Theme: Financial policy of corporations Layout: Introduction

Corporate finance is the area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to maximize or increase shareholder value.^[1]
Correspondingly, corporate finance comprises two main sub-disciplines.^{[citation needed]} Capital budgeting is concerned with the setting of criteria about which value-adding projects should receive investment funding, and whether to finance that investment with equity or debt capital. Working capital management is the management of the company's monetary funds that deal with the short-term operating balance of current assets and current liabilities; the focus here is on managing cash, inventories, and short-term borrowing and lending (such as the terms on credit extended to customers).
The terms corporate finance and corporate financier are also associated with investment banking. The typical role of an investment bank is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, the terms "corporate finance" and "corporate financier" may be associated with transactions in which capital is raised in order to create, develop, grow or acquire businesses. Recent legal and regulatory developments in the U.S. will likely alter the makeup of the group of arrangers and financiers willing to arrange and provide financing for certain highly leveraged transactions.^[2]
Although it is in principle different from managerial finance which studies the financial management of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms. Financial management overlaps with the financial function of the accounting profession. However, financial accounting is the reporting of historical financial information, while financial management is concerned with the deployment of capital resources to increase a firm's value to the shareholders.

The financial policy is a complex and controversial, which incited our interest for elucidating its meaning. It is a complex concept because, looking at it in terms of a system it has two elements, namely:

