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
- Core production is loss-making: profit on sales F2.060 −224 → −BYN 281k, cost of sales F2.020 2,409 exceeds revenue F2.010 2,219 — gross profit F2.030 is already negative at −190.F2.060 · F2.020 · F2.010 · F2.030
- There is no own working capital: (F1.490 7,484 − F1.190 11,182) / F1.290 5,904 = −0.63 against −0.71 a year earlier — long-term assets are not covered by equity.F1.490 · F1.190 · F1.290
- The positive annual result rests on targeted state support: other income from current activity F2.070 751 → BYN 1,453k covers the operating loss and lifts current activity F2.090 to +73 and the year to net profit F2.210 67. Without this income the result is negative, and it is not a one-off: 751 passed through the same line a year earlier.F2.070 · F2.090 · F2.210 · F2.060
- The margin is compressing: cost of sales F2.020 2,126 → 2,409 (+13.3%) grows faster than revenue F2.010 1,995 → 2,219 (+11.2%); sales profitability F2.060/F2.010 −11.2% → −12.7%.F2.020 · F2.010 · F2.060
- Equity is largely revaluation-based: additional capital F1.450 4,977 → BYN 5,190k against an earned base F1.410 2,025 + F1.460 269 = 2,294, with a total F1.490 7,484 and long-term assets F1.190 11,182.F1.450 · F1.410 · F1.460 · F1.490 · F1.190
- The owner withdraws funds under a subsidised model: dividends paid F4.092 25 → BYN 17k against net profit F2.210 67 and state-support income F2.070 1,453.F4.092 · F2.210 · F2.070
- Operating cash flow is positive and rising: F4.040 66 → BYN 180k, its ratio to revenue F2.010 3.3% → 8.1%; the cash balance F4.130 3 → 10.F4.040 · F2.010 · F4.130
- Credit debt and supplier settlements were reduced: long-term loans F1.510 212 → 170, lease liabilities F1.520 1,001 → 499, payables F1.630 3,989 → 1,053, including suppliers F1.631 1,905 → 302. The obligations did not disappear but shifted into the long-term section: F1.590 5,602 → 8,549 while short-term liabilities F1.690 fell 4,097 → 1,053 — which is what explains the jump in the current ratio.F1.510 · F1.520 · F1.630 · F1.631 · F1.590 · F1.690
- The earned capital base is growing: retained earnings F1.460 219 → BYN 269k, net profit F2.210 positive in both years (67 and 67). The increase in the total F1.490 7,221 → 7,484 is however mostly revaluation — the revaluation result F2.220 is 213.F1.460 · F2.210 · F1.490 · F2.220
- Revenue is growing: F2.010 1,995 → BYN 2,219k (+11.2%), and the growth is confirmed in cash — receipts from customers F4.021 1,673 → 1,874.F2.010 · F4.021
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.
Recommendation: Privatization — as a mechanism for removing the permanent subsidy burden from the budget: the enterprise retains a working production base, positive and growing cash flow and manageable debt, i.e. it is amenable to remediation — but the source of that remediation (review of the cost structure, the production profile and the debt load) should be a private owner rather than continued state support. The result's dependence on subsidies limits investment attractiveness and the asset's starting valuation: without support the business is loss-making, and this circumstance must be reflected directly in the terms of sale.
Why privatization. At the same time the enterprise is not in an insolvency crisis. Cash flow from current activity is positive and growing (180k BYN), the credit 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.
Confidence: MEDIUM. The source is the 2024 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.