Kobrin Butter-and-Cheese Plant
OJSC Kobrin Butter-and-Cheese Plant
UNP: 200093343 · 128 Sovetskaya St., Kobrin, Brest Region, 225304
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 133 872 | 100 498 |
| Intangible assets | 1 180 | 1 400 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 9 131 | 13 502 |
| Long-term financial investments | 58 368 | 54 558 |
| Long-term receivables | 61 142 | 44 950 |
| Total Section I (long-term assets) | 263 697 | 214 913 |
| Inventories | 70 938 | 47 043 |
| — materials | 21 718 | 17 240 |
| — work in progress | 27 173 | 22 381 |
| — finished goods and merchandise | 22 047 | 7 422 |
| — goods shipped | — | — |
| Deferred expenses | 262 | 238 |
| VAT on acquired goods, works, services | 6 | 1 |
| Short-term receivables | 50 894 | 42 629 |
| Short-term financial investments | 3 340 | 19 262 |
| Cash and cash equivalents | 9 219 | 14 950 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 134 659 | 124 123 |
| BALANCE (assets) | 398 356 | 339 036 |
| Charter capital | 41 026 | 41 026 |
| Reserve capital | 1 130 | 940 |
| Additional capital | 25 975 | 19 793 |
| Retained earnings (uncovered loss) | 248 458 | 206 819 |
| Total Section III (equity) | 316 589 | 268 578 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | — | — |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 60 351 | 44 135 |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | 7 410 | 7 267 |
| Short-term payables | 14 006 | 19 056 |
| — to suppliers, contractors, providers | 8 443 | 9 947 |
| — on payroll | 2 090 | 1 894 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 21 416 | 26 323 |
| BALANCE (equity and liabilities) | 398 356 | 339 036 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Weak operating cash flow relative to profit: against net profit of 41,829k BYN, net operating cash flow was only 14,416k BYN (2.9% of revenue), down year-on-year.
- Rising receivables: long-term +36% (44,950 → 61,142), short-term +19% (42,629 → 50,894) — profit is booked faster than it is collected.
- Inventories up 51% (47,043 → 70,938), including finished goods +197% (7,422 → 22,047) — possible build-up of unsold stock.
- High current ratio: 6.29 against a ≥1.25 norm — a fivefold cover of short-term liabilities.
- Positive own-working-capital provision: 0.39 against a ≥0.15 norm.
- Revenue +17.7% and net profit doubled (20,106 → 41,829), with sales profitability up from 10.3% to 14.0%.
- Equity grows on real profit, not just revaluation: retained earnings +20% (206,819 → 248,458).
- Unqualified audit opinion.
Recommendation
Kobrin Butter-and-Cheese Plant shows a stable and improving financial profile for 2025. Revenue grew 17.7% (422,316 → 497,075k BYN), net profit doubled (20,106 → 41,829), and sales profitability rose from 10.3% to 14.0%. The balance sheet reconciles, equity is backed by real retained earnings (248,458) rather than revaluation; own-working-capital provision is positive (0.39) and the current ratio is exceptionally high (6.29). The enterprise is an export-oriented dairy producer with an export share of about 76% of output. Its financial condition needs no state capital, and its strategic significance does not warrant a controlling state stake: the profile fits privatization on market terms. The constraining factor is weak operating cash flow (2.9% of revenue) against rising receivables and inventories: profit is generated faster than it converts to cash, which calls for working-capital control in preparing for privatization but does not change the overall assessment of stability.