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 operating margin: profit on sales fell from 292 to 55k BYN (−81%), sales profitability 3.56% → 0.67%.
- Revenue is effectively stagnant: +0.1% in nominal terms against inflation — a real decline in volume.
- Net profit was held positive largely through other current-activity income (1,825k) rather than core production.
- High liquidity: current liquidity ratio 3.01 against the norm of 1.25; working-capital ratio 0.64 against the norm of 0.15.
- Positive cash flow from current activity: +396k BYN versus −365 a year earlier.
- Reduced credit load: total loans and borrowings cut 30% (from 460 to 323k BYN).
- Real equity is positive and stable; steady dividend payment.
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. 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. The combination of a solid balance sheet and weak operating profitability, in the absence of a strategic necessity for state ownership, points to privatization as the preferred outcome: 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.