Pinsk Grain-Products Plant
OJSC Pinsk Grain-Products Plant
UNP: 200278860 · 3 Industrialnaya St., Pinsk, Brest Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 133 456 | 138 550 |
| Intangible assets | 39 | 22 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 2 908 | 662 |
| Long-term financial investments | 2 | 2 |
| Long-term receivables | 2 222 | 2 397 |
| Total Section I (long-term assets) | 138 627 | 141 633 |
| Inventories | 50 696 | 48 832 |
| — materials | 19 989 | 17 268 |
| — work in progress | 11 738 | 8 513 |
| — finished goods and merchandise | 4 281 | 9 812 |
| Deferred expenses | 164 | 235 |
| VAT on acquired goods, works, services | 375 | 444 |
| Short-term receivables | 6 103 | 6 169 |
| Short-term financial investments | 434 | 434 |
| Cash and cash equivalents | 67 | 584 |
| Other short-term assets | 181 | 46 |
| Total Section II (short-term assets) | 58 020 | 56 744 |
| BALANCE (assets) | 196 647 | 198 377 |
| Charter capital | 18 334 | 18 740 |
| Reserve capital | 99 | 99 |
| Additional capital | 41 111 | 36 057 |
| Retained earnings (uncovered loss) | 48 061 | 47 381 |
| Total Section III (equity) | 107 025 | 102 277 |
| Long-term loans and borrowings | 27 747 | 29 479 |
| Long-term lease liabilities | 1 530 | 1 996 |
| Deferred income | 7 796 | 19 767 |
| Total Section IV (long-term liabilities) | 42 275 | 56 830 |
| Short-term loans and borrowings | 28 551 | 26 466 |
| Current portion of long-term liabilities | 4 357 | 1 761 |
| Short-term payables | 14 400 | 11 043 |
| — to suppliers, contractors, providers | 11 859 | 8 702 |
| — on payroll | 782 | 653 |
| — on lease payments | 703 | 679 |
| Total Section V (short-term liabilities) | 47 347 | 39 270 |
| BALANCE (equity and liabilities) | 196 647 | 198 377 |
Computed metrics
Integrity checks
Checks passed: 4 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Negative own-working-capital ratio: −0.545 = (F1.490 107,025 − F1.190 138,627) / F1.290 58,020 — part of long-term assets is financed by liabilities.F1.490 · F1.190 · F1.290
- Negative cash flow from current activity: F4.040 −3,087 → −451k BYN — operating activity does not generate cash, though the gap narrowed over the year.F4.040
- Liquidity is declining: F1.290 / F1.690 1.445 → 1.225 on a rise in current liabilities F1.690 39,270 → 47,347k BYN — the cushion above the threshold is thin.F1.290 · F1.690
- Thin profitability on a large turnover: net profitability F2.210/F2.010 1.13%, sales profitability F2.060/F2.010 4.12% — profit is stable, but the safety margin against cost-of-sales F2.020 81,008 fluctuations is small.F2.210 · F2.010 · F2.060 · F2.020
- High interest burden: financial-activity expenses F2.130 2,390k BYN, interest paid F4.093 2,124; the investment-and-financial result F2.140 −1,436 consumes most of the current-activity profit F2.090 2,505 — F2.150 1,069 remains before tax.F2.130 · F4.093 · F2.140 · F2.090 · F2.150
- Shift in inventory structure: finished goods F1.214 fell 9,812 → 4,281k BYN while work in progress F1.213 rose 8,513 → 11,738; total inventories F1.210 48,832 → 50,696 barely changed.F1.214 · F1.213 · F1.210
- Revenue is growing: F2.010 80,909 → 88,524k BYN (+9.41%), gross profit F2.030 6,642 → 7,516.F2.010 · F2.030
- Net profit is positive and grew: F2.210 869 → 1,004k BYN (+15.5%).F2.210
- Credit load is stable: loans and borrowings F1.510+F1.610 55,945 → 56,298 (+0.63%). Long-term liabilities F1.590 fell 56,830 → 42,275, but mainly through deferred income F1.540 19,767 → 7,796 rather than debt repayment; the current portion of long-term debt F1.620 grew 1,761 → 4,357.F1.510 · F1.610 · F1.590 · F1.540 · F1.620
- Equity rests on earned capital: retained earnings F1.460 47,381 → 48,061k BYN, real capital F1.410 18,334 + F1.460 = 66,395 — positive and independent of revaluation F1.450 41,111.F1.460 · F1.410 · F1.450
Recommendation
The enterprise is a large grain-products plant in Pinsk, held in republican ownership (state share 71.51%, governed by the Ministry of Agriculture and Food). The scale is significant: total assets 196.6m BYN, annual revenue 88.5m BYN. The financial profile is that of a steadily working but structurally strained enterprise.
Recommendation: Restructuring — the enterprise is operationally viable (positive and growing net profit, growing revenue), but the financing structure is unbalanced — negative own working capital, negative operating cash flow and a heavy interest burden point to a need to remediate the capital and debt structure rather than to liquidation. Priority directions are restoring positive operating cash flow, reducing dependence on short-term lending of working capital, and reviewing the interest burden. As a grain processor town-forming for Pinsk, the enterprise retains social and food-supply significance, which strengthens the case for rehabilitation before privatization.
Why restructuring. The key weaknesses are structural rather than crisis-driven. The working-capital ratio is negative (−0.545): long-term assets exceed equity, i.e. part of non-current funds is financed by borrowed resources. Cash flow from current activity is negative (−451k BYN), though the negative gap narrowed almost sevenfold over the year (was −3,087). Liquidity is at the lower bound of the norm (1.225 against the norm of 1.25). A high interest burden (interest payable 2,185k BYN) almost entirely absorbs profit beyond the operating level. At the same time revenue is growing (+9.4%), net profit is positive and grew (+15.5%), the credit load is stable, and long-term liabilities were reduced over the year.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set. Of the 6 cross-form checks, 4 pass: the capital-transition check (F3.200 against F1.490) and the profit-match check (F2 against F3) are unresolved, and both by themselves lower confidence.