AIFC Zhlobin Meat-Packing Plant
Open Joint-Stock Company Agro-Industrial Financial Complex Zhlobin Meat-Packing Plant
UNP: 400071722 · 133 Shosseynaya St., Zhlobin
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 45 985 | 41 288 |
| Income-bearing investments in tangible assets | 419 | 390 |
| — incl. investment property | 419 | 390 |
| Investments in long-term assets | 1 317 | 1 171 |
| Long-term financial investments | 6 269 | 6 269 |
| Deferred tax assets | 3 | 18 |
| Long-term receivables | 13 152 | 12 917 |
| Total Section I (long-term assets) | 67 145 | 62 053 |
| Inventories | 21 180 | 22 271 |
| — materials | 14 578 | 14 777 |
| — work in progress | 624 | 361 |
| — finished goods and merchandise | 5 978 | 7 133 |
| Deferred expenses | 105 | 82 |
| VAT on acquired goods, works, services | 49 | 58 |
| Short-term receivables | 27 962 | 24 415 |
| Short-term financial investments | 1 486 | 844 |
| Cash and cash equivalents | 384 | 325 |
| Total Section II (short-term assets) | 51 166 | 47 995 |
| BALANCE (assets) | 118 311 | 110 048 |
| Charter capital | 4 723 | 4 723 |
| Reserve capital | 254 | 254 |
| Additional capital | 47 251 | 42 285 |
| Retained earnings (uncovered loss) | -13 498 | -24 718 |
| Total Section III (equity) | 38 730 | 22 544 |
| Long-term loans and borrowings | 49 268 | 53 239 |
| Отложенные налоговые обязательства | 300 | 333 |
| Total Section IV (long-term liabilities) | 49 568 | 53 646 |
| Short-term loans and borrowings | 7 535 | 8 313 |
| Current portion of long-term liabilities | 5 327 | 4 542 |
| Short-term payables | 16 404 | 20 608 |
| — to suppliers, contractors, providers | 9 774 | 14 702 |
| — on advances received | 3 727 | 3 590 |
| — on taxes and duties | 758 | 154 |
| — on social insurance and security | 443 | 320 |
| — on payroll | 1 282 | 976 |
| — on lease payments | 296 | 275 |
| — to other creditors | 124 | 591 |
| Deferred income | 594 | 300 |
| Provisions for future payments | 153 | 95 |
| Total Section V (short-term liabilities) | 30 013 | 33 858 |
| BALANCE (equity and liabilities) | 118 311 | 110 048 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Negative real equity: charter capital plus accumulated loss = 4,723 − 13,498 = −8,775k BYN. The positive equity figure on the balance sheet (38,730) is provided solely by revaluation of long-term assets; additional paid-in capital (47,251) exceeds total equity. Despite current profitability, losses accumulated over prior years are not yet covered — a structural vulnerability remains.F1.410 · F1.460 · F1.490 · F1.450
- No own working capital: the working-capital ratio is −0.555 — working capital is financed by borrowed funds, although the metric improved markedly over the year (from −0.823).F1.490 · F1.190 · F1.290
- High credit load: total loans and borrowings 56,803k BYN (F1.510 49,268 + F1.610 7,535) — about 30% of revenue, predominantly long-term. The load is declining (−7.7% over the year) but remains significant.F1.510 · F1.610 · F2.010
- Pre-tax profit exceeds net profit due to a negative result from investing-financing activity (−3,164k BYN) — interest on debt (2,018) continues to weigh on the bottom line.F2.150 · F2.210 · F2.140
- Strong profit growth: net profit rose 2.9× (3,826 → 11,169k BYN), profit on sales +65% (13,171 → 21,742), sales profitability improved from 8.3% to 11.6%.F2.210 · F2.060 · F2.010
- The enterprise is actively offsetting accumulated loss with profit: uncovered loss nearly halved (−24,718 → −13,498k BYN) — a financial-recovery trajectory.F1.460
- Liquidity above the declared threshold of 1.0 and rising: current ratio 1.71 against 1.42 a year earlier.F1.290 · F1.690
- Positive operating cash flow: +9,640k BYN (margin 5.1%); credit load is declining.F4.040 · F2.010
- Revenue grew 18.5% (158,569 → 187,948k BYN), with a significant export component (foreign-currency revenue 53,521k BYN — about 28%).F2.010 · F2.400a
Recommendation
OJSC AIFC Zhlobin Meat-Packing Plant is an export-oriented meat processor in Zhlobin (Gomel Oblast) with a controlling state share (67.4%). It is a case of a contradictory profile: an operationally strong and rapidly recovering enterprise that has not yet climbed out of the hole of negative real capital accumulated over prior loss-making years.
Recommendation: Restructuring — but in the sense of accompanying and supporting an already-underway recovery, not a financial rescue.
Why restructuring. The positive side is powerful and real: net profit grew almost threefold (3,826 → 11,169k BYN), profit on sales by 65%, sales profitability rose to 11.6%, revenue grew 18.5%. Liquidity is above the norm (1.71) and rising, operating cash flow is positive (+9,640k BYN), and the credit load is declining. Most importantly, the enterprise is offsetting accumulated loss with profit: uncovered loss nearly halved over the year (−24,718 → −13,498k BYN). This is a recovery trajectory, not degradation. However, a structural vulnerability remains: real equity is negative (−8,775k BYN), and the positive equity figure on the balance sheet rests only on revaluation of long-term assets. There is no own working capital (ratio −0.555), and the credit load is large (total loans almost equal to one and a half years of revenue).
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity the model assigns no value above 0.85 regardless of other indicators.