Agrokombinat Dzerzhinsky
OJSC Agrokombinat Dzerzhinsky
UNP: 600112292 · 8 Zavodskaya St., Fanipol, Dzerzhinsk District, Minsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 1 490 539 | 1 225 513 |
| Intangible assets | 887 | 526 |
| Income-bearing investments in tangible assets | 1 420 | 1 441 |
| Investments in long-term assets | 364 527 | 325 771 |
| Long-term financial investments | 148 | 96 911 |
| Long-term receivables | 2 | — |
| Total Section I (long-term assets) | 1 857 657 | 1 650 175 |
| Inventories | 451 806 | 416 765 |
| — materials | 250 763 | 241 150 |
| — work in progress | 49 789 | 48 002 |
| — finished goods and merchandise | 19 772 | 12 651 |
| — goods shipped | — | — |
| Long-term assets held for sale | 1 051 | 1 247 |
| Deferred expenses | 7 441 | 10 531 |
| VAT on acquired goods, works, services | 17 344 | 15 375 |
| Short-term receivables | 234 225 | 184 277 |
| Short-term financial investments | 331 | 1 023 |
| Cash and cash equivalents | 25 065 | 12 844 |
| Other short-term assets | 15 | 53 |
| Total Section II (short-term assets) | 737 278 | 642 115 |
| BALANCE (assets) | 2 594 935 | 2 292 290 |
| Charter capital | 92 313 | 51 497 |
| Reserve capital | 178 | 25 |
| Additional capital | 852 138 | 720 627 |
| Retained earnings (uncovered loss) | 459 542 | 409 595 |
| Total Section III (equity) | 1 404 171 | 1 181 744 |
| Long-term loans and borrowings | 423 083 | 373 932 |
| Long-term lease liabilities | 48 421 | 41 869 |
| Deferred income | 133 552 | 110 069 |
| Other long-term liabilities | 31 352 | 134 218 |
| Total Section IV (long-term liabilities) | 636 408 | 660 088 |
| Short-term loans and borrowings | 193 809 | 180 165 |
| Current portion of long-term liabilities | 57 050 | 83 276 |
| Short-term payables | 299 192 | 184 475 |
| — to suppliers, contractors, providers | 165 132 | 123 953 |
| — on advances received | 7 924 | 8 305 |
| — on taxes and duties | 3 510 | 1 151 |
| — on social insurance and security | 1 988 | 1 387 |
| — on payroll | 13 813 | 10 876 |
| — on lease payments | 19 936 | 21 121 |
| — to the owner of property (founders, participants) | 25 | 23 |
| — to other creditors | 86 864 | 17 659 |
| Deferred income | 4 305 | 2 542 |
| Total Section V (short-term liabilities) | 554 356 | 450 458 |
| BALANCE (equity and liabilities) | 2 594 935 | 2 292 290 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- There is no own working capital: the provision ratio is −0.615 — long-term assets of 1,857,657k BYN exceed equity of 1,404,171, and the gap is closed with liabilities. Current liquidity fell over the year from 1.425 to 1.330.F1.490 · F1.190 · F1.290 · F1.690
- Profit on sales fell by 7.8% (131,155 → 120,932k BYN) while revenue grew 10.9%: cost of sales rose 13.1%, administrative expenses 23.6% and selling expenses 18.1%. Sales profitability to revenue moved 15.2% → 12.6%.F2.060 · F2.010 · F2.020 · F2.040 · F2.050
- Debt service is becoming more expensive: interest paid was 44,107k BYN against 25,251 a year earlier (+75%); over the year 1,788,031 was drawn and 1,750,707 repaid, against annual revenue of 957,194.F4.093 · F4.081 · F4.091 · F2.010
- Short-term payables grew by 62% (184,475 → 299,192k BYN): to suppliers by 33% (123,953 → 165,132) and to other creditors 4.9-fold (17,659 → 86,864).F1.630 · F1.631 · F1.638
- Receivables grew by 27% (184,277 → 234,225k BYN) against revenue growth of 10.9%.F1.250 · F2.010
- Equity is 61% revaluation surplus: 852,138 of 1,404,171k BYN, with revaluation adding 104,654 over the year. The real part is share capital of 92,313 plus retained earnings of 459,542.F1.450 · F1.490 · F2.220 · F1.410 · F1.460
- Debt is growing: long-term loans and borrowings 373,932 → 423,083k BYN and short-term 180,165 → 193,809 — +11.3% combined. Lease liabilities moved 41,869 → 48,421 and lease payments 9,719 → 22,467.F1.510 · F1.610 · F1.520 · F4.094
- Operating cash flow grew by 89%: 106,430 → 201,081k BYN — 21.0% of revenue against 12.3% a year earlier.F4.040 · F2.010
- Revenue grew by 10.9% (863,151 → 957,194k BYN) and gross profit by 5.3% (246,036 → 259,063).F2.010 · F2.030
- Net profit held: 91,787 against 92,349k BYN a year earlier (−0.6%), profitability to revenue 9.6%.F2.210 · F2.010
- Capital expenditure of 161,588k BYN is fully covered by operating cash flow of 201,081; cash grew from 12,844 to 25,065.F4.061 · F4.040 · F1.270
Recommendation
A large agro-industrial combine (poultry) with a stable operating core: revenue grew 10.9%, operating cash flow is strong and growing (201,081k BYN, 21% margin), the current ratio is above norm, and net profit held at the prior-year level.
Recommendation: Privatization. The combination of a viable business with growing cash flow and the fact that state ownership is not critical for commercial poultry farming makes privatization (with conditions preserving the line of business and agricultural use) a well-founded base case; should margin pressure intensify, the alternative is restructuring of the debt and cost base.
Why privatization. The balance sheet reconciles on all six control checks. At the same time there are signs of strain typical of capital-intensive livestock farming: long-term assets substantially exceed equity (own-working-capital provision −0.62), profitability is declining under cost pressure (cost of sales and administrative expenses growing faster than revenue), and overdue payables increased. These factors do not reach a critical level — real equity is deeply positive, cash flow is strong, debt grows moderately — but they call for cost discipline and working-capital control.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.