Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | VEON Ltd. |
Entity Central Index Key | 0001468091 |
Document Period End Date | Sep. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | [1] | Sep. 30, 2021 | Sep. 30, 2020 | [1] | |
Profit or loss [abstract] | ||||||
Service revenues | $ 1,825 | $ 1,683 | $ 5,283 | $ 5,113 | ||
Sale of equipment and accessories | 147 | 108 | 357 | 266 | ||
Other revenue | 33 | 28 | 96 | 83 | ||
Total operating revenues | 2,005 | 1,819 | 5,736 | 5,462 | ||
Other operating income | 1 | 1 | 2 | 3 | ||
Service costs | (347) | (340) | (1,036) | (999) | ||
Cost of equipment and accessories | (139) | (100) | (346) | (261) | ||
Selling, general and administrative expenses | (631) | (561) | (1,851) | (1,802) | ||
Depreciation | (391) | (352) | (1,143) | (1,086) | ||
Amortization | (81) | (75) | (222) | (235) | ||
Impairment (loss) / reversal | 0 | (790) | (5) | (791) | ||
Gain / (loss) on disposal of non-current assets | (4) | (5) | (8) | (16) | ||
Operating profit | 413 | (403) | 1,127 | 275 | ||
Finance costs | (186) | (174) | (507) | (560) | ||
Finance income | 5 | 5 | 10 | 20 | ||
Other non-operating gain / (loss) | 17 | 0 | 24 | 101 | ||
Net foreign exchange gain / (loss) | (11) | 7 | 1 | (11) | [2] | |
Profit / (loss) before tax | 238 | (565) | 655 | (175) | [2] | |
Income tax expense | (111) | (103) | (283) | (234) | ||
Profit / (loss) from continuing operations | 127 | (668) | 372 | (409) | ||
Profit / (loss) after tax from discontinued operations | 68 | 24 | 88 | 59 | ||
Profit / (loss) for the period | 195 | (644) | 460 | (350) | ||
Attributable to: | ||||||
The owners of the parent (continuing operations) | 114 | (631) | 335 | (383) | ||
The owners of the parent (discontinued operations) | 31 | 11 | 40 | 27 | ||
Non-controlling interest | $ 50 | $ (24) | $ 85 | $ 6 | ||
Basic and diluted gain / (loss) per share attributable to ordinary equity holders of the parent | ||||||
Basic gain / (loss) per share from continuing operations attributable to ordinary equity holders of the parent (in USD per share) | $ 0.07 | $ (0.36) | $ 0.19 | $ (0.22) | ||
Diluted gain / (loss) per share from continuing operations attributable to ordinary equity holders of the parent (in USD per share) | 0.07 | (0.36) | 0.19 | (0.22) | ||
Basic loss per share from discontinued operations attributable to ordinary equity holders of the parent (in USD per share) | 0.02 | 0.01 | 0.02 | 0.02 | ||
Diluted loss per share from discontinued operations attributable to ordinary equity holders of the parent (in USD per share) | 0.02 | 0.01 | 0.02 | 0.02 | ||
Basic gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share) | 0.09 | (0.35) | 0.21 | (0.20) | ||
Diluted gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share) | $ 0.09 | $ (0.35) | $ 0.21 | $ (0.20) | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) | |||||
[2] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4) |
INTERIM CONDENSED CONSOLIDATE_2
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Statement of comprehensive income [abstract] | ||||||
Profit / (loss) for the period | $ 195 | $ (644) | [1] | $ 460 | $ (350) | [1] |
Items that may be reclassified to profit or loss | ||||||
Foreign currency translation | (104) | (219) | (96) | (705) | ||
Other | 0 | 6 | 0 | 7 | ||
Items reclassified to profit or loss | ||||||
Other | 0 | (8) | 2 | (13) | ||
Other comprehensive income / (loss) , net of tax | (104) | (221) | (94) | (711) | ||
Total comprehensive income / (loss) , net of tax | 91 | (865) | 366 | (1,061) | ||
Attributable to: | ||||||
The owners of the parent | 51 | (836) | 313 | (987) | ||
Non-controlling interests | 40 | (29) | 53 | (74) | ||
Total comprehensive income / (loss) , net of tax | $ 91 | $ (865) | $ 366 | $ (1,061) | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
INTERIM CONDENSED CONSOLIDATE_3
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Non-current assets | |||
Property and equipment | $ 6,446 | $ 6,879 | |
Intangible assets | 3,149 | 4,152 | |
Investments and derivatives | 57 | 305 | |
Deferred tax assets | 185 | 186 | |
Other assets | 200 | 179 | |
Total non-current assets | 10,037 | 11,701 | |
Current assets | |||
Inventories | 112 | 111 | |
Trade and other receivables | 671 | 572 | |
Investments and derivatives | [1] | 32 | 90 |
Current income tax assets | 36 | 73 | |
Other assets | 315 | 335 | |
Cash and cash equivalents | [1] | 1,498 | 1,669 |
Total current assets | 2,664 | 2,850 | |
Assets classified as held for sale | 2,321 | 0 | |
Total assets | 15,022 | 14,551 | |
Equity | |||
Equity attributable to equity owners of the parent | 379 | 163 | |
Non-controlling interests | 898 | 850 | |
Total equity | 1,277 | 1,013 | |
Non-current liabilities | |||
Debt and derivatives | 8,616 | 8,832 | |
Provisions | 91 | 141 | |
Deferred tax liabilities | 174 | 127 | |
Other liabilities | 31 | 28 | |
Total non-current liabilities | 8,912 | 9,128 | |
Current liabilities | |||
Trade and other payables | [1] | 1,850 | 1,946 |
Debt and derivatives | [1] | 1,320 | 1,255 |
Provisions | 105 | 151 | |
Current income tax payables | 212 | 175 | |
Dividend payable | 2 | 0 | |
Other liabilities | 783 | 883 | |
Total current liabilities | 4,272 | 4,410 | |
Liabilities associated with assets held for sale | 561 | 0 | |
Total equity and liabilities | $ 15,022 | $ 14,551 | |
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. |
INTERIM CONDENSED CONSOLIDATE_4
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total | Issued capital | Capital Surplus | Other capital reserves | Accumulated deficit | Foreign currency translation | Non- controlling interests | |
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2019 | 1,749,127,404 | ||||||||
Equity at beginning of period at Dec. 31, 2019 | $ 2,220 | $ 1,226 | $ 2 | $ 12,753 | $ (1,887) | $ (1,330) | $ (8,312) | $ 994 | |
Profit / (loss) for the period | (350) | [1] | (356) | (356) | 6 | ||||
Other comprehensive income / (loss) | (711) | (631) | (6) | (4) | (621) | (80) | |||
Total comprehensive income / (loss) , net of tax | (1,061) | (987) | (6) | (360) | (621) | (74) | |||
Dividends declared | (326) | (262) | (262) | (64) | |||||
Other | (1) | (2) | (2) | 26 | (26) | 1 | |||
Number of shares outstanding at end of period (in shares) at Sep. 30, 2020 | 1,749,127,404 | ||||||||
Equity at end of period at Sep. 30, 2020 | 832 | (25) | $ 2 | 12,753 | (1,895) | (1,926) | (8,959) | 857 | |
Number of shares outstanding at beginning of period (in shares) at Jun. 30, 2020 | 1,749,127,404 | ||||||||
Equity at beginning of period at Jun. 30, 2020 | 1,702 | 811 | $ 2 | 12,753 | (1,894) | (1,303) | (8,747) | 891 | |
Profit / (loss) for the period | (644) | [1] | (620) | (620) | (24) | ||||
Other comprehensive income / (loss) | (221) | (216) | (1) | (3) | (212) | (5) | |||
Total comprehensive income / (loss) , net of tax | (865) | (836) | (1) | (623) | (212) | (29) | |||
Dividends declared | (5) | 0 | (5) | ||||||
Other | 0 | 0 | |||||||
Number of shares outstanding at end of period (in shares) at Sep. 30, 2020 | 1,749,127,404 | ||||||||
Equity at end of period at Sep. 30, 2020 | 832 | (25) | $ 2 | 12,753 | (1,895) | (1,926) | (8,959) | 857 | |
Number of shares outstanding at beginning of period (in shares) at Dec. 31, 2020 | 1,749,127,404 | ||||||||
Equity at beginning of period at Dec. 31, 2020 | 1,013 | 163 | $ 2 | 12,753 | (1,898) | (1,919) | (8,775) | 850 | |
Profit / (loss) for the period | 460 | 375 | 375 | 85 | |||||
Other comprehensive income / (loss) | (94) | (62) | (4) | (58) | (32) | ||||
Total comprehensive income / (loss) , net of tax | 366 | 313 | 371 | (58) | 53 | ||||
Dividends declared | (77) | 0 | (77) | ||||||
Acquisition of non-controlling interest | (7) | (76) | (76) | 69 | |||||
Acquisition of subsidiary | (10) | (16) | (16) | 6 | |||||
Other | (8) | (5) | (8) | 2 | 1 | (3) | |||
Number of shares outstanding at end of period (in shares) at Sep. 30, 2021 | 1,749,127,404 | ||||||||
Equity at end of period at Sep. 30, 2021 | 1,277 | 379 | $ 2 | 12,753 | (1,998) | (1,546) | (8,832) | 898 | |
Number of shares outstanding at beginning of period (in shares) at Jun. 30, 2021 | 1,749,127,404 | ||||||||
Equity at beginning of period at Jun. 30, 2021 | 1,226 | 401 | $ 2 | 12,753 | (1,921) | (1,690) | (8,743) | 825 | |
Profit / (loss) for the period | 195 | 145 | 145 | 50 | |||||
Other comprehensive income / (loss) | (104) | (94) | (4) | (90) | (10) | ||||
Total comprehensive income / (loss) , net of tax | 91 | 51 | 141 | (90) | 40 | ||||
Dividends declared | (33) | 0 | (33) | ||||||
Acquisition of non-controlling interest | (7) | (76) | (76) | 69 | |||||
Other | 0 | 3 | (1) | 3 | 1 | (3) | |||
Number of shares outstanding at end of period (in shares) at Sep. 30, 2021 | 1,749,127,404 | ||||||||
Equity at end of period at Sep. 30, 2021 | $ 1,277 | $ 379 | $ 2 | $ 12,753 | $ (1,998) | $ (1,546) | $ (8,832) | $ 898 | |
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
INTERIM CONDENSED CONSOLIDATE_5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | [2] | ||
Operating activities | ||||
Profit / (loss) before tax | $ 655 | $ (175) | [1] | |
Non-cash adjustments to reconcile profit before tax to net cash flows | ||||
Depreciation, amortization and impairment loss / (reversal) | 1,370 | 2,112 | ||
(Gain) / loss on disposal of non-current assets | 8 | 16 | ||
Finance costs | 507 | 560 | ||
Finance income | (10) | (20) | ||
Other non-operating (gain) / loss | (24) | (101) | ||
Net foreign exchange (gain) / loss | (1) | 11 | [1] | |
Changes in trade and other receivables and prepayments | (170) | (67) | ||
Changes in inventories | (8) | 45 | ||
Changes in trade and other payables | 99 | 30 | ||
Changes in provisions, pensions and other | (16) | (15) | ||
Interest paid | (435) | (472) | ||
Interest received | 10 | 19 | ||
Income tax paid | (192) | (234) | ||
Net cash flows from operating activities from continuing operations | 1,793 | 1,709 | ||
Net cash flow from operating activities from discontinued operations | 209 | 166 | ||
Investing activities | ||||
Purchase of property, plant and equipment and intangible assets | (1,327) | (1,209) | ||
Receipts from / (payment on) deposits | (33) | (84) | ||
Receipts from / (investment in) financial assets | [3] | (37) | 10 | |
Other proceeds from investing activities, net | (3) | (10) | ||
Net cash flows from / (used in) investing activities from continuing operations | (1,400) | (1,293) | ||
Net cash flow from / (used in) investing activities from discontinued operations | (89) | (78) | ||
Financing activities | ||||
Proceeds from borrowings, net of fees paid | [4] | 835 | 3,212 | |
Repayment of debt | (1,085) | (3,538) | ||
Acquisition of non-controlling interest | (279) | (1) | ||
Dividends paid to owners of the parent | 0 | (259) | ||
Dividends paid to non-controlling interests | (6) | (43) | ||
Net cash flows from / (used in) financing activities from continuing operations | (535) | (629) | ||
Net cash flow from / (used in) financing activities from discontinued operations | (62) | (65) | ||
Net (decrease) / increase in cash and cash equivalents | (84) | (190) | ||
Net foreign exchange difference | (17) | (59) | ||
Cash and cash equivalents classified as discontinued operations/held for sale at the end of period | (92) | 0 | ||
Cash and cash equivalents at beginning of period | [3] | 1,661 | 1,238 | |
Cash and cash equivalents at end of period, net of overdrafts | [5] | $ 1,468 | $ 989 | |
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) | |||
[2] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4) | |||
[3] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. | |||
[4] | Fees paid for borrowings were US$22 (2020: US$21). | |||
[5] | Overdrawn amount was US$30 (2020: US$165) |
INTERIM CONDENSED CONSOLIDATE_6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of cash flows [abstract] | ||
Fees paid for borrowings | $ 22 | $ 21 |
Overdrawn amount | $ 30 | $ 165 |
GENERAL INFORMATION
GENERAL INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
General Information | |
GENERAL INFORMATION | GENERAL INFORMATION VEON Ltd. ( “VEON” , the “Company” and together with its consolidated subsidiaries, the “Group” or “we” ) was incorporated in Bermuda on June 5, 2009. The registered office of VEON is Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda. VEON’s headquarters and the principal place of business is located at Claude Debussylaan 88, 1082 MD Amsterdam, the Netherlands. VEON generates revenue from the provision of voice, data and other telecommunication services through a range of mobile and fixed-line technologies, as well as selling equipment and accessories. The interim condensed consolidated financial statements are presented in United States dollars ( “U.S. dollar” or “US$ ”). In these notes, U.S. dollar amounts are presented in millions, except for share and per share (or American Depository Shares ( “ADS” )) amounts and as otherwise indicated. VEON’s ADSs are listed on the NASDAQ Global Select Market ( “NASDAQ” ) and VEON’s common shares are listed on Euronext Amsterdam, the regulated market of Euronext Amsterdam N.V. (“ Euronext Amsterdam ”). Major developments during the nine-month period ended September 30, 2021 Financing activities In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “ RCF ”) of US$1,250. The RCF replaces the revolving credit facility signed in February 2017, which is now cancelled. Refer to Note 7 for further details. In March 2021, VEON successfully amended and restated its existing RUB 30 billion (US$396), bilateral term loan agreement with Alfa Bank by adding a new floating rate tranche of RUB 15 billion (US$198). Refer to Note 7 for further details. In March 2021, PMCL successfully entered into a new PKR 15 billion (US$98) syndicated facility with Muslim Commercial Bank as agent and PKR 5 billion (US$33) bilateral term loan facility with United Bank Limited. Both these floating rate facilities have a tenor of seven years. In April 2021, the proceeds from Alfa Bank new tranche of RUB 15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. In June 2021, Pakistan Mobile Communication Limited (PMCL) secured a PKR 50 billion (US$320) syndicated credit facility from a banking consortium led by Habib Bank Limited. This 10-year facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. In September 2021, VEON Holdings B.V. issued senior unsecured notes of RUB 20 billion (US$273) under the Global Medium Term Note Programme established in April 2020 (the “GMTN Programme”), maturing in September 2026 and proceeds were used to early repay RUB 20 billion (US$273) of loans from Sberbank, originally maturing in June 2023. Other developments In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in PMCL from the Dhabi Group for US$273. Refer to Note 7 for further details. In March 2021, VEON's operating company in Bangladesh acquired spectrum following successful bids at an auction held by the BTRC. Refer to Note 4 for further details. In September 2021, VEON's operating company in Pakistan recognized the ex-Warid license. Refer to Note 4 for further details. Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021 VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria" to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction is expected to be completed next year. The Company classified its operations in Algeria as a held-for-sale and discontinued operations. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of Algeria assets. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for 2020 have been presented separately. (see Note 4 Significant Transactions). Agreement between VEON and Service Telecom regarding the sale of its Russian tower assets On September 5, 2021, the Company and VEON Holdings B.V., a subsidiary of the Company, signed an agreement for the sale of its direct subsidiary, National Tower Company ("NTC"), with Service Telecom Group of Companies LLC for approximately US$970. The transaction is subject to regulatory approvals and consummation of other customary closing conditions which are expected to be completed by the end of 2021. Under the terms of the deal, Russia entered into a long-term lease agreement with NTC under which Russia will lease space upon NTC's portfolio of 15,400 towers for a period of 8 years and an additional 5,000 towers to be leased in the duration of the lease term.The agreement was signed on October 15, 2021. As a result of this anticipated transaction, the Company expects to transfer control of NTC and therefore classified the assets and liabilities in NTC as held-for-sale in these consolidated financial statements. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of the NTC assets (see Note 4 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Management analyzes the Company’s operating segments separately because of different economic environments and stages of development in different geographical areas, requiring different investment and marketing strategies. All the segments are grouped and analyzed as three main markets - our cornerstone, our growth engines and our frontier markets - representing the Company's strategy and capital allocation framework. Management evaluates the performance of the Company’s segments on a regular basis, primarily based on earnings before interest, tax, depreciation, amortization, impairment, gain / loss on disposals of non-current assets, other non-operating gains / losses and share of profit / loss of joint ventures and associates ( “Adjusted EBITDA” ) along with assessing the capital expenditures excluding certain costs such as those for telecommunication licenses and right-of-use assets ( “CAPEX exc. licenses and ROU” ). Management does not analyze assets or liabilities by reportable segments. Financial information by reportable segment for the nine and three-month periods ended September 30, is presented in the following tables. Inter-segment transactions between segments are not material, and are made on terms which are comparable to transactions with third parties. Subsequent to its discontinued operation classification Algeria is not reported in the tables below. For the nine-month period ended September 30: Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 2,140 2,220 404 395 333 252 7 7 2,884 2,874 Our growth engines Pakistan 978 837 — — 13 7 76 64 1,067 908 Ukraine 718 648 50 44 — — 4 4 772 696 Kazakhstan 336 289 67 57 11 3 1 1 415 350 Uzbekistan 142 149 1 1 — — — — 143 150 Our frontier markets Bangladesh 412 396 — — — — 8 7 420 403 Other frontier markets 59 82 — 20 — 4 — — 59 106 Other HQ and eliminations (10) (25) (14) — — — — — (24) (25) Total segments 4,775 4,596 508 517 357 266 96 83 5,736 5,462 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 1,100 1,161 728 632 Our growth engines Pakistan 490 468 239 173 Ukraine 523 472 136 135 Kazakhstan 224 188 68 69 Uzbekistan 67 51 20 38 Our frontier markets Bangladesh 174 173 54 77 Other frontier markets 33 32 12 24 Other HQ and eliminations (106) (142) 3 2 Total segments 2,505 2,403 1,260 1,150 For the three-month period ended September 30: Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 745 713 138 130 140 101 2 2 1,025 946 Our growth engines Pakistan 320 278 — — 3 4 26 21 349 303 Ukraine 252 220 17 14 — — 2 1 271 235 Kazakhstan 122 100 23 20 5 1 — 1 150 122 Uzbekistan 51 48 1 — — — — — 52 48 Our frontier markets Bangladesh 142 133 — — — — 3 3 145 136 Other frontier markets 22 28 — 6 — 2 — — 22 36 Other HQ and eliminations (3) (6) (5) (1) (1) — — — (9) (7) Total segments 1,651 1,514 174 169 147 108 33 28 2,005 1,819 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 385 377 230 217 Our growth engines Pakistan 173 188 58 20 Ukraine 183 160 45 39 Kazakhstan 86 64 24 17 Uzbekistan 27 6 7 12 Our frontier markets Bangladesh 62 60 12 18 Other frontier markets 9 8 6 5 Other HQ and eliminations (36) (44) 1 — Total segments 889 819 383 328 The following table provides the reconciliation of Profit / (loss) before tax to Total Adjusted EBITDA for the nine and three-month periods ended September 30: Nine-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 655 (175) 238 (565) Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 1,143 1,086 391 352 Amortization 222 235 81 75 Impairment loss / (reversal) 5 791 — 790 (Gain) / loss on disposal of non-current assets 8 16 4 5 Finance costs 507 560 186 174 Finance income (10) (20) (5) (5) Other non-operating (gain) / loss (24) (101) (17) — Net foreign exchange (gain) / loss (1) 11 11 (7) Total Adjusted EBITDA 2,505 2,403 889 819 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax expense is the total of the current and deferred income taxes. Current income tax is the expected tax expense, payable or receivable on taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable or receivable in respect of previous years. Deferred income tax is the tax asset or liability resulting from a difference in income recognition between enacted or substantively enacted local tax law and group IFRS accounting. Income tax expense consisted of the following for the nine and three-month periods ended September 30: Nine-month period Three-month period 2021 2020 2021 2020 Current income taxes 261 299 89 162 Deferred income taxes 22 (65) 22 (59) Income tax expense 283 234 111 103 Effective tax rate 43.2 % (133.7) % 46.6 % (18.2) % The difference between the statutory tax rate in the Netherlands (25.0%) and the effective corporate income tax rate for the Group in the nine and three-month periods ending September 30, 2021 (43.2% and 46.6%, respectively) was primarily driven by a number of non-deductible expenses incurred by the Group in various countries, which are recorded in our consolidated income statement, as well as withholding taxes accrued for forecasted dividends from our operating companies. The difference between the statutory tax rate in the Netherlands (25.0%) and the effective corporate income tax rate for the Group in the nine and three-month periods ending September 30, 2020 ((133.7)% and (18.2)%, respectively) was primarily driven by the recognition of non-deductible impairment losses in respect of our operating activities in Russia and Kyrgyzstan. In addition, the effective tax rate was impacted by a number of non-deductible expenses incurred by the Group in various countries, which are recorded in our consolidated income statement, as well as withholding taxes accrued and paid for dividends (forecasted and received) from our operating companies. |
SIGNIFICANT TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Significant Transactions | |
SIGNIFICANT TRANSACTIONS | SIGNIFICANT TRANSACTIONS During the nine-month period ended September 30, 2021 VEON subsidiary Banglalink successfully acquires 9.4MHz in spectrum auction In March 2021, Banglalink, the Company's wholly-owned subsidiary in Bangladesh, acquired 4.4MHz spectrum in the 1800MHz band and 5MHz spectrum in 2100MHz band following successful bids at an auction held by the Bangladesh Telecommunication Regulatory Commission (BTRC). The newly acquired spectrum will see Banglalink increase its total spectrum holding from 30.6MHz to 40MHz. Banglalink will invest BDT 10 billion (US$115) to purchase the spectrum. VEON completes the acquisition of majority shareholding in OTM In June 2021, VEON successfully acquired a majority stake of 67% in OTM (a technology platform for the automation and planning of online advertising purchases in Russia) for US$16. PMCL Warid License Capitalization The ex-Warid license renewal was due in May 2019. Pursuant to directions from the Islamabad High Court, the Pakistan Telecommunication Authority (“PTA”) issued a license renewal decision on July 22, 2019 requiring payment of US$40 per MHz for 900 MHz spectrum and US $30 per MHz for 1800 MHz spectrum, equating to an aggregate price of approximately US$450 (excluding applicable taxes of approximately 13%). On August 17, 2019, Jazz appealed the PTA’s order to the Islamabad High Court. On August 21, 2019, the Islamabad High Court suspended the PTA’s order pending the outcome of the appeal and subject to Jazz making payment in the form of security (under protest) as per the options given in the PTA’s order. As a result, PMCL deposited US$326 including the initial 50% payment of license as well as subsequent installments in order to maintain its appeal in the Islamabad High Court regarding the PTA's underlying decision on the license renewal. On July 19, 2021, Islamabad High Court dismissed Jazz's appeal. Based on the dismissal of appeal by the court, subsequent legal opinion obtained and acceptance of the total license price, the license was recognized amounting US$384, net of service cost liability of US$65. Consequently, the security deposit balance of US$326 was also adjusted. Subsequently, on October 18, 2021 PMCL and PTA signed the license document. Held for sale and discontinued operations The following table provides the details over assets and liabilities classified as held-for-sale as of September 30, 2021 Assets held-for-sale Liabilities held-for-sale Algeria 1,816 409 NTC 497 152 Other individual assets 8 — Total assets and liabilities held for sale 2,321 561 Exercised Put option to sell entirety stake in Omnium Telecom Algerie SpA On July 1, 2021 VEON exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie SpA (Algeria" to the Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. Under the terms of the Shareholders' Agreement, the transaction is expected to be completed next year. The Company classified its operations in Algeria as a held-for-sale and discontinued operations. In connection with this classification, the Company no longer accounts for depreciation and amortization expenses of Algeria assets. The results for Algeria in the consolidated income statements and the consolidated statements of cash flows for 2020 have been presented separately. The following table shows the profit/(loss) and other comprehensive income relating to Algeria operations for the nine and three-month periods ended September 30, 2021: Nine-month period Three-month period Income statement and statement of comprehensive income 2021 2020 2021 2020 Operating revenue 493 519 170 173 Operating expenses (377) (427) (91) (137) Other expenses (13) (12) (3) (4) Profit / (loss) before tax for the period 103 80 76 32 Income tax benefit / (expense) (15) (21) (8) (8) Profit / (loss) after tax for the period 88 59 68 24 Other comprehensive income / (loss)* (53) (125) (28) (1) Total comprehensive income / (loss) 35 (66) 40 23 *other comprehensive income is relating to the foreign currency translation The following table shows the assets and liabilities classified as held-for-sale relating to Algeria as of September 30, 2021: 2021 Property and equipment 488 Intangible assets excl. goodwill 108 Goodwill 1,013 Deferred tax assets 35 Other current assets 172 Total assets held for sale 1,816 Non-current liabilities 96 Current liabilities 313 Total liabilities held for sale 409 Agreement between VEON and Service Telecom regarding the Sale of its Russian tower assets On September 5, 2021, the Company and VEON Holdings B.V., a subsidiary of the Company, signed an agreement for the sale of its direct subsidiary, NTC, with Service Telecom Group of Companies LLC for approximately US$970. The transaction is subject to regulatory approvals and consummation of other customary closing conditions which are expected to be completed by the end of 2021. Under the terms of the deal, Russia entered into a long-term lease agreement with NTC under which Russia will lease space upon NTC's portfolio of 15,400 towers for a period of 8 years and an additional 5,000 towers to be leased in the duration of the lease term. The agreement was signed on October 15, 2021. As a result of this anticipated transaction and assessment that control of NTC will be transferred, on September 5, 2021, the Company classified NTC as a disposal group held-for-sale, including goodwill allocated to NTC from Russia based on its relative fair values at September 30, 2021. Following the classification as disposal group held-for-sale, the Company no longer accounts for depreciation and amortization expenses of NTC assets. The following table shows the assets and liabilities classified as held-for-sale relating to NTC as of September 30, 2021: 2021 Property and equipment 264 Goodwill 215 Other current assets 18 Total assets held for sale 497 Non-current liabilities 126 Current liabilities 26 Total liabilities held for sale 152 During the nine-month period ended September 30, 2020 GTH restructuring During the first half of 2020, VEON continued with the restructuring of Global Telecom Holding S.A.E. (" GTH "), with the intragroup transfer of Mobilink Bank and GTH Finance B.V. completed in March and April 2020, respectively. As the operating assets of GTH had previously been, and will continue to be, fully consolidated within the balance sheet of the VEON Group, there was no material impact on these consolidated financial statements stemming from these intragroup transfers. For further details on GTH restructuring, refer to the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2019. Significant movements in exchange rates An increase in demand for hard currencies, in part due to the coronavirus outbreak, resulted in the devaluation of exchange rates in the countries in which VEON operates. As such, in the first nine months of 2020, the book value of assets and liabilities of our foreign operations, in U.S. dollar terms, decreased significantly, with a corresponding loss of US$705 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The following table summarizes the movement in the net book value of property and equipment for the nine-month period ended September 30: Nine-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,501 1,224 Disposals (27) (32) Depreciation (1,143) (1,193) Held for sale (746) — Impairment (4) (41) Translation adjustment (5) (1,178) Other (9) 35 Balance as of September 30 6,446 6,155 *There were no material changes in estimates other than lease term reassessments in Russia which had the effect of increasing right-of-use assets by US$108 (2020-US$13). |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Intangible assets and goodwill [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Th e following table summarizes the movement in the net book value of intangible assets, including goodwill for the nine-month period ended September 30: Nine-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions* 593 172 Amortization (222) (260) Held for sale (1,356) — Impairment — (731) Translation adjustment (32) (827) Other (4) 23 Balance as of September 30 3,149 4,065 • Additions for the period include capitalization of ex-Warid license in Pakistan amounting to US$384, please refer to N ote 4 for further information Goodwill Included within total intangible asset movements for the nine month periods ended September 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * September 30, 2021 Others and transfers Held for sale*** Currency January 1, 2021 Russia** 935 2 (215) 17 1,131 Algeria — — (1,034) (19) 1,053 Pakistan 299 (6) — (19) 324 Kazakhstan 138 — — (2) 140 Uzbekistan 34 — — — 34 Total 1,406 (4) (1,249) (23) 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In June 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising purchases in Russia. ***Refer to Note 4 for further details Impairment analysis Goodwill is tested for impairment annually or when circumstances indicate the carrying value may be impaired. When reviewing for indicators of impairment in interim periods, the Company considers, amongst others, the relationship between its market capitalization and its book value, as well as weighted average cost of capital and the quarterly financial performances of each cash-generating unit ( "CGU" ). VEON performed its annual impairment testing at September 30, 2021. For further details regarding calculations and assumptions used for impairment testing, refer to the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. There was no goodwill impairment recorded for the nine month periods ended September 30, 2021 Impairment losses in 2020 During the nine-month period ended September 30, 2020, Beeline Russia has seen a decline in its subscriber and revenue market share on the back of competitive pressures in the market, which have impacted both revenues and profitability. This underperformance has negatively impacted the fair value of our Russian business, and over time has eroded the existing headroom over the book value of the business. The impact of a weaker Russian ruble, along with ongoing COVID lockdowns and associated travel restrictions, have had a negative impact on consumer spending, which weakened during the quarter. Together with a slower than anticipated recovery in Beeline’s ARPU, which has in turn impacted our future projected revenue, a revision to our previous estimates has been deemed necessary. Based on these revisions, VEON recorded an impairment of US$723 against the carrying value of goodwill in Russia in the third quarter of 2020. The recoverable amount of the CGU of US$3,001 was determined based on fair value less costs of disposal calculations (Level 3 in the fair value hierarchy) using a discounted cash flow model, based on cash flow projections from business plans prepared by management. Also in the third quarter of 2020, due to the unstable political environment and uncertainties arising with respect to the recoverability of our operating assets in Kyrgyzstan, VEON has fully impaired the carrying value of all operating assets of Kyrgyzstan. As a result, the Company recorded a total impairment loss of US$64, allocated against the carrying value of property and equipment (US$38), intangible assets (US$8) and other assets (US$18). The Company also performed impairment testing for Algeria CGU during the third quarter of 2020. Based on the recoverable amount of the CGU of US$1,433, the headroom remaining for the Algeria CGU is limited although no impairment loss was recorded during the third quarter of 2020. |
INVESTMENTS, DEBT AND DERIVATIV
INVESTMENTS, DEBT AND DERIVATIVES | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
INVESTMENTS, DEBT AND DERIVATIVES | INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets: September 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 29 8 29 31 At amortized cost Security deposits and cash collateral 39 325 Other investments 21 39 60 364 Total investments and derivatives 89 395 Non-current 57 305 Current 32 90 The Company holds the following debt and derivative liabilities: September 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 9 1 9 53 At amortized cost Principal amount outstanding 7,721 7,678 Interest accrued 105 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,817 7,758 Lease liabilities 1,833 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 261 91 9,927 10,034 Total debt and derivatives 9,936 10,087 Non-current 8,616 8,832 Current 1,320 1,255 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. Significant changes in financial assets and financial liabilities There were no significant changes in financial assets and liabilities in the nine-month period ended September 30, 2021, except for the scheduled repayments of debt or as described below. Furthermore, there were no changes in risk management policies as disclosed in the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. Acquisition of minority stake in PMCL In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in Pakistan Mobile Communications Limited ("PMCL"), its operating company in Pakistan, from the Dhabi Group for US$273. This transaction follows the Dhabi Group’s exercise of its put option in September 2020 and gives VEON 100% ownership of PMCL. The transaction is presented within 'Acquisition of non-controlling interest' within the Consolidated Statement of Cash Flows. VEON enters into a US$1,250 multi-currency revolving credit facility agreement In March 2021, VEON successfully entered into a new multi-currency revolving credit facility agreement (the “RCF”) of US$1,250. The RCF replaces the revolving credit facility signed in February 2017, which is now cancelled. The RCF has an initial tenor of three years, with the Company having the right to request two one-year extensions, subject to lender consent. International banks from Asia, Europe and the US have committed to the RCF. The new RCF caters for USD LIBOR cessation with the secured overnight financing rate ("SOFR") administered by the Federal Reserve Bank of New York USA agreed as the replacement risk free rate with credit adjustment spreads agreed for interest periods with a one month, three month and six month tenor. SOFR will apply to interest periods commencing on and from October 31, 2021 (or earlier if USD LIBOR is no longer published or ceases to be representative prior to that date). The Company will have the option to make each drawdown in either U.S. dollars or euro. PMCL enters into PKR 20 billion (US$131) loan facilities In March 2021, PMCL successfully entered into a new PKR 15 billion (US$98) syndicated facility with MCB Bank as agent and PKR 5 billion (US$33) bilateral term loan facility with United Bank Limited. Both these floating rate facilities have a tenor of seven years. VEON increases facility with Alfa-Bank In March 2021, VEON successfully amended and restated its existing RUB 30 billion (US$396) bilateral term loan agreement with Alfa Bank and increased the total facility size to RUB 45 billion (US$594), by adding a new floating rate tranche of RUB 15 billion (US$198). The new tranche has a five-year term. In April 2021, the proceeds from Alfa Bank new tranche of RUB 15 billion (US$198) were used to early repay RUB 15 billion (US$198) of loans from Sberbank, originally maturing in June 2023. PMCL secures syndicated credit facility In June 2021, PMCL secured a PKR 50 billion (US$320) syndicated credit facility from a banking consortium led by Habib Bank Limited. This 10-year facility will be used to finance the company’s ongoing 4G network rollouts and technology upgrades, as well as to address upcoming maturities. Global Medium Term Note programme In September 2021, VEON Holdings B.V. issued senior unsecured notes of RUB 20 billion (US$273) under its existing Global Medium Term Note programme with a programme limit of US$6.5 billion, or the equivalent thereof in other currencies. This new tranche will mature in September 2026 and proceeds were used to early repay RUB 20 billion (US$273) of loans from Sberbank, originally maturing in June 2023. Fair values The carrying amounts of all financial assets and liabilities are equal to or approximate their respective fair values as shown in the table above, with the exception of: • 'Bank loans and bonds, including interest accrued', for which fair value is equal to US$7,987 at September 30, 2021 (December 31, 2020: US$8,031); and • 'Lease liabilities', for which fair value has not been determined. Fair values were estimated based on quoted market prices (for bonds), derived from market prices or by discounting contractual cash flows at the rate applicable for the instruments with similar maturity and risk profile. As of September 30, 2021 and December 31, 2020, the Group recognized financial instruments at fair value in the statement of financial position, all of which were measured based on Level 2 inputs. Observable inputs (Level 2) used in valuation techniques include inter-bank interest rates, bond yields, swap curves, basis swap spreads, foreign exchange rates and credit default spreads. During the nine-month period ended September 30, 2021, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements. All impairment losses and changes in fair values of investments, debt and derivatives are unrealized and are recorded in "Other non-operating gain / (loss)" in the consolidated income statement. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 9 Months Ended |
Sep. 30, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following items: September 30, 2021 December 31, 2020 Cash at banks and on hand 779 694 Short-term deposits with original maturity of less than three months* 719 975 Cash and cash equivalents 1,498 1,669 Less overdrafts (30) (8) Cash and cash equivalents, net of overdrafts 1,468 1,661 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. ** Cash and cash equivalents include an amount of US$86 relating to banking operations in Pakistan. As of September 30, 2021 and December 31, 2020, there were no restricted cash and cash equivalent balances. Cash balances as of September 30, 2021 include investments in money market funds of US$561 (December 31, 2020: US$543). As of September 30, 2021, some bank accounts forming part of a cash pooling program and being an integral part of the Company’s cash management remained overdrawn by US$30 (2020:US$8). Even though the total balance of the cash pool remained positive, the Company has no legally enforceable right-of-offset and therefore the overdrawn accounts are presented as financial liabilities within the statement of financial position. At the same time, because the overdrawn accounts are an integral part of the Company’s cash management, they were included as cash and cash equivalents within the statement of cash flows. |
ISSUED CAPITAL
ISSUED CAPITAL | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
ISSUED CAPITAL | ISSUED CAPITAL The following table details the common shares of the Company as of: September 30, 2021 December 31, 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135 The holders of common shares are, subject to our by-laws and Bermuda law, generally entitled to enjoy all the rights attaching to common shares. |
DIVIDENDS PAID AND PROPOSED
DIVIDENDS PAID AND PROPOSED | 9 Months Ended |
Sep. 30, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
DIVIDENDS PAID AND PROPOSED | DIVIDENDS PAID AND PROPOSED There were no dividends declared by VEON Ltd in the nine-month period ended September 30, 2021. In March 2020, the Company paid a final dividend of US 15 cents per share for 2019, bringing total 2019 dividends to US 28 cents per share. The Company makes appropriate tax withholdings of up to 15% when dividends are paid to the Company’s share depository, The Bank of New York Mellon. For ordinary shareholders at Euronext Amsterdam, dividends are paid in euro. |
RELATED PARTIES
RELATED PARTIES | 9 Months Ended |
Sep. 30, 2021 | |
Related Party [Abstract] | |
RELATED PARTIES | RELATED PARTIESFor the nine and three-month periods ended September 30, 2021, there were no material transactions and there were no material balances recognized with related parties as of this date. |
RISKS, COMMITMENTS, CONTINGENCI
RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | 9 Months Ended |
Sep. 30, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | RISKS, COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES O ther than disclosed below and elsewhere in these interim condensed consolidated financial statements, there were no material changes to risks, commitments, contingencies and uncertainties that occurred during the nine-month period ended September 30, 2021. |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 9 Months Ended |
Sep. 30, 2021 | |
Events After Reporting Period [Abstract] | |
EVENTS AFTER THE REPORTING PERIOD | EVENTS AFTER THE REPORTING PERIODAs of October 28, 2021, there were no events to be reported. |
BASIS OF PREPARATION OF THE INT
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies, Accounting Estimates And Errors [Abstract] | |
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PREPARATION The interim condensed consolidated financial statements for the nine and three-month periods ended September 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ( "IASB" ). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. The preparation of these interim condensed consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, estimates based on past experience and assumptions determined to be reasonable and realistic based on the related circumstances. The use of these judgments, estimates and assumptions affects the amounts reported in the statement of financial position, income statement, statement of cash flows, statement of changes in equity, as well as the notes. The final amounts for items for which estimates and assumptions were made in the consolidated financial statements may differ from those reported in these statements due to the uncertainties that characterize the assumptions and conditions on which the estimates are based. Certain comparative amounts have been reclassified to conform to the current period presentation. Specifically, the following December 31, 2020 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than three months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of US$39 relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities. STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. Non-current assets (or disposal groups) held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction or loss of control rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the statement of financial position. A discontinued operation is a component that is classified as held for sale and that represents a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount in the income statement. All other notes to the financial statements include amounts for continuing operations, unless otherwise mentioned. A number of new and amended standards became effective as of January 1, 2021, which are not expected to have a material impact on VEON financial statements in current or future reporting periods or on foreseeable future transactions. The Group has not early adopted any other standards, interpretations or amendments that have been issued but have not yet become effective. |
BASIS OF PREPARATION OF THE I_2
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies, Accounting Estimates And Errors [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION The interim condensed consolidated financial statements for the nine and three-month periods ended September 30, 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ( "IASB" ). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s audited annual consolidated financial statements as of and for the year ended December 31, 2020. The preparation of these interim condensed consolidated financial statements has required management to apply accounting policies and methodologies based on complex and subjective judgments, estimates based on past experience and assumptions determined to be reasonable and realistic based on the related circumstances. The use of these judgments, estimates and assumptions affects the amounts reported in the statement of financial position, income statement, statement of cash flows, statement of changes in equity, as well as the notes. The final amounts for items for which estimates and assumptions were made in the consolidated financial statements may differ from those reported in these statements due to the uncertainties that characterize the assumptions and conditions on which the estimates are based. Certain comparative amounts have been reclassified to conform to the current period presentation. Specifically, the following December 31, 2020 balances were reclassified in the consolidated statement of financial position: • Short term investments for treasury bills shorter than three months maturity relating to micro finance bank operations of US$75 is now presented in cash and cash equivalents. Accordingly the cash flow movement of US$39 relating to treasury bills has also been presented as cash and cash equivalent. • Short term portion of license fee payable of US$31 is now presented as other financial liabilities within current debt and derivative liabilities. |
STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP | STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements as of and for the year ended December 31, 2020. Non-current assets (or disposal groups) held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction or loss of control rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the statement of financial position. A discontinued operation is a component that is classified as held for sale and that represents a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount in the income statement. All other notes to the financial statements include amounts for continuing operations, unless otherwise mentioned. A number of new and amended standards became effective as of January 1, 2021, which are not expected to have a material impact on VEON financial statements in current or future reporting periods or on foreseeable future transactions. The Group has not early adopted any other standards, interpretations or amendments that have been issued but have not yet become effective. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operating Segments [Abstract] | |
Schedule of reportable segments financial information by geography | Financial information by reportable segment for the nine and three-month periods ended September 30, is presented in the following tables. Inter-segment transactions between segments are not material, and are made on terms which are comparable to transactions with third parties. Subsequent to its discontinued operation classification Algeria is not reported in the tables below. For the nine-month period ended September 30: Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 2,140 2,220 404 395 333 252 7 7 2,884 2,874 Our growth engines Pakistan 978 837 — — 13 7 76 64 1,067 908 Ukraine 718 648 50 44 — — 4 4 772 696 Kazakhstan 336 289 67 57 11 3 1 1 415 350 Uzbekistan 142 149 1 1 — — — — 143 150 Our frontier markets Bangladesh 412 396 — — — — 8 7 420 403 Other frontier markets 59 82 — 20 — 4 — — 59 106 Other HQ and eliminations (10) (25) (14) — — — — — (24) (25) Total segments 4,775 4,596 508 517 357 266 96 83 5,736 5,462 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 1,100 1,161 728 632 Our growth engines Pakistan 490 468 239 173 Ukraine 523 472 136 135 Kazakhstan 224 188 68 69 Uzbekistan 67 51 20 38 Our frontier markets Bangladesh 174 173 54 77 Other frontier markets 33 32 12 24 Other HQ and eliminations (106) (142) 3 2 Total segments 2,505 2,403 1,260 1,150 For the three-month period ended September 30: Service revenue Sale of equipment and accessories Other revenue Total Revenue Mobile Fixed 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Our cornerstone Russia 745 713 138 130 140 101 2 2 1,025 946 Our growth engines Pakistan 320 278 — — 3 4 26 21 349 303 Ukraine 252 220 17 14 — — 2 1 271 235 Kazakhstan 122 100 23 20 5 1 — 1 150 122 Uzbekistan 51 48 1 — — — — — 52 48 Our frontier markets Bangladesh 142 133 — — — — 3 3 145 136 Other frontier markets 22 28 — 6 — 2 — — 22 36 Other HQ and eliminations (3) (6) (5) (1) (1) — — — (9) (7) Total segments 1,651 1,514 174 169 147 108 33 28 2,005 1,819 |
Schedule of segment adjusted EBITDA and capital expenditures by geography | Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 385 377 230 217 Our growth engines Pakistan 173 188 58 20 Ukraine 183 160 45 39 Kazakhstan 86 64 24 17 Uzbekistan 27 6 7 12 Our frontier markets Bangladesh 62 60 12 18 Other frontier markets 9 8 6 5 Other HQ and eliminations (36) (44) 1 — Total segments 889 819 383 328 |
Schedule of segments reconciliation of consolidated Adjusted EBITDA to Profit / (loss) before tax | The following table provides the reconciliation of Profit / (loss) before tax to Total Adjusted EBITDA for the nine and three-month periods ended September 30: Nine-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 655 (175) 238 (565) Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 1,143 1,086 391 352 Amortization 222 235 81 75 Impairment loss / (reversal) 5 791 — 790 (Gain) / loss on disposal of non-current assets 8 16 4 5 Finance costs 507 560 186 174 Finance income (10) (20) (5) (5) Other non-operating (gain) / loss (24) (101) (17) — Net foreign exchange (gain) / loss (1) 11 11 (7) Total Adjusted EBITDA 2,505 2,403 889 819 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Schedule of income tax expense | Income tax expense consisted of the following for the nine and three-month periods ended September 30: Nine-month period Three-month period 2021 2020 2021 2020 Current income taxes 261 299 89 162 Deferred income taxes 22 (65) 22 (59) Income tax expense 283 234 111 103 Effective tax rate 43.2 % (133.7) % 46.6 % (18.2) % |
SIGNIFICANT TRANSACTIONS (Table
SIGNIFICANT TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
SIGNIFICANT TRANSACTIONS [Abstract] | |
Disclosure of analysis of single amount of discontinued operations | The following table provides the details over assets and liabilities classified as held-for-sale as of September 30, 2021 Assets held-for-sale Liabilities held-for-sale Algeria 1,816 409 NTC 497 152 Other individual assets 8 — Total assets and liabilities held for sale 2,321 561 Nine-month period Three-month period Income statement and statement of comprehensive income 2021 2020 2021 2020 Operating revenue 493 519 170 173 Operating expenses (377) (427) (91) (137) Other expenses (13) (12) (3) (4) Profit / (loss) before tax for the period 103 80 76 32 Income tax benefit / (expense) (15) (21) (8) (8) Profit / (loss) after tax for the period 88 59 68 24 Other comprehensive income / (loss)* (53) (125) (28) (1) Total comprehensive income / (loss) 35 (66) 40 23 *other comprehensive income is relating to the foreign currency translation The following table shows the assets and liabilities classified as held-for-sale relating to Algeria as of September 30, 2021: 2021 Property and equipment 488 Intangible assets excl. goodwill 108 Goodwill 1,013 Deferred tax assets 35 Other current assets 172 Total assets held for sale 1,816 Non-current liabilities 96 Current liabilities 313 Total liabilities held for sale 409 2021 Property and equipment 264 Goodwill 215 Other current assets 18 Total assets held for sale 497 Non-current liabilities 126 Current liabilities 26 Total liabilities held for sale 152 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, plant and equipment [abstract] | |
Schedule of movement in property and equipment | The following table summarizes the movement in the net book value of property and equipment for the nine-month period ended September 30: Nine-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,501 1,224 Disposals (27) (32) Depreciation (1,143) (1,193) Held for sale (746) — Impairment (4) (41) Translation adjustment (5) (1,178) Other (9) 35 Balance as of September 30 6,446 6,155 *There were no material changes in estimates other than lease term reassessments in Russia which had the effect of increasing right-of-use assets by US$108 (2020-US$13). |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Intangible assets and goodwill [abstract] | |
Disclosure of detailed information about intangible assets | Th e following table summarizes the movement in the net book value of intangible assets, including goodwill for the nine-month period ended September 30: Nine-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions* 593 172 Amortization (222) (260) Held for sale (1,356) — Impairment — (731) Translation adjustment (32) (827) Other (4) 23 Balance as of September 30 3,149 4,065 • Additions for the period include capitalization of ex-Warid license in Pakistan amounting to US$384, please refer to N ote 4 for further information |
Schedule of movement in goodwill for the Group, per cash generating unit | Included within total intangible asset movements for the nine month periods ended September 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * September 30, 2021 Others and transfers Held for sale*** Currency January 1, 2021 Russia** 935 2 (215) 17 1,131 Algeria — — (1,034) (19) 1,053 Pakistan 299 (6) — (19) 324 Kazakhstan 138 — — (2) 140 Uzbekistan 34 — — — 34 Total 1,406 (4) (1,249) (23) 2,682 * There is no goodwill allocated to the CGUs of Ukraine, Bangladesh, Kyrgyzstan or Georgia ** In June 2021, VEON acquired a majority stake in OTM, a technology platform for the automation and planning of online advertising purchases in Russia. ***Refer to Note 4 for further details |
INVESTMENTS, DEBTS AND DERIVATI
INVESTMENTS, DEBTS AND DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Schedule of financial assets | The Company holds the following investments and derivative assets: September 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 29 8 29 31 At amortized cost Security deposits and cash collateral 39 325 Other investments 21 39 60 364 Total investments and derivatives 89 395 Non-current 57 305 Current 32 90 |
Schedule of financial liabilities | The Company holds the following debt and derivative liabilities: September 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 9 1 9 53 At amortized cost Principal amount outstanding 7,721 7,678 Interest accrued 105 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,817 7,758 Lease liabilities 1,833 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 261 91 9,927 10,034 Total debt and derivatives 9,936 10,087 Non-current 8,616 8,832 Current 1,320 1,255 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | Cash and cash equivalents consisted of the following items: September 30, 2021 December 31, 2020 Cash at banks and on hand 779 694 Short-term deposits with original maturity of less than three months* 719 975 Cash and cash equivalents 1,498 1,669 Less overdrafts (30) (8) Cash and cash equivalents, net of overdrafts 1,468 1,661 * Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. ** Cash and cash equivalents include an amount of US$86 relating to banking operations in Pakistan. |
ISSUED CAPITAL (Tables)
ISSUED CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of common shares | The following table details the common shares of the Company as of: September 30, 2021 December 31, 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) ₽ in Millions | Oct. 15, 2021tower | Sep. 05, 2021USD ($) | Jul. 01, 2021 | Sep. 30, 2021RUB (₽) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021RUB (₽) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021RUB (₽) | Dec. 31, 2022 | Dec. 31, 2021tower | Sep. 30, 2021USD ($) | Jun. 30, 2021PKR (₨) | Mar. 31, 2021RUB (₽) | Mar. 31, 2021USD ($) | Mar. 31, 2021PKR (₨) |
NTC | Long term lease agreement, NTC | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Towers held | tower | 15,400 | |||||||||||||||||
Lease term | 8 years | |||||||||||||||||
Additional towers leased | tower | 5,000 | |||||||||||||||||
PMCL (Pakistan Mobile Communications Ltd) | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Percentage of voting equity interests acquired | 15.00% | 15.00% | 15.00% | |||||||||||||||
Consideration paid (received) | $ 273,000,000 | $ 273,000,000 | ||||||||||||||||
PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | $ 131,000,000 | ₨ 20,000,000,000 | ||||||||||||||||
Omnium Telecom Algerie SpA | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Percentage ownership sold | 45.57% | |||||||||||||||||
NTC | Long term lease agreement, NTC | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Lease term | 8 years | |||||||||||||||||
NTC | VEON Holdings B.V. | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Consideration paid (received) | $ (970,000,000) | |||||||||||||||||
Veon Holdings B.V. revolving credit facility, available until february 2024 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | 1,250,000,000 | |||||||||||||||||
Tenor | 3 years | |||||||||||||||||
RUB30bn Alfa bank facility | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | ₽ 30,000 | 396,000,000 | ||||||||||||||||
RUB15bn Alfa Bank facility floating rate tranche | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | ₽ 15,000 | 198,000,000 | ||||||||||||||||
Proceeds from non-current borrowings | ₽ 15,000 | $ 198,000,000 | ||||||||||||||||
PKR15Bn MCB Bank Syndicated Facility | PMCL (Pakistan Mobile Communications Ltd) | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | 98,000,000 | 15,000,000,000 | ||||||||||||||||
PKR15Bn MCB Bank Syndicated Facility | PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Tenor | 7 years | |||||||||||||||||
PKR5Bn United Bank Bilateral Term Facility | PMCL (Pakistan Mobile Communications Ltd) | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | $ 33,000,000 | ₨ 5,000,000,000 | ||||||||||||||||
PKR5Bn United Bank Bilateral Term Facility | PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Tenor | 7 years | |||||||||||||||||
RUB100bn bilateral facility | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Repayments of non-current borrowings | ₽ 20,000 | $ 273,000,000 | ₽ 15,000 | $ 198,000,000 | ||||||||||||||
PKR50BN syndicated credit facility | PMCL (Pakistan Mobile Communications Ltd) | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Facility amount | $ 320,000,000 | ₨ 50,000,000,000 | ||||||||||||||||
Tenor | 10 years | |||||||||||||||||
MTN unsecured notes | VEON Holdings B.V. | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Bonds issued | ₽ 20,000 | ₽ 20,000 | $ 273,000,000 |
SEGMENT INFORMATION - Reportabl
SEGMENT INFORMATION - Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Disclosure of operating segments [line items] | ||||||
Service revenues | $ 1,825 | $ 1,683 | [1] | $ 5,283 | $ 5,113 | [1] |
Sale of equipment and accessories | 147 | 108 | [1] | 357 | 266 | [1] |
Other revenue | 33 | 28 | [1] | 96 | 83 | [1] |
Total Revenue | 2,005 | 1,819 | [1] | 5,736 | 5,462 | [1] |
Adjusted EBITDA | 889 | 819 | 2,505 | 2,403 | ||
CAPEX exc. licenses and ROU | 383 | 328 | 1,260 | 1,150 | ||
Bangladesh | ||||||
Disclosure of operating segments [line items] | ||||||
Adjusted EBITDA | 62 | 60 | 174 | 173 | ||
CAPEX exc. licenses and ROU | 12 | 18 | 54 | 77 | ||
Other frontier markets | ||||||
Disclosure of operating segments [line items] | ||||||
Adjusted EBITDA | 9 | 8 | 33 | 32 | ||
CAPEX exc. licenses and ROU | 6 | 5 | 12 | 24 | ||
Operating segments | Russia | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 140 | 101 | 333 | 252 | ||
Other revenue | 2 | 2 | 7 | 7 | ||
Total Revenue | 1,025 | 946 | 2,884 | 2,874 | ||
Adjusted EBITDA | 385 | 377 | 1,100 | 1,161 | ||
CAPEX exc. licenses and ROU | 230 | 217 | 728 | 632 | ||
Operating segments | Pakistan | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 3 | 4 | 13 | 7 | ||
Other revenue | 26 | 21 | 76 | 64 | ||
Total Revenue | 349 | 303 | 1,067 | 908 | ||
Adjusted EBITDA | 173 | 188 | 490 | 468 | ||
CAPEX exc. licenses and ROU | 58 | 20 | 239 | 173 | ||
Operating segments | Ukraine | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 0 | 0 | 0 | 0 | ||
Other revenue | 2 | 1 | 4 | 4 | ||
Total Revenue | 271 | 235 | 772 | 696 | ||
Adjusted EBITDA | 183 | 160 | 523 | 472 | ||
CAPEX exc. licenses and ROU | 45 | 39 | 136 | 135 | ||
Operating segments | Kazakhstan | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 5 | 1 | 11 | 3 | ||
Other revenue | 0 | 1 | 1 | 1 | ||
Total Revenue | 150 | 122 | 415 | 350 | ||
Adjusted EBITDA | 86 | 64 | 224 | 188 | ||
CAPEX exc. licenses and ROU | 24 | 17 | 68 | 69 | ||
Operating segments | Uzbekistan | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 0 | 0 | 0 | 0 | ||
Other revenue | 0 | 0 | 0 | 0 | ||
Total Revenue | 52 | 48 | 143 | 150 | ||
Adjusted EBITDA | 27 | 6 | 67 | 51 | ||
CAPEX exc. licenses and ROU | 7 | 12 | 20 | 38 | ||
Operating segments | Bangladesh | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 0 | 0 | 0 | 0 | ||
Other revenue | 3 | 3 | 8 | 7 | ||
Total Revenue | 145 | 136 | 420 | 403 | ||
Adjusted EBITDA | 62 | 60 | 174 | 173 | ||
CAPEX exc. licenses and ROU | 12 | 18 | 54 | 77 | ||
Operating segments | Other frontier markets | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | 0 | 2 | 0 | 4 | ||
Other revenue | 0 | 0 | 0 | 0 | ||
Total Revenue | 22 | 36 | 59 | 106 | ||
Adjusted EBITDA | 9 | 8 | 33 | 32 | ||
CAPEX exc. licenses and ROU | 6 | 5 | 12 | 24 | ||
HQ and eliminations | ||||||
Disclosure of operating segments [line items] | ||||||
Sale of equipment and accessories | (1) | 0 | 0 | 0 | ||
Other revenue | 0 | 0 | 0 | 0 | ||
Total Revenue | (9) | (7) | (24) | (25) | ||
Adjusted EBITDA | (36) | (44) | (106) | (142) | ||
CAPEX exc. licenses and ROU | 1 | 0 | 3 | 2 | ||
Mobile | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 1,651 | 1,514 | 4,775 | 4,596 | ||
Mobile | Operating segments | Russia | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 745 | 713 | 2,140 | 2,220 | ||
Mobile | Operating segments | Pakistan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 320 | 278 | 978 | 837 | ||
Mobile | Operating segments | Ukraine | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 252 | 220 | 718 | 648 | ||
Mobile | Operating segments | Kazakhstan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 122 | 100 | 336 | 289 | ||
Mobile | Operating segments | Uzbekistan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 51 | 48 | 142 | 149 | ||
Mobile | Operating segments | Bangladesh | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 142 | 133 | 412 | 396 | ||
Mobile | Operating segments | Other frontier markets | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 22 | 28 | 59 | 82 | ||
Mobile | HQ and eliminations | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | (3) | (6) | (10) | (25) | ||
Fixed | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 174 | 169 | 508 | 517 | ||
