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INVESTMENTS IN SUBSIDIARIES | 12 Months Ended
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Dec. 31, 2024
Disclosure of subsidiaries [abstract] |
INVESTMENTS IN SUBSIDIARIES | INVESTMENTS IN SUBSIDIARIES The Company held investments in material subsidiaries for the years ended December 31 as detailed in the table below. The equity interest presented represents the economic rights available to the Company.
|  |  | Equity interest held by the Group
Name of significant subsidiary | Country of incorporation | Nature of subsidiary | 2024 | 2023
VEON Amsterdam B.V. | Netherlands | Holding | 100.0 | % | 100.0 | %
VEON Holdings B.V.** | Netherlands | Holding | 100.0 | % | 100.0 | %
JSC “Kyivstar” * | Ukraine | Operating | 100.0 | % | 100.0 | %
LLP “KaR-Tel” | Kazakhstan | Operating | 75.0 | % | 75.0 | %
LLC “Unitel” | Uzbekistan | Operating | 100.0 | % | 100.0 | %
VEON Finance Ireland Designated Activity Company | Ireland | Holding | 100.0 | % | 100.0 | %
LLC “Sky Mobile” *** | Kyrgyzstan | Operating | 50.1 | % | 50.1 | %
VEON Luxembourg Holdings S.à r.l. | Luxembourg | Holding | 100.0 | % | 100.0 | %
VEON Luxembourg Finance Holdings S.à r.l. | Luxembourg | Holding | 100.0 | % | 100.0 | %
VEON Luxembourg Finance S.A. | Luxembourg | Holding | 100.0 | % | 100.0 | %
Global Telecom Holding S.A.E | Egypt | Holding | 99.6 | % | 99.6 | %
Pakistan Mobile Communications Limited | Pakistan | Operating | 100.0 | % | 100.0 | %
Banglalink Digital Communications Limited | Bangladesh | Operating | 100.0 | % | 100.0 | %
VEON Group Holding Company Limited | Dubai | Branch | 100.0 | % | 100.0 | %
* Based on the development with respect to the freezing of VEON’s corporate rights in Kyivstar as discussed in Note 1, VEON assessed whether the court order and subsequent motions result in an event that VEON has lost control over Kyivstar and concluded that, under the requirements of relevant reporting standards, VEON continues to control Kyivstar and as such, will continue to consolidate Kyivstar in these financial statements. ** On April 8, 2025, we completed a partial Dutch statutory demerger of VEON Holdings B.V. (“VEON Holdings”) pursuant article 2:334a paragraph 3 of the Dutch Civil Code, as a result of which VEON Holdings’s previously-held interests in its subsidiaries (along with other assets, liabilities and contracts) were allocated among VEON Holdings and two newly-incorporated entities, VEON MidCo B.V. and VEON Intermediate Holdings B.V. Effective April 8, 2025: (i) VEON Holdings’s only subsidiary is JSC Kyivstar; (ii) VEON MidCo B.V. holds the interests in VEON’s operating subsidiaries and other key assets; and (iii) VEON Intermediate Holdings holds the interests in VEON’s non-core assets and subsidiaries. ***LLC “Sky Mobile” was classified as held-for-sale as of December 31, 2024. See Note 11. Certain of the Group’s subsidiaries are subject to restrictions that impact their ability to distribute dividends. For example, the Group faces certain restrictions from paying dividends where it is subject to withholding tax, primarily in Pakistan, Kazakhstan and Uzbekistan. The total amount of dividend restrictions amounts to US$231 (2023: US$254). MATERIAL PARTLY-OWNED SUBSIDIARIES Financial information of subsidiaries that have material non-controlling interests (“NCIs”) is provided below:
| Equity interest held by NCIs | Book values of material NCIs | Profit / (loss) attributable to material NCIs
Name of significant subsidiary | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
LLP “KaR-Tel” (“KaR-Tel”) | 25.0 | % | 25.0 | % | 58 |  | 94 |  | 51 |  | 50 |
The summarized financial information of these subsidiaries before intercompany eliminations for the years ended December 31 is detailed below. Summarized income statement
| KaR-Tel
| 2024 | 2023 | 2022
Operating revenue | 774 |  | 692 |  | 571 |
Operating expenses | (487) |  | (423) |  | (403) |
Other expenses | (28) |  | (11) |  | (12) |
Profit before tax | 259 |  | 258 |  | 156 |
Income tax expense | (57) |  | (57) |  | (33) |
Profit for the year | 202 |  | 201 |  | 123 |
Total comprehensive income | 202 |  | 201 |  | 123 |
Attributed to NCIs | 51 |  | 50 |  | 31 |
Summarized statement of financial position
| KaR-Tel
| 2024 | 2023
Property and equipment | 532 |  | 455 |
Intangible assets | 160 |  | 188 |
Other non-current assets | 41 |  | 37 |
Trade and other receivables | 33 |  | 39 |
Cash and cash equivalents | 51 |  | 68 |
Other current assets | 33 |  | 24 |
Debt and derivatives | (358) |  | (210) |
Provisions | (8) |  | (10) |
Other liabilities | (253) |  | (216) |
Total equity | 231 |  | 375 |
Attributed to: |  |
Equity holders of the parent | 173 |  | 281 |
Non-controlling interests | 58 |  | 94 |
Summarized statement of cash flows
| KaR-Tel
| 2024 | 2023 | 2022
Net operating cash flows | 338 |  | 308 |  | 243 |
Net investing cash flows | (112) |  | (117) |  | (127) |
Net financing cash flows | (236) |  | (166) |  | (117) |
Net foreign exchange difference | (8) |  | — |  | (3) |
Net (decrease) / increase in cash equivalents | (18) |  | 25 |  | (4) |
SIGNIFICANT ACCOUNTING JUDGEMENTS Control over subsidiaries Subsidiaries, which are those entities over which the Company is deemed to have control, are consolidated. In certain circumstances, significant judgement is required to assess if the Company is deemed to have control over entities where the Company’s ownership interest does not exceed 50%.

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