Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 336

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 336
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 capital is defined as current assets less current liabilities. The decrease in working capital was primarily driven by the maturity profile of the 2025 bonds and a reduced amount of investment in government 175

bonds which were offset by an increase in cash and cash equivalents and the reclassification of the Seller loan receivable from non -currentto current assets. Our working capital is monitored on a regular basis by management. We believe our cash, cash equivalents, short -termdeposits and short -terminvestments, together with cash we expect to generate from future operations, will be sufficient to meet our working capital and capital expenditure requirements for a period of at least 12 months from the date of this proxy statement/prospectus. Our primary sources of liquidity are the cash flow generated by our operations. We believe that this liquidity structure allows us to sustain fluctuations in cash flow development. Liquidity inflows and outflows of business entities are monitored and coordinated centrally by our corporate treasury department. For the three months ended March31, 2025, our cash and cash equivalents included cash of $10million retained by VEON Holdings in accordance with the Demerger and $213million held by VEON Holdings to cover the estimated repayment of the 2025 Bonds in combination with the related party loan receivable due from VEON Amsterdam B.V. For the year ended December 31, 2024, our cash and cash equivalents included cash of $10 million retained by VEON Holdings in accordance with the Demerger and $235 million held by VEON Holdings to cover the estimated repayment amount of the 2025 Bonds. On April9, 2025, VEON Holdings repaid the April 2025 Bonds for $472million. Cash Flows The following table summarizes our cash flow statements for the three months ended March31, 2025 and 2024 and the years ended December 31, 2024 and 2023.

|                                                  |     |     Three months 
            ended 
        March 31, 
             2025 |   |     | Three months 
        ended 
    March 31, 
         2024 |   |     |   Year ended 
 December 31, 
         2024 |   |     |   Year ended 
 December 31, 
         2023 |   |
|:-------------------------------------------------|:----|-----------------:|:--|:----|-------------:|:--|:----|-------------:|:--|:----|-------------: