Slutsk Sugar Refinery
OJSC Slutsk Sugar Refinery
UNP: 600075003 · 6 Golovashchenko St., Slutsk, Minsk Region, 223610
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 252 602 | 232 408 |
| Intangible assets | 224 | 293 |
| Investments in long-term assets | 17 937 | 14 446 |
| Long-term financial investments | 35 962 | 37 181 |
| Deferred tax assets | 70 | 57 |
| Long-term receivables | 3 456 | 3 846 |
| Total Section I (long-term assets) | 310 251 | 288 231 |
| Inventories | 278 774 | 222 266 |
| — materials | 56 261 | 31 949 |
| — work in progress | 110 609 | 100 373 |
| — finished goods and merchandise | 111 904 | 89 944 |
| Deferred expenses | 133 | 112 |
| VAT on acquired goods, works, services | 567 | 437 |
| Short-term receivables | 80 763 | 100 981 |
| Short-term financial investments | 1 747 | 1 920 |
| Cash and cash equivalents | 19 975 | 32 060 |
| Other short-term assets | 5 | 5 |
| Total Section II (short-term assets) | 381 964 | 357 781 |
| BALANCE (assets) | 692 215 | 646 012 |
| Charter capital | 66 515 | 66 515 |
| Собственные акции (доли) | -4 | 0 |
| Reserve capital | 1 510 | 1 215 |
| Additional capital | 183 896 | 162 597 |
| Retained earnings (uncovered loss) | 257 727 | 245 836 |
| Total Section III (equity) | 509 644 | 476 163 |
| Long-term loans and borrowings | 0 | 0 |
| Long-term lease liabilities | 1 725 | 2 187 |
| Отложенные налоговые обязательства | 15 | 15 |
| Deferred income | 4 180 | 1 274 |
| Other long-term liabilities | 338 | 388 |
| Total Section IV (long-term liabilities) | 6 258 | 3 864 |
| Short-term loans and borrowings | 124 075 | 114 339 |
| Short-term payables | 51 957 | 26 124 |
| — to suppliers, contractors, providers | 42 635 | 20 622 |
| — on taxes and duties | 1 634 | 1 348 |
| — on payroll | 2 344 | 1 845 |
| Deferred income | 281 | 25 522 |
| Total Section V (short-term liabilities) | 176 313 | 165 985 |
| BALANCE (equity and liabilities) | 692 215 | 646 012 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Declining profitability: net profit fell 24% (from BYN 82.7m to 63.2m) and profit on sales by the same amount; sales profitability dropped from 25.1% to 19.4% and net profitability from 17.1% to 13.3%.
- Rising short-term debt: short-term loans and borrowings rose to BYN 124m (+8.5%); there is no long-term debt — the entire loan burden is short-term.
- Inventory build-up: inventories grew from BYN 222m to 279m (+25%) while revenue fell — possible overstocking of finished goods and work in progress.
- Large dividend withdrawal: BYN 49m paid in dividends (78% of net profit), with a financing-activity cash outflow of −BYN 40m.
- High liquidity: current ratio 2.17 — short-term assets cover short-term liabilities more than twice over.
- Positive own-working-capital provision: 0.52 — rare for the sector; the enterprise funds its turnover from equity.
- Steady operating cash flow: the operating-activity result was BYN 61m (12.9% of revenue).
- Solid capital base: equity of BYN 510m against a balance sheet of 692m (74%); real equity (excluding revaluation) is positive at BYN 326m.
Recommendation
A large dedicated sugar producer in a stable financial condition. Liquidity is twice the norm (current ratio 2.17), own-working-capital provision is positive (0.52) — a rarity for the manufacturing sector — and operating cash flow is steadily positive (12.9% of revenue). The capital base is solid: equity is 74% of the balance sheet, and real equity excluding revaluation is positive (BYN 326m). The main area to watch is declining profitability: net profit and profit on sales fell by almost a quarter on stable volume, and sales profitability dropped more than 5 percentage points under cost-of-sales pressure. Additional factors are rising short-term loan debt, inventory build-up, and a large dividend withdrawal (78% of net profit). Despite the margin dip, the underlying stability, liquidity and own capital base support privatization; strategic state involvement in sugar production can be maintained through regulation rather than controlling ownership of this asset.