With independent auditor’s report

Going concern considerations
These consolidated financial statements have been prepared on a going concern basis. When making a going
concern assessment, management considered the Group's current financial position and analyzed relevant
subsequent developments.
As at 31 December 2020, the Group’s current liabilities exceed its current assets by UZS 2,048 billion
(31 December 2019: UZS 21,111 billion and 31 December 2018: UZS 12,154 billion).
The following factors and circumstances support the management’s conclusion about the appropriateness of
the use of the going concern assumption:

The Group has been profitable with sufficient profit margins and consistently generates positive cash
flows from operating activities including the current and subsequent reporting periods.

According to its cash flow forecasts, the Group expects to generate sufficient cash from operations in
2021–2022 as well as to attract new and restructure existing loans to settle current liabilities when they
become due.

As at the date of authorization of these consolidated financial statements, the Group’s short-term
borrowings included UZS 1,708 billion payable to one of the lenders, which confirmed its intention to
prolong the indebtedness for the period beyond 12 months since the date of authorization of these
consolidated financial statements.

As at the date of authorization of these consolidated financial statements, the Group has available
undrawn borrowing facilities from financial institutions comprised UZS 4,642 billion.

The Group’s liquidity position may be further supported by financing from foreign and local banks who
indicated their intent to negotiate terms of working capital financing for the amount not less than UZS
500 million.

Also, management believes that the Group will be compliant with the financial and non-financial
covenants stipulated by the loan agreement within 12 months from the date of authorization of these
consolidated financial statements or will be able to renegotiate their terms in advance so that the
lenders will not request an accelerated repayment of the existing debts.

The Group’s shareholders have neither the intention nor the need to liquidate or significantly reduce
the range of the activities of the Group.

The Group has strategic importance for the Government of Uzbekistan which can positively influence
its cash flows by regulating prices for gas sales to related parties.

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