The company, whose biggest business is in Russia, says its total cash and deposits have increased to approximately US$2.4 billion, including $1.8 billion in cash and deposits held by its headquarters in Amsterdam, in both dollars and euros.
These were the numbers at the start of this week, marking a rise from a total of $1.9 billion, including $1.3 billion in Amsterdam.
The declaration marks a significant change from the start of May, when the company warned in a US filing that the war “may cast significant doubt on our ability to continue as a going concern”, though Veon later contested that this was a mandatory filing that had to account for all risk factors.
In Russia, Veon’s VimpelCom accounts for 52% of the group’s business; Kyivstar in Ukraine accounts for another 13%.
Group CFO Serkan Okandan said the company has been able “to maintain a prudent liquidity position in this period of macroeconomic uncertainty”.
However, Veon notes that it has a “limited amount” of cash in roubles in Amsterdam to cover payments due for rouble loans. It has to repay a $24 million loan to Raiffeisen Russia by the end of May, “due to the cancellation of its commitments in compliance with new Russian regulatory requirements”.
