Kobrin Butter-and-Cheese Plant

OJSC Kobrin Butter-and-Cheese Plant

UNP: 200093343 · 128 Sovetskaya St., Kobrin, Brest Region, 225304

Export-orientedSubsidy-dependentPrivatization

Identification

UNP200093343
OKED10511 — manufacture of milk and dairy products
Legal formOJSC
Governing bodyManagement company of the Brestmyasomolprom Concern holding
State share72.36%
Parent holdingКонцерн Брестмясомолпром
Address128 Sovetskaya St., Kobrin, Brest Region, 225304
Websitewww.kobrincheese.com

Financial statements

k BYN

Line itemReporting yearPrior year
Fixed assets133 872100 498
Intangible assets1 1801 400
Income-bearing investments in tangible assets——
Investments in long-term assets9 13113 502
Long-term financial investments58 36854 558
Long-term receivables61 14244 950
Total Section I (long-term assets)263 697214 913
Inventories70 93847 043
— materials21 71817 240
— work in progress27 17322 381
— finished goods and merchandise22 0477 422
— goods shipped——
Deferred expenses262238
VAT on acquired goods, works, services61
Short-term receivables50 89442 629
Short-term financial investments3 34019 262
Cash and cash equivalents9 21914 950
Other short-term assets——
Total Section II (short-term assets)134 659124 123
BALANCE (assets)398 356339 036
Charter capital41 02641 026
Reserve capital1 130940
Additional capital25 97519 793
Retained earnings (uncovered loss)248 458206 819
Total Section III (equity)316 589268 578
Long-term loans and borrowings——
Long-term lease liabilities——
Deferred income——
Total Section IV (long-term liabilities)60 35144 135
Short-term loans and borrowings——
Current portion of long-term liabilities7 4107 267
Short-term payables14 00619 056
— to suppliers, contractors, providers8 4439 947
— on payroll2 0901 894
— on lease payments——
Total Section V (short-term liabilities)21 41626 323
BALANCE (equity and liabilities)398 356339 036

Computed metrics

Current ratio
6.288
Prior: 4.715(+33.36%)
F1.290 / F1.690
Absolute liquidity
0.586
Prior: 1.3
(F1.260 + F1.270) / F1.690
Own working capital ratio
0.393
Prior: 0.432(-9.03%)
(F1.490 - F1.190) / F1.290
Sales profitability
14.03%
Prior: 10.28%(+3.75 pp)
F2.060 / F2.010 × 100%
Net profitability
8.42%
Prior: 4.76%(+3.66 pp)
F2.210 / F2.010 × 100%
Revenue dynamics
17.7%
(F2.010_N / F2.010_N-1) - 1
Debt dynamics
—
(F1.510 + F1.610)_N / (F1.510 + F1.610)_N-1 - 1
Debt load
0.22
Prior: 0.221
(F1.590 + F1.690) / (F1.590 + F1.690 + F1.410 + F1.460)
Operating cash-flow margin
2.9%
Prior: 4.86%
F4.040 / F2.010 × 100%

Integrity checks

Checks passed: 6 of 6

✓Balance sheet balances (assets = liabilities)
✓Cash-flow integrity
✓Cash-flow residuals
✓Cash position
✓Capital transition
✓Profit consistency

Signals

Yellow flags
  • Weak operating cash flow relative to profit: against net profit F2.210 of BYN 41,829k, the current-activity flow F4.040 came to 14,416 — 2.9% of revenue, down from 20,548 a year earlier.F2.210 · F4.040 · F2.010
  • Receivables are growing: long-term F1.170 44,950 → 61,142 (+36.0%), short-term F1.250 42,629 → 50,894 (+19.4%) — profit is booked faster than it is collected.F1.170 · F1.250
  • Inventories up F1.210 47,043 → 70,938 (+50.8%), including finished goods F1.214 7,422 → 22,047 (+197.0%) — a build-up of unsold stock.F1.210 · F1.214
  • Long-term liabilities F1.590 grew 44,135 → 60,351 (+36.7%), while loans and borrowings raised F4.081 came to BYN 57,130k against 23,235 a year earlier.F1.590 · F4.081
Green signals
  • Current ratio 6.29 (F1.290 134,659 / F1.690 21,416) against 4.72 a year earlier. The rise came from inventories and receivables: cash F1.270 meanwhile fell 14,950 → 9,219 and short-term financial investments F1.260 19,262 → 3,340.F1.290 · F1.690 · F1.270 · F1.260
  • Own working capital is positive: (F1.490 316,589 − F1.190 263,697) / F1.290 134,659 = +0.39; the ratio declined from +0.43 a year earlier.F1.490 · F1.190 · F1.290
  • Revenue F2.010 422,316 → BYN 497,075k (+17.7%), net profit F2.210 20,106 → 41,829 (×2.1), sales profitability 10.28 → 14.03%.F2.010 · F2.210 · F2.411
  • Capital grows on earnings rather than revaluation: retained earnings F1.460 206,819 → 248,458 (+20.1%), real equity F1.410+F1.460 = BYN 289,484k against additional capital F1.450 of 25,975.F1.460 · F1.410 · F1.450

Recommendation

Suggested outcome
Privatization
Category
Financially strong
Health score
1.23
Confidence level
High

Kobrin Butter-and-Cheese Plant shows a stable and improving financial profile for 2025. The enterprise is an export-oriented dairy producer.

Recommendation: Privatization. Its financial condition needs no state capital, and its strategic significance does not warrant a controlling state stake. 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.

Why privatization. Revenue grew 17.7% (422,316 → 497,075k BYN), net profit doubled (20,106 → 41,829), and sales profitability rose from 10.28% to 14.03%. 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), though cash fell over the year 14,950 → 9,219.

Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.

Kobrin Butter-and-Cheese Plant — BELSOE