- macroeconomic financial policy subsystem;
- microeconomic financial policy subsystem. At a macroeconomic level the following subsystems develop: - financial policy subsystem;
- budgetary policy subsystem; - parafiscal policy subsystem. Within each subsystem, considered as a distinct entity, financial policy’s connecting branches develop.
We illustrate the statement by the budgetary policy subsystem within which we distinguish: the budgetary revenues policy, the budgetary expenditure policy, the budgetary balance policy.
At a microeconomic level we also observe a set of subsystems such as:
- investment policy subsystem;
- current activity financing policy subsystem;
- dividend policy subsystem. In relation to the financial policy subsystem at a microeconomic level we can also establish the existence of policy ramifications. We illustrate this statement ( finding) showing that within the investment policy we distinguish: investments financed with internal resources (national) and investments financed with external resources (international); investments financed from the company’s own resources and investments financed from borrowed resources; own overhead investments and contracted out investments. The controversial nature of the financial policy concept is generated by the fact that each researcher (author) has left his own imprint on the content of the analyzed concept. We, therefore, assumed the burden of detaching the common ideas which are the core of the concept trying to point out each time, the ultimate pursued goal and the methods and procedures used in the practice of financial activity in order to achieve this goal. 2. The financial policy concept In a general sense, politics is understood either as a management activity or as a way of organization and leadership. Since political activity is carried out on the basis of some political programmes, politics is often portrayed as the tactics, the strategy, the methods and the means used to achieve the objectives set out in such programmes. The way from the concept of politics in general to that of financial policy cannot be crossed without lingering, even just in passing, on the concept of economic policy. Thus, the economic policy is portrayed as an area of government policy, but it is often circumscribed to the concept of economic mechanism. In such an interpretation the economic policy is presented as part of the economic mechanism functioning. We observe that in the system theory, „the economic mechanism appears as a subsystem in economy’s organization and management system and government is the most important aspect of the economic mechanism” (Tulai 2003:84-85). An important element of the general economic policy is the financial policy which is „anchored in the development process of any society” (Onofrei 2000: 11). Building the financial policy, organizing and managing the company’s activity implies, as professor Constantin Tulai used to say: „management strategy and direct practice” (Tulai 2003:92). In the attempt to define this concept we should start, rightly and without exception, from the statement that the financial policy is an element of the economic policy, having to contribute, in its specific ways, at the fulfilment of the economic programme. It is subordinated to this goal but it must exert an active role in achieving it, which means both conception and concrete action and representing the land where the theory offers solutions, strategies confront and options take shape, decisions are taken and also actions to achieve them. Therefore in the defining of the financial policy, as the previously cited author would say, we must take into account at least the following reasons (Tulai 2003:85-86): - it represents a specific area of the economic policy, it is subordinated to the totality it belongs to, but it carries an active influence on it;
- it implies a certain conception of the financial sector management, they are differentiated by fields of application, solutions are dynamic and always perfectible and the tools are flexible; - it must be designed and implemented in a way that ensures the financial mechanism’s functionality, to establish a proper framework for it to show its self-regulation ability and to exert a favourable influence on the functioning of the economic mechanism as a whole; - through the specific instruments and levers the achievement of all economic decisions must be ensured under the conditions of superior resource exploitation and high economic efficiency. This means above all, to imperatively take into account, the financial reasons when underlying the economic decisions. As shown in the literature (Halpern, Weston şi Brigham 1998: 216; Bran 1997: 315-317), defining the financial policy concept involves, by default, mentioning its sphere. Doing a critical analysis of the financial policy sphere, C. Iuga pointed out that sometimes the sphere is restricted to the formulation of its objectives, other times it also includes the used methods and the proper organizational arrangements, pointing out that in his view „the financial policy has a broad coverage area, it establishes the main objectives of the financial activity, the strategy and the tactics of accomplishing them as well as the organizing and management system, respectively, the set of concrete principles, methods and means with regard to the relations, the institutions and financial agencies, which ensure the fulfilment of the functions and roles that belong to finance in the economic and social life” (Iuga 1977: 67). Such an indication on the financial policy sphere allows us to observe some of its most obvious characteristics, namely:
1. it includes in its sphere, placing first, setting the main objectives of the financial activity, derived from the fundamental objective and integrated in the economic policy’s objective;
2. the financial policy has its own objectives, specific to its domain, and their achievement represents its contribution in the achievement of the overall economic policy’s objectives.
3. in order to achieve the established objectives, the financial policy includes financial sector specific policies, but varied in relation to the sub domain they are applied in, being achieved with an appropriate tactics;
4. the achievement of the established objectives through an appropriate strategy and tactics, requires an appropriate organizational framework, the design and use of specific principles, methods, levers and instruments in a framework created by the legislation;
