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
- Declining net profit: net profit more than halved (from 4,019 to 1,969k BYN) and net profitability fell from 4.37% to 2.15%.
- Margin compression amid rising costs: with revenue almost flat, cost of sales and administrative expenses rose and sales profitability slipped from 8.27% to 7.24% — macroeconomic cost pressure.
- High debt load: total loans and borrowings (short- plus long-term) ~46m BYN against equity of 75.8m; debt service steadily absorbs cash flow.
- Positive operating cash flow: the operating-activity result was 8,545k BYN (9.33% of revenue), up year-on-year — the business generates real cash.
- Liquidity above norm: current ratio 1.36 against a 1.25 norm, up over the year.
- Stable debt structure: total debt barely rose (+0.76%); the enterprise repays loans faster than it takes on new ones.
- Falling receivables: short-term receivables fell from 13,295 to 9,388k BYN on stable revenue.
Recommendation
The enterprise shows a stable operating profile against moderate financial pressure. 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. The financial condition and positive cash flow allow privatization with the agricultural line preserved; state ownership is not warranted by strategic indispensability.