Agrokombinat Nesvizhsky
CJSC Agrokombinat Nesvizhsky
UNP: 101170745 · 14 Sadovaya St., Novye Novoselki, Nesvizh District, Minsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 92 424 | 84 905 |
| Intangible assets | 25 | 18 |
| Investments in long-term assets | 959 | 2 008 |
| Long-term financial investments | 6 055 | 6 519 |
| Total Section I (long-term assets) | 99 463 | 93 450 |
| Inventories | 32 029 | 23 393 |
| — materials | 7 919 | 7 093 |
| — work in progress | 5 002 | 4 524 |
| — finished goods and merchandise | 11 057 | 6 841 |
| Long-term assets held for sale | 185 | 185 |
| Deferred expenses | 126 | 67 |
| VAT on acquired goods, works, services | 804 | 910 |
| Short-term receivables | 9 388 | 13 295 |
| Cash and cash equivalents | 215 | 106 |
| Other short-term assets | 16 | 20 |
| Total Section II (short-term assets) | 42 763 | 37 976 |
| BALANCE (assets) | 142 226 | 131 426 |
| Charter capital | 40 610 | 40 610 |
| Additional capital | 28 110 | 19 897 |
| Retained earnings (uncovered loss) | 7 093 | 8 916 |
| Total Section III (equity) | 75 813 | 69 423 |
| Long-term loans and borrowings | 30 723 | 29 655 |
| Long-term lease liabilities | 4 013 | 3 481 |
| Deferred income | 185 | 378 |
| Total Section IV (long-term liabilities) | 34 921 | 33 514 |
| Short-term loans and borrowings | 10 097 | 10 859 |
| Current portion of long-term liabilities | 5 183 | 4 780 |
| Short-term payables | 16 059 | 12 706 |
| — to suppliers, contractors, providers | 7 754 | 7 629 |
| — on payroll | 783 | 665 |
| — on lease payments | 1 324 | 1 843 |
| Deferred income | 139 | 99 |
| Total Section V (short-term liabilities) | 31 492 | 28 489 |
| BALANCE (equity and liabilities) | 142 226 | 131 426 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- No own working capital: provision −0.553 — long-term assets of 99,463k exceed equity of 75,813, the gap being covered by long-term liabilities of 34,921. For capital-intensive agriculture this is structural: real equity is positive at 47,703k (charter capital 40,610 plus retained earnings 7,093).F1.490 · F1.190 · F1.290 · F1.590 · F1.410 · F1.460
- Net profit more than halved (4,019 → 1,969k) and net profitability fell from 4.37% to 2.15%.F2.210 · F2.010
- Margin compression on flat revenue (92,070 → 91,558k): cost of sales fell (79,248 → 77,682), but selling expenses nearly tripled (825 → 2,271) and administrative expenses rose by 586k (4,387 → 4,973); sales profitability slipped from 8.27% to 7.24%.F2.010 · F2.020 · F2.050 · F2.040 · F2.060
- High credit load with full refinancing: loans and borrowings of 30,723k long-term, 10,097 short-term and 5,183 as the short-term portion of long-term liabilities against equity of 75,813k; over the year 66,571 was raised against 62,609 repaid, with 4,505 of interest paid.F1.510 · F1.610 · F1.620 · F1.490 · F4.081 · F4.091 · F4.093
- Inventories grew 36.9% (23,393 → 32,029k), including finished goods 6,841 → 11,057, on flat revenue.F1.210 · F1.214 · F2.010
- Operating cash flow is positive and rising: 7,590 → 8,545k (9.3% of revenue).F4.040 · F2.010
- Current liquidity 1.36 — above the declared criterion of 1.0 (1.33 a year earlier): current assets of 42,763k against current liabilities of 31,492.F1.290 · F1.690
- Credit load barely changed over the year: long-term loans and borrowings 29,655 → 30,723k, short-term 10,859 → 10,097, short-term portion of long-term liabilities 4,780 → 5,183.F1.510 · F1.610 · F1.620
- Short-term receivables fell from 13,295 to 9,388k on flat revenue.F1.250 · F2.010
Recommendation
The enterprise shows a stable operating profile against moderate financial pressure.
Recommendation: Restructuring. The financial condition and positive cash flow allow privatization with the agricultural line preserved as a horizon once profitability recovers; state ownership is not warranted by strategic indispensability.
Why restructuring. Revenue is steady (−0.6% year-on-year), liquidity is above norm (current ratio 1.36), and operating cash flow is solidly positive (9.3% of revenue) and growing. The debt structure is stable — total loans and borrowings barely changed, and the enterprise repays obligations faster than it raises new ones. The main area to watch is profitability compression: net profit halved, and both sales and net profitability fell under cost-growth pressure on flat revenue. The negative own-working-capital provision is structural to capital-intensive agricultural production: long-term assets (99.5m BYN) are financed by equity together with long-term liabilities, while real equity is positive (47.7m BYN excluding revaluation), which rules out hidden distress.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.