Gomel Meat and Dairy Company (holding MC)
OJSC Management Company of the Gomel Meat and Dairy Company Holding
UNP: 490653138 · Bratyev Lizyukovykh St., Gomel
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 1 085 | 984 |
| Intangible assets | 1 | 3 |
| Income-bearing investments in tangible assets | 49 | 44 |
| Investments in long-term assets | — | — |
| Long-term financial investments | 12 630 | 12 630 |
| Long-term receivables | 7 061 | 7 123 |
| Total Section I (long-term assets) | 20 826 | 20 784 |
| Inventories | 81 | 87 |
| — materials | 81 | 87 |
| Deferred expenses | 2 | 2 |
| Short-term receivables | 1 946 | 2 725 |
| Short-term financial investments | 2 666 | 2 793 |
| Cash and cash equivalents | 102 | 137 |
| Total Section II (short-term assets) | 4 797 | 5 744 |
| BALANCE (assets) | 25 623 | 26 528 |
| Charter capital | 19 473 | 19 473 |
| Reserve capital | 1 | 1 |
| Additional capital | 797 | 676 |
| Retained earnings (uncovered loss) | 5 027 | 2 317 |
| Total Section III (equity) | 25 298 | 22 467 |
| Long-term loans and borrowings | — | — |
| Total Section IV (long-term liabilities) | 0 | 0 |
| Short-term loans and borrowings | 150 | 3 924 |
| Short-term payables | 175 | 137 |
| — to suppliers, contractors, providers | 5 | 3 |
| — on payroll | 38 | 33 |
| Total Section V (short-term liabilities) | 325 | 4 061 |
| BALANCE (equity and liabilities) | 25 623 | 26 528 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating activity is loss-making: result from current activity −314k BYN, a deepening of the loss from −227 a year earlier. The company's own operating function does not cover itself.F2.090
- Profit is formed outside operations: with a loss from current activity (F2.090: −314k BYN), net profit of 2,794 rests on investing income (F2.100: 3,479) — a structural dependence of the result on group inflows.F2.090 · F2.100 · F2.210
- Positive cash flow from current activity: 1,218k BYN, up from 471 a year earlier.F4.040
- Liquidity 14.76 — many times above the declared threshold of 1.0; own-working-capital provision is positive (0.93).F1.290 · F1.690 · F1.490 · F1.190
- Sharp reduction in credit load: short-term loans and borrowings cut from 3,924 to 150k BYN (−96%); no long-term debt.F1.610
- Equity is growing on a real basis — through retained earnings (2,317 → 5,027k BYN), not revaluation.F1.460
- Net profit is positive and grew steadily (216 → 2,794k BYN).F2.210
Recommendation
The company is the head (managing) organization of a regional meat-and-dairy holding, held in oblast communal ownership (state share 94.9%). Its own statements reflect a management function rather than production: revenue is token (1,551k BYN), while net profit (2,794k BYN) is formed almost entirely by income from participation in the group's subsidiaries. The net margin (180%) should therefore not be read as sales profitability — it is the ratio of the parent's dividend income to its small own revenue.
Recommendation: Privatization — the financial state requires no state investment, and state control over the management company is not strategically necessary.
Why privatization. At the level of the management company itself, the financial position is sound: liquidity is many times above the norm (14.76), the working-capital ratio is positive (0.93), cash flow from current activity is positive and growing (1,218k BYN), the credit load was cut almost entirely over the year (short-term loans 3,924 → 150k BYN), there is no long-term debt, and capital is accruing through real retained earnings. The only area of attention is the unprofitability of its own operating activity (−314k BYN) and the dependence of the result on group dividends.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.