Bellakt
Volkovysk OJSC "Bellakt"
UNP: 500043093 · 133 Oktyabrskaya St., Volkovysk, Grodno Region 230415
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 181 492 | 113 586 |
| Intangible assets | 327 | 65 |
| Income-bearing investments in tangible assets | 281 | 0 |
| Investments in long-term assets | 23 676 | 37 002 |
| Long-term financial investments | 16 844 | 21 681 |
| Long-term receivables | 239 | 890 |
| Total Section I (long-term assets) | 222 860 | 173 224 |
| Inventories | 168 406 | 68 682 |
| — materials | 47 915 | 38 540 |
| — work in progress | 4 889 | 4 218 |
| — finished goods and merchandise | 114 136 | 25 052 |
| — goods shipped | 1 466 | 872 |
| Deferred expenses | 3 898 | 4 969 |
| VAT on acquired goods, works, services | 2 575 | 2 633 |
| Short-term receivables | 44 410 | 59 024 |
| Short-term financial investments | 9 | 0 |
| Cash and cash equivalents | 6 041 | 23 065 |
| Other short-term assets | 147 | 147 |
| Total Section II (short-term assets) | 225 486 | 158 520 |
| BALANCE (assets) | 448 346 | 331 744 |
| Charter capital | 3 301 | 3 128 |
| Reserve capital | 415 | 594 |
| Additional capital | 150 927 | 105 700 |
| Retained earnings (uncovered loss) | 121 963 | 152 998 |
| Total Section III (equity) | 276 606 | 262 420 |
| Long-term loans and borrowings | 138 | 0 |
| Long-term lease liabilities | 8 107 | 8 300 |
| Total Section IV (long-term liabilities) | 8 258 | 8 307 |
| Short-term loans and borrowings | 103 699 | 15 556 |
| Current portion of long-term liabilities | 417 | 0 |
| Short-term payables | 58 860 | 45 450 |
| — to suppliers, contractors, providers | 42 025 | 29 438 |
| — on payroll | 2 899 | 2 390 |
| — on lease payments | 7 027 | 7 383 |
| Total Section V (short-term liabilities) | 163 482 | 61 017 |
| BALANCE (equity and liabilities) | 448 346 | 331 744 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net profit from +30,448 to -12,002 — a 42.5m BYN swing
- Finished goods up 4.5x (from 25 to 114m BYN) — a sales crisis
- Short-term loans ×6.7 (from 15.5 to 103.7m BYN) — explosive debt build-up
- Operating cash flow negative -43.8m BYN — core activity burning cash
- Cash fell 74% (from 23.1 to 6.0m BYN)
- Sales margin fell from 9.3% to 1.4% — the model stopped generating margin
- Short-term liabilities +168% — balance-sheet structure degrading
- Financial activity entirely on refinancing (received 418, repaid 330) — net new funding of 88m BYN to cover the operating deficit
- Revenue fell 'only' 5.5% — but with production up (finished goods ×4.5) → the real drop in unit sales is larger
- Admin expenses +43% (from 28.7 to 41.2m BYN) on falling profit
- Selling expenses +25% (from 38.3 to 47.8m BYN)
- Total profit including fixed-asset revaluation is positive +7.9m BYN — but this is paper profit
- Wages in F4 up 21% (from 37 to 45m BYN) — social burden rising on falling sales
- BALANCE up +35% (from 332 to 448m BYN) — via fixed assets +60% and stocks +145%
- Capital supported by reorganization +29m (a structural event, context needs understanding)
- Long-term liabilities stable 8.3 → 8.3m BYN (lease)
- Short-term receivables fell 25% (from 59 to 44m) — customers pay faster
Recommendation
Bellakt shows a classic pattern of inventory build-up in a declining market: with consistently high output (finished goods grew 4.5× — from BYN 25m to 114m), revenue fell 5.5%, and operating cash flow went to minus BYN 43.8m. The shortfall was covered by mass short-term borrowing — the portfolio grew 6.7× (from BYN 15.5m to 103.7m).
If the trend continues without structural change (new sales markets, capacity optimization, loan-portfolio restructuring) — critical condition within 1–2 years. The Belarusian dairy sector has traditionally been oriented toward the Russian market; the revenue decline may be linked to competition from Russian producers or to regulatory restrictions.
The dual position within the holding structure (Bellakt belongs to the "Grodnomyasomolprom" holding management company and has itself historically been a "holding management company") complicates the analysis — data on other holding members are needed to understand whether this is a local Bellakt problem or a systemic one for the holding. Proposed outcome — Restructuring (3) with anti-crisis management: operations are burning cash, the loan balance is explosive, and urgent intervention in inventory and sales management is required.