Fixed | Operating segments | Russia | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 138 | 130 | 404 | 395 | ||
Fixed | Operating segments | Pakistan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 0 | 0 | 0 | 0 | ||
Fixed | Operating segments | Ukraine | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 17 | 14 | 50 | 44 | ||
Fixed | Operating segments | Kazakhstan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 23 | 20 | 67 | 57 | ||
Fixed | Operating segments | Uzbekistan | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 1 | 0 | 1 | 1 | ||
Fixed | Operating segments | Bangladesh | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 0 | 0 | 0 | 0 | ||
Fixed | Operating segments | Other frontier markets | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | 0 | 6 | 0 | 20 | ||
Fixed | HQ and eliminations | ||||||
Disclosure of operating segments [line items] | ||||||
Service revenues | $ (5) | $ (1) | $ (14) | $ 0 | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Profit/(loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Operating Segments [Abstract] | ||||||
Profit / (loss) before tax | $ 238 | $ (565) | [1] | $ 655 | $ (175) | [1],[2] |
Depreciation | 391 | 352 | [1] | 1,143 | 1,086 | [1] |
Amortization | 81 | 75 | [1] | 222 | 235 | [1] |
Impairment (loss) / reversal | 0 | 790 | [1] | 5 | 791 | [1] |
Gain / (loss) on disposal of non-current assets | 4 | 5 | [1] | 8 | 16 | [1] |
Finance costs | 186 | 174 | [1] | 507 | 560 | [1] |
Finance income | (5) | (5) | [1] | (10) | (20) | [1] |
Other non-operating gain / (loss) | (17) | 0 | [1] | (24) | (101) | [1] |
Net foreign exchange (gain) / loss | 11 | (7) | [1] | (1) | 11 | [1],[2] |
Total Adjusted EBITDA | $ 889 | $ 819 | $ 2,505 | $ 2,403 | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) | |||||
[2] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4) |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Income Taxes [Abstract] | ||||||
Current income taxes | $ 89 | $ 162 | $ 261 | $ 299 | ||
Deferred income taxes | 22 | (59) | 22 | (65) | ||
Income tax expense | $ 111 | $ 103 | [1] | $ 283 | $ 234 | [1] |
Effective tax rate | 46.60% | (18.20%) | 43.20% | (133.70%) | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes Disclosure [Line Items] | ||||
Effective tax rate | 46.60% | (18.20%) | 43.20% | (133.70%) |
SIGNIFICANT TRANSACTIONS - Narr
SIGNIFICANT TRANSACTIONS - Narrative (Details) $ / mHz in Millions, $ in Millions, ৳ in Billions | Oct. 15, 2021tower | Sep. 05, 2021USD ($) | Jul. 19, 2021USD ($) | Jul. 01, 2021 | Jul. 22, 2019USD ($)$ / mHznumberOfMegahertz | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2022 | Dec. 31, 2021tower | Mar. 31, 2021USD ($)numberOfMegahertz | Mar. 31, 2021BDT (৳)numberOfMegahertz | Feb. 28, 2021numberOfMegahertz | Dec. 31, 2020USD ($) | Aug. 21, 2019USD ($) |
Disclosure of subsidiaries [line items] | |||||||||||||||||
Financial assets | $ 89 | $ 89 | $ 395 | ||||||||||||||
Intangible assets acquired | 593 | $ 172 | |||||||||||||||
Foreign currency loss | 104 | $ 219 | 96 | $ 705 | |||||||||||||
Licences | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Intangible assets acquired | $ 384 | ||||||||||||||||
Service cost liability | 65 | ||||||||||||||||
At amortized cost | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Financial assets | $ 60 | $ 60 | $ 364 | ||||||||||||||
Pakistan Telecommunication Authority license renewal | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
License renewal tax percentage | 13.00% | ||||||||||||||||
Pakistan Telecommunication Authority license renewal | At amortized cost | Security deposits and cash collateral | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Financial assets | $ 326 | $ 326 | |||||||||||||||
License percentage | 50.00% | ||||||||||||||||
Long term lease agreement, NTC | NTC | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Towers held | tower | 15,400 | ||||||||||||||||
Lease term | 8 years | ||||||||||||||||
Additional towers leased | tower | 5,000 | ||||||||||||||||
Banglalink | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Spectrum, frequency band | numberOfMegahertz | 40 | 40 | 30.6 | ||||||||||||||
Spectrum cost | $ 115 | ৳ 10 | |||||||||||||||
OTM | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Proportion of ownership interest in subsidiary | 67.00% | ||||||||||||||||
Consideration paid (received) | $ 16 | ||||||||||||||||
Algeria | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage ownership sold | 45.57% | ||||||||||||||||
NTC | VEON Holdings B.V. | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Consideration paid (received) | $ (970) | ||||||||||||||||
NTC | Long term lease agreement, NTC | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Lease term | 8 years | ||||||||||||||||
1800 MHz Spectrum | Pakistan Telecommunication Authority license renewal | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Frequency bands | numberOfMegahertz | 1,800 | ||||||||||||||||
License renewal cost per spectrum block (USD per MHz) | $ / mHz | 30 | ||||||||||||||||
1800 MHz Spectrum | Banglalink | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Spectrum, frequency band | numberOfMegahertz | 4.4 | 4.4 | |||||||||||||||
Frequency bands | numberOfMegahertz | 1,800 | 1,800 | |||||||||||||||
2100 MHz Spectrum | Banglalink | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Spectrum, frequency band | numberOfMegahertz | 5 | 5 | |||||||||||||||
Frequency bands | numberOfMegahertz | 2,100 | 2,100 | |||||||||||||||
900 MHz Spectrum | Pakistan Telecommunication Authority license renewal | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Frequency bands | numberOfMegahertz | 900 | ||||||||||||||||
License renewal cost per spectrum block (USD per MHz) | $ / mHz | 40 | ||||||||||||||||
License renewal cost | $ 450 |
SIGNIFICANT TRANSACTIONS - Disc
SIGNIFICANT TRANSACTIONS - Discontinued Operations (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Assets held-for-sale | $ 2,321 | $ 0 |
Liabilities held-for-sale | 561 | $ 0 |
Assets and liabilities classified as held for sale | Algeria | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Assets held-for-sale | 1,816 | |
Liabilities held-for-sale | 409 | |
Assets and liabilities classified as held for sale | NTC | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Assets held-for-sale | 497 | |
Liabilities held-for-sale | 152 | |
Assets and liabilities classified as held for sale | Other individual assets | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Assets held-for-sale | 8 | |
Liabilities held-for-sale | $ 0 |
SIGNIFICANT TRANSACTIONS - Inco
SIGNIFICANT TRANSACTIONS - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Profit / (loss) after tax for the period | $ 68 | $ 24 | [1] | $ 88 | $ 59 | [1] |
Algeria | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Operating revenue | 170 | 173 | 493 | 519 | ||
Operating expenses | (91) | (137) | (377) | (427) | ||
Other expenses | (3) | (4) | (13) | (12) | ||
Profit / (loss) before tax for the period | 76 | 32 | 103 | 80 | ||
Income tax benefit / (expense) | (8) | (8) | (15) | (21) | ||
Profit / (loss) after tax for the period | 68 | 24 | 88 | 59 | ||
Other comprehensive income / (loss) | (28) | (1) | (53) | (125) | ||
Total comprehensive income / (loss) | $ 40 | $ 23 | $ 35 | $ (66) | ||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
SIGNIFICANT TRANSACTIONS - Alge
SIGNIFICANT TRANSACTIONS - Algeria Assets & Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Property and equipment | $ 6,446 | $ 6,879 | $ 6,155 | $ 7,340 |
Goodwill | 1,406 | 2,682 | ||
Deferred tax assets | 185 | 186 | ||
Other current assets | 315 | 335 | ||
Total assets | 15,022 | 14,551 | ||
Non-current liabilities | 8,912 | $ 9,128 | ||
Discontinued operations | Assets and liabilities classified as held for sale | Omnium Telecom Algerie SpA | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Property and equipment | 488 | |||
Intangible assets excl. goodwill | 108 | |||
Goodwill | 1,013 | |||
Deferred tax assets | 35 | |||
Other current assets | 172 | |||
Total assets | 1,816 | |||
Non-current liabilities | 96 | |||
Current liabilities | 313 | |||
Total liabilities held for sale | $ 409 |
SIGNIFICANT TRANSACTIONS - NTC
SIGNIFICANT TRANSACTIONS - NTC Assets & Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Property and equipment | $ 6,446 | $ 6,879 | $ 6,155 | $ 7,340 |
Goodwill | 1,406 | 2,682 | ||
Other assets | 315 | 335 | ||
Total assets | 15,022 | 14,551 | ||
Non-current liabilities | 8,912 | $ 9,128 | ||
Assets and liabilities classified as held for sale | Discontinued operations | National Tower Company JCS (NTC) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Property and equipment | 264 | |||
Goodwill | 215 | |||
Other assets | 18 | |||
Total assets | 497 | |||
Non-current liabilities | 126 | |||
Current liabilities | 26 | |||
Total liabilities held for sale | $ 152 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property, plant and equipment [abstract] | ||
Balance as of January 1 | $ 6,879 | $ 7,340 |
Additions | 1,501 | 1,224 |
Disposals | (27) | (32) |
Depreciation | (1,143) | (1,193) |
Held for sale | (746) | 0 |
Impairment | (4) | (41) |
Translation adjustment | (5) | (1,178) |
Other | (9) | 35 |
Balance as of September 30 | 6,446 | 6,155 |
Additions to right-of-use assets | $ 108 | $ 13 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Jul. 19, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Balance as of January 1 | $ 4,152 | $ 5,688 | |
Acquisition of subsidiary (Note 4) | 18 | 0 | |
Additions | 593 | 172 | |
Amortization | (222) | (260) | |
Held for sale | (1,356) | 0 | |
Impairment | 0 | (731) | |
Translation adjustment | (32) | (827) | |
Other | (4) | 23 | |
Balance as of September 30 | $ 3,149 | $ 4,065 | |
Licences | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | $ 384 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | $ 2,682 |
Others and transfers | (4) |
Held for sale | (1,249) |
Currency translation | (23) |
Goodwill at end of period | 1,406 |
Russia | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | 1,131 |
Others and transfers | 2 |
Held for sale | (215) |
Currency translation | 17 |
Goodwill at end of period | 935 |
Algeria | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | 1,053 |
Others and transfers | 0 |
Held for sale | (1,034) |
Currency translation | (19) |
Goodwill at end of period | 0 |
Pakistan | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | 324 |
Others and transfers | (6) |
Held for sale | 0 |
Currency translation | (19) |
Goodwill at end of period | 299 |
Kazakhstan | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | 140 |
Others and transfers | 0 |
Held for sale | 0 |
Currency translation | (2) |
Goodwill at end of period | 138 |
Uzbekistan | |
Disclosure of information for cash-generating units [line items] | |
Goodwill at beginning of period | 34 |
Others and transfers | 0 |
Held for sale | 0 |
Currency translation | 0 |
