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INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables) | 12 Months Ended
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Dec. 31, 2017
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES |
Schedule of significant joint ventures |
|  |  |  |  |  | Equity interest held by the Group |
|  | Country of incorporation |  | Nature of subsidiary |
Name of significant joint venture |  | 2017 |  | 2016 |
VIP-CKH Luxembourg S.à.r.l.* |  | Luxembourg |  | Holding |  |  | 50 | % |  | 50 | %
VIP-CKH Ireland Limited* |  | Ireland |  | Financing |  |  | 50 | % |  | 50 | %
Euroset Holding N.V. ("Euroset") |  | Russia |  | Operating |  |  | 50 | % |  | 50 | %
* Together, the "Italy Joint Venture", see "Significant accounting judgement" below, in this Note 14).
Schedule of aggregated financial information in joint ventures |
|  | Italy Joint Venture |  | Euroset |  | Other |  | Total |
As of January 1, 2015 |  |  | — |  |  | 237 |  |  | 28 |  |  | 265 |
Share of profit / (loss) |  |  | — |  |  | 18 |  |  | (4 | ) |  | 14 |
Reclassified to assets held for sale |  |  | — |  |  | — |  |  | (19 | ) |  | (19 | )
Foreign currency translation |  |  | — |  |  | (56 | ) |  | (3 | ) |  | (59 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2015 |  |  | — |  |  | 199 |  |  | 2 |  |  | 201 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisitions |  |  | 2,113 |  |  | — |  |  | — |  |  | 2,113 |
Share of profit / (loss) |  |  | 59 |  |  | (10 | ) |  | (1 | ) |  | 48 |
Impairment of Euroset |  |  | — |  |  | (99 | ) |  | — |  |  | (99 | )
Foreign currency translation |  |  | (119 | ) |  | 36 |  |  | (1 | ) |  | (84 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2016 |  |  | 2,053 |  |  | 126 |  |  | — |  |  | 2,179 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share of loss of joint ventures |  |  | (390 | ) |  | (22 | ) |  | — |  |  | (412 | )
Share of other comprehensive loss |  |  | (12 | ) |  | — |  |  | — |  |  | (12 | )
Impairment of Euroset |  |  | — |  |  | (110 | ) |  | — |  |  | (110 | )
Foreign currency translation |  |  | 270 |  |  | 6 |  |  | — |  |  | 276 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2017 |  |  | 1,921 |  |  | — |  |  | — |  |  | 1,921 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of summarized income statement of joint venture |
Income statement and statement of comprehensive income |  | 2017 |  | 2016* |
Operating revenue |  |  | 6,913 |  |  | 1,250 |
Operating expenses |  |  | (6,877 | ) |  | (1,058 | )
Other expenses |  |  | (755 | ) |  | (20 | )
Income tax expenses |  |  | (61 | ) |  | (54 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss for the period |  |  | (780 | ) |  | 118 |
Other comprehensive loss |  |  | (24 | ) |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total comprehensive loss |  |  | (804 | ) |  | 118 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Results for 2016 are included from November 5, 2016, being the date the joint venture was formed.
Schedule of summarized financial position joint venture |
Statement of financial position |  | 2017 |  | 2016* |
Non-current assets |  |  | 17,672 |  |  | 17,469 |
Current assets |  |  | 2,782 |  |  | 2,579 |
Assets held for sale |  |  | 289 |  |  | 53 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  |  | 20,743 |  |  | 20,101 |
Non-current liabilities |  |  | (13,166 | ) |  | (12,673 | )
Current liabilities |  |  | (3,729 | ) |  | (3,322 | )
Liabilities relating to assets held for sale |  |  | (7 | ) |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities |  |  | (16,902 | ) |  | (15,995 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net assets |  |  | 3,841 |  |  | 4,106 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to carrying amounts |  |  |  |  |  |  |
Company's equity interest |  |  | 50 | % |  | 50 | %
Company's share of Italy Joint Venture net assets |  |  | 1,921 |  |  | 2,053 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Carrying amount |  |  | 1,921 |  |  | 2,053 |
Included in the balances disclosed above are the following: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 743 |  |  | 666 |
Current financial liabilities* |  |  | (59 | ) |  | (186 | )
Non-current financial liabilities* |  |  | (12,406 | ) |  | (12,409 | )
* Financial liabilities exclude trade and other payables and provisions.
Summary of reportable segments financial information joint venture |
|  | 2017 |  | 2016* |
Revenue |  |  |  |  |  |  |
External customers |  |  | 6,912 |  |  | 1,250 |
Inter-segment |  |  | 1 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenue |  |  | 6,913 |  |  | 1,250 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA |  |  | 2,131 |  |  | 482 |
Other disclosures |  |  |  |  |  |  |
Capital expenditure |  |  | 1,434 |  |  | 584 |
* Results for 2016 are included from November 5, 2016, being the date the joint venture was formed.
Schedule of reconciliation of Adjusted EBITDA to (loss) / profit Joint Venture |
|  | 2017 |  | 2016* |
Adjusted EBITDA |  |  | 2,131 |  |  | 482 |
Depreciation and amortization |  |  | (2,063 | ) |  | (290 | )
Impairment of non-current assets |  |  | (27 | ) |  | — |
Gain / (loss) on disposals of non-current assets |  |  | (4 | ) |  | — |
Net finance costs |  |  | (468 | ) |  | (68 | )
Other non-operating (losses) / gains |  |  | (288 | ) |  | 48 |
Income tax expenses |  |  | (61 | ) |  | (54 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) / profit for the period |  |  | (780 | ) |  | 118 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* Results for 2016 are included from November 5, 2016, being the date the joint venture was formed.
Schedule of key assumptions used for determining the recoverable amount using the most recent cash flow projections |
Key assumptions |  | Q2 2017 |  | Q4 2016 |
Discount rate (functional currency) |  |  | 13.4 | % |  | 16.0 | %
Average annual revenue growth rate during forecast period (functional currency) |  |  | 1.7 | % |  | 4.5 | %
Terminal growth rate |  |  | 0.0 | % |  | 1.0 | %
Average operating (EBITDA) margin during forecast period |  |  | 0.0 | % |  | 3.7 | %
Average capital expenditure as a percentage of revenue |  |  | 0.9 | % |  | 0.4 | %

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