Yeast Plant
OJSC Yeast Plant
UNP: 100104781 · 14 Oktyabrskaya St., Minsk 220030
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 8 003 | 7 339 |
| Intangible assets | 7 | 7 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 13 347 | 1 592 |
| Long-term financial investments | 1 | 1 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 21 468 | 9 066 |
| Inventories | 1 244 | 1 730 |
| — materials | 932 | 1 434 |
| — work in progress | — | — |
| — finished goods and merchandise | 312 | 296 |
| — goods shipped | — | — |
| Deferred expenses | 17 | 220 |
| VAT on acquired goods, works, services | 1 | 2 |
| Short-term receivables | 2 012 | 5 055 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 465 | 161 |
| Other short-term assets | 80 | 80 |
| Total Section II (short-term assets) | 3 819 | 7 248 |
| BALANCE (assets) | 25 287 | 16 314 |
| Charter capital | 516 | 516 |
| Reserve capital | 446 | 446 |
| Additional capital | 7 850 | 7 229 |
| Retained earnings (uncovered loss) | 659 | 577 |
| Total Section III (equity) | 9 471 | 8 768 |
| Long-term loans and borrowings | 27 | 219 |
| Long-term lease liabilities | — | — |
| Deferred income | 12 732 | 2 544 |
| Total Section IV (long-term liabilities) | 12 759 | 2 763 |
| Short-term loans and borrowings | 111 | 130 |
| Current portion of long-term liabilities | 640 | 548 |
| Short-term payables | 2 306 | 3 903 |
| — to suppliers, contractors, providers | 1 753 | 3 174 |
| — on payroll | 149 | 150 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 3 057 | 4 783 |
| BALANCE (equity and liabilities) | 25 287 | 16 314 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- There is no own working capital: long-term assets F1.190 9,066 → 21,468 exceeded equity F1.490 8,768 → 9,471, giving (F1.490 − F1.190) / F1.290 = −3.14 against −0.04 a year earlier. The driver is investment in long-term assets F1.140 1,592 → 13,347, funded from long-term sources: deferred income F1.540 2,544 → 12,732.F1.190 · F1.490 · F1.290 · F1.140 · F1.540
- Net profitability is thin: net profit F2.210 BYN 80k against revenue F2.010 9,865 — 0.81%. Pre-tax profit F2.150 167, of which tax F2.160 67.F2.210 · F2.010 · F2.150 · F2.160
- Other current-activity expenses F2.080 1,116 → BYN 1,860k exceed other income F2.070 860 → 1,589: profit on sales F2.060 463 is compressed down to profit from current activity F2.090 192.F2.080 · F2.070 · F2.060 · F2.090
- Liquidity fell: F1.290 7,248 → 3,819 against F1.690 4,783 → 3,057, a ratio of 1.52 → 1.25. Current assets nearly halved — chiefly receivables F1.250 5,055 → 2,012; the ratio held up only because liabilities shrank too.F1.290 · F1.690 · F1.250
- The investment phase is unfinished: investment in long-term assets F1.140 BYN 13,347k has not yet moved into fixed assets — F1.110 rose only 7,339 → 8,003. Long-term liabilities over the same year F1.590 2,763 → 12,759.F1.140 · F1.110 · F1.590
- Capital is mostly revaluation-based: additional capital F1.450 7,229 → BYN 7,850k out of the total F1.490 9,471, while the earned base F1.410 516 + F1.460 659 = 1,175 — against long-term assets F1.190 21,468.F1.450 · F1.490 · F1.410 · F1.460 · F1.190
- Return to profit: the net result F2.210 −430 → +BYN 80k, profit on sales F2.060 52 → 463, profit from current activity F2.090 −204 → +192.F2.210 · F2.060 · F2.090
- Revenue grew: F2.010 8,477 → BYN 9,865k (+16.4%). In cash the growth is only partly confirmed — receipts from customers F4.021 10,339 → 10,938 (+5.8%).F2.010 · F4.021
- Operating cash flow turned positive: F4.040 −29 → +BYN 514k, the cash balance F4.130 161 → 465.F4.040 · F4.130
- Credit debt was reduced: F1.510+F1.610 219 + 130 = 349 → 27 + 111 = BYN 138k (−60.5%); F4.091 1,992 repaid against F4.081 1,870 drawn, interest paid F4.093 155 → 38. Total liabilities nevertheless grew — F1.590 2,763 → 12,759 through deferred income F1.540.F1.510 · F1.610 · F4.091 · F4.081 · F4.093 · F1.590 · F1.540
- Earned capital is positive and rising: F1.410 516 + F1.460 577 → 659 = BYN 1,175k.F1.410 · F1.460
Recommendation
OJSC Yeast Plant (manufacture of pressed and dried yeast, feed additives, Minsk, average headcount ~109) shows recovery.
Recommendation: Restructuring. The combination of the commercial nature of the sector, the absence of subsidy dependence and the recovery of financial indicators makes the enterprise a privatization candidate in due course — subject to monitoring the completion of the investment project and the sustainability of the restored profitability.
Why restructuring. In 2025 the enterprise returned to profit: net result +80k versus a loss of −430k in 2024, revenue grew 16.4% (9,865k), profit on sales increased from 52 to 463k, operating cash flow became positive (+514k), and the credit load shrank 60%. Liquidity fell to 1.25 (from 1.52), real equity is positive (+1,175k), no state support was drawn; dividends for 2025 were declared but fall due after the reporting date. At the same time the recovery remains fragile: net profitability is thin (0.81%), other current-activity expenses (1,860k) absorb a significant part of profit, and the working-capital ratio is sharply negative (−3.14) due to large investment in long-term assets (13,347k) financed by long-term sources; the payback of this investment project has not yet materialized.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.