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
- Sharply negative working-capital ratio (−3.14): long-term assets exceed equity by 11,997k. The driver is large investment in long-term assets (13,347k, up ×8.4), financed by long-term liabilities and deferred income rather than an operating loss.
- Thin net profitability: K2 net 0.81% — profit recovered from a loss, but the margin safety buffer is minimal.
- Other current-activity expenses (1,860k) exceed other income (1,589) and absorb most of the profit on sales.
- Liquidity fell from 1.52 to 1.25 — at the lower bound of the norm (≥1.25).
- A large investment project (investment 13,347k) has not yet reached payback — execution and payback risk.
- Return to profit: net result +80k versus a loss of −430 in 2024.
- Strong revenue growth +16.4% (9,865 versus 8,477k) on real activity.
- Operating cash flow is positive (+514k), recovered from a deficit.
- Credit load shrank 60% (138 versus 349k).
- Real equity is positive (+1,175k); dividends are paid; no state support was drawn.
Recommendation
OJSC Yeast Plant (manufacture of pressed and dried yeast, feed additives, Minsk, average headcount ~109) shows recovery. 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 is at the lower bound of the norm (K1 = 1.25), real equity is positive (+1,175k), no state support was drawn, and dividends are paid. 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. 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 — subject to monitoring the completion of the investment project and the sustainability of the restored profitability.