service revenue Service revenue +30.0% EBITDA +14.8% EBITDA
Slide 11: 4Q23 Group Overview - Normalised
4Q23 GROUP OVERVIEW - NORMALISED Ukraine Pakistan Bangladesh +5.5% +25.6% +8.6% Service revenue Service revenue Service revenue +12.4% EBITDA +23.3% EBITDA +24.2% EBITDA Kazakhstan Uzbekistan Kyrgyzstan +21.9% +28.5% +15.9% Service revenue Service revenue Service revenue +30.1% EBITDA +50.1% EBITDA
Slide 12: Accelerated Growth Despite Challenging Macro
ACCELERATED GROWTH DESPITE CHALLENGING MACRO Total revenue, YoY performance by country in local currency FY 2023 YoY Growth Rates 30.0% VEON 3-yr CAGR +15% VEON +18% 18% Pakistan +23% 20.0% 13% Uzbekistan +22% 10% Kazakhstan +21% 10.0% Kyrgyzstan +19% -2% Bangladesh +14% 0.0% Ukraine +10% FY 2020 FY
Slide 13: 4G Growth Driving Revenues
4G GROWTH DRIVING REVENUES Mobile customer base Steady growth in 4G Revenues from 4G users uptake drive top line growth 156mn subscribers A3M 4G users and penetration Multiplay and Doubleplay 4G (B2C) revenue (3 month active, million) (USD million) 135mn subscribers A1M Multiplay 2Play 4G 60% 54% 46
Slide 14: Ukraine FY 2023
UKRAINE FY 2023 Keeping Ukraine connected and investing in its future FY23 RESULTS AND YOY TRENDS SERVICE REVENUE AND MULTIPLAY AND DOUBLEPLAY EBITDA AND YOY TRENDS 4G REVENUE (B2C)1 EBITDA MARGIN (UAH Billion) (UAH billion) (UAH billion) TOTAL SERVICE Multiplay 2Play 4G REVENUE REVENUE 66.8% +7.9%
Slide 15: Helsi
HELSI The largest digital healthcare platform in Ukraine Users registered in the system 27 million +10% YoY Active healthcare institutions c.1,600 +37% YoY Active doctors and specialists 37,000+ +20% YoY Appointments in 4Q23 2 million +39% YoY 15 4Q23 trading update|15
Slide 16: Ukraine
UKRAINE Reiterating our commitment to the country’s future • Started rolling out USD 600 million to recovery and reconstruction • Rebuilding Ukraine: signed LOI with Rakuten • Increasing cyber-resilience: working with leading international partners to Commitment to Ukraine address the learnings • Wo
Slide 17: Pakistan FY 2023
PAKISTAN FY 2023 ~20% revenue YoY growth, gaining market share FY23 RESULTS AND YOY TRENDS SERVICE REVENUE AND MULTIPLAY AND DOUBLEPLAY EBITDA AND YOY TRENDS 4G REVENUE (B2C)1 EBITDA MARGIN (PKR Billion) (PKR billion) (PKR billion) TOTAL SERVICE Multiplay 2Play 4G 51.2% REVENUE REVENUE 45.7% 44.9% +
Slide 18: Digital Financial Services in Pakistan
DIGITAL FINANCIAL SERVICES IN PAKISTAN JazzCash and Mobilink Bank 4Q23 DFS EBITDA The most popular domestic mobile PKR 3.7bn Pakistan’s largest domestic digital financial services app in Pakistan 12.3x YoY bank with 42+ million customers MAU Gross Loan Portfolio 16.2 million PKR 59.1 billion Active
Slide 19: Tamasha
TAMASHA Pakistan’s leading domestic entertainment platform MAU 11 million 2.5x YoY non-Jazz users of Tamasha 46% +24 p.p. YoY Total # of sessions 555 million 4x YoY Asia/World Cricket Cup: Ad Revenues PKR 186 million new revenue streams keep momentum ARPU Pakistan Digital Award 2023: PKR 514 Best Di
Slide 20: Kazakhstan FY 2023
KAZAKHSTAN FY 2023 20%+ revenue growth and EBITDA growth 30%+, gaining market share FY23 RESULTS AND YOY TRENDS SERVICE REVENUE AND MULTIPLAY AND DOUBLEPLAY EBITDA AND YOY TRENDS 4G REVENUE (B2C) EBITDA MARGIN (KZT Billion) (KZT billion) (KZT billion) Multiplay 2Play 4G TOTAL SERVICE REVENUE REVENUE
Slide 21: IZI
IZI Youth-focused mobile entertainment operator in Kazakhstan Entertainment platform Mobile operator The app offers a variety of With the highest NPS score and lowest unique and new content churn in Kazakhstan MAU Monthly active mobile customers 475,000 248,500 +17% YoY +62% YoY non-Beeline Kazakhst
Slide 22: Bangladesh FY 2023
BANGLADESH FY 2023 Mid teens revenue growth and high-teens EBITDA growth FY23 RESULTS AND YOY TRENDS SERVICE REVENUE AND MULTIPLAY AND DOUBLEPLAY EBITDA AND YOY TRENDS 4G REVENUE (B2C) EBITDA MARGIN (BDT Billion) (BDT billion) (BDT billion) TOTAL SERVICE Multiplay 2Play 4G REVENUE REVENUE 41.6% +14.
