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INVESTMENTS, DEBT AND DERIVATIVES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Schedule of financial assets | The Company holds the following investments and derivatives assets as of December 31:
| Carrying value
| 2024 | 2023
At fair value |  |
Other investments | 30 | 41
| 30 | 41
At amortized cost |  |
Security deposits and cash collateral | 117 | 103
Bank deposits | 2 | 3
Other investments | 273 | 339
| 392 | 445
Total investments and derivatives | 422 | 486
Non-current | 65 | 53
Current | 357 | 433
Schedule of financial liabilities | The Company holds the following outstanding debt and derivatives liabilities as of December 31:
| Carrying value
| 2024 | 2023
At fair value |  |
Derivatives not designated as hedges | — | 1
| — | 1
At amortized cost |  |
Borrowing, of which | 3,348 |  | 3,708 |
i) Principal amount outstanding | 3,265 |  | 3,560 |
ii) Other Borrowings | 83 |  | 148 |
Interest accrued | 57 | 83 |
Discounts, unamortized fees | (12) |  | (6)
Bank loans and bonds | 3,393 | 3,785
Lease liabilities | 1,030 | 977
Other financial liabilities | 271 | 393
| 4,694 | 5,155
Total debt and derivatives | 4,694 | 5,156
Non-current | 3,028 | 3,464
Current | 1,666 | 1,692
Schedule of principal amounts outstanding for interest-bearing loans and bonds | The Company had the following principal amounts outstanding for interest-bearing bank loans, bonds and long term payables classified as borrowings at December 31:
|  |  |  |  |  | Principal amount outstanding
Borrower | Type of debt | Guarantor | Currency | Interest rate | Maturity | 2024 | 2023
VEON Holdings B.V. | Revolving Credit Facility | None | USD | SOFR + 1.50% | 2024 | — |  | 692 |
VEON Holdings B.V. | Revolving Credit Facility | None | USD | SOFR + 1.50% | 2024 | — |  | 363 |
VEON Holdings B.V.* | Notes | None | USD | 4.00% | 2025 | 472 |  | 556 |
VEON Holdings B.V. | Notes | None | RUB | 6.30% | 2025 | 77 |  | 102 |
VEON Holdings B.V. | Notes | None | RUB | 6.50% | 2025 | — |  | 37 |
VEON Holdings B.V. | Notes | None | RUB | 8.13% | 2026 | — |  | 15 |
VEON Holdings B.V.** | Notes | None | USD | 3.38% | 2027 | 1,014 |  | 1,093 |
VEON Holdings B.V. | Legacy notes, no payments due, subject to potential conversion | None | USD | 4.00% | 2025 | 24 |  | — |
VEON Holdings B.V. | Legacy notes, no payments due, subject to potential conversion | None | RUB | 6.30% | 2025 | 12 |  | — |
VEON Holdings B.V. | Legacy notes, no payments due, subject to potential conversion | None | USD | 3.38% | 2027 | 69 |  | — |
PMCL | Short-term Loan | None | PKR | 3M KIBOR - 3.00% | Feb-Mar 2025 | 108 |  | — |
PMCL | Short-term Loan | None | PKR | 6M KIBOR - 3.00% | May-Jun 2025 | 194 |  | — |
PMCL | Notes | None | PKR | 3M KIBOR - 0.10% | Apr 2025 | 54 |  | — |
PMCL | Loan | None | PKR | 6M KIBOR +0.55% | 2026 | 87 |  | 128 |
PMCL | Loan | None | PKR | 6M KIBOR + 0.55% | 2028 | 47 |  | 53 |
PMCL | Loan | None | PKR | 3M KIBOR + 0.60% | 2031 | 180 |  | 178 |
PMCL | Loan | None | PKR | 6M KIBOR +0.60% | 2032 | 143 |  | 142 |
PMCL | Loan | None | PKR | 6M KIBOR +0.60% | 2034 | 232 |  | — |
PMCL | Loan | None | PKR | 6M KIBOR +0.60% | 2034 | 54 |  | — |
PMCL | Other | None | PKR |  |  | 25 |  | — |
Banglalink | Loan | None | BDT | Average bank deposit rate + 4.25% | 2027 | 53 |  | 81 |
Banglalink | Loan | None | BDT | 7.00% to 12.00% | 2028 | 56 |  | 46 |
Banglalink | Other | None |  |  |  | 105 |  | — |
