Soyuzprommontazh
Open Joint-Stock Company Soyuzprommontazh
UNP: 500036552 · 13 Skidelskoye Highway, Grodno 230003
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 6 906 | 4 711 |
| Intangible assets | 4 | 5 |
| Investments in long-term assets | 7 | 97 |
| Long-term financial investments | 1 | 1 |
| Total Section I (long-term assets) | 6 918 | 4 814 |
| Inventories | 7 278 | 4 929 |
| — materials | 7 273 | 4 897 |
| — work in progress | — | 25 |
| — finished goods and merchandise | 5 | 7 |
| Deferred expenses | 137 | 126 |
| VAT on acquired goods, works, services | 282 | 2 |
| Short-term receivables | 5 532 | 5 640 |
| Cash and cash equivalents | 302 | 260 |
| Total Section II (short-term assets) | 13 531 | 10 957 |
| BALANCE (assets) | 20 449 | 15 771 |
| Charter capital | 802 | 802 |
| Reserve capital | 242 | 242 |
| Additional capital | 5 884 | 5 432 |
| Retained earnings (uncovered loss) | 2 746 | 2 594 |
| Total Section III (equity) | 9 674 | 9 070 |
| Total Section IV (long-term liabilities) | — | — |
| Short-term loans and borrowings | 11 | 1 977 |
| Short-term payables | 10 762 | 4 724 |
| — to suppliers, contractors, providers | 2 323 | 919 |
| — on advances received | 4 092 | 2 605 |
| — on taxes and duties | 1 233 | 257 |
| — on payroll | 990 | 639 |
| — on lease payments | 1 677 | — |
| Deferred income | 2 | — |
| Total Section V (short-term liabilities) | 10 775 | 6 701 |
| BALANCE (equity and liabilities) | 20 449 | 15 771 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Very thin net profitability: net margin 0.67% (231k BYN on revenue of 34,619). Despite growth in absolute terms (79 → 231), the bottom-line safety margin is minimal — a small deterioration in costs or exchange-rate differences could pull the result toward zero.
- Liquidity fell to the lower bound of the norm: current liquidity ratio 1.256 (norm ≥1.25) — effectively at the threshold; the decline from 1.635 stems from a rise in short-term payables (4,724 → 10,762, including advances received 2,605 → 4,092 and tax liabilities 257 → 1,233).
- Equity relies substantially on revaluation: additional paid-in capital 5,884k BYN against charter capital of 802 — i.e. revaluation of long-term assets forms a larger part of capital than owner contributions and accumulated profit combined; real (ex-revaluation) capital is positive but modest.
- A lease load appeared: lease-payment debt of 1,677k BYN where there was none a year earlier.
- Strong positive cash flow from current activity: the F4.040 result is +4,759k BYN (up from +1,675), cash margin 13.75% — operating activity generates real cash, substantially exceeding accounting profit.
- Debt load almost eliminated: short-term loans and borrowings cut from 1,977 to 11k BYN (−99.4%); no long-term debt.
- Revenue growth on real activity: revenue +42.3% (24,334 → 34,619), profit on sales +57.7% (2,062 → 3,251), operating profitability improved (8.47% → 9.39%).
- Working-capital ratio within the norm: 0.204 (norm ≥0.15); equity of 9,674k BYN covers almost half the balance sheet.
Recommendation
The enterprise is a contractor in industrial-equipment installation, held in mixed ownership: the state share is 49.86% (a minority-dominant stake with 1,188 shareholders), i.e. de-nationalization has already partly occurred here and the state is not the sole owner. The governing body is the joint-stock company's own bodies rather than a sector concern or executive committee, reflecting an already-completed transition to the joint-stock form.
The financial position is on balance stable, but with a thin bottom-line safety margin. Strengths: operating activity generates sustained positive cash flow (F4.040 +4,759k BYN, cash margin 13.75% — above accounting profit), the debt load is almost fully repaid (short-term loans 1,977 → 11k BYN), revenue grows on real activity (+42.3%), and operating profitability has improved. Areas of attention: net profitability is extremely thin (0.67%) — typical for a contracting business with a high share of material costs; the current liquidity ratio has dropped to the very edge of the norm (1.256 against the norm of 1.25); and equity is substantially formed by revaluation of long-term assets rather than accumulated profit.
Privatization is recommended: the state is already a minority owner, the sector (industrial installation) is not strategic, and the financial position requires no state investment. The logical path is completion of de-nationalization through a sale of the state stake, while the competitive nature of the sector (many private contractors) lowers the risks to national interests. Thin margins and borderline liquidity mean a buyer should account for working-capital needs; this is not an obstacle to privatization but a parameter for valuing the stake.