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SIGNIFICANT TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

Significant Transactions

Schedule of key assumptions used in the discounted cash flow model

Key assumptions		November 5, 2016
Discount rate (functional currency)			6.9	%
Average annual revenue growth rate during forecast period (functional currency)			(2.3	)%
Terminal growth rate			0.5	%
Average operating (EBITDA) margin during forecast period			35.7	%
Average capital expenditure as a percentage of revenue			21.0	%

Schedule of effect of the disposal of Italy for the current year

		Note		2016
Fair value of investment in joint venture		14			2,113
Cash consideration receivable*					28
​	​	​	​	​	​	​
Total consideration on disposal					2,141
De-recognition of assets classified as held for sale					(15,974	)
De-recognition of liabilities classified as held for sale					15,414
Release of cumulative other comprehensive income related to Italy					207
​	​	​	​	​	​	​
Gain on disposal of discontinued operations, net of tax					1,788
​	​	​	​	​	​	​
​	​	​	​	​	​	​

* Cash consideration receivable relates to a Final Adjustment payable by HET to the Company based on contributed Working Capital and Net Cash.

Schedule of financial information related to the discontinued operation

		2016			2015
Total operating revenues			4,135			4,913
Total operating expenses			(2,556	)		(3,765	)
​	​	​	​	​	​	​	​
Operating profit			1,579			1,148
​	​	​	​	​	​	​	​
Other (expenses) / income			(217	)		(722	)
​	​	​	​	​	​	​	​
Profit / (loss) before tax			1,362			426
​	​	​	​	​	​	​	​
Income tax (expense) / benefit			(442	)		(164	)
​	​	​	​	​	​	​	​
Profit / (loss) after tax for the period from discontinued operations			920			262
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of fair values of the identifiable assets and liabilities of Warid

		2016
Non-current assets
Property and equipment			199
Intangible assets			201
Deferred tax assets			308
Other financial assets			2
Current assets
Inventories			1
Trade and other receivables			26
Other non-financial assets			23
Current income tax assets			17
Cash and cash equivalents			7
Non-current liabilities
Financial liabilities			(402	)
Provisions			(6	)
Other non-financial liabilities			(15	)
Current liabilities
Trade and other payables			(113	)
Other non-financial liabilities			(83	)
Other financial liabilities			(45	)
​	​	​	​	​
Total identifiable net assets at fair value			120
Purchase consideration			321
​	​	​	​	​
Goodwill resulting from the acquisition			201
​	​	​	​	​
Purchase consideration
Share issued by PMCL			274
Contingent consideration liability			47
​	​	​	​	​
Total purchase consideration			321
​	​	​	​	​
Analysis of cash flows on acquisition
Net cash acquired with the subsidiary (included in cash flows from investing activities)			7
​	​	​	​	​
Net cash flow on acquisition			7
​	​	​	​	​

Towers in Pakistan classified as held-for-sale

Significant Transactions

Schedule of assets and liabilities classified as held for sale as of balance sheet date

		2017
Property and equipment			177
Goodwill			224
Deferred tax assets			64
Other non-current assets			2
Other current assets			44
​	​	​	​	​
Total assets held for sale			511
​	​	​	​	​
​	​	​	​	​
Non-current liabilities			(7	)
Current liabilities			(28	)
​	​	​	​	​
Total liabilities held for sale			(35	)
​	​	​	​	​
​	​	​	​	​

Laos operations classified as held for sale

Significant Transactions

Schedule of assets and liabilities classified as held for sale as of balance sheet date

		2017
Property and equipment			15
Intangible assets			2
Current assets			5
​	​	​	​	​
Total assets held for sale			22
​	​	​	​	​
​	​	​	​	​
Non-current liabilities			(5	)
Current liabilities			(10	)
​	​	​	​	​
Total liabilities held for sale			(15	)
​	​	​	​	​
​	​	​	​	​

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