Zaslavlstroyindustriya
OJSC Zaslavlstroyindustriya
UNP: 600021343 · 116 Sovetskaya St., Zaslavl, Minsk District, Minsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 9 031 | 8 444 |
| Intangible assets | 1 | 1 |
| Long-term receivables | 7 | — |
| Total Section I (long-term assets) | 9 039 | 8 445 |
| Inventories | 1 673 | 1 475 |
| — materials | 1 058 | 1 105 |
| — work in progress | — | 9 |
| — finished goods and merchandise | 615 | 361 |
| Deferred expenses | 44 | 56 |
| VAT on acquired goods, works, services | 2 | 4 |
| Short-term receivables | 8 391 | 3 926 |
| Cash and cash equivalents | 3 925 | 5 801 |
| Total Section II (short-term assets) | 14 035 | 11 262 |
| BALANCE (assets) | 23 074 | 19 707 |
| Charter capital | 15 | 15 |
| Reserve capital | 296 | 237 |
| Additional capital | 6 856 | 6 353 |
| Retained earnings (uncovered loss) | 11 977 | 9 783 |
| Total Section III (equity) | 19 144 | 16 388 |
| Other long-term liabilities | 55 | 50 |
| Total Section IV (long-term liabilities) | 55 | 50 |
| Short-term loans and borrowings | — | — |
| Short-term payables | 3 875 | 3 269 |
| — to suppliers, contractors, providers | 1 950 | 1 079 |
| — on advances received | 996 | 1 235 |
| — on taxes and duties | 463 | 550 |
| — on social insurance and security | 115 | 71 |
| — on payroll | 347 | 288 |
| — on lease payments | — | 24 |
| — to the owner of property (founders, participants) | 2 | 1 |
| — to other creditors | 2 | 21 |
| Total Section V (short-term liabilities) | 3 875 | 3 269 |
| BALANCE (equity and liabilities) | 23 074 | 19 707 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow is negative: current-activity result -394k BYN against +3,068 a year earlier — operations no longer generate cashF4.040
- Revenue fell 4.1% (38,848 → 37,260k BYN); net profit dropped 32.3% (3,757 → 2,542)F2.010 · F2.210
- Profitability worsened: sales profitability from 13.2% to 9.8% (−3.3 pp), net profitability from 9.7% to 6.8% (−2.9 pp)F2.060 · F2.010 · F2.210
- Receivables grew 2.1× (3,926 → 8,391k BYN) — cash tied up in unpaid shipments, which is what zeroed out operating cash flowF1.250 · F4.040
- Cash balance fell from 5,801 to 3,925k BYN (−32%)F1.270
- Current ratio 3.62 (short-term assets 14,035 vs liabilities 3,875), up year on year; no loans or borrowingsF1.290 · F1.690
- Own working capital ratio 0.72; equity share of the balance sheet 83%F1.490 · F1.190 · F1.290 · F1.300
- Real equity is positive: charter capital 15 and retained earnings 11,977 give 11,992k BYN — covering long-term assets of 9,039 at 1.33xF1.410 · F1.460 · F1.190
- Net profit remains positive (2,542k BYN) despite the downturn; dividends are paid (376)F2.210 · F3.166_dividends
- Cost of sales was cut (−3.7%) in response to falling revenue — cost management works, though administrative expenses roseF2.020 · F2.010 · F2.040
Recommendation
A ready-mixed-concrete producer and construction-and-installation contractor with a robust balance sheet: the current ratio is nearly three times the norm, there are no loans or borrowings, equity is 83% of the balance sheet, and real equity is deeply positive.
Recommendation: Privatization — state ownership is not critical for ready-mixed-concrete production; the weaker flow metrics and rising receivables should be monitored as market-cycle factors.
Why privatization. At the same time, 2025 was a weaker year on every flow metric: revenue fell 4.1%, sales and net profitability dropped 3.3 and 2.9 points, net profit fell by a third, and operating cash flow slipped to a small negative — mostly because receivables doubled and tied up working capital. This is a cyclical industry (building-materials production) sensitive to construction volumes; the deterioration reflects a market downturn rather than structural insolvency — capital is strong, there is no debt, and profit is positive.
Confidence: HIGH. The balance sheet reconciles on all six control checks. The source is annual reporting for 2025, a complete F1–F4 set.