The advanced reporting and disclosure standards are important in increasing the efficiency and value of state enterprises, ensuring openness and transparency of their activities and contributing to their investment attractiveness.
In this regard, in accordance with Presidential Resolution No. PR-6257 dated 6 July 2021, Presidential Decree No. PD-101 dated 24 March 2023, Decree of the Cabinet of Ministers No.166 dated 29 March 2021, the State Assets Management Agency has introduced the practice of annual disclosure of the Consolidated Report on the efficiency of state enterprises and the status of the use of state property.
-Click on this link to download the Consolidated Report-.
It should be noted that the form of the Consolidated Report was developed in co-operation with international financial institutions (World Bank, European Bank for Reconstruction and Development, Asian Development Bank) and foreign experts, based on the best international experience of corporate governance, in particular the reports of Sweden, Norway, Finland, New Zealand and Latvia.
This document presents annual aggregated information on state-owned enterprises, including the management system, performance, financial development and important events that occurred in the reporting year. In addition to information on state-owned enterprises, the report provides information on the activities of the State Assets Management Agency, including privatisation and management of state property, implementation of the management strategy and enterprise reforms, as well as other important issues.
In particular, in the reporting period, 1375 state assets worth 11.3 trillion soums were sold (1.6 times more than in the previous period) and proceeds of 6.6 trillion soums were provided.
For example, state assets of such enterprises as Fergana Oil Refinery LLC (1.1 trillion soums), Hayatt Regency Tashkent Hotel (970 billion soums), UzAuto TRAILER LLC (561 billion soums) were sold to potential investors.
As of 1 January 2023, the number of enterprises with state participation was 2340, including 224 JSCs, 1219 LLCs, 897 SOEs, with 82 ministries and agencies acting as shareholders (participants, founders).
In general, since the beginning of reforms aimed at reducing the share of the state in the economy, by the end of 2022, the number of SOEs decreased from 3000 to 1362, or by 45% (123 sold, 578 liquidated, 661 reorganised, transferred to the charter capital, etc.). At the same time, within the framework of the presidential and governmental decisions, activities on the transfer of state assets to the State Assets Management Agency for further privatisation of assets owned by state-owned enterprises are being continued.
For information: in 2022, the total income of enterprises was 360.2 trillion soums, net profit 41.1 trillion soums, however, 439 enterprises ended their activities with a loss of 13.2 trillion soums. The state budget received 58.2 trillion soums in taxes and 22.2 trillion soums in dividends, accounting for 39.4% of state budget revenues.
The number of employees working in enterprises with state participation in the reporting year was 547.3 thousand people or 3.9% of the total number of the employed population.
