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 F2.020 82,007 exceeds revenue F2.010 65,840 — product is sold below cost. Loss on sales F2.060 −20,593, loss on current activity F2.090 −13,544, net loss F2.210 −BYN 12,767k.F2.020 · F2.010 · F2.060 · F2.090 · F2.210
- Real equity is negative: F1.410 77,059 + F1.460 −127,155 = −BYN 50,096k. The F1.490 total of 158,804 is positive only thanks to additional capital F1.450 208,900, which exceeds all equity.F1.410 · F1.460 · F1.490 · F1.450
- Liquidity is below the declared 1.0 threshold: F1.290 121,868 / F1.690 195,432 = 0.62 (0.66 a year earlier). There is no own working capital: (F1.490 158,804 − F1.190 265,452) / F1.290 = −0.88.F1.290 · F1.690 · F1.190
- Sharply negative operating cash flow F4.040 −BYN 18,996k (−28.9% of revenue), deepening from −8,238. The gap is closed by financing inflows F4.100 +18,989.F4.040 · F2.010 · F4.100
- The accumulated uncovered loss F1.460 keeps deepening: −114,388 → −BYN 127,155k.F1.460
- Payables to suppliers F1.631 90,073 → BYN 116,052k (+28.8%), with total short-term payables F1.630 at 161,431.F1.631 · F1.630
- The financial result is held up by state support: income related to state support of current expenses 10,269 → BYN 16,551k; without it the loss would be −29,318 against the actual −12,767.F2.210
- The reporting is consolidated: it covers the parent company and three absorbed agricultural branches — the figures describe the group, not a single legal entity.
- The loss is shrinking: net F2.210 −24,414 → −12,767, current-activity F2.090 −28,765 → −13,544. But the improvement did not come from sales: revenue F2.010 fell 68,694 → 65,840, while other operating income F2.070 rose 12,607 → 22,103 and state support of current expenses 10,269 → 16,551; operating cash flow F4.040 over the same year worsened −8,238 → −18,996.F2.210 · F2.090 · F2.010 · F2.070 · F4.040
- Loans and borrowings F1.510+F1.610 are essentially unchanged: 26,372 → 26,312 (−0.2%). Liabilities are growing on another line, though — short-term payables F1.630 139,665 → 161,431 (+15.6%).F1.510 · F1.610 · F1.630
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.
Recommendation: Restructuring — 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.
Why restructuring. 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 the declared 1.0 threshold (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%). The only positive signal is the near-halving of the loss year-on-year: the direction is right, but the absolute figures remain critical.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set. Of the 6 cross-form checks, 5 pass: the profit-match discrepancy (F2 against F3) is unresolved and by itself lowers confidence.