Polesie (Chechersk District)
OJSC Polesie
UNP: 490315231 · Polesie village, Chechersk District, Gomel Oblast 247000
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 11 182 | 11 231 |
| Total Section I (long-term assets) | 11 182 | 11 231 |
| Inventories | 3 427 | 3 431 |
| — materials | 2 039 | 1 950 |
| — work in progress | 561 | 580 |
| VAT on acquired goods, works, services | 2 116 | 2 205 |
| Short-term receivables | 351 | 50 |
| Cash and cash equivalents | 10 | 3 |
| Total Section II (short-term assets) | 5 904 | 5 689 |
| BALANCE (assets) | 17 086 | 16 920 |
| Charter capital | 2 025 | 2 025 |
| Additional capital | 5 190 | 4 977 |
| Retained earnings (uncovered loss) | 269 | 219 |
| Total Section III (equity) | 7 484 | 7 221 |
| Long-term loans and borrowings | 170 | 212 |
| Long-term lease liabilities | 499 | 1 001 |
| Deferred income | 3 074 | 2 639 |
| Total Section IV (long-term liabilities) | 8 549 | 5 602 |
| Short-term loans and borrowings | — | 47 |
| Current portion of long-term liabilities | — | 61 |
| Short-term payables | 1 053 | 3 989 |
| — to suppliers, contractors, providers | 302 | 1 905 |
| — on payroll | 20 | 18 |
| — on lease payments | 475 | 148 |
| Total Section V (short-term liabilities) | 1 053 | 4 097 |
| BALANCE (equity and liabilities) | 17 086 | 16 920 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating activity is loss-making: profit on product sales −281k BYN on revenue of 2,219; the loss deepened from −224 a year earlier. Cost of sales (2,409) exceeds revenue — core production does not pay for itself.
- No own working capital: long-term assets (11,182k BYN) exceed total equity (7,484), working capital is financed by liabilities; working-capital ratio −0.63 against the norm of ≥0.15.
- A positive annual result is achieved through targeted state support: other income from current activity 1,453k BYN (by form — income related to state support) covers the operating loss; without it the financial result is negative (loss excluding state support 1,386k BYN).
- Margin compression amid rising costs: sales profitability fell from −10.1% to −11.4%, cost of sales grew faster than revenue (+13% versus +11%) — the costs-outpacing-prices pattern characteristic of 2024–2025.
- Equity holds substantially through revaluation: additional paid-in capital 5,190k BYN against real accumulated capital (charter + retained earnings) of 2,294k BYN; coverage of long-term assets by permanent capital is at the edge of the norm (0.97).
- Positive cash flow from current activity: 180k BYN, up from 66 a year earlier; operating cash-flow margin 8.1%.
- Reduced debt load: long-term loans and borrowings cut from 212 to 170k BYN, lease obligations from 1,001 to 499; short-term payables sharply reduced (3,989 → 1,053), including to suppliers (1,905 → 302).
- Real accumulated capital is positive and slightly growing: retained earnings 219 → 269k BYN; net profit positive both years.
- Revenue grew 11.2% (1,995 → 2,219k BYN).
Recommendation
OJSC Polesie is a district-level agricultural enterprise (Chechersk District, Gomel Oblast, formerly the Kommunar collective farm) in full state ownership (state share 100%). Its financial position is characterized by a sustained structural dependence on state support: core production activity is loss-making (profit on sales −281k BYN, cost of sales exceeds revenue), while the positive bottom-line result (net profit 67k BYN) is formed solely through targeted income related to state support (1,453k BYN). The statements record this directly: the loss excluding state support is 1,386k BYN.
At the same time the enterprise is not in an insolvency crisis. Cash flow from current activity is positive and growing (180k BYN), the debt load is declining (long-term loans, leasing and payables reduced), and real accumulated capital is positive. The formally high current liquidity (5.6) reflects not strength but a shift of obligations into the long-term section; the real weakness is the absence of own working capital and the unprofitability of production.
Restructuring is recommended: the enterprise is operationally unviable without permanent subsidies, but retains a working production base, positive cash flow and manageable debt — i.e. it is amenable to remediation (review of the cost structure, the production profile and the debt load) rather than subject to liquidation. Privatization in its current state is hampered by the result's dependence on state support: without it the business is loss-making, which lowers investment attractiveness until the operating model is remediated.