Vitebsk Meat-Packing Plant
Open Joint-Stock Company Vitebsk Meat-Packing Plant
UNP: 300082579 · 46 Beshenkovichskoye Highway, Vitebsk, 210007
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 126 163 | 184 252 |
| Intangible assets | 42 | 227 |
| Income-bearing investments in tangible assets | 80 | 75 |
| Investments in long-term assets | 186 | 1 390 |
| Long-term financial investments | 22 226 | 24 782 |
| Long-term receivables | 21 694 | 24 479 |
| Total Section I (long-term assets) | 170 586 | 236 010 |
| Inventories | 9 892 | 28 519 |
| — materials | 6 738 | 12 770 |
| — work in progress | 113 | 1 902 |
| — finished goods and merchandise | 3 040 | 3 510 |
| — goods shipped | 1 | 2 |
| Deferred expenses | 643 | 733 |
| VAT on acquired goods, works, services | 380 | 1 199 |
| Short-term receivables | 99 572 | 121 183 |
| Short-term financial investments | 20 566 | 17 513 |
| Cash and cash equivalents | 163 | 2 023 |
| Other short-term assets | 23 | 23 |
| Total Section II (short-term assets) | 131 239 | 171 193 |
| BALANCE (assets) | 301 825 | 407 203 |
| Charter capital | 129 913 | 127 289 |
| Reserve capital | 374 | 491 |
| Additional capital | 144 277 | 162 624 |
| Retained earnings (uncovered loss) | -133 389 | -109 523 |
| Total Section III (equity) | 141 175 | 180 881 |
| Long-term loans and borrowings | 9 030 | 27 386 |
| Long-term lease liabilities | 498 | 2 302 |
| Deferred income | 9 934 | 782 |
| Total Section IV (long-term liabilities) | 19 462 | 31 016 |
| Short-term loans and borrowings | 50 119 | 73 573 |
| Current portion of long-term liabilities | 25 030 | 15 110 |
| Short-term payables | 65 493 | 106 543 |
| — to suppliers, contractors, providers | 47 237 | 55 189 |
| — on payroll | 1 624 | 2 189 |
| — on lease payments | 2 204 | 7 459 |
| Total Section V (short-term liabilities) | 141 188 | 195 306 |
| BALANCE (equity and liabilities) | 301 825 | 407 203 |
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
- Real equity is negative: the accumulated uncovered loss (−133,389) has exceeded charter capital (129,913); nominally positive equity holds up only on additional capital (revaluation, 144,277). A structural sign of financial instability.
- Current ratio 0.93 — current assets do not cover short-term liabilities (norm ≥1.25).
- Negative own-working-capital provision (−0.224): all working capital and part of long-term assets are financed by borrowings.
- Net loss deepened threefold over the year (from −1,108 to −3,352); the business is loss-making for a second consecutive year.
- Sales profitability compressed by half — from 7.44% to 3.91% — amid faster-rising cost of sales and selling expenses (the 2025 cost pressure).
- Year-end cash balance fell to 163 (from 2,023): the liquidity cushion is minimal.
- Inventories shrank sharply (−65%): possible sell-off / contraction of the operating cycle, requiring contextual checking.
- Operating cash flow is positive (+3,486) and reversed from negative a year earlier (−2,723) — the core business generates cash.
- Debt load aggressively cut: loans and borrowings −41% over the year (from 100,959 to 59,149); loan repayments of 144,162.
- Revenue grew 2.95% with a significant FX component (108,285, ~47% of revenue) — export activity continues.
- Unmodified audit opinion (no qualifications).
Recommendation
Vitebsk Meat-Packing Plant is an oblast meat-processing enterprise (state share 97.03%, communal ownership) in the state of an operationally alive but financially unstable business. The key problem is structural: the accumulated uncovered loss (−133,389k BYN) has exceeded charter capital, and positive equity on the balance sheet survives only thanks to additional capital from asset revaluation; on real capital the enterprise is in negative territory. The current ratio is below one (0.93), own working capital is negative, and the net loss deepened threefold over the year. At the same time there are signs of a managed exit from crisis: operating cash flow returned to positive territory (+3,486 against −2,723 a year earlier), the debt load was cut by more than 40%, revenue is growing, and the audit is unmodified. Taken together, this is not hopeless insolvency but an asset overloaded with debt and accumulated loss that is nonetheless operationally functioning. The recommended scenario is restructuring: clearing the accumulated loss and debt structure while preserving the production core, rather than liquidation.