Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | VEON Ltd. |
Entity Central Index Key | 0001468091 |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Profit or loss [abstract] | ||||
Service revenues | $ 1,927 | $ 1,795 | $ 3,780 | $ 3,773 |
Sale of equipment and accessories | 106 | 72 | 211 | 160 |
Other revenue | 32 | 25 | 63 | 55 |
Total operating revenues | 2,065 | 1,892 | 4,054 | 3,988 |
Other operating income | 0 | 2 | 1 | 2 |
Service costs | (403) | (365) | (768) | (746) |
Cost of equipment and accessories | (106) | (74) | (208) | (163) |
Selling, general and administrative expenses | (677) | (646) | (1,324) | (1,352) |
Depreciation | (421) | (389) | (837) | (804) |
Amortization | (81) | (86) | (153) | (178) |
Impairment (loss) / reversal | (3) | (1) | (9) | (1) |
Gain / (loss) on disposal of non-current assets | 0 | (6) | (4) | (12) |
Operating profit | 374 | 327 | 752 | 734 |
Finance costs | (164) | (184) | (330) | (391) |
Finance income | 3 | 6 | 5 | 15 |
Other non-operating gain / (loss) | 2 | 86 | 7 | 101 |
Net foreign exchange gain / (loss) | 1 | 8 | 11 | (21) |
Profit / (loss) before tax | 216 | 243 | 445 | 438 |
Income tax expense | (89) | (68) | (180) | (144) |
Profit / (loss) for the period | 127 | 175 | 265 | 294 |
Attributable to: | ||||
The owners of the parent | 100 | 156 | 230 | 264 |
Non-controlling interest | $ 27 | $ 19 | $ 35 | $ 30 |
Basic gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share) | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.15 |
Diluted gain / (loss) per share attributable to ordinary equity holders of the parent (in USD per share) | $ 0.06 | $ 0.09 | $ 0.13 | $ 0.15 |
INTERIM CONDENSED CONSOLIDATE_2
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of comprehensive income [abstract] | ||||
Profit / (loss) for the period | $ 127 | $ 175 | $ 265 | $ 294 |
Items that may be reclassified to profit or loss | ||||
Foreign currency translation | 10 | 94 | 8 | (486) |
Other | 3 | 0 | 0 | 1 |
Items reclassified to profit or loss | ||||
Other | 1 | 0 | 2 | (5) |
Other comprehensive income / (loss) , net of tax | 14 | 94 | 10 | (490) |
Total comprehensive income / (loss) , net of tax | 141 | 269 | 275 | (196) |
Attributable to: | ||||
The owners of the parent | 127 | 259 | 262 | (150) |
Non-controlling interests | 14 | 10 | 13 | (46) |
Total comprehensive income / (loss) , net of tax | $ 141 | $ 269 | $ 275 | $ (196) |
INTERIM CONDENSED CONSOLIDATE_3
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Non-current assets | |||
Property and equipment | $ 7,236 | $ 6,879 | |
Intangible assets | 4,230 | 4,152 | |
Investments and derivatives | 369 | 305 | |
Deferred tax assets | 213 | 186 | |
Other assets | 206 | 179 | |
Total non-current assets | 12,254 | 11,701 | |
Current assets | |||
Inventories | 123 | 111 | |
Trade and other receivables | 690 | 572 | |
Investments and derivatives | [1] | 68 | 90 |
Current income tax assets | 60 | 73 | |
Other assets | 366 | 335 | |
Cash and cash equivalents | [1] | 1,192 | 1,669 |
Total current assets | 2,499 | 2,850 | |
Total assets | 14,753 | 14,551 | |
Equity | |||
Equity attributable to equity owners of the parent | 401 | 163 | |
Non-controlling interests | 825 | 850 | |
Total equity | 1,226 | 1,013 | |
Non-current liabilities | |||
Debt and derivatives | 8,717 | 8,832 | |
Provisions | 149 | 141 | |
Deferred tax liabilities | 153 | 127 | |
Other liabilities | 31 | 28 | |
Total non-current liabilities | 9,050 | 9,128 | |
Current liabilities | |||
Trade and other payables | [1] | 1,967 | 1,946 |
Debt and derivatives | [1] | 1,216 | 1,255 |
Provisions | 152 | 151 | |
Current income tax payables | 207 | 175 | |
Dividend payable | 44 | 0 | |
Other liabilities | 891 | 883 | |
Total current liabilities | 4,477 | 4,410 | |
Total equity and liabilities | $ 14,753 | $ 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 | 294 | 264 | 264 | 30 | ||||
Other comprehensive income / (loss) | (490) | (414) | (4) | (1) | (409) | (76) | ||
Total comprehensive income / (loss) , net of tax | (196) | (150) | (4) | 263 | (409) | (46) | ||
Dividends declared | (321) | (262) | (262) | (59) | ||||
Other | (1) | (3) | (3) | 26 | (26) | 2 | ||
Number of shares outstanding at end of period (in shares) at Jun. 30, 2020 | 1,749,127,404 | |||||||
Equity at end of period at Jun. 30, 2020 | 1,702 | 811 | $ 2 | 12,753 | (1,894) | (1,303) | (8,747) | 891 |
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2020 | 1,749,127,404 | |||||||
Equity at beginning of period at Mar. 31, 2020 | 1,492 | 543 | $ 2 | 12,753 | (1,893) | (1,494) | (8,825) | 949 |
Profit / (loss) for the period | 175 | 156 | 156 | 19 | ||||
Other comprehensive income / (loss) | 94 | 103 | (1) | 104 | (9) | |||
Total comprehensive income / (loss) , net of tax | 269 | 259 | 155 | 104 | 10 | |||
Dividends declared | (59) | (59) | ||||||
Other | 0 | 9 | (1) | 36 | (26) | (9) | ||
Number of shares outstanding at end of period (in shares) at Jun. 30, 2020 | 1,749,127,404 | |||||||
