With independent auditor’s report

JSC “Uzbekneftegaz”
Consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
31
7. 
Segment information
Operating segments are components that engage in business activities that may earn revenues or incur
expenses, whose operating results are regularly reviewed by the management of the Group and for which
discrete financial information is available.
The Group is organized into business units and subsidiaries based on their products and services and has
three reportable segments as follows:

Gas, gas condensate and oil production and sales 
−
representing extraction of gas, gas condensate
and oil;

Oil refining and retail 
−
representing refining of crude oil and sales of oil products.

Gas refining 
−
representing production of products from gas, including future GTL project.
The remaining operating segments have been aggregated and presented as other operating segment due to
their insignificance. In addition, in 2018 other operating segment includes JSC “Uztransgaz”.
Substantially all the Group’s operations and assets are located in the Republic of Uzbekistan.
The Group’s segments are strategic business units and subsidiaries that focus on different customers.
Management monitors the operating results of its business units and subsidiaries separately for the purpose
of making decisions about resource allocation and performance assessment. Transfer prices between
operating segments are either on an arm’s length basis or non-arm’s length basis.
The Executive Management Board is the Chief Operating Decision Maker (CODM) and monitors the operating
results of its business units separately for the purpose of making decisions about resource allocation and
performance assessment.
Management evaluates performance of each segment based on both revenues and profit after tax. Segment
information for the reportable segments for the year ended 31 December 2020 is set out below:
In billions of Uzbek soums