Slide 23: Toffee
TOFFEE The largest domestic mobile entertainment platform in Bangladesh MAU 8 million non-Banglalink users of Toffee 65% Total # of sessions 152 million Asia/World Cricket Cup: Ad Revenues BDT 72 million ARPU BDT 331 3x higher than single play voice customers 23 Note: YoY comparison in MAU, non-Bang
Slide 24: Uzbekistan FY 2023
UZBEKISTAN FY 2023 Revenue growth 20%+ YoY and reached 73%+ 4G user penetration FY23 RESULTS AND YOY TRENDS SERVICE REVENUE AND MULTIPLAY AND DOUBLEPLAY EBITDA AND YOY TRENDS 4G REVENUE (B2C) EBITDA MARGIN (UZS Billion) (UZS billion) (UZS billion) TOTAL SERVICE Multiplay 2Play 4G 45.9% 44.6% REVENUE
Slide 25: DO1440 Flywheel Spinning Faster, Planting Future Growth
DO1440 FLYWHEEL SPINNING FASTER, PLANTING FUTURE GROWTH Our digital portfolio of assets as of 29 February 2024 Total digital MAU across all Total guest digital MAU LTM Gross Transaction Value LTM Total usage time, services and platforms of our apps USD 24 billion minutes 98.5 million 20.1 million +1
Slide 26: Crystallising Infrastructure Value
CRYSTALLISING INFRASTRUCTURE VALUE Deal in Bangladesh, moving ahead in four VEON markets PAKISTAN BANGLADESH KAZAKHSTAN UZBEKISTAN UKRAINE ~1.6k towers1 ~5.5k towers, incl. ~10.6k towers + stake in TNS ~4.1k sites 2.0k sold in Jan- ~7.8k sites1 (+ 4.2k BTS) Plus (FTTH (+2.4k BTS) 24 (+ c.1.8k BTS) c
Slide 27: Agenda
AGENDA 1. OPENING Faisal Ghori 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS – INCLUDING DEBT MATURITY AND LIQUIDITY UPDATE Joop Brakenhoff 4. CLOSING REMARKS Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Joop Brakenhoff 27 4Q23 trading update |27
Slide 28: FY 2023 Revenues
FY 2023 REVENUES REVENUE, FX DIFFERENCES IN FY 2023 (USD million) 56 (9) (20) 570 269 FY 2023 results YoY trends FX differences 775 TOTAL REVENUE 939 +18% normalised 1,119 3,718 3,698 $3,698mn -2% Pakistan Ukraine, Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, One-offs in VEON, SERVICE no
Slide 29: FY 2023 EBITDA and EBITDA Margin
FY 2023 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN FY 2023 (USD million) 112 22 (131) 214 (97) FY 2023 results YoY trends FX differences 421 563 EBITDA +20% 1,704 normalised 502 1,607 $1,609mn -8% Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ recurring VEON, One-offs in VEO
Slide 30: Q4 2023 Revenues
Q4 2023 REVENUES REVENUE, FX DIFFERENCES IN 4Q23 (USD million) 4Q23 results YoY trends FX differences 75 15 (2) (20) 141 TOTAL REVENUE 208 +18% 237 normalised 299 973 953 $953mn +1% Pakistan Ukraine, Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ and VEON, One-offs in VEON, normalised eliminations n