Equity at end of period at Jun. 30, 2020 | 1,702 | 811 | $ 2 | 12,753 | (1,894) | (1,303) | (8,747) | 891 |
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 | 265 | 230 | 230 | 35 | ||||
Other comprehensive income / (loss) | 10 | 32 | 0 | 32 | (22) | |||
Total comprehensive income / (loss) , net of tax | 275 | 262 | 230 | 32 | 13 | |||
Dividends declared | (44) | (44) | ||||||
Acquisition of subsidiary | (10) | (16) | (16) | 6 | ||||
Other | (8) | (8) | (7) | (1) | ||||
Number of shares outstanding at end of period (in shares) at Jun. 30, 2021 | 1,749,127,404 | |||||||
Equity at end of period at Jun. 30, 2021 | 1,226 | 401 | $ 2 | 12,753 | (1,921) | (1,690) | (8,743) | 825 |
Number of shares outstanding at beginning of period (in shares) at Mar. 31, 2021 | 1,749,127,404 | |||||||
Equity at beginning of period at Mar. 31, 2021 | 1,147 | 298 | $ 2 | 12,753 | (1,897) | (1,792) | (8,768) | 849 |
Profit / (loss) for the period | 127 | 100 | 100 | 27 | ||||
Other comprehensive income / (loss) | 14 | 27 | 2 | 25 | (13) | |||
Total comprehensive income / (loss) , net of tax | 141 | 127 | 102 | 25 | 14 | |||
Dividends declared | (44) | (44) | ||||||
Acquisition of subsidiary | (10) | (16) | (16) | 6 | ||||
Other | (8) | (8) | (8) | |||||
Number of shares outstanding at end of period (in shares) at Jun. 30, 2021 | 1,749,127,404 | |||||||
Equity at end of period at Jun. 30, 2021 | $ 1,226 | $ 401 | $ 2 | $ 12,753 | $ (1,921) | $ (1,690) | $ (8,743) | $ 825 |
INTERIM CONDENSED CONSOLIDATE_5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Operating activities | |||
Profit / (loss) before tax | $ 445 | $ 438 | |
Non-cash adjustments to reconcile profit before tax to net cash flows | |||
Depreciation, amortization and impairment loss / (reversal) | 999 | 983 | |
(Gain) / loss on disposal of non-current assets | 4 | 12 | |
Finance costs | 330 | 391 | |
Finance income | (5) | (15) | |
Other non-operating (gain) / loss | (7) | (101) | |
Net foreign exchange (gain) / loss | (11) | 21 | |
Changes in trade and other receivables and prepayments | (156) | (100) | |
Changes in inventories | (14) | 45 | |
Changes in trade and other payables | 50 | (58) | |
Changes in provisions, pensions and other | 6 | (14) | |
Interest paid | (306) | (337) | |
Interest received | 5 | 15 | |
Income tax paid | (141) | (175) | |
Net cash flows from operating activities | 1,199 | 1,105 | |
Investing activities | |||
Purchase of property, plant and equipment and intangible assets | (1,047) | (893) | |
Receipts from / (payment on) deposits | (52) | (98) | |
Receipts from / (investment in) financial assets | [1] | (29) | (33) |
Other proceeds from investing activities, net | (6) | 7 | |
Net cash flows from / (used in) investing activities | (1,134) | (1,017) | |
Financing activities | |||
Proceeds from borrowings, net of fees paid | [2] | 437 | 2,951 |
Repayment of debt | (711) | (2,733) | |
Acquisition of non-controlling interest | (273) | (1) | |
Dividends paid to owners of the parent | 0 | (259) | |
Dividends paid to non-controlling interests | 0 | (19) | |
Net cash flows from / (used in) financing activities | (547) | (61) | |
Net (decrease) / increase in cash and cash equivalents | (482) | 27 | |
Net foreign exchange difference | 0 | (37) | |
Cash and cash equivalents at beginning of period | [1] | 1,661 | 1,238 |
Cash and cash equivalents at end of period, net of overdrafts | [3] | $ 1,179 | $ 1,228 |
[1] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. | ||
[2] | Fees paid for borrowings were US$19 (2020: US$15). | ||
[3] | Overdrawn amount was US$13 (2020: US$3) |
INTERIM CONDENSED CONSOLIDATE_6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of cash flows [abstract] | ||
Fees paid for borrowings | $ 19 | $ 15 |
Overdrawn amount | $ 13 | $ 3 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Jun. 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 six-month period ended June 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 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 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. Refer to Note 7 for further details. Other developments In March 2021, VEON successfully concluded the acquisition of the 15% minority stake in Pakistan Mobile Communications Limited 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. