Glubokoye Dairy-Canning Combine
OJSC Glubokoye Dairy-Canning Combine
UNP: 391541195 · 131 Lenina St., Glubokoye, Vitebsk Region, 211792
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 169 869 | 166 489 |
| Intangible assets | 43 | 4 |
| Income-bearing investments in tangible assets | 4 391 | 1 047 |
| — предметы финансовой аренды (лизинга) | 4 391 | 1 047 |
| Investments in long-term assets | 10 581 | 6 078 |
| Long-term financial investments | 10 422 | 55 |
| Long-term receivables | — | 3 296 |
| Total Section I (long-term assets) | 195 306 | 176 969 |
| Inventories | 36 777 | 26 098 |
| — materials | 9 822 | 11 766 |
| — work in progress | 430 | 127 |
| — finished goods and merchandise | 26 525 | 14 205 |
| Deferred expenses | 196 | 1 182 |
| VAT on acquired goods, works, services | 2 339 | 1 495 |
| Short-term receivables | 106 054 | 89 226 |
| Short-term financial investments | 3 486 | — |
| Cash and cash equivalents | 434 | 266 |
| Other short-term assets | 4 157 | 4 154 |
| Total Section II (short-term assets) | 153 443 | 122 421 |
| BALANCE (assets) | 348 749 | 299 390 |
| Charter capital | 27 748 | 27 748 |
| Reserve capital | 170 | 170 |
| Additional capital | 67 283 | 61 679 |
| Retained earnings (uncovered loss) | 22 029 | 19 615 |
| Total Section III (equity) | 117 230 | 109 212 |
| Long-term loans and borrowings | 39 511 | 48 492 |
| Long-term lease liabilities | 1 869 | 362 |
| Deferred income | 13 468 | 14 669 |
| Total Section IV (long-term liabilities) | 54 848 | 63 523 |
| Short-term loans and borrowings | 120 677 | 64 929 |
| Current portion of long-term liabilities | 9 235 | 7 763 |
| Short-term payables | 45 803 | 53 963 |
| — to suppliers, contractors, providers | 20 964 | 12 033 |
| — on advances received | 17 159 | 34 719 |
| — on payroll | 2 012 | 1 622 |
| Deferred income | 956 | — |
| Total Section V (short-term liabilities) | 176 671 | 126 655 |
| BALANCE (equity and liabilities) | 348 749 | 299 390 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Negative operating cash flow: F4.040 = −27,840 (−8.9% of revenue) against +778 a year earlier. Cash is locked in receivables (F1.250: 89,226 → 106,054) and finished goods in stock (F1.214: 14,205 → 26,525).F4.040 · F2.010 · F1.250 · F1.214
- Current ratio 0.87 (F1.290 / F1.690 = 153,443 / 176,671) — below the declared threshold of 1.0: short-term liabilities exceed current assets.F1.290 · F1.690
- Sharp rise in short-term debt: short-term loans grew 86% (64.9 → 120.7m), total loan burden +41% — the operating cash deficit is being closed with short borrowings.F1.610 · F1.510
- Negative own-working-capital provision (−0.51): long-term assets (F1.190: 195,306) exceed equity (F1.490: 117,230).F1.490 · F1.190 · F1.290
- Inventories grew 41% (F1.210: 26,098 → 36,777) against revenue growth of 4.6%; the main contribution is finished goods in stock (F1.214: 14,205 → 26,525, +87%).F1.210 · F1.214 · F2.010
- High interest burden: interest payable grew 54% (7.1 → 10.9m), almost entirely consuming operating profit.F2.131
- Profit from the core business is stable: sales profitability of 10.9% is steady year-on-year, gross profit grew; the operating model is viable.F2.060 · F2.010 · F2.030
- Real equity is positive (49.8m); there is no risk of capital loss.F1.410 · F1.460
Recommendation
Glubokoye Dairy-Canning Combine is a large export-oriented milk processor with a viable core business but a broken financing structure.
Recommendation: Restructuring — the business is viable but needs working-capital recovery (collecting receivables, clearing warehouses) and conversion of short-term debt into longer-term debt, otherwise the interest burden and cash gaps will keep growing. The high state share (100%) and city-forming status for Glubokoye make recovery the priority rather than privatization or liquidation.
Why restructuring. Sales profitability is stable (10.9%), gross profit is growing, and the enterprise is profitable for the year. However, operating cash flow turned negative in 2025 (−27.8m against positive a year earlier): cash is locked in sharply grown receivables (107m) and finished-goods stock (up 87% amid declining foreign demand). The resulting cash deficit is being closed by a rapid build-up of short-term loans (+86% over the year), which pushed the current ratio below one and raised the interest burden by half, almost entirely consuming operating profit.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.