5. on this field the specialized financial institutions and organisms are operating, performing exogenous financial decisions, taking and performing their own decisions, they carry out the financial policy. Based on these issues and respecting the set out methodological requirements we can conclude that the financial policy, as a specific area of the economic policy, represents a certain conception and a certain way of direct action regarding the organization, management and financial activity deployment. The financial policy has several characteristic features determined by the nature of the state’s prerogatives, as well as by the country’s economic, social, etc. objectives in that given stage. Among the financial policy’s characteristic features we mention the following: - The financial policy’s scientific nature , which is determined by the thorough knowledge of our specific features, by the study of the real, national and international conditions in each stage, by taking into account the economic law’s requirements, by the correlation between the financial policy and the nation’s interests. Being judiciously planned and enforced, the financial policy is required to fully contribute to the achievement of a high and increasing social work’s performance capacity. The financial policy’s effects are reflected in the development of productive forces, in the increasing of the gross domestic product, in satisfying the material and spiritual life requirements, of the population which are on the increase - The financial policy’s realistic nature resides in the fact that it has to be developed and carried out based on thorough knowledge about the national economy’s realities, particularities and possibilities of each stage. The financial policy is designed to help promote national interests, achieve national independence and sovereignty as well as to help collaboration and cooperation at a national level. - The transforming, renewing character of the financial policy is generated by the judicious use of financial instruments. The financial policy is not established once and for all, it is not immutable, but it evolves, it changes, it continuously improves and it adapts both regarding the goals as well as in the use of financial instruments. The financial policy has a certain independence from the state’s general policy, because it has its own objectives, it uses specific tools and procedures, which implies the existence of its own methodologies. Studying the issues of financial policy at a microeconomic level (Halpern, Weston and Brigham 1998: 220), we observe its main manifestation directions: - selection of investment projects; - identifying financing modalities; - substantiation of the company’s financial structure and ensuring an optimal ratio between equity and borrowed capital; - choosing the optimal allocation for net profits and dividends; - selection of optimal solutions for changing the equity’s size. It must be noted that the company's financial policy is directly influenced by the macroeconomic financial policy, through instruments that at the microeconomic level are considered to be external influence (constraint) factors. Financial policy involves not only setting goals to pursue in one area or another for a certain period of time but also establishing the means to achieve them. It is also necessary to make a critical analysis of its promotion’s results, in order to correct any deficiencies, shortcomings, mistakes came up or occurred in time. Putting together and comparatively analyzing the many definitions given to the financial policy in the literature (Halpern, Weston and Brigham 1998: 222; Bran 1997: 318), we find both common elements and some differences, not only in shades but also in the sphere coverage. Both of them relate to the three present elements, without exception, in all encountered definitions, namely: the reference, the purpose and the used procedures. Referring to the specific used methods, they are portrayed as a set of methods and means; principles, methods and means; rules, principles and methods or methods, levers and mechanisms specific in the financial sector. Therefore not only the wording is different but also the number and kind of arrangements involved. In a different way is presented the field of reference, the same in its essence, namely the financial sector. It circumscribes, in different formulations, the same elements, namely: - finance, financial relations or in a detailed presentation, their display field (creation, distribution and optimum use of funds); -institutions and specialized institutions belonging to the financial unit; - the legal executive legal framework , including financial regulations or legislation. Finally, for the concerned purpose, the formulations are also different. Some refer to the social and economic policy objectives as a whole, but different in each step or from one program to the other; others are confined to the fundamental strategic objective of the current phase (Chandler 1996: 63);
in some of them the aim of achieving the economic policy objectives is fixed ("Help 2003: 87), and finally in others, it is stated that the financial policy is oriented towards achieving the social mission of finances (Văcărel 2007: 76), ensuring the fulfilment of their functions and roles in each phase. Taking into account the ones mentioned above, we could shape our own opinion which means that we can define financial policy at a microeconomic level as the combination of financial methods and instruments involved in the acquisition, allocation and management of financial resources in order to achieve the ultimate objective of the firm - thus maximizing market value, increasing shareholder wealth. 3. Company’s financial policy elements At a microeconomic level the financial policy includes a set medium and long term objectives, which relate either to all financial activity or to its major components. Among these we distinguish by their special meanings: the volume and structure of available resources, performers of various activities, financing sources, intermediary and final terms, global and partial indicators. The specific consequences of financial policy decisions are manifested in combining the company’s financial cycles (operating, investing, financial operations) whose graphical representation is depicted in Figure no.
