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DISPOSAL GROUPS CLASSIFIED AS HELD-FOR-SALE | 6 Months Ended
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Jun. 30, 2018
DISPOSAL GROUPS CLASSIFIED AS HELD-FOR-SALE |
DISPOSAL GROUPS CLASSIFIED AS HELD-FOR-SALE | 12 DISPOSAL GROUPS CLASSIFIED AS HELD-FOR-SALE The table below provides the details over assets and liabilities classified as held-for-sale, for the following disposal groups as of June 30, 2018:
|  | Assets held-for-sale |  | Liabilities held-for-sale |
|  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017 |
Italy Joint Venture |  | 1,564 |  | — |  | — |  | — |
Deodar |  | 462 |  | 509 |  | 47 |  | 35 |
Tajikistan (see Note 7) |  | — |  | — |  | — |  | — |
Laos (see Note 7) |  | — |  | 22 |  | — |  | 15 |
Other individual assets |  | 1 |  | 2 |  | — |  | — |
Total assets and liabilities held for sale |  | 2,027 |  | 533 |  | 47 |  | 50 |
EXIT FROM ITALY JOINT VENTURE On July 3, 2018, VEON entered into an agreement with CK Hutchison Holdings Ltd. (“CK Hutchison”), counterparty of the Italy Joint Venture, for the sale of its 50% stake in the Italy Joint Venture. On completion, VEON will receive a cash consideration for its equity stake of EUR 2,450 million (approximately US$2,867) and CK Hutchison will own 100% of the Italy Joint Venture. As a result of this anticipated transaction, the investment in the Italy Joint Venture was reclassified as an asset held-for-sale and a discontinued operation as of June 30, 2018. The transaction is subject to EU merger control clearance and necessary Italian regulatory approvals and is expected to be completed before the end of the year. Following the classification as a disposal group held-for sale, the Company no longer accounts for investment in Italy Joint Venture using the equity method of accounting. Share of loss of Italy Joint Venture The table below provides the details of share of profit / (loss) and share of other comprehensive income / (loss) of the Italy Joint Venture for the following periods ended June 30:
|  | Six-month period |  | Three-month period |
Discontinued operations |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Share of profit / (loss) of Italy Joint Venture after tax |  | (300 | ) | (174 | ) | (170 | ) | (85 | )
Other comprehensive income / (loss) of Italy Joint Venture |  | (18 | ) | — |  | (6 | ) | — |
The information of the Italy Joint Venture disclosed below reflects the amounts presented in the financial statements of the relevant joint venture and not the Group’s share of those amounts, unless otherwise stated. The information presented below has been amended to reflect adjustments made by the Company when using the equity method, including fair value adjustments and modifications for differences in accounting policy. The loss for the period for the Italy Joint Venture for the six and three-month periods ended June 30 is disclosed below, on a 100% ownership basis.
|  | Six-month period |  | Three-month period |
Income statement and statement of comprehensive income |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Operating revenue |  | 3,336 |  | 3,308 |  | 1,598 |  | 1,671 |
Operating expenses |  | (3,738 | ) | (3,308 | ) | (1,838 | ) | (1,702 | )
Other expenses |  | (213 | ) | (301 | ) | (102 | ) | (114 | )
Income tax benefit / (expense) |  | 15 |  | (47 | ) | 2 |  | (25 | )
Profit / (loss) for the period |  | (600 | ) | (348 | ) | (340 | ) | (170 | )
Other comprehensive income / (loss) |  | (36 | ) | — |  | (12 | ) | — |
Total comprehensive income / (loss) |  | (636 | ) | (348 | ) | (352 | ) | (170 | )
TOWERS IN PAKISTAN On August 30, 2017, Pakistan Mobile Communications Limited (“PMCL”), a subsidiary of the Company, signed an agreement for the sale of its subsidiary, Deodar (Private) Limited (“Deodar”), for PKR 98,700 million (approximately US$812) to Tanzanite Tower (Private) Limited, a tower operating company owned by edotco Group Sdn. Bhd. and Dawood Hercules Corporation. Deodar holds the tower business of PMCL, a portfolio of approximately 13,000 towers, and provides network tower services in Pakistan. As a result of this anticipated transaction, on June 30, 2017, the Company classified Deodar as a disposal group held-for-sale. As of June 30, 2018, the Company continued with the classification of Deodar as a disposal group held-for-sale in anticipation of closing the transaction in the third quarter of 2018, subject to approval from the Pakistan Telecommunication Authority.
|  | Deodar |
Property and equipment |  | 161 |
Goodwill |  | 204 |
Deferred tax assets |  | 50 |
Other non-current assets |  | 2 |
Current assets |  | 45 |
Total assets |  | 462 |
Non-current liabilities |  | (7 | )
Current liabilities |  | (40 | )
Total liabilities |  | (47 | )
Other comprehensive income related to disposal group |  | (90 | )

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