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 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 six and three-month periods ended June 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. For the six-month period ended June 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 1,395 1,506 266 265 193 151 5 5 1,859 1,927 Our growth engines Pakistan 658 559 — — 10 3 50 42 718 604 Ukraine 466 429 33 30 — — 2 2 501 461 Kazakhstan 214 190 44 37 6 2 1 1 265 230 Uzbekistan 91 101 — 1 — — — — 91 102 Our frontier markets Algeria 321 343 — — 1 2 — — 322 345 Bangladesh 270 262 — — — — 5 5 275 267 Other frontier markets 37 55 — 12 — 2 — — 37 69 Other HQ and eliminations (6) (17) (9) — 1 — — — (14) (17) Total segments 3,446 3,428 334 345 211 160 63 55 4,054 3,988 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 715 784 498 415 Our growth engines Pakistan 317 280 181 153 Ukraine 340 313 91 96 Kazakhstan 138 124 44 52 Uzbekistan 40 45 13 26 Our frontier markets Algeria 139 145 50 38 Bangladesh 112 113 42 59 Other frontier markets 24 25 6 19 Other HQ and eliminations (70) (100) 2 2 Total segments 1,755 1,729 927 860 For the three-month period ended June 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 705 711 135 128 96 68 3 — 939 907 Our growth engines Pakistan 340 266 — — 5 1 26 21 371 288 Ukraine 239 208 17 14 — — 1 1 257 223 Kazakhstan 112 92 22 19 4 1 — — 138 112 Uzbekistan 46 47 — — — — — — 46 47 Our frontier markets Algeria 162 159 — — — 1 — — 162 160 Bangladesh 138 128 — — — — 2 3 140 131 Other frontier markets 19 25 — 6 1 1 — — 20 32 Other HQ and eliminations 1 (8) (9) — — — — — (8) (8) Total segments 1,762 1,628 165 167 106 72 32 25 2,065 1,892 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 354 357 299 249 Our growth engines Pakistan 161 133 89 85 Ukraine 173 151 52 58 Kazakhstan 72 61 23 28 Uzbekistan 18 20 1 21 Our frontier markets Algeria 71 64 17 24 Bangladesh 57 54 16 15 Other frontier markets 18 11 3 12 Other HQ and eliminations (45) (42) 2 — Total segments 879 809 502 492 The following table provides the reconciliation of Profit / (loss) before tax to Total Adjusted EBITDA for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 445 438 216 243 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 837 804 421 389 Amortization 153 178 81 86 Impairment loss / (reversal) 9 1 3 1 (Gain) / loss on disposal of non-current assets 4 12 — 6 Finance costs 330 391 164 184 Finance income (5) (15) (3) (6) Other non-operating (gain) / loss (7) (101) (2) (86) Net foreign exchange (gain) / loss (11) 21 (1) (8) Total Adjusted EBITDA 1,755 1,729 879 809 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 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 six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Current income taxes 180 152 89 97 Deferred income taxes — (8) — (29) Income tax expense 180 144 89 68 Effective tax rate 40.4 % 32.9 % 41.2 % 28.0 % The difference between the statutory tax rate in the Netherlands (25.0%) and the effective corporate income tax rate for the Group in the six and three-month periods ending June 30, 2021 (40.4% and 41.2%, 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 six and three-month periods ending June 30, 2020 (32.9% and 28.0%, 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. |
SIGNIFICANT TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Significant Transactions | |
SIGNIFICANT TRANSACTIONS | SIGNIFICANT TRANSACTIONS During the six-month period ended June 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 USD 16 M. During the six-month period ended June 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 half 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$486 recorded against the foreign currency translation reserve in the Statement of Comprehensive Income. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 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 six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,122 839 Disposals (18) (25) Depreciation (837) (804) Impairment (9) (1) Translation adjustment 103 (689) Other (4) 19 Balance as of June 30 7,236 6,679 *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$89 (2020-US$13). |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 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 six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions 199 124 Amortization (153) (178) Impairment (1) — Translation adjustment 28 (519) Other (13) 4 Balance as of June 30 4,230 5,119 Goodwill Included within total intangible asset movements for the six month periods ended June 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2021 Others Currency January 1, 2021 Russia** 1,156 2 23 1,131 Algeria 1,034 — (19) 1,053 Pakistan 323 (6) 5 324 Kazakhstan 137 — (3) 140 Uzbekistan 34 — — 34 Total 2,684 (4) 6 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. 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, 2020. 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 in the first half of 2021 or first half of 2020. |
INVESTMENTS, DEBT AND DERIVATIV
INVESTMENTS, DEBT AND DERIVATIVES | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments [Abstract] | |
