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: −27.8m (−8.9% of revenue), whereas a year earlier the flow was positive. Operations did not generate cash in the reporting year — cash is locked in grown receivables (107m) and finished goods in stock (26.5m against 14.2m).
- Current ratio below one (0.87 against a 1.25 norm): short-term liabilities exceed short-term assets; the enterprise does not cover short obligations with working capital.
- 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.
- Negative own-working-capital provision (−0.51): long-term assets exceed equity.
- Overstocking: finished goods in stock grew 87% (14.2 → 26.5m) amid the enterprise's noted decline in demand on foreign markets.
- High interest burden: interest payable grew 54% (7.1 → 10.9m), almost entirely consuming operating profit.
- 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.
- Real equity is positive (49.8m); there is no risk of capital loss.
- Export orientation: FX revenue of 196m (60% of revenue) — potential when foreign demand recovers.
Recommendation
Glubokoye Dairy-Canning Combine is a large export-oriented milk processor with a viable core business but a broken financing structure. 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. This is a classic case for 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.