Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 470

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 470
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 16. CARVE-OUT PRINCIPLES The following paragraphs summarize the accounting and other principles applied in preparing the CFS. Intercompany and related party transactions Intercompany transactions and assets and liabilities between VEON Group entities have been eliminated in these combined financial statements. Net investment The Net Investment of the Company consists of the Net Investment attributable to the shareholders and other comprehensive income. The CFS do not show share capital. Since the Company has no share capital and reserves in its own right, any equity represents the parent’s Net Investment. Thus, the presentation of the equity of the Company differs from the presentation of equity as prescribed in International Accounting Standards (“ IAS”)1, Presentation of Financial Statements. For such reasons, no earnings per share is presented. Notes Liabilities related to two separate Notes maturing in April 2025 and June 2025 are included in these CFS as VEON Holdings B.V. is the legal issuer. Refer to Note 16 for details and outstanding amounts at December 31, 2023. Corporate, Shared Service Units and Foreign Holding Company Expenses Wider VEON Group’s shared services have historically been recharged to VEON Group. The shared service expenses are attributable to services conducted on behalf of Wider VEON Group subsidiaries, primarily by the HQ function. These services comprise global tax, legal, financial, risk, reporting services, etc. The corresponding costs are included in these CFS based on historically recharged amounts. No adjustments were made to these recharges. F-31 VEON Holdings B.V.
GENERAL INFORMATION ABOUT THE GROUP (cont.) 1GENERAL INFORMATION (cont.) The CFS include the allocations of expenses from the Wider VEON Group which are based on management judgement, assumptions and estimates as described below. They relate to the following items: a.management services provided by Kyivstar’s Chief Executive Officer (CEO) resulting from a double -employmentcontract b.management services provided by Kyivstar’s Chief Financial Officer (CFO) resulting from a double -employmentcontract c.management services provided by VEON Ltd. Group Executive Committee (GEC) d.share of costs for Oracle ERP and other licenses from global contract e.share of costs for employees of the Wider VEON Group providing different kinds of shared services such as group tax, HR, corporate affairs, financial reporting and controlling, etc. The items a. -e. were recognized as expenses in Kyivstar’s financial statements. Due to double -employmentcontracts of Kyivstar’s CEO and CFO, a portion of their