INVESTMENTS, DEBT AND DERIVATIVES | INVESTMENTS, DEBT AND DERIVATIVES The Company holds the following investments and derivative assets: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 8 8 8 31 At amortized cost Security deposits and cash collateral 380 325 Other investments 49 39 429 364 Total investments and derivatives 437 395 Non-current 369 305 Current 68 90 The Company holds the following debt and derivative liabilities: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 13 1 Contingent consideration 1 — 14 53 At amortized cost Principal amount outstanding 7,658 7,678 Interest accrued 78 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,727 7,758 Lease liabilities 2,050 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 126 91 9,919 10,034 Total debt and derivatives 9,933 10,087 Non-current 8,717 8,832 Current 1,216 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 six-month period ended June 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 months 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. 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$7,823 at June 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 June 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, except for Contingent consideration, for which fair value is classified as Level 3. 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 six-month period ended June 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 | 6 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following items: June 30, 2021 December 31, 2020 Cash at banks and on hand 694 694 Short-term deposits with original maturity of less than three months* 498 975 Cash and cash equivalents 1,192 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts 1,179 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$106 relating to banking operations in Pakistan. As of June 30, 2021 and December 31, 2020, there were no restricted cash and cash equivalent balances. Cash balances as of June 30, 2021 include investments in money market funds of US$61 (December 31, 2020: US$543). As of June 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$13 (2020: US$8). Even though the total balance of the cash pool remained positive, the Company has no legally enforceable right of set-off 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 | 6 Months Ended |
Jun. 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: June 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 | 6 Months Ended |
Jun. 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 six-month period ended June 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 | 6 Months Ended |
Jun. 30, 2021 | |
Related Party [Abstract] | |
RELATED PARTIES | RELATED PARTIESFor the six and three-month periods ended June 30, 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 | 6 Months Ended |
Jun. 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 six-month period ended June 30, 2021. |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 6 Months Ended |
Jun. 30, 2021 | |
Events After Reporting Period [Abstract] | |
EVENTS AFTER THE REPORTING PERIOD | EVENTS AFTER THE REPORTING PERIOD 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 to the Algerian National Investment Fund, Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy. The exercise of the put option is not expected to have an adverse effect on financial position of financial performance of the Company. Starting from July 1, 2021, the Algerian subsidiary will be classified as held for sale and discontinued operations, which will be recorded in VEON’s Q3 interim IFRS financial statements. The Algerian contribution to the VEON Group's financial position and financial performance is disclosed in Note 2 “Segment information”. |
BASIS OF PREPARATION OF THE INT
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 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 six and three-month periods ended June 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 3 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 USD31 M 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. 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) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies, Accounting Estimates And Errors [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION The interim condensed consolidated financial statements for the six and three-month periods ended June 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 3 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 USD31 M 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. 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) | 6 Months Ended |
Jun. 30, 2021 | |
Operating Segments [Abstract] | |
Schedule of reportable segments financial information by geography | Financial information by reportable segment for the six and three-month periods ended June 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. For the six-month period ended June 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 1,395 1,506 266 265 193 151 5 5 1,859 1,927 Our growth engines Pakistan 658 559 — — 10 3 50 42 718 604 Ukraine 466 429 33 30 — — 2 2 501 461 Kazakhstan 214 190 44 37 6 2 1 1 265 230 Uzbekistan 91 101 — 1 — — — — 91 102 Our frontier markets Algeria 321 343 — — 1 2 — — 322 345 Bangladesh 270 262 — — — — 5 5 275 267 Other frontier markets 37 55 — 12 — 2 — — 37 69 Other HQ and eliminations (6) (17) (9) — 1 — — — (14) (17) Total segments 3,446 3,428 334 345 211 160 63 55 4,054 3,988 Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 715 784 498 415 Our growth engines Pakistan 317 280 181 153 Ukraine 