MINSK KRISTALL
OJSC "MINSK KRISTALL" — management company of the "MINSK KRISTALL GROUP" holding
UNP: 600013329 · 15 Oktyabrskaya St., Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 177 958 | 160 491 |
| Intangible assets | 881 | 792 |
| Income-bearing investments in tangible assets | 5 108 | 4 629 |
| — incl. investment property | 5 108 | 4 629 |
| Investments in long-term assets | 2 961 | 6 418 |
| Long-term financial investments | 138 766 | 136 630 |
| Deferred tax assets | 526 | 552 |
| Long-term receivables | 3 | 6 |
| Total Section I (long-term assets) | 326 203 | 309 518 |
| Inventories | 72 997 | 76 295 |
| — materials | 43 496 | 47 080 |
| — animals being raised and fattened | 5 249 | 4 894 |
| — work in progress | 12 920 | 10 994 |
| — finished goods and merchandise | 11 332 | 13 327 |
| Deferred expenses | 79 | 69 |
| VAT on acquired goods, works, services | 2 320 | 469 |
| Short-term receivables | 172 146 | 136 185 |
| Short-term financial investments | 1 590 | 384 |
| Cash and cash equivalents | 4 180 | 1 788 |
| Other short-term assets | 34 | 34 |
| Total Section II (short-term assets) | 253 346 | 215 224 |
| BALANCE (assets) | 579 549 | 524 742 |
| Charter capital | 216 706 | 216 706 |
| Reserve capital | 34 | 31 |
| Additional capital | 83 533 | 68 102 |
| Retained earnings (uncovered loss) | 64 899 | 51 173 |
| Total Section III (equity) | 365 172 | 336 012 |
| Long-term loans and borrowings | 4 199 | 869 |
| Long-term lease liabilities | 3 106 | 1 629 |
| Deferred income | 3 808 | 4 574 |
| Other long-term liabilities | 3 | 6 |
| Total Section IV (long-term liabilities) | 11 116 | 7 078 |
| Short-term loans and borrowings | 86 629 | 84 000 |
| Current portion of long-term liabilities | 1 394 | 8 191 |
| Short-term payables | 114 347 | 88 626 |
| — to suppliers, contractors, providers | 18 972 | 10 174 |
| — on advances received | 533 | 640 |
| — on taxes and duties | 89 980 | 74 265 |
| — on social insurance and security | 392 | 239 |
| — on payroll | 1 868 | 1 550 |
| — on lease payments | 1 713 | 871 |
| — to other creditors | 889 | 887 |
| Deferred income | 891 | 835 |
| Total Section V (short-term liabilities) | 203 261 | 181 652 |
| BALANCE (equity and liabilities) | 579 549 | 524 742 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- K1 current ratio 1.246 — right at the ≥1.25 norm; safety margin may erode as the balance sheet grows
- K1 SOS 0.154 — at the ≥0.15 norm; own working capital coverage is weak for this scale
- Short-term tax payables up 21% (74,265 → 89,980k BYN) — large budget liability (44% of Section V), points to deferred tax obligations
- Short-term loans +3% (84,000 → 86,629), but total short-term payables +28% (88,626 → 114,347) — operating credit expanded via budget and suppliers
- Short-term receivables +26% (136,185 → 172,146) — growing faster than revenue (+12%), possible collection issue
- Long-term financial investments 138,766 (24% of assets) — large stakes in other entities; financial activity as a holding parent
- Net profit +12.7% (17,179 → 19,356), stable and positive for a second year
- K2 sales 20.79% — high operating margin for manufacturing, +1.1pp YoY
- Operating CF margin +8.3% — steady cash generation, cash reserve up 1,788 → 4,180 (+134%)
- Revenue +11.9% — real growth above inflation
- Dividends paid: 5,680k BYN in 2025 (vs 6,331 in 2024) — active capital-return practice
- Capital grows via revaluation +15,480 + net profit +19,356 = +34,836 total increase
- Carrying value of fixed assets +10.9% (160,491 → 177,958) — investment in long-term assets, a sign of production modernization
- All 6/6 sanity checks passed — statements internally consistent
- Auditor LLC 'GrandBiznes Ekspert' confirmed the statements without qualification
Recommendation
MINSK KRISTALL is the management company of a large holding in the production of distilled alcoholic beverages, subordinate to the state concern "Belgospischeprom." It is the first sustainably profitable holding in our pilot sample, with positive operating dynamics across all key metrics: revenue +11.9% (from BYN 225,016k to 251,854k), net profit +12.7% (17,179 → 19,356), comprehensive income BYN 34.8m, operating cash flow +BYN 20.8m (margin 8.3%), balance sheet +10.4% (BYN 524.7m → 579.5m). All 6/6 sanity checks pass, the statements are internally consistent, and the auditor confirmed reliability without qualification.
Structural weaknesses are moderate and have the character of fine-tuning rather than systemic crisis: liquidity K1 at the lower bound of normal (1.246 vs 1.25 threshold), own-working-capital K1 at the boundary (0.154 vs 0.15), short-term tax payables up 21% and now 44% of all short-term liabilities, short-term receivables growing faster than revenue (+26% vs +12%). Debt load is controllable (+7.0% over the year against revenue growth of +11.9%). Proposed outcome — State Investment (2): the RB alcohol industry has historically been treated as strategic (budget revenue via excise, quality control, export potential), and the holding structure with active management of subsidiaries (long-term financial investments BYN 138.8m = 24% of assets) makes privatization politically difficult within the current frame. Goals for possible state investment: strengthening liquidity (a target reduction of K1_OWC to a healthy 0.20–0.25), restructuring of tax arrears, investment in modernizing production lines. An alternative classification may propose privatization if it is confirmed that the competition authority does not list the enterprise among natural monopolies or dominant entities.