Grodno Meat-Packing Plant

OJSC Grodno Meat-Packing Plant (consolidated statements)

UNP: 500043292 · 25 Myasnitskaya St., Grodno, Republic of Belarus 230005

Export-orientedHoldingsPrivatization

Identification

UNP500043292

OKED10110 — production of meat and meat products, including poultry meat

Legal formOJSC

Governing bodyGeneral meeting of shareholders

Address25 Myasnitskaya St., Grodno, Republic of Belarus 230005

Financial statements

k BYN

Line item	Reporting year	Prior year
Fixed assets	233 476	194 364
Intangible assets	1 570	1 758
Income-bearing investments in tangible assets	11 462	10 566
Investments in long-term assets	25 607	24 942
Long-term financial investments	14 041	14 041
Long-term receivables	18	120
Total Section I (long-term assets)	286 176	245 795
Inventories	92 636	80 478
— materials	61 761	54 264
— work in progress	7 328	6 228
— finished goods and merchandise	9 625	11 419
— goods shipped	2 974	—
Deferred expenses	702	527
VAT on acquired goods, works, services	504	787
Short-term receivables	84 194	58 772
Short-term financial investments	6 298	10 081
Cash and cash equivalents	4 156	7 231
Other short-term assets	7	7
Total Section II (short-term assets)	188 582	157 883
BALANCE (assets)	474 758	403 678
Charter capital	31 494	31 494
Reserve capital	120	74
Additional capital	136 821	116 978
Retained earnings (uncovered loss)	148 296	128 248
Total Section III (equity)	316 731	276 794
Long-term loans and borrowings	1 051	4 619
Long-term lease liabilities	43	194
Deferred income	8 968	3 457
Total Section IV (long-term liabilities)	10 075	8 889
Short-term loans and borrowings	66 470	28 527
Current portion of long-term liabilities	15 890	27 025
Short-term payables	63 878	61 220
— to suppliers, contractors, providers	43 469	42 736
— on payroll	5 818	4 934
— on lease payments	795	1 193
Total Section V (short-term liabilities)	147 952	117 995
BALANCE (equity and liabilities)	474 758	403 678

Computed metrics

Current ratio

1.275

Prior: 1.338(-4.71%)

F1.290 / F1.690

Absolute liquidity

0.071

Prior: 0.147

(F1.260 + F1.270) / F1.690

Own working capital ratio

0.162

Prior: 0.196(-17.35%)

(F1.490 - F1.190) / F1.290

Sales profitability

8.62%

Prior: 9.23%(-0.61 pp)

F2.060 / F2.010 × 100%

Net profitability

2.83%

Prior: 4.29%(-1.46 pp)

F2.210 / F2.010 × 100%

Revenue dynamics

7.6%

(F2.010_N / F2.010_N-1) - 1

Debt dynamics

103.71%

(F1.510 + F1.610)_N / (F1.510 + F1.610)_N-1 - 1

Debt load

0.468

Prior: 0.443

(F1.590 + F1.690) / (F1.590 + F1.690 + F1.410 + F1.460)

Operating cash-flow margin

2.11%

Prior: 9.68%

F4.040 / F2.010 × 100%

Integrity checks

Checks passed: 6 of 6

✓Balance sheet balances (assets = liabilities)

✓Cash-flow integrity

✓Cash-flow residuals

✓Cash position

✓Capital transition

✓Profit consistency

Signals

Red flags

Total credit debt F1.510+F1.610 doubled: 33,146 → BYN 67,521k (+103.7%), the increase falling entirely on the short end — F1.610 28,527 → 66,470.F1.510 · F1.610

Yellow flags

Net profit F2.210 39,203 → 27,897 (−28.8%) while revenue F2.010 grew +7.6% — margin compression. Dividends F4.092 meanwhile rose 4,101 → 7,736 (+88.6%).F2.210 · F2.010 · F4.092
Operating cash flow F4.040 weakened sharply: 88,511 → BYN 20,732k, margin to revenue 9.7% → 2.1%.F4.040 · F2.010
Sales profitability 9.23 → 8.62%, net profitability 4.29 → 2.83%: profit on sales F2.060 84,370 → 84,851 barely moved while revenue grew 7.6%.F2.060 · F2.010 · F2.210
Working capital is tied up: receivables F1.250 58,772 → 84,194 (+43.3%), inventories F1.210 80,478 → 92,636 (+15.1%) against revenue +7.6%.F1.250 · F1.210 · F2.010
Coverage is at the lower bound: F1.290 188,582 / F1.690 147,952 = 1.28 against 1.34 a year earlier; own working capital (F1.490 316,731 − F1.190 286,176) / F1.290 = +0.16 against +0.20 — both are declining.F1.290 · F1.690 · F1.490 · F1.190

Green signals

Operating cash flow F4.040 stays positive — BYN 20,732k; interest F4.093 took 5,736 out of it, while purchases of fixed assets F4.061 came to 30,592, so the flow does not cover them.F4.040 · F4.093 · F4.061
Revenue F2.010 914,500 → 984,028 (+7.6%), net profit F2.210 positive in both years: 39,203 → BYN 27,897k.F2.010 · F2.210
Real equity is substantial: F1.410 31,494 + F1.460 148,296 = BYN 179,790k against additional capital F1.450 136,821.F1.410 · F1.460 · F1.450
Long-term loans F1.510 are shrinking 4,619 → 1,051 and the current portion F1.620 27,025 → 15,890; but this is outweighed by short-term loans F1.610 28,527 → 66,470.F1.510 · F1.620 · F1.610

Recommendation

Suggested outcome

Privatization

Category

Stable

Health score

1.04

Confidence level

High

The enterprise is profitable and growing revenue (+7.6%), but 2025 showed a marked deterioration in the quality of the result: net profit fell by almost a third while turnover grew, the net margin fell from 4.3% to 2.8%, and operating cash flow weakened more than fourfold (flow margin 2.1% versus 9.7%).

Recommendation: Privatization — the business is operationally viable, but the working-capital financing structure and margin compression require management intervention before the short-term credit load becomes critical.

Why privatization. The main warning signal is the more-than-doubling of total credit debt (from 33,146 to 67,521k BYN), with the increase falling on short-term loans that closed the gap from working capital being tied up in grown receivables (+43%) and inventories (+15%). Liquidity is 1.28 against the declared 1.0 threshold, but declining from 1.34. At the same time the foundation is stable: real equity F1.410 + F1.460 = BYN 179,790k, the balance sheet grows on real activity, long-term debt is shrinking, and the flow remains positive.

Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.