Agrokombinat Yubileyny
OJSC Agrokombinat Yubileyny
UNP: 300072801 · Bordzovo rural council (Kushevka village), Orsha District, Vitebsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 313 646 | 252 826 |
| Intangible assets | 16 | 18 |
| Investments in long-term assets | 436 | 29 577 |
| Long-term financial investments | 1 | 1 |
| Long-term receivables | 1 140 | 1 124 |
| Total Section I (long-term assets) | 315 239 | 283 546 |
| Inventories | 70 915 | 66 139 |
| — materials | 32 733 | 31 982 |
| — animals being raised and fattened | 25 321 | 22 963 |
| — work in progress | 12 282 | 10 692 |
| — finished goods and merchandise | 579 | 502 |
| Deferred expenses | 404 | 400 |
| VAT on acquired goods, works, services | 4 260 | 3 627 |
| Short-term receivables | 3 617 | 5 388 |
| Cash and cash equivalents | 3 166 | 2 722 |
| Other short-term assets | 3 | 1 |
| Total Section II (short-term assets) | 82 365 | 78 277 |
| BALANCE (assets) | 397 604 | 361 823 |
| Charter capital | 7 691 | 7 691 |
| Additional capital | 102 879 | 81 092 |
| Retained earnings (uncovered loss) | 107 892 | 93 339 |
| Total Section III (equity) | 218 462 | 182 122 |
| Long-term loans and borrowings | 46 795 | 53 732 |
| Long-term lease liabilities | 12 073 | 13 292 |
| Deferred income | 71 651 | 68 832 |
| Total Section IV (long-term liabilities) | 130 519 | 135 856 |
| Short-term loans and borrowings | 22 512 | 23 404 |
| Current portion of long-term liabilities | 6 707 | 6 215 |
| Short-term payables | 19 404 | 14 226 |
| — to suppliers, contractors, providers | 3 798 | 4 106 |
| — on payroll | 1 789 | 1 335 |
| — on lease payments | 12 951 | 7 882 |
| Total Section V (short-term liabilities) | 48 623 | 43 845 |
| BALANCE (equity and liabilities) | 397 604 | 361 823 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Negative own-working-capital provision: long-term assets (315m) exceed equity (218m), so part of non-current assets is financed by borrowings — a structural feature of capital-intensive agriculture.
- Profitability compression: net profit fell 30% (20.6 → 14.4m) while revenue grew 23%; net profitability dropped from 19.7% to 11.1% and sales profitability from 18.4% to 13.3%.
- Rising interest burden: interest payable grew 63% (3.9 → 6.4m), reflecting the servicing cost of loans and leases raised for the investment programme.
- Strong operating cash flow: 28.5m (22% of revenue), up over the year; the core business generates substantial cash.
- Falling loan burden: loans and borrowings cut 10% (77.1 → 69.3m) as revenue grew.
- Current ratio 1.69 (above the 1.25 norm); real equity is positive with a margin (115.6m).
- Scale growth on real activity: revenue +23%, net assets up from 182 to 218m, dividends paid.
Recommendation
Agrokombinat Yubileyny is a large agricultural enterprise in an active capital-investment phase with a dual financial profile. On one hand, operations generate strong cash flow (22% of revenue, 28.5m), revenue grew 23%, the loan burden is falling, and real equity is positive. On the other, there is marked profitability compression (net profit −30% over the year, net profitability nearly halved to 11%), a negative own-working-capital provision and a rising interest burden (+63%). The negative own-working-capital figure reflects the structural capital intensity of the sector: long-term assets exceed equity, and the difference is covered by long-term loans and leases raised for the investment programme (fixed assets grew 24% over the year). With strong operating cash flow this is an investment phase rather than insolvency, but the margin dip and reliance on borrowed financing call for restructuring of the debt profile and restoration of profitability. The high state share (99.93%) and the agro-combine's social significance for the district make recovery the priority rather than immediate privatization.