BATE
OJSC Borisov Plant of Automotive and Tractor Electrical Equipment — management company of the Avtokomponenty holding
UNP: 600017855 · 95 Daumana St., Borisov, Minsk Region, 222120
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 164 463 | 178 144 |
| Intangible assets | 1 079 | 1 163 |
| Income-bearing investments in tangible assets | 17 950 | — |
| Investments in long-term assets | 737 | 590 |
| Long-term financial investments | 85 517 | 86 007 |
| Long-term receivables | 97 | 122 |
| Total Section I (long-term assets) | 269 846 | 266 030 |
| Inventories | 36 121 | 30 286 |
| — materials | 16 548 | 14 480 |
| — work in progress | 3 047 | 2 700 |
| — finished goods and merchandise | 13 610 | 9 998 |
| Deferred expenses | 451 | 7 647 |
| VAT on acquired goods, works, services | 682 | 743 |
| Short-term receivables | 41 173 | 34 424 |
| Cash and cash equivalents | 313 | 430 |
| Total Section II (short-term assets) | 78 740 | 73 530 |
| BALANCE (assets) | 348 586 | 339 560 |
| Charter capital | 108 105 | 108 105 |
| Reserve capital | 207 | 207 |
| Additional capital | 115 955 | 116 587 |
| Retained earnings (uncovered loss) | -45 522 | -58 777 |
| Total Section III (equity) | 178 745 | 166 122 |
| Long-term loans and borrowings | 71 785 | 82 025 |
| Long-term lease liabilities | 2 000 | 1 667 |
| Deferred income | 12 645 | 12 224 |
| Total Section IV (long-term liabilities) | 86 430 | 95 916 |
| Short-term loans and borrowings | 33 267 | 35 306 |
| Current portion of long-term liabilities | 13 442 | 6 911 |
| Short-term payables | 34 010 | 31 368 |
| — to suppliers, contractors, providers | 22 128 | 19 132 |
| — on payroll | 1 178 | 1 571 |
| — on lease payments | 406 | 377 |
| Total Section V (short-term liabilities) | 83 411 | 77 522 |
| BALANCE (equity and liabilities) | 348 586 | 339 560 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Current ratio below one: 0.944 — short-term assets of 78,740 do not cover short-term liabilities of 83,411F1.290 · F1.690
- Negative own-working-capital provision: −1.157 — all working capital and part of long-term assets are financed by borrowingsF1.490 · F1.190 · F1.290
- Revenue fell 8.75% year-on-year (122,910 → 112,157)F2.010
- Sales profitability fell from 8.88% to 7.52% — cost-of-sales and administrative-expense pressure on the operating marginF2.060 · F2.010
- Accumulated uncovered loss of 45,522 — negative retained earnings, though down from 58,777 a year earlierF1.460
- Inventories up 19% (30,286 → 36,121), including finished goods +36% (9,998 → 13,610) on falling revenue — overstocking riskF1.210 · F1.214 · F2.010
- Positive operating cash flow: 6,820, a 6.08% margin — doubled from the prior year (2.84%)F4.040 · F2.010
- Credit load down 10.5% (loans and borrowings 117,331 → 105,052)F1.510 · F1.610
- Net profit rose 359 → 2,726 on the investment and financial result (F2.140 -8,995 → -5,444), while profit from current activity fell 9,514 → 8,351F2.210 · F2.140 · F2.090
- Real equity is positive: charter capital 108,105 and accumulated loss -45,522 give 62,583k BYN (revaluation of 115,955 in additional capital excluded)F1.410 · F1.460 · F1.450
Recommendation
Lead company of the Avtokomponenty holding (BATE — managing company + 10 dependent enterprises: Avtogidrousilitel (Borisov), Belkard (Grodno), Remiz (Zhodino), VZEP (Vitebsk), EKRAN (Borisov), Prema (Gorki), Pruzhany Radio Components Plant, Rudensk, Shchuchin Avtoprovod Plant, Radiotehnika (Oshmyany)). System-forming and city-forming role in Borisov — the largest employer in Borisov (city ~135k residents, Borisov district ~166k — Belstat as of 01.01.2026; on the order of 4,000 workers per open sources), exporter of automotive components. The combination of strategic significance with the need to strengthen working capital warrants special state review: targeted funding to restore liquidity and modernize while retaining state ownership at the current stage; partial privatization may be considered after the balance sheet stabilizes.
BATE is a large machine-building producer of automotive and tractor electrical equipment that also serves as the management company of a sectoral holding.
Recommendation: Special state review. Retention in state ownership at this stage with targeted funding for restoring liquidity and modernization. Possible partial privatization may be considered once the balance sheet has stabilized.
Why special state review. Its financial profile is dual: operations are profitable (profit on sales 8,429, positive cash flow with a 6.08% margin, debt down 10.5%), but the balance-sheet structure is strained — the current ratio of 0.944 is below norm, own-working-capital provision is deeply negative (−1.157), and an uncovered loss of 45,522 has accumulated. Net profit of 2,726 is formed largely from income on equity stakes in subsidiaries rather than the operating core, whose revenue fell 8.75%. The combination of strategic significance (holding parent, exported auto-component output, city-forming role in Borisov) with the need to strengthen working capital and the financial structure.
Confidence: HIGH. All 6 cross-form consistency checks pass. The score is capped: with a current ratio below 1 the model assigns no value above 0.85 regardless of other indicators.