As shown in the figure above, the financial policy’s range includes a variety of decisions to be taken by the company‘s management about the pace and terms of capital creation, namely the financing of the company. Modern financial theory holds that, at the firm’s level, there can be identified three broad categories of policies (Stancu 2007: 47), which are considered interdependent, namely: - investment policy (internal / external); - financing Policy (own sources and / or borrowed); - dividend policy (distribution and / or reinvestment of dividends). The investment policy is considered primal, whereas it affects capital for a longer period of time. Involving significant capital expenditure in the hope of obtaining a successful future, underlying the investment decision (policy) should aim at: - the investment’s participation in the total value of assets (net present value); - payback period of invested capital and hence the starting moment of net gaining from that investment; - alternative analysis of investment‘s further exploitation or disinvesting and seeking other forms of investment (decision tree method). The financing policy is determined and in the same time it is determining the investment policy. The financing policy’s foundation is represented by the proposed amount of investment, by the existing capital and the one necessary to continue to run the investments. Of particular importance is the company's financial structure, namely the relationship between equity and borrowed capital. The dividend policy is determined by the predilection and in the same time the investor’s wish to receive annual dividends. Although theoretically, in perfect market conditions, dividend policy does not affects the firm’s value, recent studies have demonstrated the favourable effect of maintaining and possibly increasing the rate of distribution (dividend/share) on the course of shares, namely the awareness effect on the dividend. Some researches (Walter 1996: 29-35) mainly the agent theory, demonstrated the role of dividends distribution in settling conflicts between shareholders and managers on one hand and between the groups “shareholders and managers” on one side and creditors on the other. Since dividend policy distributes the net profit between cash flow and net profit share distribution, it affects both the firm's financing policy and, indirectly, the investment policy. Each of these policies involves certain types of decisions and, most often it is considered that the company’s main financial decision is the choice of a certain financial structure (Manolescu 1997: 486). This is followed closely by three other coordinates as the dividend distribution policy, increasing the company's equity and its debt. “The existence of a power structure - P. Conso was saying – is the support for the internal decision-making process. The decision’s degree of rationality depends on the role of people and on the values system they agree to join. The nature of power is thus an important determinant of company behaviour "(Conso 1981: 159).
In our opinion, the influence of the internal power structure of a company must be analyzed in terms of number of partners / shareholders in it. Thus, an individual firm holding the power and capital monopoly will have a very simple internal structure; in the case of a company formed by association (as a society), the internal structure becomes complex and dependent on the number and diversity of partners (businesses, banks, state, citizens, etc.) leading to the phenomenon of power distribution among its shareholders. Therefore, financial policy-making requires knowledge of business environment and anticipating its evolution, based on foundations coming from the financial information system and from power relation correlations with the help of legal norms. Having clearly defined the coordinates of its development, the company has the necessary autonomy to decide and to choose the way to follow. But not always financial decisions taken at a microeconomic level can be accepted at the macroeconomic one, which highlights the relative character of this autonomy, suggesting the idea of a competition between the company and the state. In this sense Jean-Paul Betbeze's finding takes on a special significance: “with every business modulation the state considered that it had to sustain it and with every acceleration that it had to brake. It has also created the habit of being the judge of other‘s performance, measured in terms of growth, employment (labor), price or foreign exchange. This is how it turned the interests towards facing the major problems: growth, distribution, planning [...] passing over in silence the fact that it should not manage the results of the billion operations of these organic cells in the economic universe - companies "(Betbeze 1983: 3) . Financial policy is a component of the company’s management being decisive in the strategic options, which is those fundamental options that deeply engage the future as well as in the current management decisions.
The company's financial policy is called to secure answers for at least the following questions (Ana 2001: 47): a. resolving issues related to insufficient funds; b. setting destinations and rational use of funds; c. ensuring financial stability; d. price stability; e. the continuous cost reduction. Another direction of the company's financial policy is the tendency to maximize the economic capital through the options related to investment and funding. The capital increase has implications related to the financing cost and at the same time, issues related to the proportion between equity and borrowed capital for financing fixed and current assets. In relation to capital cost, practical experience shows that it lowers through a judicious use of loans and will become a burden the optimal indebtedness level is exceeded. The increase of debt ratio over an accepted optimum entails the risk of lower profitability and increases the degree of insolvency. The role of financial policy at a microeconomic consists in selecting the investment projects that can contribute greatly to increasing the company’s value in providing resources necessary for a normal activity performance with low cost, achieving optimal stock and debt management as well as establishing a consistent strategy to pay shareholders. The purpose of this policy should be represented not only by increasing the value of the company but also the harmonization of the interests of all stakeholders involved in the business (shareholders, managers, employees, lenders, state, local community). These complex interactions are expressively shown in Figure no
Based on information provided by the financial and policy analysis we can make an assessment of the company ‘s patrimony assets and liabilities, an assessment of future income streams, which is expected to be released by the company or a mixed assessment of the present and future capacity of paying capital investors.

