Polotsk Dairy Plant
OJSC Polotsk Dairy Plant (including the Klyastitsy-Agro branch)
UNP: 391957753 · 35 Frunze Lane, Polotsk, Vitebsk Oblast 211413
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 190 168 | 158 214 |
| Intangible assets | 71 | 73 |
| Income-bearing investments in tangible assets | 141 | 140 |
| Investments in long-term assets | 4 344 | 9 115 |
| Long-term financial investments | 2 393 | 5 277 |
| Long-term receivables | 110 671 | 111 506 |
| Total Section I (long-term assets) | 307 788 | 284 325 |
| Inventories | 51 355 | 41 019 |
| — materials | 28 616 | 24 554 |
| — work in progress | 1 932 | 1 839 |
| — finished goods and merchandise | 11 057 | 4 529 |
| — goods shipped | — | 34 |
| Deferred expenses | 2 046 | 2 566 |
| VAT on acquired goods, works, services | 2 968 | 3 421 |
| Short-term receivables | 85 887 | 82 335 |
| Short-term financial investments | 17 372 | 14 476 |
| Cash and cash equivalents | 86 | 473 |
| Other short-term assets | 17 057 | 17 546 |
| Total Section II (short-term assets) | 176 771 | 161 836 |
| BALANCE (assets) | 484 559 | 446 161 |
| Charter capital | 110 478 | 73 965 |
| Reserve capital | 3 | 3 |
| Additional capital | 72 903 | 70 235 |
| Retained earnings (uncovered loss) | -67 620 | -38 763 |
| Total Section III (equity) | 115 764 | 105 440 |
| Long-term loans and borrowings | 104 754 | 63 570 |
| Long-term lease liabilities | 888 | 2 898 |
| Deferred income | 1 568 | 6 |
| Total Section IV (long-term liabilities) | 110 025 | 66 474 |
| Short-term loans and borrowings | 50 169 | 75 597 |
| Current portion of long-term liabilities | 23 213 | 41 677 |
| Short-term payables | 185 106 | 156 883 |
| — to suppliers, contractors, providers | 76 778 | 60 470 |
| — on payroll | 2 462 | 1 730 |
| — on lease payments | 3 234 | 5 560 |
| Total Section V (short-term liabilities) | 258 770 | 274 247 |
| BALANCE (equity and liabilities) | 484 559 | 446 161 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net loss tripled: from −3.3m to −28.9m BYN (−10.6% of revenue) — mounting unprofitability.
- Operating cash flow turned negative: from +26.0m to −5.4m BYN — current activity has stopped generating cash.
- Current liquidity 0.68 against the norm of ≥1.25 — current liabilities are not covered by current assets.
- Negative working-capital ratio (−1.09) — all working capital is financed by external funds.
- Profit on sales collapsed from 21.1m to 0.8m BYN (sales profitability 0.3%) — operating margin is near zero.
- Cash almost exhausted: from 473 to 86k BYN (−82%) — a critically low liquidity buffer.
- Cost of sales rose 17% while revenue grew only 7.7% — costs outpacing prices (industry-wide cost pressure in 2025).
- Total debt (loans and borrowings) grew 11% — rising debt load against a loss.
- Customer advances received rose 28% — growing dependence of liquidity on prepayments.
- Revenue grew 7.7% on real activity (not revaluation) — demand persists.
- The owner injected capital (contributions of 28.7m plus a share issue) — support for solvency against the loss.
- Real equity is positive (charter capital exceeds the accumulated loss) — formal solvency does not rest on revaluation alone.
Recommendation
Polotsk Dairy Plant is an export-oriented milk processor (around 42% of revenue earned in foreign currency) that in 2025 entered a zone of financial breakdown while retaining operating activity. Revenue grew 7.7%, but cost of sales added 17%, so profit on sales collapsed from 21.1m to 0.8m BYN and net loss tripled — to −28.9m BYN (−10.6% of revenue). Operating cash flow turned negative for the first time (−5.4m versus +26.0m a year earlier), current liquidity fell to 0.68 against the norm of 1.25, the working-capital ratio is deeply negative (−1.09), and the cash balance is almost exhausted (86k BYN).
The enterprise is being held up by owner support (a capital contribution and a share issue exceeding 36m BYN) and asset revaluation. At the same time real equity remains positive — charter capital exceeds the accumulated loss, i.e. formal solvency does not rest exclusively on revaluation. The combination of retained demand and export revenue with operating survivability on one side, and a broken cost structure, negative cash flow and collapsing liquidity on the other, points to restructuring: the business model is viable but requires debt and cost remediation. Liquidity and capital indicators sit in the critical zone.