Agrokombinat Yuzhny (Gomel)
Open Joint-Stock Company Agrokombinat Yuzhny
UNP: 400047554 · Tsagelnya settlement, Gomel District
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 77 896 | 75 464 |
| Investments in long-term assets | 67 | 67 |
| Long-term financial investments | 18 | 18 |
| Long-term receivables | 270 | 416 |
| Total Section I (long-term assets) | 78 251 | 75 965 |
| Inventories | 29 732 | 23 530 |
| — materials | 15 658 | 10 272 |
| — animals being raised and fattened | 11 539 | 11 329 |
| — work in progress | 2 349 | 1 807 |
| — finished goods and merchandise | 186 | 122 |
| Short-term receivables | 4 025 | 5 354 |
| Cash and cash equivalents | 4 | 16 |
| Total Section II (short-term assets) | 33 761 | 28 900 |
| BALANCE (assets) | 112 012 | 104 865 |
| Charter capital | 30 336 | 30 336 |
| Reserve capital | 142 | 142 |
| Additional capital | 51 571 | 44 550 |
| Retained earnings (uncovered loss) | -8 144 | -8 131 |
| Total Section III (equity) | 73 905 | 66 897 |
| Long-term loans and borrowings | 353 | 495 |
| Long-term lease liabilities | 506 | 1 137 |
| Total Section IV (long-term liabilities) | 859 | 1 632 |
| Short-term loans and borrowings | 7 162 | 6 793 |
| Current portion of long-term liabilities | 5 241 | 4 954 |
| Short-term payables | 24 845 | 24 589 |
| — to suppliers, contractors, providers | 20 555 | 20 871 |
| — on advances received | 2 343 | 2 115 |
| — on taxes and duties | 303 | 245 |
| — on social insurance and security | 110 | 91 |
| — on payroll | 472 | 431 |
| — on lease payments | 995 | 699 |
| — to other creditors | 67 | 137 |
| Total Section V (short-term liabilities) | 37 248 | 36 336 |
| BALANCE (equity and liabilities) | 112 012 | 104 865 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Core operations are loss-making: the loss on sales grew 5.4-fold — −2,528k BYN versus −471 a year earlier; sales profitability (to revenue) −12.2%. Gross profit shrank from 2,020 to 115k BYN — cost of sales almost caught up with revenue.F2.060 · F2.010 · F2.030 · F2.020
- The +155k BYN result from current activities is not driven by sales: other operating income of 8,429k BYN is 41% of revenue and 73 times gross profit.F2.070 · F2.090 · F2.030
- Current liquidity is 0.906 — below one: short-term assets do not cover short-term liabilities. Cash on hand is 4k BYN.F1.290 · F1.690 · F1.270
- There is no own working capital: the provision ratio is −0.129 — working capital is financed by borrowed funds.F1.490 · F1.190 · F1.290
- Operating cash flow is negative: −82k BYN versus +477 a year earlier.F4.040
- Revenue fell by 10.5% (23,063 → 20,649k BYN), while cost of sales fell more slowly — hence the growing loss on sales.F2.010 · F2.020
- Inventories grew by 26.4% (23,530 → 29,732k BYN) against falling revenue — overstocking.F1.210
- Accounts payable of 24,845k BYN against receivables of 4,295 — an almost sixfold skew; short-term liabilities of 37,248 versus short-term assets of 33,761.F1.630 · F1.250 · F1.170 · F1.690 · F1.290
- The accumulated uncovered loss is −8,144k BYN; equity of 73,905 remains positive largely due to revaluation surplus of 51,571 (70%).F1.460 · F1.490 · F1.450
- Credit load is small and stable: total loans and borrowings are 7,515k BYN (353 long-term + 7,162 short-term), +3.1% over the year.F1.510 · F1.610
- Real equity is positive: +22,192k BYN (share capital 30,336 minus uncovered loss 8,144). Liquidity 0.795 → 0.906 and own-working-capital provision −0.314 → −0.129 improved year-on-year.F1.410 · F1.460
Recommendation
OJSC Agrokombinat Yuzhny is an agricultural enterprise (crop and livestock farming) in Gomel District, almost entirely state-owned (state share 99.96%). Its financial profile is typical of the subsidized agricultural sector: the enterprise balances around a zero result (a token net loss of −13k BYN), but behind that zero is structural unprofitability of the core business, offset by state support.
Recommendation: Restructuring — recovery of the operating model of agricultural production (cutting cost of sales, restoring core-activity margin, raising productivity) rather than financial recovery of debt, of which there is almost none. Privatization is unlikely (loss-making production is unattractive to an investor without conditions), and liquidation is inexpedient (an operating agricultural enterprise with a social and food-supply function).
Why restructuring. The core activity is loss-making and worsening: cost of sales almost caught up with revenue, gross profit shrank from 2,020 to 115k BYN, and the loss on sales grew from −471 to −2,528k BYN (sales profitability −12.2%). The near-zero financial result is held up by other operating income — 8,429k BYN, which is 41% of revenue and 73 times gross profit; without that support the core activity is deeply loss-making. Liquidity is below norm (current ratio 0.91), cash on accounts is minimal (4k BYN), and operating cash flow turned slightly negative. At the same time the credit load is small and stable, the share of borrowed sources is 63.2% — below the norm of 0.70 — and real equity is positive (+22,192k BYN). The key question for the enterprise is sustainability without constant subsidies: in its current form it is viable only with continued state support. The decision should account for the enterprise's role in regional food supply and be taken within the general policy on the subsidized agricultural sector; this is within the competence of the state as effectively the sole owner.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.