2. About Qatar Airways:

A multiple award-winning airline, Qatar Airways was named ‘World’s Best Airline’ by the 2019 World Airline Awards, managed by international air transport rating organisation Skytrax. It was also named ‘Best Airline in the Middle East’, ‘World’s Best Business Class’ and ‘Best Business Class Seat’, in recognition of its ground-breaking Business Class experience, Qsuite. Qatar Airways is the only airline to have been awarded the coveted “Skytrax Airline of the Year” title, which is recognised as the pinnacle of excellence in the airline industry, five times.
Hamad International Airport (HIA), the airline’s home and hub, was recently announced as the “World’s Best Airport” in the Skytrax 2021 World Airport Awards. HIA has been steadily rising in the ‘World's Best Airports’ rankings since the start of its operations in 2014.
Qsuite, a patented Qatar Airways product, features the industry’s first-ever double bed in Business Class, as well as privacy panels that stow away, allowing passengers in adjoining seats to create their own private room, a first of its kind in the industry.
Qatar Airways was the first Gulf carrier to join global airline alliance oneworld, enabling its passengers to benefit from more than 1,000 airports in more than 160 countries, with 14,250 daily departures.
Oryx One, Qatar Airways’ in-flight entertainment system offers passengers up to 4,000 entertainment options from the latest blockbuster movies, TV box sets, music, games and much more. Passengers flying on Qatar Airways flights served by its B787, B777, A350, A319 and select A320 and A330 aircraft can also stay in touch with their friends and family around the world by using the award-winning airline’s on-board Wi-Fi and GSM service.
Qatar Airways proudly supports a range of exciting international and local initiatives dedicated to enriching the global community that it serves. Qatar Airways, the official FIFA partner, is the official sponsor of many top-level sporting events, including the FIFA World Cup Qatar 2022^TM, reflecting the values of sports as a means of bringing people together, something at the core of the airline’s own brand message - Going Places Together.
Qatar Airways Cargo, one of the world’s leading international air cargo carriers, serves more than 60 freighter destinations worldwide via its world-class Doha hub and also delivers freight in the belly-hold deck of passenger aircraft to an extensive network. The Qatar Airways Cargo fleet includes two Boeing 747-8 freighters, 26 Boeing 777 freighters and six B777-300ER mini freighters.
Qatar Executive is the private jet charter division of Qatar Airways Group. Luxury jet services are available for worldwide charter on board the operator’s wholly-owned business jet fleet. Qatar Executive is the launch customer for Gulfstream’s G700, the world’s first commercial service operator of the Gulfstream G500 and largest commercial operator of the G650ER worldwide. Qatar Executive's service portfolio also includes aircraft management, maintenance and Fixed Based Operator services. DOHA, Qatar — Qatar Airways Group has today published its Annual Report for 2020/21, covering a challenging year with the ongoing COVID-19 pandemic causing extensive loss of traffic and revenues as part of a pattern seen across the global aviation industry. Despite the difficulties, Qatar Airways Group proves that rising to the challenge is nothing new for the airline and its subsidiaries, projecting the Group’s strength, resilience, and commitment.
Qatar Airways Group reported a net loss of QAR14.9 billion (U.S.$4.1 billion), of which QAR8.4 billion (U.S.$2.3 billion) is due to a one-time impairment charge related to the grounding of the airline's Airbus A380 and A330 fleets. Despite the difficulties posed by the ongoing pandemic, the Group's operating results demonstrated its resilience during the crisis, with the reported operational loss at QAR1.1 billion (U.S.$288.3 million) 7 per cent less compared to 2019/20. Furthermore, the Group achieved a significant improvement in EBITDA, which stood at QAR6 billion (U.S.$1.6 billion) compared to QAR5 billion (U.S.$1.4 billion) the previous year.
A combination of our Qatar Airways Cargo division and the Group’s commercial adaptability have been at the core of this recovery. The flexibility and ingenuity of the Group’s commercial strategy played a pivotal role in significantly increasing its market share, enabling the business to expand its focus from its mission of ‘getting people home’ at the height of the pandemic, to playing an industry-leading role in rebuilding passenger confidence in the safety of air travel during the most critically-adverse market conditions in the history of commercial aviation. Whilst, the Group’s freight division, Qatar Airways Cargo, maintained its position as the world’s largest cargo carrier and grew its market share during 2020/21. During the pandemic’s peak, Cargo more than tripled its daily services, operating a record 183 flights in one day during the month of May 2020. 
Cargo has also overseen a 4.6 per cent rise in freight tonnes handled over the previous fiscal year (2019/20), with 2,727,986 tonnes (chargeable weight) handled in 2020/21. This increase in freight handled, as well as a significant increase in cargo yield, also saw the carrier’s cargo revenues more than double.
Despite enduring one of the most difficult years in the Group’s history, based on strong commercial fundamentals, the airline has rebuilt its network from a low of 33 destinations to more than 140 destinations today. The airline continued to identify new markets, launching nine new destinations – Abidjan, Côte d’Ivoire; Abuja, Nigeria; Accra, Ghana; Brisbane, Australia; Harare, Zimbabwe; Luanda, Angola; Lusaka, Zambia; San Francisco and Seattle, U.S.
The carrier was also one of only a few global airlines to continue operating to key cities, including Amsterdam, Dallas-Fort Worth, London, Montréal, São Paulo, Singapore, Johannesburg, Sydney and Tokyo. This is in addition to the expansion of Qatar Airways’ operations beyond pre-pandemic levels in several markets, including Brazil, Canada, Nigeria, and the U.S., ensuring the airline is well-positioned to take advantage of the recovery of international travel.
The Group also made significant progress in its ambition to forge new strategic partnerships with several major airlines, including American Airlines, Air Canada, Alaska Airlines and China Southern Airlines. These new alliances, along with an expanded cooperation with several existing partners, including JetBlue, Iberia, LATAM, Cathay Pacific and Oman Air, further strengthened Qatar Airways’ connectivity, unlocking the value of the airline’s relationships and providing a range of increased travel options for passengers.
