Lidselmash Holding MC
OJSC Management Company of the Lidselmash Holding
UNP: 500021638 · 70 Sovetskaya St., Lida, Grodno Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 51 031 | 46 605 |
| Intangible assets | 3 | 5 |
| Investments in long-term assets | 11 102 | 11 288 |
| Long-term financial investments | 78 131 | 78 131 |
| Deferred tax assets | 1 261 | 1 261 |
| Total Section I (long-term assets) | 141 528 | 137 290 |
| Inventories | 21 291 | 25 442 |
| — materials | 5 141 | 6 905 |
| — work in progress | 4 758 | 7 038 |
| — finished goods and merchandise | 11 392 | 11 499 |
| Deferred expenses | 109 | 193 |
| VAT on acquired goods, works, services | 3 | 399 |
| Short-term receivables | 16 954 | 6 557 |
| Cash and cash equivalents | 708 | 850 |
| Other short-term assets | 2 384 | 2 565 |
| Total Section II (short-term assets) | 41 449 | 36 006 |
| BALANCE (assets) | 182 977 | 173 296 |
| Charter capital | 35 309 | 35 309 |
| Reserve capital | 570 | 570 |
| Additional capital | 63 629 | 60 704 |
| Retained earnings (uncovered loss) | -56 368 | -56 838 |
| Total Section III (equity) | 43 140 | 39 745 |
| Long-term loans and borrowings | 43 982 | 46 931 |
| Deferred income | 2 848 | — |
| Other long-term liabilities | 52 456 | 52 456 |
| Total Section IV (long-term liabilities) | 99 286 | 99 387 |
| Short-term loans and borrowings | 14 924 | 11 209 |
| Short-term payables | 25 627 | 21 086 |
| — to suppliers, contractors, providers | 14 949 | 16 256 |
| — on advances received | 9 413 | 2 935 |
| — on taxes and duties | 263 | 471 |
| — on payroll | 628 | 627 |
| — to other creditors | 374 | 600 |
| Deferred income | — | 1 869 |
| Total Section V (short-term liabilities) | 40 551 | 34 164 |
| BALANCE (equity and liabilities) | 182 977 | 173 296 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Revenue collapsed 36.6% (75,210 → 47,684) — a sharp contraction of the scale of core activity.
- Negative working-capital ratio (−2.37): there is no own working capital, turnover is financed by liabilities.
- Accumulated uncovered loss −56,368: coverage of long-term assets by real capital is negative — structural weakness; nominal capital is positive only thanks to revaluation.
- Current liquidity 1.02 — below the norm of 1.25 and barely above one: current liabilities are covered by current assets only just.
- Profit is predominantly non-core: income from participation in subsidiaries (3,067) is comparable to own profit on sales (1,108) — the financial result depends on holding dividends rather than its own operating base.
- Short-term receivables grew 2.6× (6,557 → 16,954) amid falling revenue — a possible build-up of unpaid shipments.
- Operating cash flow contracted (3,990 → 898, OCF margin fell from 5.3% to 1.9%).
- The net result returned to profit (+461 versus a loss of −4,798 a year earlier) — a reversal of the financial result.
- Profit on sales improved (50 → 1,108), and bottom-line profitability came out of the negative (−6.4% → +1.0%).
- Operating cash flow remains positive; total debt load is practically stable (+1.3%).
Recommendation
The enterprise's financial condition is assessed as problematic with signs of a beginning recovery. Over the reporting year the net result swung from a loss (−4,798) to a profit (+461), profit on sales grew, and bottom-line profitability came out of the negative zone. At the same time the reversal rests on a fragile foundation: a significant part of the positive result was formed by income from participation in subsidiaries (about 3,067), comparable to own profit on sales, while revenue from core activity collapsed 36.6%.
Beneath the improved financial result a structural weakness of the balance sheet persists. The accumulated uncovered loss (−56,368) makes real equity negative — the nominally positive capital rests solely on additional paid-in capital from asset revaluation. Current liquidity (1.02) is below the norm and barely exceeds one, and the working-capital ratio is deeply negative. This is an agricultural-machinery machine-building holding under the Ministry of Industry — significant for the region and the sector, but requiring remediation of its capital structure and restoration of the scale of its own sales. The recommended scenario is restructuring: with the positive momentum of the financial result preserved, remediation of the accumulated loss and work on the causes of the revenue collapse are needed; outright privatization is premature until the operating base stabilizes, and liquidation is not warranted given profit, positive cash flow and a stable debt load.