Agrokhimproekt
OJSC Agrokhimproekt
UNP: 100024417 · 90 Kazintsa St., Bldg 2, Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 845 | 742 |
| Intangible assets | 1 | — |
| Investments in long-term assets | 9 | 9 |
| Deferred tax assets | 2 | 2 |
| Total Section I (long-term assets) | 857 | 753 |
| Inventories | 92 | 87 |
| — materials | 92 | 87 |
| Deferred expenses | 4 | — |
| Short-term receivables | 187 | 192 |
| Cash and cash equivalents | 691 | 763 |
| Total Section II (short-term assets) | 974 | 1 042 |
| BALANCE (assets) | 1 831 | 1 795 |
| Charter capital | 380 | 380 |
| Additional capital | 621 | 580 |
| Retained earnings (uncovered loss) | 638 | 647 |
| Total Section III (equity) | 1 639 | 1 607 |
| Deferred income | 6 | 9 |
| Total Section IV (long-term liabilities) | 6 | 9 |
| Short-term loans and borrowings | — | — |
| Short-term payables | 182 | 176 |
| — to suppliers, contractors, providers | 10 | 7 |
| — on advances received | 2 | 3 |
| — on taxes and duties | 74 | 79 |
| — on social insurance and security | 22 | 19 |
| — on payroll | 71 | 62 |
| — to the owner of property (founders, participants) | 1 | — |
| — to other creditors | 2 | 6 |
| Deferred income | 4 | 3 |
| Total Section V (short-term liabilities) | 186 | 179 |
| BALANCE (equity and liabilities) | 1 831 | 1 795 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net profitability is token (0.65%): net profit of 27k BYN on revenue of 4,160 — profit on sales (476) is almost entirely absorbed by other operating expenses (426)
- Cash balance fell from 763 to 691k BYN (−9.4%) amid higher capital spending (fixed-asset purchases of 198 against 62 a year earlier)
- Current ratio 5.24 — four times the norm (1.25); the enterprise carries no loans or borrowings
- Revenue rose 25.8% (3,306 → 4,160k BYN) and sales profitability improved from 9.4% to 11.4%
- High own-working-capital provision (0.80, norm 0.15); equity is 89.5% of the balance sheet
- Cash of 691k BYN — 38% of the balance sheet; the enterprise is financially autonomous, with no debt load
- Operating cash flow is positive (151k BYN); dividends are paid consistently
- Real equity is positive (+1,018k BYN); permanent capital covers long-term assets at a ratio of 1.20
Recommendation
A small service enterprise in crop-production support, financially sound and fully autonomous: no loans or borrowings, a current ratio four times the norm, equity at 89.5% of the balance sheet, and cash at 38% of assets. Revenue grew 25.8%, sales profitability improved from 9.4% to 11.4%, operating cash flow is positive, and the balance sheet reconciles on all six control checks. A defining feature is token net profit (27k BYN, net profitability 0.65%): profit from the core activity is almost entirely absorbed by other operating expenses. This is the profile of a small, cash-backed service business that does not depend on state financing and carries no strategic load. For such an asset, state ownership is not economically justified: privatization (via management buyout or tender) is a well-founded base case. The low net margin is a structural feature of the profile, not a sign of distress: cash flow is positive, there is no debt, and liquidity is ample.