Orsha Meat-Canning Combine (consolidated)
Open Joint-Stock Company Orsha Meat-Canning Combine (consolidated reporting)
UNP: 391741234 · 34 Shklovskaya St., Orsha
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 231 451 | 209 311 |
| Intangible assets | 152 | 105 |
| Investments in long-term assets | 371 | 457 |
| Long-term financial investments | 904 | 1 976 |
| Long-term receivables | 7 192 | 6 010 |
| Total Section I (long-term assets) | 240 070 | 217 859 |
| Inventories | 26 256 | 21 108 |
| — materials | 9 840 | 11 018 |
| — work in progress | 5 522 | 4 030 |
| — finished goods and merchandise | 10 894 | 6 060 |
| Deferred expenses | 88 | 161 |
| VAT on acquired goods, works, services | 161 | 371 |
| Short-term receivables | 67 183 | 68 908 |
| Short-term financial investments | 6 595 | 5 614 |
| Cash and cash equivalents | 571 | 988 |
| Other short-term assets | 9 | 55 |
| Total Section II (short-term assets) | 100 863 | 97 205 |
| BALANCE (assets) | 340 933 | 315 064 |
| Charter capital | 124 506 | 121 506 |
| Additional capital | 44 807 | 32 437 |
| Retained earnings (uncovered loss) | 11 751 | 8 020 |
| Total Section III (equity) | 181 064 | 161 963 |
| Long-term loans and borrowings | 13 105 | 3 650 |
| Long-term lease liabilities | 339 | 631 |
| Deferred income | 46 348 | 47 428 |
| Other long-term liabilities | 184 | 236 |
| Total Section IV (long-term liabilities) | 59 976 | 51 945 |
| Short-term loans and borrowings | 58 870 | 46 113 |
| Current portion of long-term liabilities | 5 837 | 21 268 |
| Short-term payables | 32 598 | 33 712 |
| — to suppliers, contractors, providers | 14 076 | 13 505 |
| — on advances received | 14 671 | 17 163 |
| — on social insurance and security | 534 | 323 |
| — on payroll | 1 476 | 1 064 |
| — on lease payments | 292 | 292 |
| — to the owner of property (founders, participants) | 715 | — |
| Deferred income | 2 588 | 63 |
| Total Section V (short-term liabilities) | 99 893 | 101 156 |
| BALANCE (equity and liabilities) | 340 933 | 315 064 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Sharp rise in credit load: total loans and borrowings grew 44.6% over the year (49,763 → 71,975k BYN), short-term loans +27.7% (46,113 → 58,870). Finance-activity expenses of 7,620k BYN against net profit of 946 — debt service consumes the result.F1.510 · F1.610 · F2.130 · F2.210
- Net profit collapsed 8.5-fold (8,031 → 946k BYN) despite revenue growth of 21%: net margin fell from 5.1% to 0.5%. The positive result is symbolic; the safety margin before loss is minimal.F2.210 · F2.010
- No own working capital: provision ratio −0.585 — working capital is financed entirely by borrowed funds.F1.490 · F1.190 · F1.290
- Liquidity at the lower bound: current ratio 1.01 — current assets barely cover short-term liabilities.F1.290 · F1.690
- Long-term receivables grew to 7,192k BYN (from 6,010 a year earlier).F1.170
- Consolidated reporting: the figures reflect the group, including merged subdivisions, not a standalone legal entity.
- The drop in finance-activity income from 13,665 to 3,230k BYN deepened the decline in the net result.F2.120
- Inventories rose 24.4% (21,108 → 26,256k BYN), outpacing revenue (+21.5%): finished goods 6,060 → 10,894 and work in progress 4,030 → 5,522, while materials fell 11,018 → 9,840 — the build-up sits in unsold outputF1.210 · F2.010 · F1.214 · F1.213 · F1.211
- Operating activity is consistently profitable: profit from sales 16,747k BYN, sales margin stable (8.8%).F2.060 · F2.010
- Cash flow from operating activities returned to positive: +6,644k BYN versus −4,190 a year earlier (margin 3.5%).F4.040 · F2.010
- Equity is real, not inflated by revaluation: retained earnings are positive and growing (8,020 → 11,751k BYN); additional (revaluation) capital is only 25% of equity.F1.460 · F1.450 · F1.490
- Revenue grew 21% (157,435 → 191,230k BYN) — growth on a real operating basis, not through revaluation.F2.010
Recommendation
OJSC Orsha Meat-Canning Combine is a meat-processing enterprise in Orsha, part of the state Vitebsk Concern Meat-and-Dairy Products (state share 88.11% — controlling). The reporting is consolidated and reflects the group. Unlike the neighbouring Orsha grain combine, this enterprise is operationally viable: the core business is steadily profitable (profit on sales 16,747k BYN, sales profitability 8.8%), revenue grew 21%, operating cash flow is positive (+6,644k BYN), and equity is real.
Recommendation: Restructuring — in the sense of recovering the debt and financial structure (refinancing, reducing the interest burden, revising the practice of intra-group lending out of borrowed funds) rather than financial recovery of insolvency: the enterprise is solvent and operationally profitable. The alarming signal is the trajectory: if the pace of debt growth and the interest burden continue, the token net profit will turn into a loss. Since the state is the controlling owner, the decision on debt restructuring and ordering of intra-group financial flows is within its direct competence. The assessment should account for the combine's role in the concern: its financial burden is partly driven by group obligations rather than its own activity.
Why restructuring. The problem is not the operating model but the financing structure. The credit load rose sharply: total loans and borrowings +44.6% over the year, and interest on them (6,494k BYN) almost entirely absorbs operating profit — as a result net profit collapsed 8.5×, to a token 946k BYN. Liquidity sits exactly at one (current ratio 1.01, below norm), there is no own working capital (provision −0.585), and working capital is financed by borrowings. A substantial part of the loans raised serves not the combine's own needs but its role as a financial donor to other concern enterprises — the combine extended long-term loans of 7.4m BYN to a poultry farm, the grain combine and a rayagroservis for farm modernization.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.