Svetlogorsk Agroservice
OJSC Svetlogorsk Agroservice
UNP: 400019748 · 14 Zavodskaya St., Svetlogorsk, Gomel Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 4 314 | 4 303 |
| Intangible assets | 1 | 1 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 2 288 | 4 |
| Long-term financial investments | 1 | 1 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 6 604 | 4 309 |
| Inventories | 789 | 1 363 |
| — materials | 419 | 438 |
| — work in progress | 54 | 147 |
| — finished goods and merchandise | 316 | 778 |
| — goods shipped | — | — |
| Deferred expenses | 25 | 21 |
| VAT on acquired goods, works, services | 34 | 73 |
| Short-term receivables | 53 975 | 53 510 |
| Short-term financial investments | 385 | 414 |
| Cash and cash equivalents | 705 | 427 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 55 913 | 55 808 |
| BALANCE (assets) | 62 517 | 60 117 |
| Charter capital | 2 518 | 2 519 |
| Reserve capital | 727 | 727 |
| Additional capital | 2 549 | 2 107 |
| Retained earnings (uncovered loss) | -1 356 | -458 |
| Total Section III (equity) | 4 438 | 4 894 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 73 | 202 |
| Deferred income | 14 998 | 18 |
| Total Section IV (long-term liabilities) | 15 071 | 220 |
| Short-term loans and borrowings | 36 458 | 50 316 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 6 539 | 4 663 |
| — to suppliers, contractors, providers | 6 115 | 4 221 |
| — on payroll | 158 | 119 |
| — on lease payments | 129 | 224 |
| Total Section V (short-term liabilities) | 43 008 | 55 003 |
| BALANCE (equity and liabilities) | 62 517 | 60 117 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Revenue fell 16.3% over the year: F2.010 59,295 → 49,631k BYN — a substantial contraction of activity.F2.010
- Net loss for the second year running: F2.210 −662 → −898k BYN; accumulated uncovered loss F1.460 −458 → −1,356.F2.210 · F1.460
- No own working capital: −0.039 = (F1.490 4,438 − F1.190 6,604) / F1.290 55,913 — a year earlier the ratio was positive (+0.01).F1.490 · F1.190 · F1.290
- Short-term receivables are excessive: F1.250 53,975k BYN — 86% of total assets F1.300 62,517; funded by short-term loans F1.610 36,458.F1.250 · F1.300 · F1.610
- Bottom-line loss F2.412 −1.1% → −1.8% with thin sales profitability F2.411 2.7% → 2.1% (−0.6 pp over the year).F2.412 · F2.411
- The balance sheet is skewed: against revenue F2.010 49,631 the turnover is locked in receivables F1.250 53,975k BYN — larger than annual revenue, creating concentration and liquidity risk.F2.010 · F1.250
- Deferred income jumped: F1.540 18 → 14,998k BYN; in the same year investing activity carried F4.050 15,249 of receipts and F4.060 15,191 of payments, while investment in long-term assets F1.140 grew 4 → 2,288.F1.540 · F4.050 · F4.060 · F1.140
- Current liquidity rose: F1.290 / F1.690 1.01 → 1.30 on a reduction of current liabilities F1.690 55,003 → 43,008.F1.290 · F1.690
- Credit load is declining: short-term loans and borrowings F1.610 50,316 → 36,458k BYN (−27.5%); long-term liabilities F1.590, however, grew 220 → 15,071 through deferred income F1.540 — the fall in short-term debt does not mean liabilities fell overall.F1.610 · F1.590 · F1.540
- Cash flow from current activity is positive: F4.040 14,892 → 15,824k BYN; real capital F1.410 2,518 + F1.460 −1,356 = +1,162 remains positive with net assets F1.490 4,438.F4.040 · F1.410 · F1.460 · F1.490
Recommendation
Svetlogorsk Agroservice is a district agro-service enterprise (support activity for agriculture) with a state share of about 89%.
Recommendation: Restructuring — (working through the problem receivable, stabilizing revenue and cost of sales, managing short-term debt) rather than privatization or liquidation.
Why restructuring. As of 2024 the enterprise is loss-making for the second year running (net loss −898k BYN, widened from −662), revenue fell 16.3%, and bottom-line profitability is negative (−1.8%). The defining feature of the balance sheet is excessive short-term receivables (53,975k BYN, about 86% of all assets; of which 19,304k BYN is overdue), funded by short-term bank loans (36,458k BYN). There is no own working capital (the coverage ratio moved into negative territory). At the same time there are stabilizing factors: current liquidity returned above the norm (1.30), the credit load was cut by more than a quarter over the year, cash flow from current activity is positive, and real equity and net assets remain positive. The business is functioning but is structurally overloaded by a receivables-payables "lock" and shrinking revenue.
Confidence: MEDIUM. The assessment rests on 2024 reporting and is subject to reconciliation against annual 2025 data as it is published. The F1–F4 set is complete and all 6 cross-form consistency checks pass.