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.
- Profit is formed by income from participation in subsidiaries (2,853k BYN out of 2,794k BYN net profit), creating a structural dependence of the financial result on the group's dividend inflows.
- Positive cash flow from current activity: 1,218k BYN, up from 471 a year earlier.
- Liquidity many times above the norm: current liquidity ratio 14.76 (norm ≥1.25); working-capital ratio 0.93 (norm ≥0.15).
- Sharp reduction in debt load: short-term loans and borrowings cut from 3,924 to 150k BYN (−96%); no long-term debt.
- Equity is growing on a real basis — through retained earnings (2,317 → 5,027k BYN), not revaluation.
- Net profit is positive and grew steadily (216 → 2,794k BYN).
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.
At the level of the management company itself, the financial position is sound: liquidity is many times above the norm (K1 14.76), the working-capital ratio is positive (0.93), cash flow from current activity is positive and growing (1,218k BYN), the debt 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.
Privatization is recommended: the financial state requires no state investment, and state control over the management company is not strategically necessary.