Company: KYIV
Filing Date: 2025-09-05
Form Type: F-1
Source: 0001213900-25-085122
Chunk: 302

Company: Kyivstar Group Ltd.
Filing Date: 2025-09-05
Form: F-1
Chunk 302
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| Cash and cash equivalents at beginning of period                      |     |      |     |  425 |   |     |  432 |   |
| Cash and cash equivalents at end of period                            |     |   15 |     |  674 |   |     |  425 |   |

The accompanying notes are an integral part of these combined financial statements

F-50 VEON Holdings B.V.
GENERAL INFORMATION ABOUT THE GROUP 1GENERAL INFORMATION VEON Holdings B.V. ( “VEON Holdings”, the “Company”), was established as a private company with limited liability under the laws of the Netherlands on June 29, 2009. The registered office and principal place of business of VEON Holdings B.V. is located at Claude Debussylaan88, 1082 MD Amsterdam, the Netherlands. The entity is an indirectly wholly -ownedsubsidiary of VEON Ltd. (“ Parent”). On January 13, 2025, VEON Ltd. announced its intention to indirectly list JSC Kyivstar, including its subsidiaries as listed below (in aggregate “ Kyivstar”), VEON’s digital operator in Ukraine, on the Nasdaq Stock Market LLC (“Nasdaq”) in the United States (the “ Transaction”). As part of the preparation for the indirect listing, VEON will undertake a pre -transactionreorganization of VEON Holdings (the “Reorganization”). This Reorganization will be consummated through a Dutch legal demerger, as a result of which VEON Holdings, which will remain domiciled in the Netherlands, will hold only Kyivstar and its subsidiaries and certain other select assets and liabilities. VEON has commenced the demerger by filing the demerger proposal and accompanying documents with the Dutch Chamber of Commerce on January 13, 2025. The Reorganization is expected to be completed in April 2025. Refer to Note 18. The combined financial statements (“ CFS”) have been prepared in accordance with the basis of preparation and accounting policies set out in this Note below. The combined financial statements were authorized by the VEON Board of Directors for issuance on April 2, 2025. The combined financial statements presented herein reflect the following combined entities’ results of operations, assets and liabilities and cash flows that will remain with VEON Holdings after the demerger and form the entity subject to the aforementioned Transaction: VEON Holdings B.V. The combined financial statements of the Company as a single economic entity reflecting the outcome of the pre -transaction