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BRIEF-VEON says new official exchange rate in Uzbekistan to directly impact reported results
2017年9月15日 / 凌晨5点28分 / 2 个月前

BRIEF-VEON says new official exchange rate in Uzbekistan to directly impact reported results

Sept 15 (Reuters) - VEON LTD:

* ‍IMPACT OF CURRENCY REGIME DEVELOPMENTS IN UZBEKISTAN​

* ‍NEW OFFICIAL UZBEK EXCHANGE RATE WILL DIRECTLY IMPACT REPORTED RESULTS FOR VEON GROUP FOR TWO REASONS​

* ‍EXPECTS ANNUALIZED DECREASES IN REVENUES OF USD 300-350 MILLION AND IN UNDERLYING EBITDA OF USD 175-225 MILLION​

* ‍UZBEK SOM RESULTS OF UNITEL WILL NOW BE TRANSLATED INTO U.S. DOLLARS AT A HIGHER EXCHANGE RATE​

* ‍ BASED ON 2016 TOTAL ANNUAL REVENUES IMPACT REPRESENTS APPROXIMATELY 3.5% OF REVENUES AND APPROXIMATELY 5.5% OF UNDERLYING EBITDA​

* ‍GROUP‘S NET DEBT / UNDERLYING EBITDA RATIO IS EXPECTED TO IMMEDIATELY INCREASE BY 0.1X AND NET ASSETS ARE EXPECTED TO DECREASE BY USD 485 MILLION.​

* ‍UNITEL AND ALL OTHER TELECOMMUNICATIONS OPERATORS WILL EXPERIENCE EROSION OF EBITDA RESULTING FROM FIXING OF TARIFFS FROM U.S. DOLLARS TO UZBEK SOM AT PRIOR OFFICIAL EXCHANGE RATE​

* ‍2017 GUIDANCE FOR LOW SINGLE DIGIT ORGANIC REVENUE GROWTH REMAINS INTACT.​

* ‍UNDERLYING EBITDA MARGIN IS NOW EXPECTED TO SHOW FLAT TO LOW SINGLE DIGIT ORGANIC GROWTH​

* ‍THEREFORE ANTICIPATE THAT GROUP WILL GENERATE UNDERLYING EQUITY FREE CASH FLOW (BEFORE LICENSE SPECTRUM FEES) OF BETWEEN USD 850 AND 950 MILLION IN 2017​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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