Reflecting on what has been the most challenging and extraordinary 12 months in the airline’s history, Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: "There are three words that I believe best describe Qatar Airways Group’s response in the past year – strength, resilience, and commitment. Strength to not shy away from taking a risk or avoiding difficult decisions, resilience in remaining focused and not allowing events to overcome us, and commitment by never reneging on our promises to customers, partners, and employees.
"Whilst our competitors grounded their aircraft and closed their routes, we adapted our entire commercial operation to respond to ever-evolving travel restrictions and never stopped flying, operating a network our passengers and customers could rely on. With the support of our varied fleet of modern, fuel-efficient aircraft, we were able to ensure that more of our scheduled flights operated than any other carrier and fulfilled our mission of taking stranded passengers home, whilst maintaining global supply chains to transport medical aid and supplies essential to the fight against COVID-19. We also significantly expanded our charter business as a direct response to increased demand in this area, providing vital and reliable services to support our customers during uncertain times, an effort that was publicly appreciated and acknowledged by many governments and organisations around the world. This commercial flexibility further consolidated our leadership position at the forefront of the recovery of global air travel.
"I am extremely proud of our people across the Qatar Airways Group who have remained agile and adapted quickly to this new reality, displaying the tenacity, versatility, and commitment to excellence so often associated with everything we do. “I also wish to take this moment to express our gratitude to our shareholder, the Government of the State of Qatar, for its firm support of the Qatar Airways Group during this challenging period. While our organisation did not receive any subsidies in the form of salary support or grants, our shareholders did provide an equity injection of QAR11 billion (U.S.$3 billion) to support the business’s continuity.
"As ever, the strength of our financials has enabled us to continue to concentrate on the long-term, investing in a sustainable, fuel-efficient fleet and innovative digital technologies, establishing and strengthening strategic partnerships with leading airlines around the globe, and also launching new routes. This strategic focus will ensure we emerge stronger from this difficult period and continue to maintain our position as the world’s leading international airline."
As travellers return to the skies with Qatar Airways, they can take comfort in knowing that they are travelling with the first airline that has, together with its hub Hamad International Airport (HIA), achieved numerous 5-Star Skytrax ratings – including the prestigious 5-Star Airline Rating, 5-Star Airport Rating, 5-Star COVID-19 Airline Safety Rating and 5-Star COVID-19 Airport Safety Rating. These achievements highlight Qatar Airways’ commitment to providing our passengers with an industry-leading experience at every point of their journey, including the highest possible level of health and safety standards that safeguard the wellbeing of our passengers both on the ground and in the air.
3. Uzbekistan Airways Joint Stock Company takes the confidentiality and protection of personal data of customers and partners seriously.
The protection of personal data received from its customers and partners is a priority for Uzbekistan Airways Joint Stock Company in the implementation of its activities.
This Privacy Policy applies to all confidential information that the Uzbekistan Airways Joint Stock Company is collecting, using and processing while interacting with its customers and partners. Uzbekistan Airways Joint Stock Company may make amendments to this Privacy Policy without prior notice in connection with changes in the applicable legislation, as well as when updating internal regulations of Uzbekistan Airways Joint Stock Company.
This Privacy Policy applies only to the information collected by Uzbekistan Airways Joint Stock Company.
This Privacy Policy is developed on the basis of the requirements of the General Data Protection Regulation (GDPR), EU Regulation 2016/679 and the Law of the Republic of Uzbekistan "On personal data".ZRU-547 dated 02.07.2019.
Personal data refers to any information relating directly or indirectly to a particular individual (subject of personal data), enabling its identification and usually including such information as surname, name, patronymic, date of birth, citizenship, passport data, address, location, e-mail address, telephone number, as well as other information obtained at the conclusion and execution of the air carriage agreement.
Any information processed by the Uzbekistan Airways Joint Stock Company within the framework of this Privacy Policy is controlled by the Uzbekistan Airways Joint Stock Company, which is the operator of personal databases.
By agreeing to this Privacy Policy of processing of his or her personal data, the client agrees that Uzbekistan Airways Joint Stock Company has the right to use such data to meet the requests of such client in the performance of air carriage contracts during the term of the relevant contract of carriage and all subsequent settlements related to such. The client's consent to the transfer of his personal data is also a necessary condition for the provision of relevant services through the corporate website, mobile application and sales offices, agents of the Uzbekistan Airways Joint Stock Company, contact center, use of the services through third parties.
If you disagree with the processing of your personal data Uzbekistan Airways Joint Stock Company asks you not to use the services provided.
Uzbekistan Airways Joint Stock Company collects personal data of customers at the following stages of providing its services:
booking and sale of air tickets, issuing air waybills, as well as ordering and payment for additional services through all sales channels of Uzbekistan Airways Joint Stock Company, including but not limited to: online sales on the corporate web site, mobile app, sale through authorised agents and during the services performed by the Uzbekistan Airways Joint Stock Company contact center.

