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
- Revenue fell 4.1% (38,848 → 37,260k BYN); net profit dropped 32.3% (3,757 → 2,542)
- Profitability worsened: sales profitability from 13.2% to 9.8% (−3.3 pp), net profitability from 9.7% to 6.8% (−2.9 pp)
- Operating cash flow turned negative: the operating-activity result was −394k BYN against +3,068 a year earlier
- Receivables grew 2.1× (3,926 → 8,391k BYN) — cash tied up in unpaid shipments, which is what zeroed out operating cash flow
- Cash balance fell from 5,801 to 3,925k BYN (−32%)
- Current ratio 3.62 — nearly three times the norm (1.25), up over the year; the enterprise carries no loans or borrowings
- High own-working-capital provision (0.72, norm 0.15); equity is 83% of the balance sheet
- Real equity is positive (+11,992k BYN); permanent capital covers long-term assets at a ratio of 1.33
- Net profit remains positive (2,542k BYN) despite the downturn; dividends are paid (376)
- Cost of sales was cut (−3.7%) in response to falling revenue — cost management works, though administrative expenses rose
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. The balance sheet reconciles on all six control checks. 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. The combination of a stable debt-free balance sheet and the fact that state ownership is not critical for ready-mixed-concrete production makes privatization a well-founded base case; the weaker flow metrics and rising receivables should be monitored as market-cycle factors.