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 F2.010 collapsed 75,210 → BYN 47,684k (−36.6%) — a sharp contraction in the scale of core activity; receipts from customers F4.021 74,348 → 57,465 confirm the contraction in cash terms.F2.010 · F4.021
- There is no own working capital: (F1.490 43,140 − F1.190 141,528) / F1.290 41,449 = −2.37 against −2.71 a year earlier — turnover is financed by liabilities.F1.490 · F1.190 · F1.290
- Real equity is negative: F1.410 35,309 + F1.460 −56,368 = −BYN 21,059k. The nominally positive total F1.490 43,140 rests on additional capital F1.450 63,629 formed by revaluation.F1.410 · F1.460 · F1.490 · F1.450
- The current ratio is barely above one: F1.290 41,449 / F1.690 40,551 = 1.02 against 1.05 a year earlier — short-term liabilities are covered with no room to spare, and the margin is shrinking. Cash F1.270 is BYN 708k.F1.290 · F1.690 · F1.270
- Profit is mainly non-core: income from participation in the capital of other organisations F2.102 303 → BYN 3,067k exceeds the enterprise own profit on sales F2.060 1,108. In cash terms F4.053 786 was received under this item.F2.102 · F2.060 · F4.053
- Short-term receivables F1.250 grew 2.6-fold, 6,557 → BYN 16,954k, while revenue F2.010 fell 36.6%. Advances received F1.632 tripled at the same time, 2,935 → 9,413.F1.250 · F2.010 · F1.632
- Operating cash flow contracted: F4.040 3,990 → BYN 898k, its ratio to revenue F2.010 5.3% → 1.9%.F4.040 · F2.010
- The net result returned to profit: F2.210 −4,798 → +BYN 461k, pre-tax profit F2.150 −4,798 → +496.F2.210 · F2.150
- Profit on sales F2.060 grew 50 → BYN 1,108k. The improvement came from cost contraction rather than from growth of the business: cost of sales F2.020 68,737 → 40,185 (−41.5%) while revenue F2.010 fell 36.6%.F2.060 · F2.020 · F2.010
- Operating cash flow remains positive — F4.040 BYN 898k, though down from 3,990. Total credit debt F1.510+F1.610 is nearly stable: 58,140 → 58,906 (+1.3%); within it the debt shifted to the short end — F1.510 46,931 → 43,982 while F1.610 11,209 → 14,924.F4.040 · F1.510 · F1.610
Recommendation
The enterprise's financial condition is assessed as problematic with signs of a beginning recovery.
Recommendation: 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 credit load. 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.
Why restructuring. 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.
Confidence: HIGH. All 6 cross-form consistency checks pass.