Goodwill at end of period | $ 34 |
INTANGIBLE ASSETS - Impairment
INTANGIBLE ASSETS - Impairment Analysis (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||
Impairment loss recognised in profit or loss, goodwill | $ 0 | |||||
Impairment loss recognised in profit or loss | $ 0 | $ 790 | [1] | 5 | $ 791 | [1] |
Impairment loss recognised in profit or loss, property, plant and equipment | $ 4 | 41 | ||||
Russia | ||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||
Impairment loss recognised in profit or loss, goodwill | 723 | |||||
Recoverable amount of asset or cash-generating unit | 3,001 | 3,001 | ||||
Kyrgyzstan | ||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||
Impairment loss recognised in profit or loss | 64 | |||||
Impairment loss recognised in profit or loss, property, plant and equipment | 38 | |||||
Impairment loss recognised in profit or loss, intangible assets and goodwill | 8 | |||||
Impairment loss recognised in profit or loss, other assets | 18 | |||||
Algeria | ||||||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||||
Recoverable amount of asset or cash-generating unit | $ 1,433 | $ 1,433 | ||||
[1] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4 ) |
INVESTMENTS, DEBTS AND DERIVA_2
INVESTMENTS, DEBTS AND DERIVATIVES - Financial Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Total investments and derivatives | $ 89 | $ 395 | |
Non-current | 57 | 305 | |
Current | [1] | 32 | 90 |
At fair value | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 29 | 31 | |
At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 60 | 364 | |
Derivatives not designated as hedges | At fair value | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 0 | 20 | |
Derivatives designated as net investment hedges | At fair value | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 0 | 3 | |
Other | At fair value | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 29 | 8 | |
Security deposits and cash collateral | At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 39 | 325 | |
Other investments | At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | $ 21 | $ 39 | |
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. |
INVESTMENTS, DEBTS AND DERIVA_3
INVESTMENTS, DEBTS AND DERIVATIVES - Financial Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | $ 9,936 | $ 10,087 | |
Non-current | 8,616 | 8,832 | |
Current | [1] | 1,320 | 1,255 |
At fair value | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 9 | 53 | |
At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 9,927 | 10,034 | |
Derivatives not designated as hedges | At fair value | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 0 | 52 | |
Derivatives designated as net investment hedges | At fair value | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 9 | 1 | |
Principal amount outstanding | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 7,721 | 7,678 | |
Interest accrued | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 105 | 85 | |
Discounts, unamortized fees, hedge basis adjustment | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | (9) | (5) | |
Bank loans and bonds | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 7,817 | 7,758 | |
Lease liabilities | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 1,833 | 1,912 | |
Put-option liability over non-controlling interest | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 16 | 273 | |
Other financial liabilities | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | $ 261 | $ 91 | |
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. |
INVESTMENTS, DEBT AND DERIVAT_2
INVESTMENTS, DEBT AND DERIVATIVES - Significant Changes in Financial Assets and Financial Liabilities (Details) ₽ in Millions | 1 Months Ended | |||||||||||
Sep. 30, 2021RUB (₽) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021RUB (₽) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021PKR (₨) | Mar. 31, 2021RUB (₽)extensionOption | Mar. 31, 2021USD ($)extensionOption | Mar. 31, 2021PKR (₨)extensionOption | |
Veon Holdings B.V. revolving credit facility, available until february 2024 | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | $ 1,250,000,000 | |||||||||||
Tenor | 3 years | |||||||||||
Number of extension options | extensionOption | 2 | 2 | 2 | |||||||||
Extension option, term | 1 year | |||||||||||
Veon Holdings B.V. revolving credit facility, available until february 2024 | Not later than one month | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Borrowings, interest payment period | 1 month | |||||||||||
Veon Holdings B.V. revolving credit facility, available until february 2024 | Not later than three months | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Borrowings, interest payment period | 3 months | |||||||||||
Veon Holdings B.V. revolving credit facility, available until february 2024 | Later than one month and not later than six months | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Borrowings, interest payment period | 6 months | |||||||||||
RUB30bn Alfa bank facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | ₽ 30,000 | $ 396,000,000 | ||||||||||
RUB45bn Alfa Bank Facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | 45,000 | 594,000,000 | ||||||||||
RUB15bn Alfa Bank Floating Rate Tranche | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | 15,000 | 198,000,000 | ||||||||||
Tenor | 5 years | |||||||||||
RUB15bn Alfa Bank facility floating rate tranche | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | ₽ 15,000 | 198,000,000 | ||||||||||
Proceeds from non-current borrowings | ₽ 15,000 | $ 198,000,000 | ||||||||||
RUB100bn bilateral facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Repayments of non-current borrowings | ₽ 20,000 | $ 273,000,000 | ₽ 15,000 | $ 198,000,000 | ||||||||
PMCL (Pakistan Mobile Communications Ltd) | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Financial instrument, put option, % ownership acquired | 15.00% | |||||||||||
Consideration paid (received) | $ 273,000,000 | $ 273,000,000 | ||||||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||||||||
PMCL (Pakistan Mobile Communications Ltd) | Floating interest rate | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | 131,000,000 | ₨ 20,000,000,000 | ||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR15Bn MCB Bank Syndicated Facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | 98,000,000 | 15,000,000,000 | ||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR15Bn MCB Bank Syndicated Facility | Floating interest rate | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Tenor | 7 years | |||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | $ 33,000,000 | ₨ 5,000,000,000 | ||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR5Bn United Bank Bilateral Term Facility | Floating interest rate | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Tenor | 7 years | |||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Facility amount | $ 320,000,000 | ₨ 50,000,000,000 | ||||||||||
Tenor | 10 years | |||||||||||
PMCL (Pakistan Mobile Communications Ltd) | PKR50BN syndicated credit facility | Three Month Karachi Inter Bank Offered Rate Kibor | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Tenor | 10 years | |||||||||||
VEON Holdings B.V. | MTN unsecured notes | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Bonds issued | ₽ 20,000 | $ 273,000,000 | ||||||||||
VEON Holdings B.V. | MTN unsecured notes | Maximum | ||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||
Bonds issued | $ 6,500,000,000 |
INVESTMENTS, DEBT AND DERIVAT_3
INVESTMENTS, DEBT AND DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
At amortized cost | Bank loans and bonds | ||
Disclosure of fair value measurement of assets and liabilities [line items] | ||
Financial liabilities, at fair value | $ 7,987 | $ 8,031 |
CASH AND CASH EQUIVALENTS - Sum
CASH AND CASH EQUIVALENTS - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | [3],[4] | ||||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||||||||
Cash at banks and on hand | $ 779 | $ 694 | |||||||
Short-term deposits with original maturity of less than three months | 719 | 975 | |||||||
Cash and cash equivalents | [1] | 1,498 | 1,669 | ||||||
Less overdrafts | (30) | (8) | $ (165) | ||||||
Cash and cash equivalents, net of overdrafts (as presented in the consolidated statement of cash flows) | 1,468 | [2] | $ 1,661 | [3] | $ 989 | [2],[4] | $ 1,238 | ||
Pakistan | |||||||||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||||||||
Cash and cash equivalents, net of overdrafts (as presented in the consolidated statement of cash flows) | $ 86 | ||||||||
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. | ||||||||
[2] | Overdrawn amount was US$30 (2020: US$165) | ||||||||
[3] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. | ||||||||
[4] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4) |
CASH AND CASH EQUIVALENTS - Nar
CASH AND CASH EQUIVALENTS - Narrative (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Cash and cash equivalents [abstract] | |||
Restricted cash and cash equivalents | $ 0 | $ 0 | |
Investments in money market funds | 561,000,000 | 543,000,000 | |
Overdrawn amount | $ 30,000,000 | $ 8,000,000 | $ 165,000,000 |
ISSUED CAPITAL - Common Stock (
ISSUED CAPITAL - Common Stock (Details) - Ordinary shares - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [abstract] | ||
Authorized common shares (nominal value of US$0.001 per share) | 1,849,190,667 | 1,849,190,667 |
Issued shares, including 7,603,731 shares held by a subsidiary of the Company | 1,756,731,135 | 1,756,731,135 |
Par value per share (in dollars per share) | $ 0.001 | |
Shares held by a subsidiary of the Company (in shares) | 7,603,731 |
DIVIDENDS PAID AND PROPOSED (De
DIVIDENDS PAID AND PROPOSED (Details) - $ / shares | 1 Months Ended | 9 Months Ended | 15 Months Ended |
Mar. 31, 2020 | Sep. 30, 2021 | Mar. 31, 2020 | |
Dividends [Line Items] | |||
Dividends declared, per share (in dollars per share) | $ 0.15 | $ 0 | |
Dividends paid, per share (in dollars per share) | $ 0.28 | ||
Tax withholdings percentage | 15.00% |
BASIS OF PREPARATION OF THE I_3
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | [2] | Dec. 31, 2020 | ||
Disclosure of voluntary change in accounting policy [line items] | |||||
Cash and cash equivalents | [1] | $ 1,498 | $ 1,669 | ||
Investments and derivatives | [1] | 32 | 90 | ||
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (84) | $ (190) | 39 | ||
Debt and derivatives | [1] | $ 1,320 | 1,255 | ||
Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of voluntary change in accounting policy [line items] | |||||
Cash and cash equivalents | 75 | ||||
Investments and derivatives | (75) | ||||
Debt and derivatives | $ 31 | ||||
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. | ||||
[2] | Prior year comparatives are adjusted following the classification of Algeria as a discontinued operation (see Note 4) |