With independent auditor’s report

Increase/
decrease in
UZS to
US dollar
exchange
rate
Effect on
profit
before tax
Increase/
decrease in
UZS to CNY
exchange
rate
Effect on
profit
before tax
Increase/
decrease in
UZS to Euro
exchange
rate
Effect on
profit
before tax
2020
+3%
569
+12%
306
21.3%
730
-20%
(3,791)
-12%
(306)
-21.3%
(730)
2019
+14%
3,085
+12%
265
−
−
-14%
(3,085)
-12%
(265)
−
−
2018
+14%
3,512
−
−
−
−
-10%
(2,509)
−
−
−
−
Interest rate risk
Loans and borrowings raised at variable interest rates expose the Group to interest rate risk arising from the
possible movement of variable elements of the overall interest rate.
The Group analyzes its interest rate exposure, including by performing scenario analysis to measure the
impact of an interest rate shift on annual income before income tax. According to sensitivity analysis, which is
limited to variable rate borrowings and is conducted with all other variables held constant the impact of a
potential increase or decrease in interest rates on the Group’s profit before tax, as applied to the variable
element of interest rates on borrowings is immaterial, since the Group does not have significant exposure to
interest rate risk.
The analysis is prepared with the assumption that the amount of variable rate liability outstanding at the
balance sheet date was outstanding for the whole year. The interest rate on variable rate borrowings will
effectively change throughout the year in response to fluctuations in market interest rates. The impact
measured through the sensitivity analysis does not take into account other potential changes in economic
conditions that may accompany the relevant changes in market interest rates.

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