Brest Radio-Engineering Plant
OJSC Brest Radio-Engineering Plant
UNP: 200273907 · 248 Moskovskaya St., Brest 224023
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 2 583 | 2 280 |
| Intangible assets | 2 | 2 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 4 | 53 |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 2 589 | 2 335 |
| Inventories | 2 194 | 2 086 |
| — materials | 874 | 843 |
| — work in progress | 362 | 361 |
| — finished goods and merchandise | 958 | 882 |
| — goods shipped | — | — |
| Deferred expenses | 3 | 4 |
| VAT on acquired goods, works, services | 19 | 10 |
| Short-term receivables | 1 216 | 1 218 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 5 | 73 |
| Other short-term assets | — | 4 |
| Total Section II (short-term assets) | 3 437 | 3 395 |
| BALANCE (assets) | 6 026 | 5 730 |
| Charter capital | 1 830 | 1 830 |
| Reserve capital | 471 | 416 |
| Additional capital | 1 458 | 1 276 |
| Retained earnings (uncovered loss) | 1 021 | 961 |
| Total Section III (equity) | 4 780 | 4 483 |
| Long-term loans and borrowings | 104 | — |
| Long-term lease liabilities | — | — |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | — | — |
| Short-term loans and borrowings | 219 | 460 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 923 | 787 |
| — to suppliers, contractors, providers | 328 | 367 |
| — on payroll | 190 | 162 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 1 142 | 1 247 |
| BALANCE (equity and liabilities) | 6 026 | 5 730 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Sharp compression of the operating margin: profit on sales F2.060 292 → BYN 55k (−81.2%), sales profitability F2.060/F2.010 3.56% → 0.67%. Cost of sales F2.020 6,665 → 6,888 (+3.3%) and administrative expenses F2.040 1,143 → 1,186 (+3.8%) grew faster than revenue.F2.060 · F2.010 · F2.020 · F2.040
- Revenue is effectively flat: F2.010 8,199 → BYN 8,208k (+0.1%). Receipts from customers F4.021 meanwhile grew more — 8,960 → 9,496 (+6.0%): last year's turnover was collected in cash.F2.010 · F4.021
- Net profit is held up by something other than core production: F2.210 199 → BYN 145k while profit on sales F2.060 is only 55; other current-activity income F2.070 1,825 against other expenses F2.080 1,624 yields profit from current activity F2.090 254.F2.210 · F2.060 · F2.070 · F2.080 · F2.090
- The cash position is all but exhausted: F1.270 73 → BYN 5k, closing balance F4.130 73 → 5. The positive operating flow F4.040 396 went into investment F4.061 219 and loan repayment F4.091 2,412 against F4.081 2,271 drawn.F1.270 · F4.130 · F4.040 · F4.061 · F4.091 · F4.081
- Liquidity is high: F1.290 3,395 → 3,437 against F1.690 1,247 → 1,142, a ratio of 2.72 → 3.01; own working capital cover (F1.490 − F1.190) / F1.290 = 0.64. Both indicators rose over the year.F1.290 · F1.690 · F1.490 · F1.190
- Operating cash flow turned positive: F4.040 −365 → +BYN 396k.F4.040
- Credit debt was reduced: F1.510+F1.610 0 + 460 = 460 → 104 + 219 = BYN 323k (−29.8%); within it a long-term loan F1.510 104 appeared while short-term debt F1.610 fell 460 → 219. Interest paid F4.093 27 → 53.F1.510 · F1.610 · F4.093
- Real equity is positive and growing: F1.410 1,830 + F1.460 961 → 1,021 = BYN 2,851k against a total F1.490 4,483 → 4,780; additional capital F1.450 1,276 → 1,458 — revaluation is the smaller part of capital.F1.410 · F1.460 · F1.490 · F1.450
Recommendation
The Brest Radio-Engineering Plant is a small manufacturing enterprise (total assets about 6m BYN) with a stable financial structure but a pronounced compression of operating margin in 2025.
Recommendation: Privatization — financially the enterprise is self-sufficient, state participation is not justified by sector criticality, and a potential investor is able to restore the margin through modernization and cost discipline.
Why privatization. Liquidity is very high (current 3.01; working-capital ratio 0.64), equity is genuinely positive and covers long-term assets, the credit load fell 30% over the year, and cash flow from current activity returned to positive territory (+396 versus −365). At the same time, profit on sales collapsed 81% (sales profitability 3.56% → 0.67%) with practically zero revenue dynamics — operating profitability holds on the edge, and the net result was kept positive predominantly through other income.
Confidence: MEDIUM. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.