Exhibit 8.1
The table below presents our significant subsidiaries and investees, the places of incorporation and our effective ownership interests therein as of December 31, 2021.
| | | | | |
| Accounting method | | December 31, | | December 31, |
| | | | | |
RTC | Consolidated | | 100.0% | | 100.0% |
MTS Bank | Consolidated | | 99.9% | | 99.9% |
MGTS Group | Consolidated | | 94.7% | | 94.7% |
Multiregional TransitTelecom (Note 5) | Consolidated | | 100.0% | | - |
MTS Armenia | Consolidated | | 100.0% | | 100.0% |
Nvision Czech Republic | Consolidated | | 100.0% | | 100.0% |
MDTZK LLC (Ticketland) | Consolidated | | 100.0% | | 100.0% |
Kulturnaya Sluzhba (Ponominalu) | Consolidated | | 100.0% | | 100.0% |
Sputnikovoe TV | Consolidated | | 100.0% | | 100.0% |
IT Grad (Note 5) | Consolidated | | 100.0% | | 100.0% |
MTS Avto (former Stopol) (Note 5) | Consolidated | | 100.0% | | 100.0% |
“Zelenaya Tochka” Group – Achemar Holdings Ltd | Consolidated | | 100.0% | | 51.0% |
Oblachny Retail LLC | Consolidated | | 100.0% | | 50.8% |
MTS Media | Consolidated | | 100.0% | | 100.0% |
Navigation Information Systems Group | Consolidated | | 94.7% | | 94.7% |
MTS Didgital (former MTS IT) | Consolidated | | 100.0% | | 100.0% |
Kinopolis (Note 5) | Consolidated | | 100.0% | | 100.0% |
Sistema Capital (Note 5)(1) | Consolidated | | 100.0% | | 30.0% |
Stream | Consolidated | | 100.0% | | 100.0% |
MTS Turkmenistan | Consolidated | | 100.0% | | 100.0% |
MTS Artificial Intelligence | Consolidated | | 100.0% | | 100.0% |
MWS | Consolidated | | 100.0% | | - |
Energy Group (Note 5) | Consolidated | | 100.0% | | - |
Dega | Consolidated | | 100.0% | | 100.0% |
Stream Digital | Consolidated | | 100.0% | | 100.0% |
Bastion | Consolidated | | 100.0% | | 100.0% |
MTS International Funding Limited (2) (“MTS International”) | Consolidated | | SE | | SE |
MTS Belarus (Note 16) | Equity | | 49.0% | | 49.0% |
(1) | Consolidated since 2021, accounted for as an equity investment in 2020 |
(2) | A company organized and existing as a private limited company under the laws of Ireland. The Group does not have any equity in MTS International. It was established for the purpose of raising capital through the issuance of debt securities on the Irish Stock Exchange followed by transferring the proceeds through a loan facility to the Group. In 2010 and 2013, MTS International issued USD 750 million 8.625% notes due in 2020 (fully repaid in June 2020) and USD 500 million 5.0% notes due in 2023, respectively (Note 24). The notes are guaranteed by MTS PJSC in the event of default. MTS International does not perform any other activities except those required for notes servicing. The Group bears all costs incurred by MTS International in connection with the notes’ maintenance activities. Accordingly, the Group concluded that it exercises control over the entity. |
See also Note 2 to our audited consolidated financial statements.