Trust Belsantekhmontazh No. 1
Open Joint-Stock Company Trust Belsantekhmontazh No. 1
UNP: 100039862 · 23 bldg. 1, Ya. Kolasa St., Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 7 751 | 8 104 |
| Intangible assets | 10 | 11 |
| Income-bearing investments in tangible assets | 47 | 62 |
| Investments in long-term assets | 88 | 45 |
| Long-term financial investments | 9 | 9 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 7 905 | 8 231 |
| Inventories | 7 470 | 7 365 |
| — materials | 6 994 | 6 228 |
| — work in progress | 286 | 811 |
| — finished goods and merchandise | 190 | 326 |
| — goods shipped | — | — |
| Deferred expenses | 107 | 55 |
| VAT on acquired goods, works, services | 135 | 154 |
| Short-term receivables | 12 953 | 12 608 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 5 524 | 2 219 |
| Other short-term assets | 1 066 | 1 017 |
| Total Section II (short-term assets) | 27 973 | 23 418 |
| BALANCE (assets) | 35 878 | 31 649 |
| Charter capital | 8 970 | 8 970 |
| Reserve capital | 263 | 263 |
| Additional capital | 4 585 | 4 239 |
| Retained earnings (uncovered loss) | -5 806 | -8 365 |
| Total Section III (equity) | 8 012 | 5 107 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | — | — |
| Deferred income | 5 | 11 |
| Total Section IV (long-term liabilities) | 5 | 11 |
| Short-term loans and borrowings | 63 | 116 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 27 731 | 26 415 |
| — to suppliers, contractors, providers | 20 364 | 20 599 |
| — on payroll | 1 869 | 1 354 |
| — on lease payments | 4 | 4 |
| Total Section V (short-term liabilities) | 27 861 | 26 531 |
| BALANCE (equity and liabilities) | 35 878 | 31 649 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Accumulated uncovered loss 5,806k BYN — equity is positive (8,012) only thanks to charter (8,970) and additional paid-in capital; real accumulated profit is negative.
- Current liquidity ratio 1.004 — at the edge of one and substantially below the norm of 1.25; current assets only barely cover current liabilities.
- Working-capital ratio 0.004 — practically zero (against the norm of 0.15); there is almost no own working capital.
- High short-term payables 27,731k BYN (77% of total assets), mainly to suppliers and contractors (20,364).
- Strong revenue growth +31% (54,468 → 71,447k BYN) and profit on sales +25% (5,146 → 6,438).
- Cash flow from current activity swung from negative to positive: −343 → +3,720k BYN (margin +5.2%).
- Accumulated loss is shrinking for the second year: −8,365 → −5,806k BYN; net profit 2,296 (up +14.7%).
- Credit load is low and declining (short-term loans 116 → 63k BYN, −46%); the cash reserve doubled (2,219 → 5,524).
- Construction-service exports of USD 550.9k with a positive balance of foreign trade in services (+501.2).
Recommendation
OJSC Trust Belsantekhmontazh No. 1 is a large construction-and-installation trust under republican subordination (Ministry of Architecture and Construction) with five installation branches, specializing in plumbing work. The state share is 26.4% (non-controlling). The enterprise shows a pronounced operating recovery: revenue grew 31% to 71,447k BYN, profit on sales 25%, and cash flow from current activity swung from negative to steadily positive (+3,720k BYN). The accumulated uncovered loss is being repaid for the second year running (from −8,365 to −5,806k BYN). At the same time the financial structure remains strained: equity is positive only thanks to charter and additional paid-in capital, with negative accumulated profit; the current liquidity ratio (1.004) and the working-capital ratio (0.004) are substantially below the norms, and short-term payables reach 77% of total assets. The combination of a clear operating recovery with an unresolved structural weakness (accumulated loss, borderline liquidity, near-zero own working capital) defines the enterprise as a restructuring candidate: the business model is viable and gaining momentum, but the balance sheet requires strengthening of the capital and working-capital base before other scenarios are considered.