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Private Joint Stock Company Kyivstar International Financial Reporting

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Private Joint Stock Company Kyivstar International Financial Reporting Private Joint Stock Company Kyivstar International Financial Reporting Standards Financial Statements and Independent Auditor's Report 31 December 2017 CONTENTS INDEPENDENT AUDITOR’S REPORT Balance Sheet (Statement of Financial Position).................................................................................................................3 Statement of Financial Results (Statement of Comprehensive Income)..............................................................................6 Statement of Cash Flows (indirect method).........................................................................................................................8 Statement of Shareholders’ Equity ....................................................................................................................................10 1. Corporate information....................................................................................................................................................13 2. Operating environment, risks, political and economic conditions in Ukraine .................................................................13 3. Basis of preparation.......................................................................................................................................................14 4. New or revised standards and interpretations ...............................................................................................................14 5. Summary of significant accounting policies ...................................................................................................................18 6. Critical accounting judgements and key sources of estimation uncertainty...................................................................28 7. Related party disclosure ................................................................................................................................................29 8. Property, plant and equipment.......................................................................................................................................32 9. Intangible assets............................................................................................................................................................35 10. Construction-in-progress .............................................................................................................................................37 11. Investments in subsidiaries..........................................................................................................................................37 12. Other non-current assets.............................................................................................................................................37 13. Trade and other receivables........................................................................................................................................38 14. Cash and cash equivalents..........................................................................................................................................39 15. Deferred expenses ......................................................................................................................................................39 16. Other current assets ....................................................................................................................................................40 17. Statutory capital...........................................................................................................................................................40 18. Trade and other payables............................................................................................................................................41 19. Taxes payable, other than income tax.........................................................................................................................41 20. Advances received ......................................................................................................................................................41 21. Provisions....................................................................................................................................................................42 22. Other current liabilities.................................................................................................................................................43 23. Deferred revenue.........................................................................................................................................................43 24. Revenue ......................................................................................................................................................................44 25. Other operating income ...............................................................................................................................................44 26. Operating expenses ....................................................................................................................................................45 27. Finance income ...........................................................................................................................................................46 28. Other income and expenses........................................................................................................................................46 29. Income tax...................................................................................................................................................................46 30. Commitments and contingencies.................................................................................................................................49 31. Fair value of financial instruments ...............................................................................................................................49 32. Financial instruments and risk management ...............................................................................................................49 33. Management of Capital ...............................................................................................................................................52 34. Earnings per share ......................................................................................................................................................52 35. Events after the reporting period .................................................................................................................................53 36. Supplementary notes...................................................................................................................................................54 Independent Auditor's Report To the Shareholders and Management Board of Private Joint Stock Company Kyivstar Report on the audit of the financial statements Our opinion In our opinion, financial statements present fairly, in all material respects, the financial position of PrJSC Kyivstar (the “Company”) as at 31 December 2017, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (the “IFRS”). What we have audited The Company’s financial statements comprise: the balance sheet (the statement of financial position, form #1) as at 31 December 2017; the statement of financial results (the statement of comprehensive income, form #2) for the year then ended; the statement of cash flows (form #3) for the year then ended; the statement of shareholders' equity (form #4) for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. LLC Audit Firm "PricewaterhouseCoopers (Audit)", 75 Zhylyanska str., Kyiv, 01032, Ukraine Phone: +380 44 354 0404, Fax:+380 44 354 0790, www.pwc.com/ua Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those
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