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
- The core business is loss-making and worsening: profit on sales −2,528k BYN (deepening from −471), sales profitability −12.2%. Cost of sales is almost equal to revenue — gross profit collapsed from 2,020 to 115k BYN.
- The financial result is held near zero solely by state support: without it the loss would be −7,503k BYN (profitability without state support −32.4%). Income related to state support of current expenses was 7,490k BYN; targeted financing for the year was 7,718k BYN.
- Liquidity below norm: current ratio 0.906 (norm ≥1.25), own-working-capital provision slightly negative (−0.129). Cash on accounts — 4k BYN.
- Operating cash flow turned negative: −82k BYN against +477 a year earlier.
- Revenue fell 10.5% (23,063 → 20,649k BYN), while cost of sales fell less — hence the deepening loss on sales.
- Accumulated uncovered loss persists (−8,144k BYN); equity stays positive largely thanks to revaluation (additional capital is about 70% of equity).
- Debt load is small and stable: total loans and borrowings 7,515k BYN (+3% over the year), with no signs of a debt crisis.
- Other operating activity keeps the result from slipping into a loss: profit from operating activity +155k BYN (driven by other income, including state support).
- Real equity is positive (+22,192k BYN) despite the accumulated loss; liquidity and own-working-capital provision improved year-on-year.
- Overdue receivables are shrinking (overall receivables fell from 5,770 to 4,295).
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.
The core activity is loss-making and worsening: cost of sales is almost equal to revenue, gross profit collapsed from 2,020 to 115k BYN, and the loss on sales deepened from −471 to −2,528k BYN (sales profitability −12.2%). The near-zero financial result is held up by other operating income, the basis of which is state support: without it the loss would be −7,503k BYN (profitability without state support −32.4%), with targeted financing for the year of 7,718k BYN. 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 debt load is small and stable, and real equity is positive.
Restructuring is recommended — in the sense of recovering 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. The key question for the enterprise is sustainability without constant subsidies: in its current form it is viable only with continued state support. 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, 206 employed in agricultural production). 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.