Molochny Mir
OJSC Molochny Mir
UNP: 500040357 · 28 Gaspadarchaya St., Grodno
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 218 925 | 174 784 |
| Intangible assets | 363 | 375 |
| Income-bearing investments in tangible assets | 1 829 | 1 755 |
| Investments in long-term assets | 126 399 | 95 907 |
| Long-term financial investments | 25 264 | 13 940 |
| Long-term receivables | 16 802 | 10 355 |
| Total Section I (long-term assets) | 389 583 | 297 119 |
| Inventories | 173 359 | 110 121 |
| — materials | 43 983 | 35 560 |
| — work in progress | 48 666 | 30 305 |
| — finished goods and merchandise | 78 896 | 42 419 |
| — goods shipped | 1 814 | 1 837 |
| Deferred expenses | 499 | 350 |
| VAT on acquired goods, works, services | 1 318 | 149 |
| Short-term receivables | 68 553 | 54 339 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 145 864 | 167 543 |
| Other short-term assets | — | 12 |
| Total Section II (short-term assets) | 389 593 | 332 514 |
| BALANCE (assets) | 779 176 | 629 633 |
| Charter capital | 17 345 | 17 345 |
| Reserve capital | 4 891 | 3 356 |
| Additional capital | 50 512 | 39 421 |
| Retained earnings (uncovered loss) | 541 933 | 463 767 |
| Total Section III (equity) | 614 681 | 523 889 |
| Long-term loans and borrowings | 14 583 | 3 000 |
| Long-term lease liabilities | — | — |
| Deferred income | 1 286 | 1 599 |
| Total Section IV (long-term liabilities) | 15 872 | 4 602 |
| Short-term loans and borrowings | 62 019 | 14 294 |
| Current portion of long-term liabilities | 61 | — |
| Short-term payables | 86 458 | 86 768 |
| — to suppliers, contractors, providers | 62 531 | 67 049 |
| — on payroll | 4 086 | 3 274 |
| — on lease payments | 20 | — |
| Total Section V (short-term liabilities) | 148 623 | 101 142 |
| BALANCE (equity and liabilities) | 779 176 | 629 633 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Total credit debt grew 4.4-fold over the year: F1.510+F1.610 3,000 + 14,294 = 17,294 → 14,583 + 62,019 = BYN 76,602k (+342.9%). It was drawn for an investment program: investment in long-term assets F1.140 95,907 → 126,399, acquisition of fixed assets F4.061 87,304. Interest paid F4.093 928 → 1,730.F1.510 · F1.610 · F1.140 · F4.061 · F4.093
- Net profit F2.210 fell 124,977 → BYN 99,907k (−20.1%) while revenue F2.010 grew 1,139,375 → 1,300,743 (+14.2%): profit on sales F2.060 in fact contracted, 180,111 → 175,347. Dividends paid F4.092 rose 14,410 → 20,286 (+40.8%) — the payout share of net profit climbed from 11.5% to 20.3%.F2.210 · F2.010 · F2.060 · F4.092
- Profitability declines on both bases: sales F2.060/F2.010 15.81 → 13.48%, bottom line F2.210/F2.010 10.97 → 7.68%. Cost of sales F2.020 grew faster than revenue: 904,675 → 1,059,388 (+17.1%) against +14.2%.F2.060 · F2.010 · F2.210 · F2.020
- Operating cash flow weakened more than twofold: F4.040 125,777 → BYN 47,666k, its ratio to revenue F2.010 11.04 → 3.66%. The cause is a build-up of inventories F1.210 110,121 → 173,359 (+57.4%), chiefly finished goods F1.214 42,419 → 78,896; payments for inventories F4.031 983,694 → 1,232,981.F4.040 · F2.010 · F1.210 · F1.214 · F4.031
- Liquidity holds with a large margin: current F1.290/F1.690 389,593 / 148,623 = 2.62, working-capital ratio (F1.490 − F1.190)/F1.290 = 0.58. Both, however, decline year on year: 3.29 → 2.62 and 0.68 → 0.58.F1.290 · F1.690 · F1.490 · F1.190
- Real equity is very large: F1.410 17,345 + F1.460 541,933 = BYN 559,278k against total capital F1.490 614,681 and a balance sheet F1.300 779,176 — revaluation (additional capital F1.450 50,512) is a small part of it. Total credit debt F1.510+F1.610 76,602 is about 12% of equity.F1.410 · F1.460 · F1.490 · F1.300 · F1.450 · F1.510 · F1.610
- Operating cash flow remains positive: F4.040 BYN 47,666k; revenue F2.010 grows 1,139,375 → 1,300,743 (+14.2%). The cash position F1.270 is large at BYN 145,864k, though down over the year from 167,543.F4.040 · F2.010 · F1.270
- The investment program is active: acquisition of fixed assets F4.061 BYN 87,304k, long-term assets F1.190 297,119 → 389,583 (+31.1%). It is funded largely by debt: loan receipts F4.081 61,020 → 145,996 against repayments F4.091 86,849, investing result F4.070 −83,161.F4.061 · F1.190 · F4.081 · F4.091 · F4.070
Recommendation
Molochny Mir is a fundamentally strong and profitable enterprise.
Recommendation: Privatization — the enterprise is financially stable, profitable and investing; state participation is not driven by financial weakness. The margin pressure of 2025 requires monitoring but does not change the overall assessment of stability.
Why privatization. Liquidity holds with a large margin (current ratio 2.62, working-capital ratio 0.58 — both declining year on year), real equity is very large and positive (F1.410 17,345 + F1.460 541,933 = BYN 559,278k on a balance sheet of 779,176), revenue is growing 14.2%, and operating cash flow is positive. Against this strong backdrop, 2025 showed a moderate deterioration in result quality: net profit fell by a fifth while revenue grew, bottom-line profitability dropped from 11.0% to 7.7%, and operating flow weakened more than twofold due to a sharp build-up of inventories (+57%); dividends paid meanwhile rose 40.8% (14,410 → 20,286). Total credit debt grew more than fourfold but in absolute terms remains small relative to capital (around 12%) and was drawn for an investment program — growth in long-term assets and capital investment, not to cover losses.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.