Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 321

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 321
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 escalate, will continue to negatively impact, aspects of our operations and results. See “— Significant Factors Affecting our Results of Operation — The War Between Russia and Ukraine.” Our Audited Combined Financial Statements have been prepared on a going concern basis. In accordance with IAS1, we have determined that the aforementioned conditions and events, considered in the aggregate, may raise substantial doubt about our ability to continue as a going concern for at least 12 months after the date these combined financial statements were authorized for issuance. We expect the actions we have taken or will take will mitigate the risk associated with the identified events and conditions. However, given the uncertainty and exogenous nature of the ongoing war and potential sanctions, as well as potential new counter -sanctions, and given the possible future imposition of external administration over our Ukrainian operations in particular, we concluded that a material uncertainty remains related to events or conditions that may raise substantial significant doubt on our ability to continue as a going concern, such that we may be unable to realize our assets and discharge our liabilities in the normal course of our business. 169

Liquidity and Capital Resources Our ability to generate sufficient cash for our ongoing operations depends on our operating performance, which in turn depends, to some extent, on general economic, financial, industry, regulatory and other factors, many of which are beyond our control, as well as other factors discussed in “ Risk Factors.” As of December 31, 2023, we had working capital of $439 million, compared to working capital of $million as of December 31, 2024. Working capital is defined as current assets less current liabilities. The change was primarily due to. 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 twelve 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 year ended December 31, 2024, our cash and cash equivalents include cash of $10 million retained by VEON Holdings in accordance with the Demerger and an estimated amount of $235 million held by VEON Holdings