Slide 31: Q4 2023 EBITDA and EBITDA Margin
Q4 2023 EBITDA AND EBITDA MARGIN EBITDA, FX DIFFERENCES IN 4Q23 (USD million) 4Q23 results YoY trends FX differences 34 6 (32) 53 (70) EBITDA 107 +25% 138 normalised 129 434 $364mn 364 -20% Pakistan Ukraine Kazakhstan Bangladesh Uzbekistan Kyrgyzstan HQ recurring VEON, One-offs in VEON, normalised a
Slide 32: 4Q23 Debt and Liquidity Update
4Q23 DEBT AND LIQUIDITY UPDATE CASH • Total cash USD 1.7 billion, of which USD 1.3 billion at the HQ level as of 31 December 2023. • In addition to the USD 1.7 billion, we also hold long-term sovereign bonds of USD 150 million as of 31 December 2023. • Operations remain self-funding. USD, million 31
Slide 33: Russia Exit
RUSSIA EXIT Impact on financials Gross debt* Net debt and leverage ratio* Lease liabilities (USD billion) (USD billion and multiple) (USD billion) 3.30x 2.36x 8.4 1.42x 6.7 5.1 3.1 3.7 3.7 2.0 0.8 1.0 3Q22 4Q22 4Q23 3Q22 4Q22 4Q23 3Q22 4Q22 4Q23 (USD billion) Impact to profit and loss FY 2023 • In 4
Slide 34: Debt Maturity as of 31 December 2023
DEBT MATURITY AS OF 31 DECEMBER 2023 DEBT MATURITY SCHEDULE AS OF 31 DECEMBER 2023 Sovereign bonds (USD billion) Operating companies USD RUB PKR BDT OTHER RCF Headquarters (RCF) Headquarters (other) 0.15 1.64 0.41 1.19 0.81 1.74 1.06 0.40 0.24 0.25 0.16 0.27 Cash and cash equivalents 2024 2025 2026
Slide 35: Debt Management Update
DEBT MANAGEMENT UPDATE AVERAGE COST OF DEBT 23.2% (%) 10.2% • Average cost of debt reflects blended rate of borrowings, mainly in USD, PKR and BDT. 8.0% 5.0% • PKR debt with average cost of 23.2% accounted for c.15% of total Group debt excl. leases in 4Q23. 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q
Slide 36: Agenda
AGENDA 1. OPENING Faisal Ghori 2. HIGHLIGHTS & BUSINESS UPDATE Kaan Terzioğlu 3. TRADING RESULTS – INCLUDING DEBT MATURITY AND LIQUIDITY UPDATE Joop Brakenhoff 4. CLOSING REMARKS Kaan Terzioğlu 5. Q&A Kaan Terzioğlu, Joop Brakenhoff 36 4Q23 trading update |36
Slide 37: 2023 Ambitions
2023 AMBITIONS Our full-year ambitions achieved, while addressing new challenges 1 Exit from Russia • Completed • Reiterating our commitment to the future of Ukraine 2 Ukraine • Continued engagement with Ukrainian authorities and lawmakers • Support from US, UK and EU investors • Execution on “4G fo
Slide 38: 2023 Results and 2024 Outlook
2023 RESULTS AND 2024 OUTLOOK Continuing our growth trajectory FY 2023 Guidance1 FY 2023 Actual FY 2024 Guidance Total Revenue, YoY in local currency 18%-20% growth 18% growth 16%-18% growth EBITDA, YoY in local currency 18%-20% growth 20% growth 18%-20% growth LTM Capex intensity 16%-18% 18% 18%-19
