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INVESTMENTS IN SUBSIDIARIES
 12 Months Ended
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
20242023
VEON Amsterdam B.V.NetherlandsHolding100.0 %100.0 %
VEON Holdings B.V.**NetherlandsHolding100.0 %100.0 %
JSC “Kyivstar” *UkraineOperating100.0 %100.0 %
LLP “KaR-Tel”KazakhstanOperating75.0 %75.0 %
LLC “Unitel”UzbekistanOperating100.0 %100.0 %
VEON Finance Ireland Designated Activity CompanyIrelandHolding100.0 %100.0 %
LLC “Sky Mobile” ***KyrgyzstanOperating50.1 %50.1 %
VEON Luxembourg Holdings S.à r.l.LuxembourgHolding100.0 %100.0 %
VEON Luxembourg Finance Holdings S.à r.l.LuxembourgHolding100.0 %100.0 %
VEON Luxembourg Finance S.A.LuxembourgHolding100.0 %100.0 %
Global Telecom Holding S.A.EEgyptHolding99.6 %99.6 %
Pakistan Mobile Communications LimitedPakistanOperating100.0 %100.0 %
Banglalink Digital Communications LimitedBangladeshOperating100.0 %100.0 %
VEON Group Holding Company LimitedDubaiBranch100.0 %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
202420232024202320242023
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
202420232022
Operating revenue774 692 571 
Operating expenses(487)(423)(403)
Other expenses(28)(11)(12)
Profit before tax259 258 156 
Income tax expense(57)(57)(33)
Profit for the year202 201 123 
Total comprehensive income202 201 123 
Attributed to NCIs51 50 31 

Summarized statement of financial position
KaR-Tel
20242023
Property and equipment532 455 
Intangible assets160 188 
Other non-current assets41 37 
Trade and other receivables33 39 
Cash and cash equivalents51 68 
Other current assets33 24 
Debt and derivatives(358)(210)
Provisions(8)(10)
Other liabilities(253)(216)
Total equity231 375 
Attributed to:
Equity holders of the parent173 281 
Non-controlling interests58 94 

Summarized statement of cash flows
KaR-Tel
202420232022
Net operating cash flows338 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%.