Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 480

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 480
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 |     |             859 |     |    52 |     |       4 |     |     915 |

F-38

VEON Holdings B.V.
OPERATING ACTIVITIES OF THE GROUP (cont.) 3OPERATING REVENUE (cont.) Assets and liabilities arising from contracts with customers The following table provides a breakdown of contract balances and capitalized customer acquisition costs as of December 31:

|                                                    |     | 2023 |
| Customer acquisition costs                         |     |   38 |
| Connection costs                                   |     |    3 |
| Start packages and scratch-cards                   |     |    1 |
| Fixed line connections                             |     |    1 |
| Other assets                                       |     |    1 |
| Total assets arising from contracts with customers |     |   44 |

Liabilities arising from contracts with customers consisted of the following as of December 31:

|                                                         |     | 2023 |
| Deferred revenue                                        |     |   23 |
| Advances received from customers                        |     |    7 |
| Total liabilities arising from contracts with customers |     |   30 |

ACCOUNTING POLICIES Revenue from contracts with customers Service revenue Service revenue includes revenue from airtime charges from contract/postpaid and prepaid customers, monthly contract fees, interconnect revenue, roaming charges and charges for value added services (“VAS”). VAS includes short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine -to -machineand other services. The content revenue relating to VAS is presented net of related costs when Kyivstar’s performance obligation is to arrange the provision of the services by another party (Kyivstar acts as an agent), and gross when Kyivstar is primarily responsible for fulfilling the obligation to provide such services to the customer. Revenue for services with a fixed term, including fixed -termtariff plans and monthly subscriptions, is recognized on a straight -linebasis over time. For pay -as - you-useplans, in which the customer is charged based on actual usage, revenue is recognized on a usage basis. Some tariff plans allow customers to rollover unused services to the following period. For such tariff plans, revenue is generally recognized on a usage basis. For contracts which include multiple service components (such as voice, text, data), revenue is allocated based on stand -aloneselling price of each performance obligation. The stand -aloneselling price for these services is usually