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
- Profitability is falling: net profit F2.210 82,665 → BYN 63,186k (−23.6%), profit on sales F2.060 121,364 → 92,118 (−24.1%) on revenue F2.010 484,028 → 474,192 (−2.0%); sales profitability 25.07 → 19.43%, net profitability 17.08 → 13.32%. The pressure comes from cost of sales F2.020 338,108 → 354,792 (+4.9%) against falling revenue.F2.210 · F2.060 · F2.010 · F2.020
- Short-term loans F1.610 114,339 → 124,075 (+8.5%), with no long-term loans — the entire credit load is short; interest paid F4.093 2,676 against 1,636 a year earlier.F1.610 · F4.093
- Inventories F1.210 222,266 → 278,774 (+25.4%) while revenue declines: finished goods F1.214 89,944 → 111,904 (+24.4%), work in progress F1.213 100,373 → 110,609 (+10.2%), materials F1.211 31,949 → 56,261 (+76.1%).F1.210 · F1.214 · F1.213 · F1.211 · F2.010
- Dividends: F3.166 accrued BYN 49,089k — 77.7% of net profit F2.210 63,186; F4.092 paid 45,655, with the financing result F4.100 at −40,225.F3.166_dividends · F2.210 · F4.092 · F4.100
- Current ratio 2.17 (F1.290 381,964 / F1.690 176,313), 2.16 a year earlier. The coverage rests on inventories F1.210 278,774 — 73% of short-term assets — while cash F1.270 fell 32,060 → 19,975.F1.290 · F1.690 · F1.210 · F1.270
- Own working capital is positive: (F1.490 509,644 − F1.190 310,251) / F1.290 381,964 = +0.52, against +0.53 a year earlier.F1.490 · F1.190 · F1.290
- Operating cash flow F4.040 BYN 61,069k — 12.9% of revenue; 66,837 (13.8%) a year earlier, so the flow declined.F4.040 · F2.010
- Equity F1.490 509,644 — 74% of the balance sheet F1.700 692,215; real equity F1.410 66,515 + F1.460 257,727 = BYN 324,242k against additional capital F1.450 183,896.F1.490 · F1.700 · F1.410 · F1.460 · F1.450
Recommendation
A large dedicated sugar producer in a stable financial condition.
Recommendation: Privatization — strategic state involvement in sugar production can be maintained through regulation rather than controlling ownership of this asset.
Why privatization. The current ratio is 2.17 against the declared 1.0 threshold, 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 F1.410 + F1.460 is positive — BYN 324,242k. 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).
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.