Slide 39: Q&A
VEON 4Q23 TRADING UPDATE Q&A 39 4Q23 trading update |39
Slide 40: Thank You
VEON 4Q23 TRADING UPDATE THANK YOU! ir@veon.com Tel: +31 (0)20 79 77 200 40 4Q23 trading update |40
Slide 41: Appendix
VEON 4Q23 TRADING UPDATE APPENDIX 41 4Q23 trading update |41
Slide 42: Digital Operator Strategy Delivering Results
DIGITAL OPERATOR STRATEGY DELIVERING RESULTS Multiplay customers (B2C) ARPU Multiple Single play and no play revenue Double play revenue 3.8x 3.2x Multiplay revenue Share of multiplay customers 1.0x Voice only 2play 4G Multiplay 27% 22% Churn Impact 16% 1.0x 38% 47% 0.7x 0.5x 30% 4Q21 4Q22 4Q23 Voic
Slide 43: Ukraine Q4 2023
UKRAINE Q4 2023 Keeping Ukraine connected and investing in its future 4Q23 RESULTS AND YOY TRENDS SERVICE REVENUE AND 4G USERS AND MULTIPLAY AND DOUBLEPLAY YOY TRENDS PENETRATION 4G REVENUE (B2C)1 (UAH billion) (3 month active, million) (UAH billion) TOTAL SERVICE Multiplay 2Play 4G 60% REVENUE REVE
Slide 44: Pakistan Q4 2023
PAKISTAN Q4 2023 Double-digit revenue YoY growth, gaining market share 4Q23 RESULTS AND YOY TRENDS SERVICE REVENUE AND 4G USERS AND MULTIPLAY AND DOUBLEPLAY YOY TRENDS PENETRATION 4G REVENUE (B2C) (PKR Billion) (3 month active, million) (PKR billion) TOTAL SERVICE +13.5% Multiplay 2Play 4G 62% REVEN
Slide 45: Kazakhstan Q4 2023
KAZAKHSTAN Q4 2023 20%+ revenue growth and 30%+ EBITDA growth, gaining market share 4Q23 RESULTS AND YOY TRENDS SERVICE REVENUE AND 4G USERS AND MULTIPLAY AND DOUBLEPLAY YOY TRENDS PENETRATION 4G REVENUE (B2C) (KZT Billion) (3 month active, million) (KZT billion) TOTAL SERVICE +21.9% 68% 73% Multipl
Slide 46: Bangladesh Q4 2023
BANGLADESH Q4 2023 EBITDA growth over 20% YoY 4Q23 RESULTS AND YOY TRENDS SERVICE REVENUE AND 4G USERS AND MULTIPLAY AND DOUBLEPLAY YOY TRENDS PENETRATION 4G REVENUE (B2C) (BDT Billion) (3 month active, million) (BDT billion) TOTAL SERVICE +8.6% 50% Multiplay 2Play 4G +17.1% 43% REVENUE REVENUE +8.4
Slide 47: Uzbekistan Q4 2023
UZBEKISTAN Q4 2023 Accelerating rev growth, with multiplay revenues 53% of service rev 4Q23 RESULTS AND YOY TRENDS SERVICE REVENUE AND 4G USERS AND MULTIPLAY AND DOUBLEPLAY YOY TRENDS PENETRATION 4G REVENUE (B2C) (UZS Billion) (3 month active, million) (UZS billion) TOTAL SERVICE +28.5% 73% Multipla
Slide 48: Our Mobile Financial Services
OUR MOBILE FINANCIAL SERVICES Provide a broad portfolio of branchless banking services for customers JazzCash Simply Beepul Balance.KG Pakistan Kazakhstan Uzbekistan Kyrgyzstan 4Q23 ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 16.2 -1.1% 1.3 5.2x 0.3 -2.1% 0.2 -31.7% MAU app users (million) 9.3 29.
