How to read a balance sheet (Form 1) in Uzbekistan

If you own or are thinking of buying shares on the Tashkent Stock Exchange (UZSE), the balance sheet is the first report worth learning to read. It shows what a company owns, what it owes and what is left for shareholders on one date. Uzbek companies that report under the national accounting standards (NSBU, in Uzbek BHMS) file it in a fixed format with numbered lines, which makes it easier to read once you know where to look.

What Form 1 is and where to find it

Investors and the disclosure portal still call the balance sheet "Form 1". The name comes from the Ministry of Finance order that set the reporting forms from 2003, where the balance sheet was form No. 1 and the report on financial results was form No. 2 (lex.uz, registration No. 1209, as of 26 September 2026). That order lost force on 1 January 2025. Since then the forms are set by the Regulation on the deadlines, structure and content of financial statements, registered on 4 November 2024 under No. 3567 (lex.uz, as of 26 September 2026). The balance sheet is its first annex and keeps the same line codes.

A few facts from that regulation are useful to know:

• The annual reporting period runs from 1 January to 31 December, and the balance sheet is drawn up as of 31 December.
• Figures are in thousands of soʻm, so 150,000,000 on the form means 150 billion soʻm.
• NSBU annual statements are due by 1 March of the following year, and statements under IFRS (in Uzbek MHXS) by 1 May.
• A company that prepares its statements under IFRS does not also submit NSBU statements.
• The regulation does not cover commercial banks, insurers or budget organisations, which report in their own formats.

For listed companies, the filed statements are published on openinfo.uz, which describes itself as the corporate disclosure portal of the National Agency of Perspective Projects (as of 26 September 2026). Each form shows two columns: the balance at the start of the reporting period and at its end. Most analysis uses the end column; the start column shows what the year changed.

The asset side, section by section

Assets are split into two sections.

Section I, long-term assets (total on line 130). These are assets the company expects to use for more than a year:

• Line 010 is fixed assets at original cost, line 011 is accumulated depreciation, and line 012 is the net (book) value.
• Lines 020 to 022 do the same for intangible assets.
• Line 030 is long-term investments, broken down into securities, subsidiaries, associates and others on lines 040 to 080.
• Line 100 is capital investments in progress, such as a plant that is still being built.

Section II, current assets (total on line 390). These are expected to turn into cash within a year:

• Line 140 is inventories: materials, work in progress, finished goods and goods for resale.
• Line 210 is total receivables, the money others owe the company. Line 211 shows how much of that is overdue, which is worth reading every time.
• Line 320 is cash, split into cash on hand, the settlement account and foreign currency.
• Line 370 is short-term investments.

Line 400 is total assets, the sum of lines 130 and 390.

The other side: equity and liabilities

The second half of the form shows where the money for those assets came from.

Section I, own funds (total on line 480). This is shareholders' equity, the book value that belongs to the owners:

• Line 410 is charter capital, the nominal value of the shares issued.
• Line 420 is added capital and line 430 is reserve capital.
• Line 440 is treasury shares the company bought back, which are subtracted.
• Line 450 is retained earnings, or an uncovered loss if the number is negative.
• Lines 460 and 470 are targeted receipts and reserves for future expenses.

Section II, liabilities (total on line 770). Line 490 is long-term liabilities and line 600 is current liabilities. Inside them, look for bank loans (line 570 long-term, line 730 short-term), other borrowings (lines 580 and 740), payables to suppliers (line 610) and the current part of long-term debt (line 750). Line 602 shows overdue current payables.

Line 780, the total of the second half, must equal line 400.

A worked example

Here is a hypothetical company, with end-of-year figures in thousands of soʻm. The numbers are illustrative only.

• Long-term assets (line 130): 150,000,000
• Current assets (line 390): 60,000,000, of which cash (line 320) 10,000,000 and receivables (line 210) 25,000,000, with 3,000,000 overdue (line 211)
• Total assets (line 400): 210,000,000
• Equity (line 480): 130,000,000, of which charter capital (line 410) 80,000,000 and retained earnings (line 450) 38,000,000
• Long-term liabilities (line 490): 30,000,000, including long-term bank loans (line 570) of 25,000,000
• Current liabilities (line 600): 50,000,000, including short-term bank loans (line 730) of 15,000,000
• Total liabilities (line 770): 80,000,000, and line 780 equals 210,000,000

Four quick readings come from these lines:

1. Equity share of assets. 130,000,000 ÷ 210,000,000 = about 62%. Owners have financed most of the assets.
2. Current ratio. Current assets ÷ current liabilities = 60,000,000 ÷ 50,000,000 = 1.2. The company has 1.2 soʻm of short-term assets for every soʻm due within a year.
3. Liabilities to equity. 80,000,000 ÷ 130,000,000 = about 0.62. Bank loans alone are 40,000,000, or about 0.31 of equity.
4. Book value per share. If the company has 80 million shares, equity of 130 billion soʻm gives about 1,625 soʻm of book value per share. Compare that with the share price to get the price-to-book ratio.

What to check first

A balance sheet is a snapshot, so the useful questions are about change and quality:

• Compare the two columns. Did total assets grow because of new equipment, or because receivables and inventories piled up?
• Read the overdue lines. Large or growing amounts on lines 211 and 602 can point to customers who are not paying or to a company that is not paying its own suppliers.
• Look at retained earnings. A negative line 450 means accumulated losses. Under the Law on joint-stock companies, a company may not declare dividends when its net assets are below the sum of its charter capital and reserve fund (Article 60), and if net assets fall below charter capital at the end of its second or any later financial year it must reduce its charter capital (Article 34) (lex.uz, as of 26 September 2026). Net assets are measured from the accounting records under a set procedure and are close to line 480, though not always identical.

Profit is not on the balance sheet: it is in the report on financial results (Form 2). Our guide to the P/E ratio and dividend yield shows how profit links to the share price.

Where Finmind helps

Every UZSE share has a public page on Finmind that you can open without a Finmind account. The stocks pages, for example Kvarts (KVTS), show total assets and equity for the latest reported year, a price-to-book ratio when equity is positive, and a reported history with debt to equity by year. Each figure carries its fiscal year, and the section names its source: openinfo.uz annual filings (NSBU Form 1 and Form 2). If a figure was not reported, the page says so instead of showing a zero. You can also practise the ideas in this guide with the free tutorials.

This article is for education only and is not investment advice. Investing in securities involves risk, including the loss of money you invest.