Vimpelcom’s revenue in 2022 fell by 1.4%

At the end of 2022, the revenue of VimpelCom (Beeline brand) according to international financial reporting standards fell from 290.7 billion rubles. up to 286.7 billion rubles. Compared to 2021, the indicator decreased by 1.4%, according to the data in the VimpelCom report. EBIDTA increased by 9% compared to the previous year and amounted to RUB 118.5 billion. EBIDTA margin increased from 37.4% to 41.3%. Service revenue increased by 3% to RUB 262.9 billion.

The number of Beeline clients reached 44.8 million subscribers over the year (down 9.3% compared to the same period last year). The company explained that the reduction occurred against the backdrop of a decrease in the gross number of low-quality sales in inefficient channels.

The 4G user segment decreased by 0.7% year-on-year, with a 4G customer base of 25.3 million users.

The operator’s capital expenditures in 2022 decreased by 20.9% to RUB 59.4 billion. The report explains that the company has already carried out a large-scale construction of the network in 2020-2021 and completed it before the beginning of 2022, and also managed to purchase the necessary equipment for 2022 in advance.

VimpelCom in November 2022 announcedthat a group of top managers of the company, headed by CEO Alexander Torbakhov, entered into an agreement to acquire 100% of it from Veon. The buyer was supposed to be OAO Copernicus-Invest 3, Mr. Torbakhov. According to Kommersant, VimpelCom was going to buy back the debt of Veon Holdings BV on Eurobonds from the holders by issuing replacement bonds that would actually double the debt burden of the Russian company (the entire VimpelCom was valued at 370 billion rubles during the sale, the company’s net debt is 240 billion rubles). Now the transaction is at an advanced stage of implementation, all necessary regulatory approvals have been obtained at the level of Russian jurisdiction.

Julia Yurasova