Bogushevichi
OJSC "Bogushevichi"
UNP: 600036439 · Kovalenka St., Bogushevichi agro-town, Berezino District, Minsk Region 223336, Republic of Belarus
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 12 317 | 10 715 |
| Intangible assets | — | — |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 239 | 239 |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 12 556 | 10 954 |
| Inventories | 7 470 | 5 890 |
| — materials | 3 643 | 2 325 |
| — work in progress | 1 272 | 1 495 |
| — finished goods and merchandise | 5 | 4 |
| — goods shipped | — | — |
| Deferred expenses | — | — |
| VAT on acquired goods, works, services | 866 | 866 |
| Short-term receivables | 515 | 356 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 2 | 1 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 8 853 | 7 113 |
| BALANCE (assets) | 21 409 | 18 067 |
| Charter capital | 4 731 | 4 731 |
| Reserve capital | — | — |
| Additional capital | 5 045 | 3 801 |
| Retained earnings (uncovered loss) | 632 | 423 |
| Total Section III (equity) | 10 408 | 8 955 |
| Long-term loans and borrowings | 244 | 334 |
| Long-term lease liabilities | 2 472 | 1 970 |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 2 716 | 2 304 |
| Short-term loans and borrowings | 392 | 502 |
| Current portion of long-term liabilities | 65 | 25 |
| Short-term payables | 7 828 | 6 281 |
| — to suppliers, contractors, providers | 7 444 | 5 704 |
| — on payroll | 138 | 129 |
| — on lease payments | 66 | 380 |
| Total Section V (short-term liabilities) | 8 285 | 6 808 |
| BALANCE (equity and liabilities) | 21 409 | 18 067 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Deep operating loss: profit from sales -1,416 (F2.060) = sales profitability -25.2%; cost of sales 6,505 exceeds revenue 5,622, gross profit -883 — core production is structurally loss-makingF2.060 · F2.010 · F2.020 · F2.030
- Net profit held up only by other income: sales loss -1,416 is 'rescued' by other current-activity income 1,470, bringing F2.090 to near-zero (-52). Without the 1,470, the enterprise is structurally loss-making.F2.060 · F2.070 · F2.090
- Cash critically low: 2k BYN at year-end against revenue of 5,622k BYN — 0.04% of revenue, zero liquidity bufferF1.270 · F2.010
- Short-term payables 7,828k BYN = 1.4x revenue and 94% of all of Section V; growth +25%; to suppliers 7,444 = 95% of payables — payments-by-stretching, not cash.F1.630 · F2.010 · F1.690 · F1.631
- Own working capital ratio -0.243: equity of 10,408 does not cover long-term assets of 12,556 — working capital is funded by liabilities; improvement is marginal (-0.281 → -0.243)F1.490 · F1.190 · F1.290
- Current ratio 1.069 (short-term assets 8,853 vs liabilities 8,285) — minimal cushion; improvement from 1.045 is marginalF1.290 · F1.690
- A possible channel of operating-level state support: opaque mechanism (F2.070 1,470k BYN yearly); not recorded as targeted financing in the statements. Possible channels: tax breaks, budget subsidies under an agri program, receivables write-off. Remains an open question.F2.070
- Investment-activity income rose 334 → 1,122 (+236%) against expenses of 746 — one-off transactions with long-term assets plug the hole in current activity; not a sustainable sourceF2.100 · F2.110
- Lease obligations rising (1,970 → 2,472, +25.5%) while revenue is +5.4% — debt-financed asset accumulation outpaces revenue.F1.520 · F2.010
- Inventories rose 26.8% (5,890 → 7,470k BYN) against revenue growth of 5.4% — materials among them 2,325 → 3,643F1.210 · F2.010 · F1.211
- OCF margin +2.86% (vs +0.38%) — operating cash flow improved, though it stays micro-positive.F4.040 · F2.010
- Bank debt (F1.510 + F1.610) down -23.9% (836 → 636k BYN) — debt structure shifting from bank to lease (asset-backed).F1.510 · F1.610
- Capital grows via revaluation (additional +1,244): the asset base is not contracting.F1.450 · F2.220
- Work in progress is shrinking: 1,495 → 1,272k BYN (-15%) — production cycles may be closingF1.213 · F1.210
Recommendation
OJSC "Bogushevichi" is a micro-enterprise of agricultural profile (revenue BYN 5,622k, balance sheet BYN 21,409k) in an agro-town of the Berezino district, Minsk region, 96.3% state-owned and subordinate to the district executive committee.
Recommendation: Restructuring — because (a) operating non-viability requires structural change, not a one-off capex injection (rules out state investment); (b) the sector is not strategic — its specificity is serving a local agro-town (rules out state investment on strategic grounds); (c) full liquidation is disproportionate: the district needs a socio-economic anchor, the assets carry operational load, and net profit remains positive (rules out liquidation); (d) privatization is impossible without an operating-viability fix — the market will not buy a loss-making agribusiness asset in a rural district village without either a solid land package or prior reform (rules out privatization as the first step).
Why restructuring. The enterprise shows a classic district-level agribusiness pattern: structurally loss-making core production (sales profitability −25.2%, worsening) with positive net profit (+BYN 209k) achieved solely through "other income from current activities" (BYN 1,470k annually) — an opaque mechanism that does NOT match the income-channel canon (via F1.650) or the capital channel (via owner contributions), but by profile strongly resembles operating-level state support. The cash position is critically weak (BYN 2k at year-end), and short-term payables to suppliers of BYN 7,444k function as stretch financing.
Confidence: MEDIUM — due to the opacity of the support mechanism and dependence on investment income (asset sales), which is not sustainable. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.