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 (59,295 → 49,631k BYN) — a substantial contraction of activity.
- Net loss for the second year running: −898k BYN for 2024 versus −662 for 2023; accumulated uncovered loss −1,356k BYN.
- No own working capital: K1_OWC = −0.04 (moved from positive to negative over the year).
- Short-term receivables are excessive — 53,975k BYN (86% of all assets), of which 19,304k BYN is overdue (≈36%); this receivable is funded by short-term loans (36,458k BYN).
- Profitability is loss-making on the bottom line (−1.8%) and thin on sales (sales profitability 2.1%, −0.6 pp over the year).
- The balance sheet is skewed: on revenue of about 50m BYN the turnover is locked in a large receivable (54m BYN), creating concentration and liquidity risk.
- Deferred income jumped to 14,998k BYN (from 18) — likely deferred state support or restructuring; the nature of the item requires clarification.
- Current liquidity returned above the norm: K1 = 1.30 (norm ≥1.25), up on a reduction in short-term debt.
- Credit load is declining: short-term loans 50,316 → 36,458k BYN (−27.5%).
- Cash flow from current activity is positive; real equity remains positive (+1,162k BYN), net assets 4,438k BYN.
Recommendation
Svetlogorsk Agroservice is a district agro-service enterprise (support activity for agriculture) with a state share of about 89%. 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 (K1 = 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. The combination of factors points to restructuring (working through the problem receivable, stabilizing revenue and cost of sales, managing short-term debt) rather than privatization or liquidation.