Gorodeya Sugar Plant
OJSC "Gorodeya Sugar Plant"
UNP: 600031529 · 2 Zavodskaya St., Gorodeya urban settlement, Nesvizh District, Minsk Region 222611, Republic of Belarus
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 418 831 | 389 221 |
| Intangible assets | 156 | 54 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 5 170 | 2 958 |
| Long-term financial investments | 1 514 | 1 514 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 425 765 | 393 869 |
| Inventories | 191 736 | 181 470 |
| — materials | 58 196 | 43 672 |
| — work in progress | 9 548 | 6 792 |
| — finished goods and merchandise | 123 992 | 131 006 |
| — goods shipped | — | — |
| Deferred expenses | 125 | 115 |
| VAT on acquired goods, works, services | 804 | 1 634 |
| Short-term receivables | 102 742 | 92 265 |
| Short-term financial investments | 8 | 1 |
| Cash and cash equivalents | 3 337 | 9 246 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 298 752 | 284 731 |
| BALANCE (assets) | 724 517 | 678 600 |
| Charter capital | 50 091 | 50 091 |
| Reserve capital | 229 | 192 |
| Additional capital | 350 497 | 310 593 |
| Retained earnings (uncovered loss) | 101 565 | 89 279 |
| Total Section III (equity) | 502 382 | 450 155 |
| Long-term loans and borrowings | 27 616 | 27 468 |
| Long-term lease liabilities | 2 992 | 4 287 |
| Deferred income | 5 417 | 4 901 |
| Total Section IV (long-term liabilities) | 36 026 | 36 657 |
| Short-term loans and borrowings | 135 446 | 110 835 |
| Current portion of long-term liabilities | 7 772 | 23 355 |
| Short-term payables | 41 662 | 55 285 |
| — to suppliers, contractors, providers | 31 506 | 48 507 |
| — on payroll | 2 010 | 1 734 |
| — on lease payments | 1 656 | 1 349 |
| Total Section V (short-term liabilities) | 186 109 | 191 788 |
| BALANCE (equity and liabilities) | 724 517 | 678 600 |
Computed metrics
Integrity checks
Checks passed: 1 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Loan debt is almost entirely short-term and growing: short-term loans and borrowings 110,835 → 135,446k BYN (+22.2%) against long-term debt of 27,616; +17.9% combined over the year, with cash at 3,337.F1.610 · F1.510 · F1.270
- The cash position fell by 64% (9,246 → 3,337k BYN) — 0.7% of annual revenue of 480,948, against short-term liabilities of 186,109.F1.270 · F2.010 · F1.690
- Margins are compressing: profit on sales fell by 9.9% (79,627 → 71,763k BYN) while revenue grew 5.6%; cost of sales rose 7.4% and selling expenses 52.6%. Sales profitability to revenue moved 17.49% → 14.92% and net profitability 9.01% → 7.82%.F2.060 · F2.010 · F2.020 · F2.050 · F2.210
- Finished goods of 123,992k BYN are 65% of inventories of 191,736 and 26% of annual revenue; they fell 5.4% over the year while materials grew 33% (43,672 → 58,196).F1.214 · F1.210 · F2.010 · F1.211
- Receivables grew by 11.4% (92,265 → 102,742k BYN) against revenue growth of 5.6%.F1.250 · F2.010
- Other current-activity flows are twice gross profit: other income of 199,886 and other expenses of 216,197k BYN against gross profit of 100,829 — their net result is negative.F2.070 · F2.080 · F2.030
- Own working capital is adequate and growing: the provision ratio is +0.256 against +0.198 a year earlier; current liquidity is 1.605 against 1.485 — short-term assets of 298,752k BYN against liabilities of 186,109.F1.490 · F1.190 · F1.290 · F1.690
- Payables to suppliers fell by 35% (48,507 → 31,506k BYN) and total short-term payables by 25% (55,285 → 41,662).F1.631 · F1.630
- Equity grew by 11.6% (450,155 → 502,382k BYN): retained earnings added 12,286 and revaluation surplus 39,904.F1.490 · F1.460 · F1.450
- The business is profitable: net profit of 37,605k BYN on revenue of 480,948, with 12,727 of profit tax charged. Long-term loans are stable (27,468 → 27,616) and the current portion of long-term debt fell from 23,355 to 7,772.F2.210 · F2.010 · F2.160 · F1.510 · F1.620
Recommendation
OJSC "Gorodeya Sugar Plant" is a large (balance sheet BYN 724,517k, revenue BYN 480,948k, 1,023 employees) profitable enterprise in the "Belgospischeprom" concern, one of Belarus's four sugar plants. State share 100% (Republican).
Recommendation: Privatization — (a) a profitable enterprise with clear economics — a private owner can operate it without state support and preserve value; (b) the sugar sector is mature, technology is standard, market price-discovery works (world sugar prices) — there is no need for state investment for a technological breakthrough; (c) a 100% state share with proven operational stability is upside for privatization revenue: the state can realize the asset without loss of production capacity (4 plants in the whole country, Gorodeya among the largest by production share); (d) restructuring is not required — the fundamentals are healthy; (e) liquidation contradicts the logic (a profitable asset). Privatization while preserving strategic significance (sugar — food security; 4 plants in the whole country) requires conditions: either minority-share retention by the state, or a golden share, or conditions on production continuity + workforce protection. This is a policy-level question; the pre-recommendation is flagged for further refinement at the level of the responsible authority.
Why privatization. Financial condition is structurally healthy: current ratio 1.61 (> threshold), own working capital ratio +0.256 (> threshold), sales profitability 14.92%, net profitability 7.82%, permanent capital confidently covers long-term assets (1.265x). The enterprise pays dividends into the concern (BYN 8,920k for 2025), which confirms real profitability and a cash return on state capital.
Confidence: MEDIUM. Not HIGH, on two grounds. First: only forms F1+F2 are available (without F3 and F4) — we cannot verify operating cash flow (F4 absent) or changes in equity (F3 absent), which sets baseline confidence to MEDIUM. Second: there are margin-compression signals (sales profitability −2.57pp, net profitability −1.19pp, debt dynamics +17.9%) — the enterprise is not on a downward trajectory, but at a pivot point: continued margin compression may require revisiting the outcome in the next reporting period.