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
- The working-capital cushion is thin: current ratio F1.290 253,346 / F1.690 203,261 = 1.25 (up from 1.19), but 68% of short-term assets are receivables F1.250 172,146. Own working capital F1.490 365,172 − F1.190 326,203 = 38,969, i.e. 15% of short-term assets; the rest is carried by short-term loans F1.610 86,629 and payables F1.630 114,347.F1.290 · F1.690 · F1.250 · F1.490 · F1.190 · F1.610 · F1.630
- Tax payables F1.633 grew 74,265 → 89,980 (+21.2%) and make up 44% of short-term liabilities F1.690 203,261 — against profit tax charged for the year F2.160 of 9,031.F1.633 · F1.690 · F2.160
- Short-term loans F1.610 84,000 → 86,629 (+3.1%), while short-term payables F1.630 88,626 → 114,347 (+29.0%), including to suppliers F1.631 10,174 → 18,972 (+86.5%): operating finance is shifting into deferred payment.F1.610 · F1.630 · F1.631
- Short-term receivables F1.250 136,185 → 172,146 (+26.4%) grow faster than revenue F2.010 (+11.9%) — the collection cycle is lengthening.F1.250 · F2.010
- Long-term financial investments F1.150 BYN 138,766k — 24% of assets F1.300 579,549; income from participation in charter capital F2.102 came to 3,641, i.e. 2.6% of the amount invested.F1.150 · F1.300 · F2.102
- Net profit F2.210 17,179 → 19,356 (+12.7%), positive in both years of the snapshot; pre-tax profit F2.150 25,824 → 29,846 (+15.6%).F2.210 · F2.150
- Sales profitability 20.79% against 19.65% a year earlier: profit on sales F2.060 44,225 → 52,353 on revenue F2.010 225,016 → 251,854.F2.060 · F2.010
- Operating cash flow F4.040 17,270 → 20,798 — 8.3% of revenue; the cash balance F1.270 rose 1,788 → 4,180, but that is 2% of short-term liabilities F1.690 203,261.F4.040 · F2.010 · F1.270 · F1.690
- Revenue F2.010 225,016 → 251,854 (+11.9%) against cost of sales F2.020 161,868 → 178,239 (+10.1%) — costs grow more slowly than revenue.F2.010 · F2.020
- Dividends paid F4.092 BYN 5,680k (6,331 a year earlier) against net profit F2.210 19,356 — 29% of the result.F4.092 · F2.210
- Equity F1.490 336,012 → 365,172: earned capital F1.460 51,173 → 64,899 (+13,726) and revaluation F1.450 68,102 → 83,533 (+15,431) — the increase splits roughly evenly.F1.490 · F1.460 · F1.450
- Fixed assets F1.110 160,491 → 177,958 (+10.9%); revaluation of long-term assets F2.220 came to 15,480 while purchases F4.061 came to 6,930.F1.110 · F2.220 · F4.061
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 a sustainably profitable holding, 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 34,836k, operating cash flow BYN 20,798k (margin 8.3%), balance sheet +10.4% (BYN 524,742k → 579,549k). All 6/6 sanity checks pass, the statements are internally consistent, and the auditor confirmed reliability without qualification.
Recommendation: Privatization — the company is steadily profitable, generates positive operating cash flow and does not require budget support for its current operations. Two circumstances are recorded as conditions of the transaction rather than objections to it. First: the RB alcohol industry has historically been treated as strategic (budget revenue via excise, quality control, export potential) — privatization implies that sectoral regulatory control is retained. Second: the holding structure with active management of subsidiaries (long-term financial investments BYN 138,766k = 24% of assets) requires a decision on the perimeter — whether the management company or individual assets are sold. Precondition — confirmation that the entity is not classified by the antimonopoly authority as a natural monopoly or a dominant entity. Tasks remaining with the owner until the transaction: strengthening liquidity (a target increase of the own working capital ratio), restructuring of tax arrears, modernization of production lines.
Why privatization. Structural weaknesses are moderate and have the character of fine-tuning rather than systemic crisis: current ratio 1.25 against the declared 1.0 threshold (up from 1.19), own working capital ratio 0.15 — BYN 38,969k against short-term assets of 253,346, short-term tax payables up 21% and now 44% of all short-term liabilities, short-term receivables growing faster than revenue (+26% vs +12%). Credit load is controllable (+7.0% over the year against revenue growth of +11.9%).
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.