Brest Meat-Packing Plant
OJSC Brest Meat-Packing Plant
UNP: 200020262 · 4 Pisatelya Smirnova St., Brest, 224034
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 267 398 | 246 979 |
| Intangible assets | 1 423 | 461 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 45 076 | 22 711 |
| Long-term financial investments | 110 032 | 82 881 |
| Long-term receivables | 36 023 | 44 614 |
| Total Section I (long-term assets) | 459 984 | 397 646 |
| Inventories | 118 890 | 115 181 |
| — materials | 80 813 | 86 473 |
| — work in progress | 1 747 | 1 695 |
| — finished goods and merchandise | 15 598 | 9 182 |
| — goods shipped | — | — |
| Deferred expenses | 663 | 456 |
| VAT on acquired goods, works, services | 3 518 | 2 713 |
| Short-term receivables | 184 075 | 160 515 |
| Short-term financial investments | 1 000 | 968 |
| Cash and cash equivalents | 18 352 | 7 850 |
| Other short-term assets | 165 | 9 |
| Total Section II (short-term assets) | 326 663 | 287 692 |
| BALANCE (assets) | 786 647 | 685 338 |
| Charter capital | 159 095 | 159 095 |
| Reserve capital | 1 945 | 1 650 |
| Additional capital | 74 409 | 48 691 |
| Retained earnings (uncovered loss) | 290 872 | 238 605 |
| Total Section III (equity) | 526 321 | 448 041 |
| Long-term loans and borrowings | 30 870 | 50 042 |
| Long-term lease liabilities | 4 079 | 4 425 |
| Deferred income | 93 | — |
| Total Section IV (long-term liabilities) | 35 042 | 54 467 |
| Short-term loans and borrowings | 116 453 | 102 167 |
| Current portion of long-term liabilities | 29 965 | 3 043 |
| Short-term payables | 77 839 | 77 223 |
| — to suppliers, contractors, providers | 53 388 | 54 398 |
| — on payroll | 7 240 | 5 806 |
| — on lease payments | 4 642 | 3 291 |
| Total Section V (short-term liabilities) | 225 284 | 182 830 |
| BALANCE (equity and liabilities) | 786 647 | 685 338 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Margin compression: sales profitability fell from 8.7% to 7.5% and net profitability from 4.9% to 3.6%, amid faster-rising labour costs (+28% over the year).
- The current portion of long-term liabilities grew almost 10× (3,043 → 29,965): part of long-term debt moved into the next-year repayment zone, raising the strain on liquidity.
- Current ratio fell from 1.57 to 1.45 as short-term liabilities rose 23%.
- Revenue grew 23.3% (1,193,273 → 1,471,667) — growth well above inflation, on real operating activity.
- Operating cash flow is positive and rose sharply (10,238 → 74,561), with a 5.1% margin.
- Positive net profit of 52,494 with steadily positive equity; real equity (excluding revaluation) is deeply positive.
- Total debt load fell 3.2%; long-term loans cut from 50,042 to 30,870.
- Liquidity (1.45) and own-working-capital provision (0.20) are both above norms.
- Substantial FX revenue (523,104 of 1,569,084, ~33%) — confirming export orientation.
Recommendation
The enterprise shows a stable growth profile: revenue grew 23.3% over the year on real operating activity, profit on sales rose to 111,025, and operating cash flow grew almost sevenfold to 74,561 (a 5.1% margin). Liquidity (1.45) and own-working-capital provision (0.20) are above norms, total debt load fell 3.2% over the year, and equity is steadily positive and independent of revaluation. About a third of revenue is earned in foreign currency, confirming export orientation.
Against this backdrop there is moderate pressure on profitability — sales and net margins fell by roughly 1.2–1.4 pp amid faster-rising labour costs. This pressure has the character of the economy-wide inflationary trend of 2025 rather than enterprise-specific dysfunction, and it does not undermine financial stability. Taken together, the metrics point to a financially healthy, growing and solvent asset for which retaining state control is not critical from a sector standpoint. The recommended scenario is privatization: handing a stable, cash-generating enterprise into private management while observing social-protection guarantees and preserving the line of business.