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 profit is token: F2.210 BYN 27k on revenue F2.010 4,160 — 0.65%. Profit on sales F2.060 476 is almost entirely absorbed by other operating expenses F2.080 426 (leaving F2.090 93), and of pre-tax profit F2.150 115 the tax F2.160 takes 88.F2.210 · F2.010 · F2.060 · F2.080 · F2.090 · F2.150 · F2.160
- The cash balance F1.270 fell 763 → 691 (−9.4%) while purchases of fixed assets F4.061 rose 62 → 198.F1.270 · F4.061
- Dividends F4.092 paid BYN 54k against net profit F2.210 of 27 — twice the year's earnings; a year earlier 62 against profit of 21.F4.092 · F2.210
- Current ratio 5.24 (F1.290 974 / F1.690 186) against the declared 1.0 threshold; 5.82 a year earlier — the ratio fell, the cushion stays a multiple.F1.290 · F1.690
- Revenue F2.010 3,306 → 4,160 (+25.8%), profit on sales F2.060 311 → 476 (+53.1%); cost of sales F2.020 2,138 → 2,772 grows faster than revenue (+29.7%), but administrative expenses F2.040 857 → 912 barely moved.F2.010 · F2.020 · F2.060 · F2.040
- Own working capital F1.490 1,639 − F1.190 857 = BYN 782k — 80% of short-term assets F1.290 974 (82% a year earlier); equity is 89.5% of the balance sheet F1.700 1,831.F1.490 · F1.190 · F1.290 · F1.700
- Cash F1.270 BYN 691k — 38% of the balance sheet F1.300 1,831; there are no loans or borrowings, liabilities are payables F1.630 182 and deferred income.F1.270 · F1.300 · F1.630
- Operating cash flow F4.040 is positive and grew 127 → BYN 151k — 3.6% of revenue F2.010.F4.040 · F2.010
- Real equity F1.410 380 + F1.460 638 = BYN 1,018k against long-term assets F1.190 857.F1.410 · F1.460 · F1.190
Recommendation
A small service enterprise in crop-production support, financially sound and fully autonomous: no loans or borrowings, a current ratio of 5.24 against the declared 1.0 threshold (down from 5.82), equity at 89.5% of the balance sheet, and cash at 38% of assets.
Recommendation: Privatization — via management buyout or tender. 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.
Why privatization. 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, and of pre-tax profit of 115 the tax takes 88. Dividends, meanwhile, were paid at 54k BYN — twice the year's profit. This is the profile of a small, cash-backed service business that does not depend on state financing and carries no strategic load.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.