Slide 49: Our Entertainment Platforms
OUR ENTERTAINMENT PLATFORMS Offer new experiences and unique content to our customers Tamasha Toffee BeeTV Kyivstar TV Beeline TV IZI Pakistan Bangladesh Kazakhstan Ukraine Uzbekistan Kazakhstan 4Q23 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 10.6 2.5x 8.4 -60.3% 0.9 4.1% 1.3 18.5
Slide 50: Our Self-Service Platforms
OUR SELF-SERVICE PLATFORMS Transforming into super-apps My Kyivstar JazzWorld My Beeline MyBL My Beeline My Beeline Ukraine Pakistan Kazakhstan Bangladesh Uzbekistan Kyrgyzstan 4Q23 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 4.3 9.7% 14.6 15.2% 4.7 19.8% 7.8 36.4% 5.2 7.2% 0.5 -11
Slide 51: DO1440 Flywheel Spinning Faster, Planting Future Growth
DO1440 FLYWHEEL SPINNING FASTER, PLANTING FUTURE GROWTH Our digital portfolio of assets as of 31 December 2023 Total digital MAU across all Total guest digital MAU Gross Transaction Value in Total usage time in 2023, services and platforms of our apps 2023 minutes 95 million 21 million USD 22 billio
Slide 52: Our Mobile Financial Services
OUR MOBILE FINANCIAL SERVICES Provide a broad portfolio of branchless banking services for customers JazzCash Simply Beepul Balance.KG Pakistan Kazakhstan Uzbekistan Kyrgyzstan FEB’2024 ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 16.8 16.8% 1.4 6.4x 0.3 -6.5% 0.1 -62.0% MAU app users (million) 9.9
Slide 53: Our Entertainment Platforms
OUR ENTERTAINMENT PLATFORMS Offer new experiences and unique content to our customers Tamasha Toffee BeeTV Kyivstar TV Beeline TV IZI Pakistan Bangladesh Kazakhstan Ukraine Uzbekistan Kazakhstan FEB’2024 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 13.2 2.5x 7.9 -23.4% 0.8 15.6% 1.4
Slide 54: Our Self-Service Platforms
OUR SELF-SERVICE PLATFORMS Transforming into super-apps My Kyivstar JazzWorld My Beeline MyBL My Beeline My Beeline Ukraine Pakistan Kazakhstan Bangladesh Uzbekistan Kyrgyzstan FEB’2024 ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY ACT YoY MAU (million) 4.1 10.3% 15.1 23.4% 4.5 17.4% 8.1 32.3% 5.0 31.1% 0
Slide 55: Group Debt and Liquidity Currency Mix as of 31 December 2023
GROUP DEBT AND LIQUIDITY CURRENCY MIX AS OF 31 DECEMBER 2023 Gross debt Net debt AS OF 31 DECEMBER 2023 Capitalised Cash and cash Gross debt excluding excluding USD equivalent, million leases deposits leases leases USD / EUR 2,839 7 2,832 1,383 1,449 RUB 154 - 154 1 153 PKR 802 254 548 79 469 BDT 56
Slide 56: Outstanding Debt by Entity
OUTSTANDING DEBT BY ENTITY AS OF 31 DECEMBER 2023 (USD equivalent, million) Type of debt Total Overdrafts and Entity Bonds Loans outstanding other debt VEON Holdings B.V. 1,803 1,055 - 2,858 Pakistan Mobile Communications Limited - 519 21 540 Banglalink Digital Communications Ltd. - 140 5 145 Other
Slide 57: Debt Maturity
DEBT MATURITY Debt maturity schedule 2024-2025 as of 31 December 2023 DEBT MATURITY SCHEDULE 2024-2025 (Millions) 2024 2025 Maturity period Mar 2024 Mar 20241 Sep 2024 Mar 2025 Mar 20251 Sep 2025 Sep 2025 other other Outstanding debt, USD 21 250 21 107 22 805 21 556 240 equivalent Outstanding debt,
Slide 58: Lease Liabilities (Principal)
LEASE LIABILITIES (PRINCIPAL) USD, million Local currency, million 31 December 2023 30 September 2023 31 December 2023 30 September 2023 Pakistan 254 228 71,644 65,743 Ukraine 174 179 6,599 6,541 Bangladesh 421 329 46,158 36,182 Kazakhstan 91 81 41,195 38,404 Uzbekistan 33 34 405,392 414,884 Kyrgyzs
Slide 59: Reconciliation Tables
RECONCILIATION TABLES Extract from 4Q23 trading update RECONCILIATION OF LOCAL CURRENCY NORMALISED, LOCAL CURRENCY AND REPORTED YOY GROWTH RATES - 4Q23 Total Revenue EBITDA Local currency, Local currency, One-offs Local currency FX and other Reported One-offs Local currency FX and other Reported nor
Slide 60: Reconciliation Tables
RECONCILIATION TABLES Extract from 4Q23 trading update RECONCILIATION OF AMOUNTS: REPORTED, IN CONSTANT CURRENCY, AND ONE-OFFS IN CONSTANT CURRENCY - 4Q23 Constant FX, Constant FX, USD, million Reported Constant FX One-offs USD, million Reported Constant FX One-offs adjusted for one-offs adjusted fo
Slide 61: Definitions
DEFINITIONS 4G users are mobile customers who have engaged in revenue-generating activity during the three months prior to the measurement date as a result of activities over fourth-generation (4G or LTE – long term evolution) network technologies. ARPU (average revenue per user) measures the monthl