340 313 91 96 Kazakhstan 138 124 44 52 Uzbekistan 40 45 13 26 Our frontier markets Algeria 139 145 50 38 Bangladesh 112 113 42 59 Other frontier markets 24 25 6 19 Other HQ and eliminations (70) (100) 2 2 Total segments 1,755 1,729 927 860 For the three-month period ended June 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 705 711 135 128 96 68 3 — 939 907 Our growth engines Pakistan 340 266 — — 5 1 26 21 371 288 Ukraine 239 208 17 14 — — 1 1 257 223 Kazakhstan 112 92 22 19 4 1 — — 138 112 Uzbekistan 46 47 — — — — — — 46 47 Our frontier markets Algeria 162 159 — — — 1 — — 162 160 Bangladesh 138 128 — — — — 2 3 140 131 Other frontier markets 19 25 — 6 1 1 — — 20 32 Other HQ and eliminations 1 (8) (9) — — — — — (8) (8) Total segments 1,762 1,628 165 167 106 72 32 25 2,065 1,892 |
Schedule of segment adjusted EBITDA and capital expenditures by geography | Adjusted CAPEX 2021 2020 2021 2020 Our cornerstone Russia 354 357 299 249 Our growth engines Pakistan 161 133 89 85 Ukraine 173 151 52 58 Kazakhstan 72 61 23 28 Uzbekistan 18 20 1 21 Our frontier markets Algeria 71 64 17 24 Bangladesh 57 54 16 15 Other frontier markets 18 11 3 12 Other HQ and eliminations (45) (42) 2 — Total segments 879 809 502 492 |
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 six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Profit / (loss) before tax 445 438 216 243 Adjustments to reconcile Profit / (loss) before tax to Total Adjusted EBITDA Depreciation 837 804 421 389 Amortization 153 178 81 86 Impairment loss / (reversal) 9 1 3 1 (Gain) / loss on disposal of non-current assets 4 12 — 6 Finance costs 330 391 164 184 Finance income (5) (15) (3) (6) Other non-operating (gain) / loss (7) (101) (2) (86) Net foreign exchange (gain) / loss (11) 21 (1) (8) Total Adjusted EBITDA 1,755 1,729 879 809 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Schedule of income tax expense | Income tax expense consisted of the following for the six and three-month periods ended June 30: Six-month period Three-month period 2021 2020 2021 2020 Current income taxes 180 152 89 97 Deferred income taxes — (8) — (29) Income tax expense 180 144 89 68 Effective tax rate 40.4 % 32.9 % 41.2 % 28.0 % |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 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 six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 6,879 7,340 Additions* 1,122 839 Disposals (18) (25) Depreciation (837) (804) Impairment (9) (1) Translation adjustment 103 (689) Other (4) 19 Balance as of June 30 7,236 6,679 *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$89 (2020-US$13). |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 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 six-month period ended June 30: Six-month period 2021 2020 Balance as of January 1 4,152 5,688 Acquisition of subsidiary (Note 4) 18 — Additions 199 124 Amortization (153) (178) Impairment (1) — Translation adjustment 28 (519) Other (13) 4 Balance as of June 30 4,230 5,119 |
Schedule of movement in goodwill for the Group, per cash generating unit | Included within total intangible asset movements for the six month periods ended June 30, 2021, as shown above, are the following movements in goodwill for the group, per cash generating unit ("CGU") : CGU * June 30, 2021 Others Currency January 1, 2021 Russia** 1,156 2 23 1,131 Algeria 1,034 — (19) 1,053 Pakistan 323 (6) 5 324 Kazakhstan 137 — (3) 140 Uzbekistan 34 — — 34 Total 2,684 (4) 6 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. |
INVESTMENTS, DEBTS AND DERIVATI
INVESTMENTS, DEBTS AND DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments [Abstract] | |
Schedule of financial assets | The Company holds the following investments and derivative assets: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 20 Derivatives designated as net investment hedges — 3 Other 8 8 8 31 At amortized cost Security deposits and cash collateral 380 325 Other investments 49 39 429 364 Total investments and derivatives 437 395 Non-current 369 305 Current 68 90 |
Schedule of financial liabilities | The Company holds the following debt and derivative liabilities: June 30, 2021 December 31, 2020 At fair value Derivatives not designated as hedges — 52 Derivatives designated as net investment hedges 13 1 Contingent consideration 1 — 14 53 At amortized cost Principal amount outstanding 7,658 7,678 Interest accrued 78 85 Discounts, unamortized fees, hedge basis adjustment (9) (5) Bank loans and bonds 7,727 7,758 Lease liabilities 2,050 1,912 Put-option liability over non-controlling interest 16 273 Other financial liabilities* 126 91 9,919 10,034 Total debt and derivatives 9,933 10,087 Non-current 8,717 8,832 Current 1,216 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) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | Cash and cash equivalents consisted of the following items: June 30, 2021 December 31, 2020 Cash at banks and on hand 694 694 Short-term deposits with original maturity of less than three months* 498 975 Cash and cash equivalents 1,192 1,669 Less overdrafts (13) (8) Cash and cash equivalents, net of overdrafts 1,179 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$106 relating to banking operations in Pakistan. |