• 
  in the implementation of the relevant transactions of mutual settlements in the return of tickets;
  
• 
  during the audit;
  
• 
  when registering customers to participate and use the UzAirPlus frequent flyer program;
  
• 
  at check-in of passengers for the flights of the Uzbekistan Airways Joint Stock Company at the airports in which the said company operates»;
  
• 
  when providing certain services at the airports of the Republic of Uzbekistan,
  
• 
  when conducting surveys to improve the performance of the airline's website, at the in-house sales service, at airports or on board of the aircraft;
  
• 
  when exchanging information and providing answers to the questions on the corporate website of the airline and through the online personal account of the participant of the UzAirPlus program;
  
• 
  when making a claim or form for unaccompanied minors;
  
• 
  when using the superior comfort rooms
  
• 
  when exchanging information on the official pages of the Uzbekistan Airways Joint Stock Company in social networks (Facebook, Instagram, etc.).
  

Uzbekistan Airways Joint Stock Company may receive personal data about its customers:
from any companies that provide services of Uzbekistan Airways Joint Stock Company under the agreement with the latter.
from the companies involved in the implementation of the contract of carriage concluded with the client of the Uzbekistan Airways Joint Stock Company, including airlines operating the previous or subsequent flights, the relevant airport operators, as well as customs and immigration services, etc.
The volume of personal data requested by the Uzbekistan Airways Joint Stock Company is limited to the data necessary for the performance of contracts of carriage and related services, as well as for improving the quality of service provided in the pursuance of such contracts and additional services.
Uzbekistan Airways Joint Stock Company uses personal data of its customers for the following purposes:

• 
  aviation safety and security;
  
• 
  booking;
  
• 
  ticketing;
  
• 
  sending confirmation of the booking and sale of tickets;
  
• 
  provision of flight services and flight-related information, pre-flight purchases, baggage services;
  
• 
  audit;
  
• 
  administration of the registration process and waiting list processing;
  
• 
  personalized use of the airline's website, and to support the processes associated with the use of the website;
  
• 
  providing feedback;
  
• 
  informing about changes in the flight schedule and execution of contracts of carriage;
  
• 
  ensuring compliance with laws and regulations of the authorities of the countries of departure, transit, destination;
  
• 
  to prevent and detect crime;
  

