Page 179 - RusRPTJun24

traditionally included fairly detailed data on the structure of its cash position and debt. In particular it is reported:
In March, the company fully repaid its $1.05 billion revolving credit line (previously it was reported that the line had an option to extend until 2025). The repayment materially reduced the cash on the holding's balance sheet to $0.26 billion (from a consolidated cash position of $0.63 billion). The company also has government securities worth $0.21 billion; the issuer and the legal entity – balance holder are not disclosed.
The debt on the holding's balance sheet has been reduced to $1.8 billion, almost all of it in the form of Eurobonds remaining in circulation. The nearest repayments: April 2025 ($0.55 billion), June 2025 (₽9.1 billion in dollar equivalent) and September 2025 (₽3.2 billion).
In May 2024, the company received consent from holders of Eurobond issues VEON-25$ and VEON-27$ on: 1) delay in the publication of final reports for 2023 and reports for 2024 (covenant in Eurobonds - 6 months for annual reports and 3 months for quarterly reports ); 2) consent of the holders to the cancellation of bonds purchased during the separation of VimpelCom; 3) exchange of all securities for new bonds with other ISINs with similar conditions. Interestingly, the consent was not received for the VEON-25-2 issue (maturity - September 2025, ₽3.2 billion remained in circulation), but the consent for two other ruble issues (VEON-25-1, ₽9.2 billion , June 2025, and VEON-26, ₽1.4 billion, September 2026) will be held according to a postponed procedure (meeting on May 21).
Thus, it turns out that in order to avoid a cross-default on the VEON-25-2R issue, the issuer needs to buy it back before the end of June (since it apparently will not be able to publish annual reports before this date due to problems with replacing the auditor ), and he will also have to make a decision regarding two other ruble issues if the consensus on them does not pass. Liquidity reserves at the holding level are enough for this, but they will decrease significantly.
9.2.9 Tourism corporate news
9.2.10 Utilities & Renewables corporate news
On May 23, Rosseti South published IFRS results for 1Q24. Revenue increased by 2.9% y/y to RUB 13.67bn, and EBITDA decreased by 21.3% y/y to RUB 2.47bn. Operating profit decreased by 27.5% y/y to RUB 1.77bn, mainly due to the accrual of provisions for expected credit losses of RUB 37mn. (against the restoration of reserves by 152mn rubles a year earlier), and
179 RUSSIA Country Report June 2024 www.intellinews.com