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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 Separate Financial Statements and Independent Auditor's Report 31 December 2019 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. Significant accounting policies ....................................................................................................................................... 17 6. Critical accounting judgements and key sources of estimation uncertainty ................................................................... 29 7. Related party disclosure ................................................................................................................................................ 31 8. Property, plant and equipment ....................................................................................................................................... 33 9. Right-of-use assets and lease liabilities ......................................................................................................................... 36 10. Intangible assets .......................................................................................................................................................... 37 11. Investments in subsidiaries.......................................................................................................................................... 39 12. Other non-current assets ............................................................................................................................................. 39 13. Trade and other receivables ........................................................................................................................................ 39 14. Cash and cash equivalents.......................................................................................................................................... 41 15. Assets arising from Contracts with Customers ............................................................................................................ 41 16. Statutory capital ........................................................................................................................................................... 42 17. Trade and other payables ............................................................................................................................................ 42 18. Taxes payable, other than income tax ......................................................................................................................... 43 19. Provisions .................................................................................................................................................................... 43 20. Other liabilities ............................................................................................................................................................. 44 21. Liabilities arising from Contracts with Customers ........................................................................................................ 44 22. Revenue ...................................................................................................................................................................... 45 23. Other operating income ............................................................................................................................................... 46 24. Operating expenses .................................................................................................................................................... 46 25. Finance income ........................................................................................................................................................... 47 26. Other income and expenses ........................................................................................................................................ 47 27. Income tax ................................................................................................................................................................... 47 28. Commitments and contingencies ................................................................................................................................. 49 29. Fair value of financial instruments ............................................................................................................................... 49 30. Financial instruments and risk management ............................................................................................................... 49 31. Management of Capital ............................................................................................................................................... 52 32. Accounting policies before 1 January 2019 ................................................................................................................. 52 33. Events after the reporting period ................................................................................................................................. 52 34. Supplementary notes ................................................................................................................................................... 53 Independent Auditor’s Report I. Report on the financial statements Independent Auditor`s Report on the audit of the separate financial statements of Private Joint Stock Company “Kyivstar”, submitted to National Securities and Stock Market Commission for registration of issue or issue and prospectus of issue of certain types of securities, or report on the results of placement of shares as of 31 December 2019. To the National Securities and Stock Market Commission, Shareholders and Management Board of Private Joint Stock Company “Kyivstar” Legal entity background Full name: Private Joint Stock Company “Kyivstar”; EDRPOU code: 21673832; Location: Ukraine, 03113, Kyiv, Dehtiarivska 53; State registration date: 03 September 1997; Date of last change to Charter: 05 September 2019; Main types of economic activity: 61.20 Activities in the field of wireless telecommunications; Licences for operations: - #000669 - GSM-1800 cellular (mobile) telecommunication services; - #000670 - GSM-900 cellular (mobile) telecommunication services; - #001197 - Fixed international communication services; - #001196- Fixed inter city communication services; - #000673 - Fixed city communication services; - #000668 - Cellular (mobile) telecommunication services. President: Oleksandr Komarov Chief Accountant: Olena Ksenich Number of employees: 2 992. The Company’s separate financial statements comprise: • The balance sheet (statement of financial position) as at 31 December 2019; • the statement of financial results (statement of comprehensive income) for the year ended 31 December 2019; • the statement of cash flows (indirect method) for the year ended 31 December 2019; • the statement of shareholder`s equity for the year ended 31 December 2019; and the notes to the financial statements, which include significant accounting policies and other explanatory information. LLC AF "PricewaterhouseCoopers (Audit)", 75 Zhylyanska str., Kyiv, 01032, Ukraine Phone: +380 44 354 0404, Fax:+380 44 354 0790, www.pwc.com/ua Our opinion In our opinion, the separate financial statements present fairly, in all material respects, the financial position of PrJSC Kyivstar (the “Company”) as at 31 December 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and comply, in all material respects, with financial reporting requirements of the Law on Accounting and Financial Reporting in Ukraine. Our auditor’s report is consistent with our additional report to the Audit Committee dated 27 March 2020. What we have audited The Company’s separate financial statements comprise: • The balance sheet (statement of financial position) as at 31 December 2019; • the statement of financial results (statement of comprehensive income) for the year ended 31 December 2019; • the statement of cash flows (indirect method) for the year ended 31 December 2019;
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