Soligorsk HBC
Open Joint-Stock Company Soligorsk House-Building Combine
UNP: 600024738 · Lyubanskoye Highway, Soligorsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 48 119 | 52 806 |
| Intangible assets | 116 | 92 |
| Income-bearing investments in tangible assets | 45 | 73 |
| Investments in long-term assets | 3 677 | 625 |
| Long-term financial investments | 395 | 395 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 64 156 | 62 247 |
| Inventories | 14 007 | 13 141 |
| — materials | 6 335 | 6 915 |
| — work in progress | 1 309 | 966 |
| — finished goods and merchandise | 6 363 | 5 260 |
| — goods shipped | — | — |
| Deferred expenses | 167 | 10 009 |
| VAT on acquired goods, works, services | 22 | 3 |
| Short-term receivables | 23 674 | 24 701 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 8 605 | 4 787 |
| Other short-term assets | 119 | 30 |
| Total Section II (short-term assets) | 46 594 | 52 671 |
| BALANCE (assets) | 110 750 | 114 918 |
| Charter capital | 6 609 | 6 609 |
| Reserve capital | 37 | 37 |
| Additional capital | 37 869 | 36 366 |
| Retained earnings (uncovered loss) | -49 890 | -33 672 |
| Total Section III (equity) | -5 375 | 9 340 |
| Long-term loans and borrowings | 0 | 0 |
| Long-term lease liabilities | — | — |
| Deferred income | 5 752 | 2 907 |
| Total Section IV (long-term liabilities) | 5 961 | 3 115 |
| Short-term loans and borrowings | 70 353 | 71 757 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 39 462 | 30 357 |
| — to suppliers, contractors, providers | 19 360 | 18 026 |
| — on payroll | 1 832 | 1 583 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 110 164 | 102 463 |
| BALANCE (equity and liabilities) | 110 750 | 114 918 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Negative equity: the total of Section III is −5,375k BYN versus +9,340 a year earlier — the accumulated uncovered loss of 49,890k BYN exceeded charter and additional paid-in capital.
- Loss from core activity: result on sales −8,424k BYN (a year earlier a profit of 4,869); net loss for the year 16,271k BYN.
- Revenue fell 19% year on year (122,135 versus 150,977k BYN) — beyond the materiality threshold.
- Current liquidity ratio 0.42 against the norm of 1.25: current assets cover less than half of current liabilities.
- Working-capital ratio −1.49 against the norm of 0.15 — there is no own working capital.
- High concentration of short-term debt: loans and borrowings 70,353k BYN — about 64% of total assets; interest payable 3,792k BYN.
- Payables grew 30% (30,357 → 39,462k BYN), mainly on advances received (5,415 → 12,509k BYN).
- Significant exchange-rate losses: negative exchange-rate differences on financial activity 18,730k BYN — the main factor forming the annual loss.
- Positive operating cash flow: result of current activity +5,529k BYN versus −124 a year earlier — operations generate cash.
- The cash balance grew over the year from 4,787 to 8,605k BYN.
- The annual loss is largely non-cash (currency revaluation) rather than an operating cash outflow.
- No long-term loans; total credit debt fell 2% over the year.
Recommendation
This oblast house-building combine with a state (communal) share of 99.89% is, as of 2025, in a state of capital insolvency: equity became negative (−5,375k BYN), the accumulated uncovered loss (49,890k BYN) exceeded charter and additional paid-in capital, current liquidity of 0.42 is far from the norm, revenue contracted 19%, and core activity is loss-making (result on sales −8,424k BYN). At the same time, operations generate positive cash flow (+5,529k BYN), and the annual loss (16,271k BYN) is formed predominantly by non-cash currency revaluation (−18,730k BYN) rather than an outflow on core activity. The combination of a deep destruction of the capital structure with retained operating cash revenue points to restructuring — restoration of capital and the debt load while preserving an operationally viable construction business — rather than liquidation. Recommendation: restructuring; the financial profile is critical.