ISSUED CAPITAL (Tables)
ISSUED CAPITAL (Tables) | 6 Months Ended |
Jun. 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: June 30, 2021 December 31, 2020 Authorized common shares (nominal value of US$0.001 per share) 1,849,190,667 1,849,190,667 Issued shares, including 7,603,731 shares held by a subsidiary of the Company 1,756,731,135 1,756,731,135 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) ₽ in Millions | 1 Months Ended | |||||||
Jun. 30, 2021USD ($) | Apr. 30, 2021RUB (₽) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021PKR (₨) | Mar. 31, 2021RUB (₽) | Mar. 31, 2021USD ($) | |
PMCL (Pakistan Mobile Communications Ltd) | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Percentage of voting equity interests acquired | 15.00% | 15.00% | ||||||
Consideration paid (received) | $ 273,000,000 | $ 273,000,000 | ||||||
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 | ||||||
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 | |||||||
RUB100bn bilateral facility | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Repayments of non-current borrowings | ₽ 15,000 | $ 198,000,000 |
SEGMENT INFORMATION - Reportabl
SEGMENT INFORMATION - Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of operating segments [line items] | ||||
Service revenues | $ 1,927 | $ 1,795 | $ 3,780 | $ 3,773 |
Sale of equipment and accessories | 106 | 72 | 211 | 160 |
Other revenue | 32 | 25 | 63 | 55 |
Total Revenue | 2,065 | 1,892 | 4,054 | 3,988 |
Adjusted EBITDA | 879 | 809 | 1,755 | 1,729 |
CAPEX exc. licenses and ROU | 502 | 492 | 927 | 860 |
Algeria | ||||
Disclosure of operating segments [line items] | ||||
Adjusted EBITDA | 71 | 64 | 139 | 145 |
CAPEX exc. licenses and ROU | 17 | 24 | 50 | 38 |
Bangladesh | ||||
Disclosure of operating segments [line items] | ||||
Adjusted EBITDA | 57 | 54 | 112 | 113 |
CAPEX exc. licenses and ROU | 16 | 15 | 42 | 59 |
Other frontier markets | ||||
Disclosure of operating segments [line items] | ||||
Adjusted EBITDA | 18 | 11 | 24 | 25 |
CAPEX exc. licenses and ROU | 3 | 12 | 6 | 19 |
Operating segments | Russia | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 96 | 68 | 193 | 151 |
Other revenue | 3 | 0 | 5 | 5 |
Total Revenue | 939 | 907 | 1,859 | 1,927 |
Adjusted EBITDA | 354 | 357 | 715 | 784 |
CAPEX exc. licenses and ROU | 299 | 249 | 498 | 415 |
Operating segments | Pakistan | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 5 | 1 | 10 | 3 |
Other revenue | 26 | 21 | 50 | 42 |
Total Revenue | 371 | 288 | 718 | 604 |
Adjusted EBITDA | 161 | 133 | 317 | 280 |
CAPEX exc. licenses and ROU | 89 | 85 | 181 | 153 |
Operating segments | Ukraine | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 0 | 0 | 0 | 0 |
Other revenue | 1 | 1 | 2 | 2 |
Total Revenue | 257 | 223 | 501 | 461 |
Adjusted EBITDA | 173 | 151 | 340 | 313 |
CAPEX exc. licenses and ROU | 52 | 58 | 91 | 96 |
Operating segments | Kazakhstan | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 4 | 1 | 6 | 2 |
Other revenue | 0 | 0 | 1 | 1 |
Total Revenue | 138 | 112 | 265 | 230 |
Adjusted EBITDA | 72 | 61 | 138 | 124 |
CAPEX exc. licenses and ROU | 23 | 28 | 44 | 52 |
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 | 46 | 47 | 91 | 102 |
Adjusted EBITDA | 18 | 20 | 40 | 45 |
CAPEX exc. licenses and ROU | 1 | 21 | 13 | 26 |
Operating segments | Algeria | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 0 | 1 | 1 | 2 |
Other revenue | 0 | 0 | 0 | 0 |
Total Revenue | 162 | 160 | 322 | 345 |
Adjusted EBITDA | 71 | 64 | 139 | 145 |
CAPEX exc. licenses and ROU | 17 | 24 | 50 | 38 |
Operating segments | Bangladesh | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 0 | 0 | 0 | 0 |
Other revenue | 2 | 3 | 5 | 5 |
Total Revenue | 140 | 131 | 275 | 267 |
Adjusted EBITDA | 57 | 54 | 112 | 113 |
CAPEX exc. licenses and ROU | 16 | 15 | 42 | 59 |
Operating segments | Other frontier markets | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 1 | 1 | 0 | 2 |
Other revenue | 0 | 0 | 0 | 0 |
Total Revenue | 20 | 32 | 37 | 69 |
Adjusted EBITDA | 18 | 11 | 24 | 25 |
CAPEX exc. licenses and ROU | 3 | 12 | 6 | 19 |
HQ and eliminations | ||||
Disclosure of operating segments [line items] | ||||
Sale of equipment and accessories | 0 | 0 | 1 | 0 |
Other revenue | 0 | 0 | 0 | 0 |
Total Revenue | (8) | (8) | (14) | (17) |
Adjusted EBITDA | (45) | (42) | (70) | (100) |
CAPEX exc. licenses and ROU | 2 | 0 | 2 | 2 |
Mobile | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 1,762 | 1,628 | 3,446 | 3,428 |
Mobile | Operating segments | Russia | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 705 | 711 | 1,395 | 1,506 |
Mobile | Operating segments | Pakistan | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 340 | 266 | 658 | 559 |
Mobile | Operating segments | Ukraine | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 239 | 208 | 466 | 429 |
