EY issues an audit report on the financial statements of Uzbekneftegaz for the 1st half of 2021
25/10/2021 20:19
EY issues an audit report on the financial statements of Uzbekneftegaz for the 1st half of 2021
25/10/2021 20:19
Tashkent, Uzbekistan (UzDaily.com) -- EY (Ernst & Young), one of the four largest audit and consulting companies in the world, issued positive audit opinions for the report of Uzbekneftegaz on 5 June 2020 for 2016-2017, 24 November 2020 for the 2018 report and 31 January 2021 for the 2019 report.
Uzbekneftegaz is the leader of the fuel, energy and gas chemical industry of our country, for the first time in its history and among the largest production companies of the Republic it has achieved another success.
The international audit company EY provided a positive auditor’s report on the interim consolidated financial statements of the joint-stock company, drawn up on the basis of international financial reporting standards (IFRS) for the 1st half of 2021.
This report and the auditor’s opinion were also presented to the international rating agencies Fitch Ratings, S&P Global Ratings and Moody’s, large foreign banks City Bank, Mitsubishi UFJ Financial Group, JPMorgan Chase & Co, China Development Bank, Gazprombank, VEB.RF and other international consulting and legal companies.
It should be noted that on 29 September and 22 October, Uzbekneftegaz , for the first time in its history, received a rating from the international rating companies Fitch Ratings and Standard & Poors Global Ratings at BB- with a stable forecast.
Financial statements prepared on the basis of IFRS and having a positive auditor’s report from an auditing company that is one of the world’s "Big Four" is a source of information for large foreign investors.
In this regard, a company planning to place its security (Eurobond) in accordance with the requirements of international stock exchanges during the debut issue of Eurobonds must first of all draw up consolidated financial statements based on IFRS and have a positive auditor’s report no later than 120 days from the reporting date. yo
The audited consolidated financial statements based on IFRS, in turn, are an important information source when preparing a document called "PROSPECT OF EMISSIONS", which is necessary for the issuance of Eurobonds and, in general, any securities.
The presence of a positive audit report by the international auditing company EY on the consolidated financial statements based on IFRS for the 1st half of 2021 will serve as an important incentive for Uzbekneftegaz JSC to achieve further success, including in the issue of its own Eurobonds on international stock markets.
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