Uzbekgidroenergo plans to obtain an international credit rating, issue bonds for placement on the London Stock Exchange and other plans. They are associated with the step-by-step implementation of the task of introducing the transition to International Accounting Standards (IAS) in the joint-stock company.
International accounting standards cover a wide range of transactions, while relying on financial statements and other main types of reporting. According to IAS, assets, liabilities, capital, income and expenses are the main elements of financial statements.
Among the basic principles of IAS is payroll calculation, through which, in addition to cash flows, a situation calculated for a certain period is revealed.
Also among the main is the “Principle of continuous movement” or, in other words, the continuation of work in the near future without any obstacles. This contributes to the direct attraction of foreign investment and obtaining international loans without a state guarantee.
It should be noted that one of the tasks set by the leadership of Uzbekistan in the direction of working with investors is precisely the attraction of funds without a state guarantee.
This also contributes to the effective implementation of Uzbekhydroenergo investment projects for the construction and modernization of HPPs included in the Project Factory.
For the full implementation of IAS in the joint-stock company, a special “Road Map” has been developed, which is being implemented in stages. In particular, experienced specialists were attracted to prepare financial statements of Uzbekhydroenergo based on international standards, in addition, accounting activities are currently carried out in all enterprises of the joint-stock company in accordance with IAS standards.
Also, in order to transfer the property of Uzbekgidroenergo and the enterprises of the system to IAS, in order to determine its real value, work was carried out on an assessment together with the appraisal organization Grant Thornton Valuation.
To confirm the full-fledged maintenance of the financial statements of Uzbekhydroenergo and the enterprises of the system on the basis of IAS, the internationally recognized audit organization Pricewaterhouse Coopers, one of the four world audit organizations, was involved.
In order to obtain an international credit rating, a partnership has been established with the international rating agency Fitch Ratings, one of the top three in the international financial market.
It is planned that in autumn the financial statements of Uzbekgidroenergo will receive an international credit rating, which will become an achievement of the national hydropower industry and its gift for the 29th anniversary of the state independence of the Republic of Uzbekistan.
The above steps should raise the activities of Uzbekgidroenergo to a qualitatively new level of development, which will help the joint-stock company obtain a credit rating, attract direct loans without government guarantees, and issue bonds with their further placement on the London Stock Exchange.
In the history of Uzbekistan’s energy sector, the transition to IAS is the opening of a new page. It should be noted that it was the enterprises of the Uzbekgidroenergo system that were among the first in the country to introduce the international standard ISO 50001 – Energy Management Systems.