Mobile | Operating segments | Kazakhstan | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 112 | 92 | 214 | 190 |
Mobile | Operating segments | Uzbekistan | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 46 | 47 | 91 | 101 |
Mobile | Operating segments | Algeria | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 162 | 159 | 321 | 343 |
Mobile | Operating segments | Bangladesh | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 138 | 128 | 270 | 262 |
Mobile | Operating segments | Other frontier markets | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 19 | 25 | 37 | 55 |
Mobile | HQ and eliminations | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 1 | (8) | (6) | (17) |
Fixed | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 165 | 167 | 334 | 345 |
Fixed | Operating segments | Russia | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 135 | 128 | 266 | 265 |
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 | 33 | 30 |
Fixed | Operating segments | Kazakhstan | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 22 | 19 | 44 | 37 |
Fixed | Operating segments | Uzbekistan | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 0 | 0 | 0 | 1 |
Fixed | Operating segments | Algeria | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | 0 | 0 | 0 | 0 |
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 | 12 |
Fixed | HQ and eliminations | ||||
Disclosure of operating segments [line items] | ||||
Service revenues | $ (9) | $ 0 | $ (9) | $ 0 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Profit/(loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Segments [Abstract] | ||||
Profit / (loss) before tax | $ 216 | $ 243 | $ 445 | $ 438 |
Depreciation | 421 | 389 | 837 | 804 |
Amortization | 81 | 86 | 153 | 178 |
Impairment (loss) / reversal | 3 | 1 | 9 | 1 |
Gain / (loss) on disposal of non-current assets | 0 | 6 | 4 | 12 |
Finance costs | 164 | 184 | 330 | 391 |
Finance income | (3) | (6) | (5) | (15) |
Other non-operating gain / (loss) | (2) | (86) | (7) | (101) |
Net foreign exchange (gain) / loss | (1) | (8) | (11) | 21 |
Total Adjusted EBITDA | $ 879 | $ 809 | $ 1,755 | $ 1,729 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes [Abstract] | ||||
Current income taxes | $ 89 | $ 97 | $ 180 | $ 152 |
Deferred income taxes | 0 | (29) | 0 | (8) |
Income tax expense | $ 89 | $ 68 | $ 180 | $ 144 |
Effective tax rate | 41.20% | 28.00% | 40.40% | 32.90% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Taxes Disclosure [Line Items] | |||||
Effective tax rate | 41.20% | 28.00% | 40.40% | 32.90% | |
Deferred tax assets | $ 213 | $ 213 | $ 186 |
SIGNIFICANT TRANSACTIONS (Detai
SIGNIFICANT TRANSACTIONS (Details) $ in Millions, ৳ in Billions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($)numberOfMegahertz | Mar. 31, 2021BDT (৳)numberOfMegahertz | Feb. 28, 2021numberOfMegahertz | |
Disclosure of subsidiaries [line items] | ||||||||
Foreign currency loss | $ | $ (10) | $ (94) | $ (8) | $ 486 | ||||
Banglalink | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Spectrum, frequency band | 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 | |||||||
1800 MHz Spectrum | Banglalink | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Spectrum, frequency band | 4.4 | 4.4 | ||||||
Frequency bands | 1,800 | 1,800 | ||||||
2100 MHz Spectrum | Banglalink | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Spectrum, frequency band | 5 | 5 | ||||||
Frequency bands | 2,100 | 2,100 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, plant and equipment [abstract] | ||
Balance as of January 1 | $ 6,879 | $ 7,340 |
Additions | 1,122 | 839 |
Disposals | (18) | (25) |
Depreciation | (837) | (804) |
Impairment | (9) | (1) |
Translation adjustment | 103 | (689) |
Other | (4) | 19 |
Balance as of June 30 | 7,236 | 6,679 |
Additions to right-of-use assets | $ 89 | $ 13 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 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 | 199 | 124 |
Amortization | (153) | (178) |
Impairment | (1) | 0 |
Translation adjustment | 28 | (519) |
Other | (13) | 4 |
Balance as of June 30 | $ 4,230 | $ 5,119 |
INTANGIBLE ASSETS - Goodwill (D
INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | $ 2,682 | |
Others | (4) | |
Currency translation | 6 | |
Goodwill at end of period | 2,684 | |
Impairment loss recognised in profit or loss, goodwill | 0 | $ 0 |
Russia | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | 1,131 | |
Others | 2 | |
Currency translation | 23 | |
Goodwill at end of period | 1,156 | |
Algeria | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | 1,053 | |
Others | 0 | |
Currency translation | (19) | |
Goodwill at end of period | 1,034 | |
Pakistan | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | 324 | |
Others | (6) | |
Currency translation | 5 | |
Goodwill at end of period | 323 | |
Kazakhstan | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | 140 | |
Others | 0 | |
Currency translation | (3) | |
Goodwill at end of period | 137 | |
