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VimpelCom sees no signs of falling demand yet, although the market situation is "scary," chief executive Alexander Izosimov said Friday.
VimpelCom is preserving and accumulating cash to meet its obligations should the credit crisis continue, Izosimov said. The operator will also look at cutting costs before returning to expansion plans, he said.
"There isn't any panic, but there is a very composed preparation for stormy weather among companies," Izosimov said. "Our operating cash flow will allow us to comfortably meet debt payments next year, even based on our conservative projections."
The mobile operator signed an agreement Thursday to borrow as much as 600 million euros ($755 million) and will consider borrowing more during the next year as a buffer, Izosimov said.
Izosimov also said he had no plans to leave the company at the start of 2009. Interfax reported Oct. 22, citing two sources, that he would leave in February or March 2009.
"No responsible CEO would leave the company in a crisis situation," Izosimov said, adding that his contract ends Jan. 1, 2010.
VimpelCom Confident in Cash Flow
27 October 2008
Bloomberg
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