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
- The net loss deepened nearly ninefold: F2.210 −3,255 → −BYN 28,932k; net profitability F2.210/F2.010 −1.3% → −10.6%.F2.210 · F2.010
- Operating cash flow turned negative: F4.040 +25,982 → −BYN 5,418k. Receipts from current activity F4.020 469,258 → 439,517 fell while payments F4.030 443,276 → 444,935 stayed almost flat.F4.040 · F4.020 · F4.030
- The current ratio is below one: F1.290 176,771 / F1.690 258,770 = 0.68 — short-term liabilities are not covered by current assets.F1.290 · F1.690
- There is no own working capital: (F1.490 115,764 − F1.190 307,788) / F1.290 176,771 = −1.09 — all working capital is funded by liabilities.F1.490 · F1.190 · F1.290
- The operating core has collapsed to zero: profit on sales F2.060 21,052 → BYN 786k against revenue F2.010 274,008 — 0.3%. Other current-activity turnover is comparable to revenue and pushes the result negative: F2.070 205,476 against F2.080 207,045 yields profit from current activity F2.090 of −783.F2.060 · F2.010 · F2.070 · F2.080 · F2.090
- Cash is nearly exhausted: F1.270 473 → BYN 86k, closing balance F4.130 86 — against short-term liabilities F1.690 258,770.F1.270 · F4.130 · F1.690
- Cost of sales outpaces revenue: F2.020 218,230 → 255,933 (+17.3%) against F2.010 254,320 → 274,008 (+7.7%); gross profit F2.030 36,090 → 18,075 — halved.F2.020 · F2.010 · F2.030
- Credit debt grew: F1.510+F1.610 63,570 + 75,597 = 139,167 → 104,754 + 50,169 = BYN 154,923k (+11.3%). Within it the debt moved to the long end: F1.510 +64.8% while F1.610 and the current portion of long-term debt F1.620 41,677 → 23,213 both fell. Interest paid F4.093 12,214 → 9,756 declined, while financial-activity expenses F2.130 35,394 → 41,225 rose.F1.510 · F1.610 · F1.620 · F4.093 · F2.130
- Settlements grow on both sides: payables F1.630 156,883 → BYN 185,106k (+18.0%), including suppliers F1.631 60,470 → 76,778 (+27.0%); receivables F1.250 82,335 → 85,887. Payables are twice the receivables.F1.630 · F1.631 · F1.250
- Inventories grow faster than revenue: F1.210 41,019 → BYN 51,355k (+25.2%) against revenue +7.7%, including finished goods F1.214 4,529 → 11,057 — a 2.4-fold rise in a perishable product range.F1.210 · F2.010 · F1.214
- Revenue grew: F2.010 254,320 → BYN 274,008k (+7.7%). The growth is not confirmed in cash — receipts from customers F4.021 463,526 → 430,279 fell 7.2%.F2.010 · F4.021
- The owner injected funds: charter capital F1.410 was increased 73,965 → BYN 110,478k (+36,513). It was this, not the year's result, that held total equity F1.490 105,440 → 115,764 up against the loss F2.210 −28,932.F1.410 · F1.490 · F2.210
- The earned base remains positive: F1.410 110,478 + F1.460 −67,620 = BYN 42,858k. The accumulated loss keeps deepening, however: F1.460 −38,763 → −67,620, and only the contributed capital keeps the base positive.F1.410 · F1.460
Recommendation
Polotsk Dairy Plant is an export-oriented milk processor that in 2025 entered a zone of financial breakdown while retaining operating activity.
Recommendation: Restructuring — the business model is viable but requires debt and cost remediation.
Why restructuring. 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 grew nearly ninefold (×8.9) — 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.
Confidence: HIGH. Liquidity and capital indicators sit in the critical zone, which warrants a conservative assessment. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.