Uzbekistan | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill at beginning of period | 34 | |
Others | 0 | |
Currency translation | 0 | |
Goodwill at end of period | $ 34 |
INVESTMENTS, DEBTS AND DERIVA_2
INVESTMENTS, DEBTS AND DERIVATIVES - Financial Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Total investments and derivatives | $ 437 | $ 395 | |
Non-current | 369 | 305 | |
Current | [1] | 68 | 90 |
At fair value | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 8 | 31 | |
At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 429 | 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 | 8 | 8 | |
Security deposits and cash collateral | At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | 380 | 325 | |
Other investments | At amortized cost | |||
Disclosure of financial assets [line items] | |||
Total investments and derivatives | $ 49 | $ 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 | Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | $ 9,933 | $ 10,087 | |
Non-current | 8,717 | 8,832 | |
Current | [1] | 1,216 | 1,255 |
At fair value | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 14 | 53 | |
At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 9,919 | 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 | 13 | 1 | |
Contingent consideration | At fair value | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 1 | 0 | |
Principal amount outstanding | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 7,658 | 7,678 | |
Interest accrued | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 78 | 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 | 7,727 | 7,758 | |
Lease liabilities | At amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Total debt and derivatives | 2,050 | 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 | $ 126 | $ 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 | ||||||||
Jun. 30, 2021USD ($) | Apr. 30, 2021RUB (₽) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | 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 | ||||||||
RUB100bn bilateral facility | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Repayments of non-current borrowings | ₽ 15,000 | $ 198,000,000 | |||||||
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 | |||||||
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 |
INVESTMENTS, DEBT AND DERIVAT_3
INVESTMENTS, DEBT AND DERIVATIVES - Fair Value (Details) - USD ($) $ in Millions | Jun. 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 | $ 7,823 | $ 8,031 |
CASH AND CASH EQUIVALENTS - Sum
CASH AND CASH EQUIVALENTS - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | [3] | ||||
Disclosure of classes of share capital [line items] | |||||||||
Cash at banks and on hand | $ 694 | $ 694 | |||||||
Short-term deposits with original maturity of less than three months | 498 | 975 | |||||||
Cash and cash equivalents | [1] | 1,192 | 1,669 | ||||||
Less overdrafts | (13) | (8) | $ (3) | ||||||
Cash and cash equivalents, net of overdrafts (as presented in the consolidated statement of cash flows) | $ 1,179 | [2] | $ 1,661 | [3] | $ 1,228 | [2] | $ 1,238 | ||
[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$13 (2020: US$3) | ||||||||
[3] | Certain comparative amounts have been reclassified to conform to the current period presentation, refer to Note 14 for further details. |
CASH AND CASH EQUIVALENTS - Nar
CASH AND CASH EQUIVALENTS - Narrative (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Cash and cash equivalents [abstract] | |||
Restricted cash and cash equivalents | $ 0 | $ 0 | |
Investments in money market funds | 61,000,000 | 543,000,000 | |
Overdrawn amount | $ 13,000,000 | $ 8,000,000 | $ 3,000,000 |
ISSUED CAPITAL - Common Stock (
ISSUED CAPITAL - Common Stock (Details) - Ordinary shares - $ / shares | Jun. 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 | 6 Months Ended | 15 Months Ended |
Mar. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2020 | |
Dividends [Abstract] | |||
Dividends declared, per share (in dollars per share) | $ 0.15 | $ 0 | |
Dividends paid, per share (in dollars per share) | $ 0.28 | ||
Maximum | |||
Dividends [Abstract] | |||
Tax withholdings percentage | 15.00% |
EVENTS AFTER THE REPORTING PE_2
EVENTS AFTER THE REPORTING PERIOD (Details) | Jul. 01, 2021 |
Disposal of major subsidiary | Omnium Telecom Algerie SpA | |
Disclosure of non-adjusting events after reporting period | |
Percentage ownership sold | 45.57% |
BASIS OF PREPARATION OF THE I_3
BASIS OF PREPARATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Disclosure of voluntary change in accounting policy [line items] | ||||
Cash and cash equivalents | [1] | $ 1,192 | $ 1,669 | |
Investments and derivatives | [1] | 68 | 90 | |
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (482) | $ 27 | ||
Debt and derivatives | [1] | $ 1,216 | 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) | |||
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 31 | |||
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. |