Postavy Dairy Plant
Open Joint-Stock Company Postavy Dairy Plant
UNP: 300567362 · 84 Krupskoy St., Postavy, Vitebsk Region, 211875
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 90 325 | 61 875 |
| Intangible assets | 75 | 15 |
| Income-bearing investments in tangible assets | — | 802 |
| Investments in long-term assets | 3 035 | 19 255 |
| Long-term financial investments | 7 532 | 32 |
| Long-term receivables | 225 | 722 |
| Total Section I (long-term assets) | 101 225 | 82 705 |
| Inventories | 29 661 | 17 045 |
| — materials | 4 007 | 3 745 |
| — work in progress | 70 | 10 |
| — finished goods and merchandise | 24 457 | 12 055 |
| — goods shipped | 0 | 0 |
| Deferred expenses | 104 | 575 |
| VAT on acquired goods, works, services | 669 | 1 495 |
| Short-term receivables | 89 344 | 76 625 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 2 197 | 5 738 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 121 975 | 99 478 |
| BALANCE (assets) | 223 200 | 182 183 |
| Charter capital | 580 | 580 |
| Reserve capital | 2 284 | 1 759 |
| Additional capital | 46 209 | 40 177 |
| Retained earnings (uncovered loss) | 37 518 | 34 775 |
| Total Section III (equity) | 86 591 | 77 291 |
| Long-term loans and borrowings | 28 133 | 13 370 |
| Long-term lease liabilities | 2 798 | 2 671 |
| Deferred income | 1 326 | 1 480 |
| Total Section IV (long-term liabilities) | 32 257 | 17 521 |
| Short-term loans and borrowings | 89 979 | 70 947 |
| Current portion of long-term liabilities | 4 055 | 3 203 |
| Short-term payables | 9 635 | 12 744 |
| — to suppliers, contractors, providers | 4 795 | 6 902 |
| — on payroll | 2 015 | 1 623 |
| — on lease payments | 1 192 | 1 572 |
| Total Section V (short-term liabilities) | 104 352 | 87 371 |
| BALANCE (equity and liabilities) | 223 200 | 182 183 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- There is no own working capital: (F1.490 86,591 − F1.190 101,225) / F1.290 121,975 = −0.12, against −0.06 a year earlier — working capital and part of long-term assets are debt-financed.F1.490 · F1.190 · F1.290
- Operating cash flow F4.040 turned negative: −BYN 5,093k against +6,365 a year earlier; the gap was closed by borrowing — F4.081 raised 325,926 against F4.091 repayments of 291,804.F4.040 · F4.081 · F4.091
- Debt F1.510+F1.610 grew 84,317 → BYN 118,112k (+40.1%), mostly short-term F1.610 70,947 → 89,979. Interest paid F4.093 4,550 → 8,394 (+84.5%), financing-activity expenses F2.130 8,698 → 11,892.F1.510 · F1.610 · F4.093 · F2.130
- Coverage of short-term liabilities is thin: F1.290 121,975 / F1.690 104,352 = 1.17 (up from 1.14), but 73% of short-term assets are receivables F1.250 89,344, while cash F1.270 fell 5,738 → 2,197.F1.290 · F1.690 · F1.250 · F1.270
- Revenue F2.010 grew only 4.2% (201,657 → 210,122) while net profit F2.210 fell 7,784 → 6,813 (−12.5%).F2.010 · F2.210
- Inventories F1.210 17,045 → 29,661 (+74.0%), mostly finished goods F1.214 12,055 → 24,457 (+102.9%) — funds are frozen in warehouse stock.F1.210 · F1.214
- Equity rests on revaluation: additional capital F1.450 46,209 is 53% of equity F1.490 86,591; real equity F1.410 580 + F1.460 37,518 = 38,098 against long-term assets F1.190 101,225.F1.450 · F1.490 · F1.410 · F1.460 · F1.190
- Profit on sales F2.060 26,314 → 29,734 (+13.0%), sales profitability 13.05 → 14.15% — the core business is profitable.F2.060 · F2.010
- Real equity is positive: F1.410 580 + F1.460 37,518 = BYN 38,098k, with retained earnings up 34,775 → 37,518.F1.410 · F1.460
- The investment programme is active: fixed assets F1.110 61,875 → 90,325 (+46.0%), purchases F4.061 BYN 16,038k. It is debt-financed: the investing result F4.070 is −23,483 while long-term loans F1.510 grew 13,370 → 28,133.F1.110 · F4.061 · F4.070 · F1.510
Recommendation
Postavy Dairy Plant is an operationally viable milk-processing enterprise (sales profitability 14.15%, profit on sales up 13%, net profit 6,813k BYN), but with an unbalanced financing structure.
Recommendation: Restructuring. The underlying operating model is intact — this is about financial recovery, not a change of owner or liquidation. Restructuring should normalize the debt structure (converting short-term loans into long-term ones for the investment programme), restore positive operating cash flow through inventory and receivables management (89,344k BYN, two-thirds of current assets), and bring the working-capital provision to norm.
Why restructuring. Three factors drive the restructuring recommendation rather than privatization: own-working-capital provision is negative (−0.12), operating cash flow turned negative (−5,093k BYN against +6,365 a year earlier), and the credit load grew 40% over the year with interest paid F4.093 up from 4,550 to 8,394. The enterprise funds a large investment programme (fixed assets +46%) and growing warehouse stock (inventories +74%) with short-term loans — and that is the root of the problem: a margin-healthy business runs on a fragile, predominantly short-term debt leverage.
Confidence: HIGH. All 6 cross-form consistency checks pass.