VEON 3Q 20 results and Conference Call Notes - Operational trends show signs of a turnaround
VEON reported 3Q 20 results above market expectations, partially driven by a one-off provision reversal in Pakistan, while net profit was hit by a goodwill impairment in the amount of USD 790 mn. FY 20e guidance was confirmed at low- to mid-single digit revenue, an EBITDA decline in LCU, and a capex/sales ratio of 22-24%. VEON also reiterated that dividend payments in relation to FY 20e results are unlikely. Additionally, VEON agreed to sell its Armenian business and will exercise its option to acquire 15% in Jazz Pakistan until FY 20 year end.
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