KaR-Tel | Loan | None | KZT | 17.25% - 18.50% | 2026 | 26 |  | 22 |
KaR-Tel | Loan | None | KZT | 15.50% - 16.50% | 2029 | 40 |  | — |
KaR-Tel | Other | None |  |  |  | 61 |  | — |
Unitel LLC | Loan | None | UZS | 20.00% to 22.00% | 2027 | 29 |  | 12 |
Unitel LLC | Loan | None | UZS | 25.80% | 2026 | 15 |  | —
Unitel LLC | Other |  |  |  |  | 77 |  | —
| Other bank loans and borrowings |  |  | 94 | 187
| Total bank loans and bonds *** |  |  | 3,348 | 3,707
*As of the date of this Annual Report on Form 20-F, such notes have been repaid. ** As a result of the consent solicitation in January 2025, which went into effect on April 8, 2025, the current issuer of the these notes is VEON MidCo B.V. ***Such total does not reflect the US$210 term loan signed in March 2025. The borrower under the loan is VEON MidCo. Following the demerger of VEON Holdings and after the June 2024 maturities, the obligor under outstanding group debt obligations will be VEON MidCo. B.V. given the listing of our Ukrainian operations is contemplated to be at parent entity of VEON Holdings B.V.
Schedule of reconciliation of cash flows from financing activities | SIGNIFICANT CHANGES IN DEBT AND DERIVATIVES Reconciliation of cash flows from financing activities
| Bank loans and bonds | Lease liabilities | Total
Balance as of January 1, 2023 | 6,764 |  | 806 |  | 7,570 |
Cash flows |  |  |
Proceeds from borrowings, net of fees paid | 194 |  | — |  | 194 |
Repayment of debt | (964) |  | (147) |  | (1,111) |
Interest paid | (370) |  | (119) |  | (489) |
Non-cash movements |  |  |
Interest and fee accruals | 355 |  | 112 |  | 467 |
Lease additions, disposals, impairment and modifications | 171 |  | 430 |  | 601 |
Foreign currency translation | (276) |  | (77) |  | (353) |
Reclassification related to bank loans and bonds * | (2,064) |  | — |  | (2,064) |
Other non-cash movements | (25) |  | (28) |  | (53) |
Balance as of December 31, 2023 | 3,785 |  | 977 |  | 4,762 |
Cash flows |  |  |
Proceeds from borrowings, net of fees paid | 955 |  | — |  | 955 |
Repayment of debt | (1,333) |  | (150) |  | (1,483) |
Interest paid | (314) |  | (117) |  | (431) |
Non-cash and other non financing movements |  |  |
Interest and fee accruals | 346 |  | 119 |  | 465 |
Lease additions, disposals, impairment and modifications | — |  | 295 |  | 295 |
Held for sale - Note 11 | (3) |  | — |  | (3) |
Foreign currency translation | (32) |  | (68) |  | (100) |
Reclassification related to bank loans and bonds * | 4 |  | — |  | 4 |
Other non-cash/ other non financing movements | (15) |  | (26) |  | (41) |
Balance as of December 31, 2024 | 3,393 |  | 1,030 |  | 4,423 |
*This primarily relates to the purchase of VEON group debt, refer to discussion below.
Schedule of hedge accounting with derivatives as hedging items | The below table sets out the reconciliation of each component of equity and the analysis of other comprehensive income (all of which are attributable to the equity owners of the parent):
| Foreign currency translation reserve
As of January 1, 2023 | (8,808) |
Transfer from OCI to income statement on disposal of subsidiary | 3,384 |
Reclassification of net investment hedge | 30 |
Other comprehensive (loss) | (596) |
As of December 31, 2023 | (5,990) |
Transfer from OCI to income statement on disposal of subsidiary | (36) |
Other comprehensive (loss) | (147) |
As of December 31, 2024 | (6,173) |

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