for other direct and indirect advertising purposes.
Uzbekistan Airways Joint Stock Company uses cookies for the correct functioning of the corporate website. Some of the cookies are used to analyze and improve the user experience. The corporate website of the Uzbekistan Airways Joint Stock Company makes a distinction between cookies, which are absolutely necessary for the technical capabilities of the website and optional ones. The amount of personal data collected by cookies is processed in accordance with the provisions of this Privacy Policy.
Cookies are small pieces of data containing letters and numbers that are sent by a web server (such as a web server www.uzairways.com) on the user's computer, smartphone, tablet or other devices with access to the Internet used to visit the website. After cookies are stored on the user's device, the website server can recognize the device being used.
The airline's website uses different types of cookies, which serve different purposes. Depending on the purpose, cookies may fall into one of the following categories:
"Essential cookies", i.e. cookies that are strictly necessary for purchases and reservations on the corporate website of the Uzbekistan Airways Joint Stock Company;
"Functional cookies ", i.e. which allow you to browse the website and use its features, record information about the selection and customize the website according to the needs of the user. For example, such as saving user-entered information and the preferred language;
"Analytical/statistical cookies", that help to improve the performance of the website and make it more user-friendly. They retrieve the information about the quality and/or effectiveness of the services.
If the user refuses to use cookies belonging to the category "Essential", some functions of the website may become unavailable.
Cookies can be persistent or session ones.
Persistent cookies are stored by the browser and remain active until the expiration of the retention period:
at the end of the session (for example, when the browser closes);
the expiration date has been specified and the retention period has expired;
the browser has deleted cookies at the user's request.
Session cookies expire and become invalid.
Corporate website of Uzbekistan Airways Joint Stock Company https://www.uzairways.com and all its subdomains use both session and persistent cookies.
Uzbekistan Airways Joint Stock Company provides the organization and control of all activities related to the processing of personal data.
Personal data is processed, both manually and automatically, by collecting, recording, systematization, accumulation, storage, clarification (updates, changes), extraction, use, transfer (provision, access), deletion, destruction of personal data. Access of employees of the Uzbekistan Airways Joint Stock Company to the collection, processing, and storage of personal data is carried out in strict accordance with the official powers and organizational and administrative regulations of the Uzbekistan Airways Joint Stock Company.
Processing and storage of personal data of customers of the Uzbekistan Airways Joint Stock Company are also provided through automated systems of partners of the Uzbekistan Airways Joint Stock Company, providing specialized software solutions to support its commercial and industrial activities, as well as by financial institutions providing payment processing services. The partners of the Uzbekistan Airways Joint Stock Company equally undertake to provide an appropriate level of reliability of collection, processing, and storage of personal data of customers.
In case of transition of users of the corporate website of the Uzbekistan Airways Joint Stock Company to third-party websites by external links (including resources of payment systems), Uzbekistan Airways Joint Stock Company is not responsible for ensuring confidentiality of personal data of third-party websites. Uzbekistan Airways Joint Stock Company requires all its partners to take strict measures to ensure confidentiality and data protection.
Period of retention and period of exploitation of personal data are defined by applicable laws and regulations regarding operating automated systems used by Uzbekistan Airways Joint Stock Company, international standards, that define the order of registration, processing and storage of records, and ensure the execution of contracts of carriage containing personal data, as well as technological documents of the Uzbekistan Airways Joint Stock Company
In order to facilitate the provision of certain services to its customers, the Uzbekistan Airways Joint Stock Company transfers personal data to third parties, including customs and immigration authorities, other airlines, airports, and providers of additional services.
Uzbekistan Airways Joint Stock Company does not sell personal data to third parties and does not provide any opportunities for the third parties to send their marketing information to the airline’s customers.
Uzbekistan Airways Joint Stock Company may transfer the collected personal data, in whole or in part (name, passport number, travel information, etc.), in order to comply with the contract of carriage or certain requirements of the legislation of the states to which it operates the flights. In case of transfer of personal data to a foreign country, the procedure for processing of personal data will be governed by the legislation of the relevant state.
Uzbekistan Airways Joint Stock Company may transfer personal data of customers to the authorized state and law enforcement and other authorities of the Republic of Uzbekistan and foreign countries, in compliance with the relevant legislation.
Customers and partners of the Uzbekistan Airways Joint Stock Company can submit their claims regarding the processing of their personal data or initiate the procedure of withdrawal of their consent to the provision of personal data.
If you have any questions about this Privacy Policy, please contact the following address:
Uzbekistan Airways Joint Stock Company Republic of Uzbekistan, GSP-100060, Tashkent, Amir Timur Avenue, 41.
4. In order to further develop cooperation between the Republic of Uzbekistan and the State of Qatar in the field of civil aviation, talks between the aviation administrations of the two countries were held in Tashkent on 6-7 April this year.
The talks were attended by representatives of the Civil Aviation Authority of Qatar, the Ministry of Transport of the Republic of Uzbekistan, Uzavia Agency and Uzbekistan Airways and Qatar Airways.
The planes of the state-owned airline of Qatar - Qatar Airways will operate regular flights Doha-Tashkent-Doha, reports the Civil Aviation Agency under the Uzbekistan Ministry of Transport.