EPAM called the losses incurred as a result of the exit from the Russian market
EPAM, the largest IT company in Ukraine, announced its financial losses as a result of the decision to withdraw from the Russian market. This is stated in the company's financial report for the first quarter of 2022.
"The company suffered losses due to impairment of long — term assets in Russia, including expenses of 1 15.1 million related to fixed assets, 3 3.8 million related to assets with right-of-Use, and 0 0.7 million related to Goodwill," the IT company said.
They also added that they were forced to carry out unforeseen expenses for the geographical movement of employees from Russia and Belarus to other countries, as well as expenses for accommodation, travel and food.
What else has changed in the company due to the war"The Russian invasion of Ukraine changed the world and EPAM. We support Ukraine and continue to support our employees and their families, providing an opportunity for broader assistance initiatives in the country," Arkady Dobkin, CEO and president of the company, was quoted as saying in the report.
According to him, the successful experience of adapting the company to global disruptions gives him confidence that, despite the deeply personal impact of the war on EPAM, "we will cope with this immediate task and become a more diverse, sustainable and more relevant global company."
At the same time, the company is trying to continue to adhere to its strategy, which focuses "on adapting, growing and increasing value in a broader and more engaged ecosystem of people, customers and partners."
"This accelerated diversification of the company's global capabilities will help support both the immediate movement of customer projects from the affected region and future growth beyond 2022," EPAM expects.
Recall that on April 8, it became known that EPAM is finally leaving Russia and suspending all operations in this country due to the war in Ukraine. This was then announced by the company's CEO Arkady Dobkin in a letter to employees.
In early March, the main office of EPAM said that the company stops providing services to customers in Russia, and also fully supports Ukraine and calls on the Russian Federation to immediately end the war.
Before that, the IT company transferred UAH 10 million to the Red Cross humanitarian organization to overcome the consequences of the humanitarian catastrophe: to provide medical care to the Ukrainian military and the population, as well as to provide assistance to internally displaced persons.
