Minsk PMK
OJSC "Minsk PMK (Mobile Mechanized Column)"
UNP: 600052623 · 1V Kommunalnaya St., Yubileyny settlement, Senitsa, Minsk District, Minsk Region 223056
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 4 131 | 3 866 |
| Intangible assets | — | — |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | — | — |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 4 131 | 3 866 |
| Inventories | 703 | 438 |
| — materials | 674 | 421 |
| — work in progress | — | — |
| — finished goods and merchandise | 29 | 17 |
| — goods shipped | — | — |
| Deferred expenses | — | — |
| VAT on acquired goods, works, services | — | — |
| Short-term receivables | 3 818 | 3 966 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 5 968 | 4 632 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 10 489 | 9 036 |
| BALANCE (assets) | 14 620 | 12 902 |
| Charter capital | 551 | 551 |
| Reserve capital | 214 | 214 |
| Additional capital | 4 248 | 3 812 |
| Retained earnings (uncovered loss) | 8 288 | 6 806 |
| Total Section III (equity) | 13 301 | 11 383 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | — | — |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | — | — |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 1 319 | 1 519 |
| — to suppliers, contractors, providers | 42 | 36 |
| — on advances received | 974 | 1 111 |
| — on taxes and duties | 121 | 208 |
| — on social insurance and security | 47 | 49 |
| — on payroll | 135 | 108 |
| — on lease payments | — | — |
| — to other creditors | — | 7 |
| Total Section V (short-term liabilities) | 1 319 | 1 519 |
| BALANCE (equity and liabilities) | 14 620 | 12 902 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow fell by 42% (1,795 → 1,036k BYN) and its margin to revenue moved 20.5% → 10.5%: payments on current activities grew 22% (10,024 → 12,229) while receipts grew 12% (11,819 → 13,265).F4.040 · F2.010 · F4.030 · F4.020
- Capital expenditure has all but stopped: 6k BYN over the year against 85 a year earlier — 0.06% of revenue, against fixed assets of 4,131.F4.061 · F2.010 · F1.110
- Cost of sales is growing faster than revenue: +14.9% against +12.6%; profit on sales grew only 3.4% (1,179 → 1,219k BYN) and sales profitability to revenue moved 13.49% → 12.38%.F2.020 · F2.010 · F2.060
- Inventories grew by 61% (438 → 703k BYN), mostly materials (421 → 674), against revenue growth of 12.6%.F1.210 · F1.211 · F2.010
- There is no borrowed financing: neither long-term nor short-term loans and borrowings; all liabilities of 1,319k BYN are current payables. Equity of 13,301 is 91% of assets of 14,620.F1.510 · F1.610 · F1.690 · F1.490 · F1.300
- Current liquidity is 7.95 against 5.95 a year earlier: short-term assets of 10,489k BYN against liabilities of 1,319; own-working-capital provision is 0.874.F1.290 · F1.690 · F1.490 · F1.190
- Cash grew by 29% (4,632 → 5,968k BYN) — 41% of assets; investing-activity income was 630 against 238 a year earlier, which is 27% of pre-tax profit of 2,311.F1.270 · F1.300 · F2.100 · F2.150
- Net profit grew by 16.7% (1,548 → 1,806k BYN) — faster than revenue; net profitability to revenue moved 17.71% → 18.34%. Profit tax charged was 505.F2.210 · F2.010 · F2.160
- Dividends paid were 324k BYN against 219 a year earlier (+48%), while equity still grew 16.8% (11,383 → 13,301).F4.092 · F1.490
Recommendation
OJSC "Minskaya PMK" is a financially mature small enterprise (balance sheet BYN 14.6m, 76 employees) with an operationally stable model: equity 91% of assets, no loans or borrowings, positive operating cash flow (+1,036 = 10.5% of revenue), real revenue growth of +12.6% above inflation, net profit of BYN 1,806k (+16.7% YoY), and net-profit-plan fulfillment of 181%. Structurally, the current ratio and own working capital ratio exceed the thresholds for the manufacturing sector by 5–7×; sales profitability (12.4%) and net profitability (18.3%) are in a strong range; dividends are paid consistently and growing. The sector of activity is repair and maintenance of refrigeration, livestock, and food-industry equipment for agricultural enterprises of the Minsk region (OKED 01620, 98.9% of revenue).
Recommendation: Privatization — with covenants (an MBO or open tender with conditions to preserve the line of activity, jobs, and investment obligations).
Why privatization. However: capex is catastrophically low (BYN 6k = 0.061% of revenue), indicating the absence of a program to renew its own production capacity; concentration on a structurally troubled sector (chronic insolvency of agricultural-enterprise clients leads to overdue receivables of BYN 521k); the operating-CF margin fell from 20.5% to 10.5% (by half, though the threshold level is held); and the audit opinion carries a recurring technical qualification on inventories. The enterprise carries no strategic value for the state as owner — it is a standard agribusiness service business, without exclusive competencies or a critical infrastructure function. Financial maturity + small size + the local expertise of 76 employees + the presence of free cash flow make the enterprise a realistically saleable object. The regulatory class is presumably B or V (pending regulatory-class refinement) — requiring obligations to preserve the line of activity (agribusiness services for the Minsk region are critical to the functioning of the regional agro-sector) and a capital program of equipment renewal.
Confidence: HIGH. The source is an FY-1 FULL set, 6/6 cross-form sanity passed, the financial picture is unambiguous; the only narrow zone of uncertainty is the auditor-unconfirmed inventories at 4.8% of the balance sheet (without financial materiality).