Orsha Grain Products Combine (consolidated)
Open Joint-Stock Company Orsha Grain Products Combine (consolidated reporting)
UNP: 300054086 · Orsha, Vitebsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 228 278 | 203 360 |
| Intangible assets | 15 | 15 |
| Investments in long-term assets | 18 485 | 23 288 |
| Long-term financial investments | 40 | 40 |
| Deferred tax assets | 4 | 8 |
| Long-term receivables | 18 630 | 17 182 |
| Total Section I (long-term assets) | 265 452 | 243 893 |
| Inventories | 63 739 | 66 085 |
| — materials | 34 606 | 27 662 |
| — animals being raised and fattened | 22 666 | 30 521 |
| — work in progress | 5 817 | 7 373 |
| — finished goods and merchandise | 650 | 529 |
| Deferred expenses | 176 | 78 |
| VAT on acquired goods, works, services | 2 700 | 2 774 |
| Short-term receivables | 24 474 | 19 030 |
| Short-term financial investments | 3 127 | 2 594 |
| Cash and cash equivalents | 114 | 134 |
| Other short-term assets | 27 538 | 23 992 |
| Total Section II (short-term assets) | 121 868 | 114 687 |
| BALANCE (assets) | 387 320 | 358 580 |
| Charter capital | 77 059 | 77 059 |
| Additional capital | 208 900 | 186 127 |
| Retained earnings (uncovered loss) | -127 155 | -114 388 |
| Total Section III (equity) | 158 804 | 148 798 |
| Long-term loans and borrowings | 8 545 | 8 848 |
| Long-term lease liabilities | 6 529 | 5 892 |
| Deferred income | 68 | 92 |
| Other long-term liabilities | 17 942 | 22 146 |
| Total Section IV (long-term liabilities) | 33 084 | 36 978 |
| Short-term loans and borrowings | 17 767 | 17 524 |
| Current portion of long-term liabilities | 15 666 | 15 203 |
| Short-term payables | 161 431 | 139 665 |
| — to suppliers, contractors, providers | 116 052 | 90 073 |
| — on advances received | 25 956 | 25 760 |
| — on payroll | 1 624 | 1 867 |
| — on lease payments | 14 924 | 19 047 |
| Deferred income | 568 | 412 |
| Total Section V (short-term liabilities) | 195 432 | 172 804 |
| BALANCE (equity and liabilities) | 387 320 | 358 580 |
Computed metrics
Integrity checks
Checks passed: 5 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
- Deep operating losses: cost of sales (82,007) exceeds revenue (65,840) — the enterprise sells product below cost. Loss on sales −20,593, operating loss −13,544, net loss −12,767k BYN.
- Negative real equity: charter capital plus accumulated loss = 77,059 − 127,155 = −50,096k BYN. Nominal capital (158,804) is positive only thanks to revaluation of long-term assets; additional capital (208,900) exceeds total equity. Structural insolvency masked by revaluation.
- Liquidity below norm: current ratio 0.62 (norm ≥1.25) — current assets are insufficient to cover short-term liabilities. Own-working-capital provision −0.875 (no own working capital at all).
- Sharply negative operating cash flow: −18,996k BYN (−28.9% of revenue), deepening from −8,238 a year earlier. Operations consume cash; the gap is closed by financing-activity inflows (+18,989).
- Accumulated uncovered loss deepening: −114,388 → −127,155k BYN.
- Bloated payables to suppliers: 116,052k BYN (+29% over the year) — the enterprise is building up unpaid obligations to suppliers.
- The financial result is held up by state support: income related to state support of current expenses was 16,551k BYN. Without it the loss would have been −29,318k BYN against −12,767 with it. Financial stability depends on continued injections.
- Consolidated reporting: it includes the parent OJSC and 3 absorbed agricultural branches. The figures reflect the group, not a single legal entity; assessing the viability of the production core separately from the agricultural burden is impossible from this form.
- Loss dynamics are improving: net loss almost halved (−24,414 → −12,767), operating loss reduced more than twofold (−28,765 → −13,544). The direction is right, though there is no move into profit.
- Loan debt is stable, without build-up: total loans and borrowings barely changed (−0.2% over the year).
Recommendation
OJSC Orsha Grain Products Combine is a grain-processing combine in Orsha (Vitebsk Region). The reporting presented is consolidated: it combines the parent company and three absorbed agricultural branches, so it reflects the financial condition of the group as a whole rather than a separate production core.
The group's financial condition is critical. Cost of goods sold (82,007k BYN) exceeds revenue (65,840k BYN) — product is sold below cost, producing a gross loss already at the core-activity level and a loss on sales of −20,593k BYN. For the year the net loss is −12,767k BYN; the accumulated uncovered loss reached −127,155k BYN and keeps deepening. Real equity is negative (−50,096k BYN): the positive equity figure on the balance sheet is provided solely by revaluation of long-term assets, not by real accumulations. Liquidity is below norm (current ratio 0.62), there is no own working capital (provision −0.875), and operating cash flow is sharply negative (−18,996k BYN). The enterprise is kept afloat by state support (16,551k BYN of income related to state support of current expenses) and financing-activity inflows; payables to suppliers are building up (116,052k BYN, +29%).
Restructuring is recommended — but in its deepest form, on the border with liquidation. By the combination of signs (negative real capital, operating losses, liquidity insolvency, dependence on state support) the enterprise in its current form is non-viable without external intervention. The choice between deep financial recovery and liquidation depends on whether the production core has a recoverable business model once separated from the agricultural burden — this requires analysis at the level of individual legal entities rather than the consolidated form, and an expert decision. The social significance of a grain combine as a city-forming and infrastructure facility (regional food security) is an argument for recovery rather than closure, provided the core is recoverable. The only positive signal is the near-halving of the loss year-on-year: the direction is right, but the absolute figures remain critical.