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INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)

12 Months Ended

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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