Torgovy Tsentr (Svetlogorsk)
Open Joint-Stock Company Torgovy Tsentr
UNP: 400004545 · 20a Molodyozhny Microdistrict, Svetlogorsk, Gomel Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 4 296 | 3 924 |
| Intangible assets | 7 | 8 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 23 | 24 |
| Long-term financial investments | — | — |
| Long-term receivables | — | 2 |
| Total Section I (long-term assets) | 4 326 | 3 958 |
| Inventories | 1 165 | 1 038 |
| — materials | 55 | 54 |
| — work in progress | 27 | 24 |
| — finished goods and merchandise | 1 083 | 960 |
| — goods shipped | — | — |
| Deferred expenses | — | 1 |
| VAT on acquired goods, works, services | — | 2 |
| Short-term receivables | 57 | 80 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 2 787 | 2 515 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 4 009 | 3 636 |
| BALANCE (assets) | 8 335 | 7 594 |
| Charter capital | 163 | 163 |
| Reserve capital | 35 | 28 |
| Additional capital | 4 080 | 3 605 |
| Retained earnings (uncovered loss) | 2 151 | 2 032 |
| Total Section III (equity) | 6 429 | 5 828 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | — | — |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 1 | 1 |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 1 900 | 1 760 |
| — to suppliers, contractors, providers | 1 539 | 1 460 |
| — on payroll | 93 | 80 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 1 905 | 1 765 |
| BALANCE (equity and liabilities) | 8 335 | 7 594 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating margin compression: profit on sales F2.060 332 → BYN 95k (−71.4%) while revenue F2.010 grew 15,862 → 17,202 (+8.4%). The cause is selling expenses F2.050 2,993 → 3,601 (+20.3%) and cost of sales F2.020 −12,537 → −13,506 growing faster than revenue. Net profit F2.210 668 → 382 (−42.8%).F2.060 · F2.010 · F2.050 · F2.020 · F2.210
- Profitability declines on both bases: sales F2.060/F2.010 2.09% → 0.55%, bottom line F2.210/F2.010 4.21% → 2.22%.F2.060 · F2.010 · F2.210
- Equity is largely revaluation-based: additional capital F1.450 3,605 → BYN 4,080k out of the total F1.490 6,429, while the earned base F1.410 163 + F1.460 2,151 = 2,314 — against long-term assets F1.190 4,326.F1.450 · F1.490 · F1.410 · F1.460 · F1.190
- Payments to the owner rise as profit falls: F4.092 98 → BYN 122k (+24.5%) in a year when net profit F2.210 fell 668 → 382.F4.092 · F2.210
- Liquidity is high and rising: F1.290 3,636 → 4,009 against F1.690 1,765 → 1,905, a ratio of 2.06 → 2.10; own working capital cover (F1.490 − F1.190) / F1.290 0.51 → 0.53.F1.290 · F1.690 · F1.490 · F1.190
- There is no credit burden: the enterprise's liabilities are almost entirely payables F1.630 1,760 → BYN 1,900k (including suppliers F1.631 1,460 → 1,539) against total short-term F1.690 1,905 and long-term F1.590 1 — the enterprise carries no interest-bearing obligations.F1.630 · F1.631 · F1.690 · F1.590
- A large cash position: F1.270 2,515 → BYN 2,787k — one third of total assets F1.300 8,335. Operating flow is positive, though lower: F4.040 677 → 504.F1.270 · F1.300 · F4.040
- Revenue growth is confirmed in cash: F2.010 15,862 → BYN 17,202k (+8.4%) with receipts from customers F4.021 18,275 → 19,744 (+8.0%); receivables F1.250 meanwhile fell 80 → 57.F2.010 · F4.021 · F1.250
Recommendation
OJSC Torgovy Tsentr is a small retail-trade enterprise in Svetlogorsk with a district communal ownership share of 44.37% (a non-controlling, blocking stake).
Recommendation: Privatization — given the healthy balance sheet, the absence of debt, the non-controlling state stake and the de-nationalization already under way (in 2025 an exchange of the state's shares for "Property" vouchers was carried out).
Why privatization. The financial condition is stable: with a balance sheet of 8,335k BYN the enterprise has no credit load, holds a cash reserve of 2,787k BYN (a third of assets), shows high liquidity (current liquidity ratio 2.10 and working-capital ratio 0.525 — both rose over the year) and positive cash flow from current activity. Revenue grew 8.4%. The main area of attention is the compression of operating margin in 2025: profit on sales fell 71%, net profit 43%, as selling expenses grew 20% and outran revenue growth; this reflects the general inflationary backdrop rather than dysfunction of the enterprise itself.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.