Slutsk Cheese-Making Combine
OJSC Slutsk Cheese-Making Combine
UNP: 600119098 · 14 Tutarinova St., Slutsk, Minsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 563 454 | 500 161 |
| Intangible assets | 1 244 | 792 |
| Income-bearing investments in tangible assets | 600 | 854 |
| Investments in long-term assets | 165 985 | 75 936 |
| Long-term financial investments | 229 585 | 169 267 |
| Deferred tax assets | 42 | 42 |
| Long-term receivables | 57 556 | 59 188 |
| Total Section I (long-term assets) | 1 018 466 | 806 240 |
| Inventories | 499 512 | 243 346 |
| — materials | 114 195 | 101 128 |
| — animals being raised and fattened | 36 015 | 31 379 |
| — work in progress | 58 094 | 49 340 |
| — finished goods and merchandise | 291 208 | 61 499 |
| Deferred expenses | 1 301 | 846 |
| VAT on acquired goods, works, services | 15 035 | 11 013 |
| Short-term receivables | 430 690 | 358 084 |
| Short-term financial investments | 92 | 87 |
| Cash and cash equivalents | 31 389 | 44 542 |
| Other short-term assets | 79 | 6 |
| Total Section II (short-term assets) | 978 098 | 657 924 |
| BALANCE (assets) | 1 996 564 | 1 464 164 |
| Charter capital | 190 013 | 156 263 |
| Reserve capital | 4 619 | 4 619 |
| Additional capital | 350 494 | 326 108 |
| Retained earnings (uncovered loss) | 412 870 | 368 226 |
| Total Section III (equity) | 957 996 | 855 216 |
| Long-term loans and borrowings | 241 750 | 136 571 |
| Long-term lease liabilities | 36 084 | 23 250 |
| Отложенные налоговые обязательства | 1 458 | 1 469 |
| Deferred income | 28 175 | 12 853 |
| Total Section IV (long-term liabilities) | 307 467 | 174 143 |
| Short-term loans and borrowings | 377 313 | 188 981 |
| Current portion of long-term liabilities | 136 058 | 77 683 |
| Short-term payables | 216 303 | 166 948 |
| — to suppliers, contractors, providers | 151 322 | 95 793 |
| — on payroll | 10 647 | 8 496 |
| Total Section V (short-term liabilities) | 731 101 | 434 805 |
| BALANCE (equity and liabilities) | 1 996 564 | 1 464 164 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow turned negative: −193,847k BYN against +87,260 a year earlier — −9.4% of revenue against +4.3%.F4.040 · F2.010
- There is no own working capital: the provision ratio is −0.062 against +0.075 a year earlier — long-term assets of 1,018,466k BYN now exceed equity of 957,996.F1.490 · F1.190 · F1.290
- Debt grew by 90%: loans and borrowings 325,552 → 619,063k BYN (long-term 136,571 → 241,750, short-term 188,981 → 377,313), with the current portion of long-term debt 77,683 → 136,058. Interest payable moved 29,098 → 55,347 and 52,984 was paid over the year.F1.510 · F1.610 · F1.620 · F2.131 · F4.093
- Profit compressed while revenue barely moved (+1.8%): profit on sales fell 33% (295,713 → 196,816k BYN) and net profit 51% (173,540 → 85,788). Sales profitability to revenue moved 14.59% → 9.54% and net profitability 8.56% → 4.16%.F2.060 · F2.210 · F2.010
- Finished goods grew 4.7-fold (61,499 → 291,208k BYN) and inventories doubled (243,346 → 499,512) against revenue growth of 1.8% — working capital is frozen in unsold stock.F1.214 · F1.210 · F2.010
- Receivables grew by 20% (358,084 → 430,690k BYN) and payables to suppliers by 58% (95,793 → 151,322); short-term liabilities grew 68% (434,805 → 731,101).F1.250 · F1.631 · F1.690
- Cash fell by 30% (44,542 → 31,389k BYN); dividends paid were 21,608 against 30 a year earlier — against negative operating cash flow.F1.270 · F4.092 · F4.040
- Investment is growing while profit falls: investments in long-term assets 75,936 → 165,985k BYN, long-term financial investments 169,267 → 229,585 and capital expenditure 76,012 → 89,138.F1.140 · F1.150 · F4.061
- The business remains profitable: net profit of 85,788k BYN and profit tax of 35,700; revenue grew 1.8% (2,026,209 → 2,062,875).F2.210 · F2.160 · F2.010
- Current liquidity is 1.338 against 1.513 a year earlier: short-term assets of 978,098k BYN against short-term liabilities of 731,101.F1.290 · F1.690
- Equity grew by 12% (855,216 → 957,996k BYN): share capital was increased by 33,750, retained earnings by 44,644, and revaluation added 24,386.F1.490 · F1.410 · F1.460 · F1.450
Recommendation
The enterprise is a large cheese-making combine in Slutsk, under state control (99.09% stake), a significant exporter (about two-thirds of revenue in foreign currency) and a backbone regional employer. The scale is large: revenue over BYN 2bn (thousands) and a balance sheet of about BYN 2bn (thousands). The enterprise remains profitable, but over the reporting year its financial condition deteriorated markedly.
Recommendation: Restructuring — the enterprise is operationally viable, stays profitable, has above-norm liquidity and significant export potential, so liquidation is inappropriate. But the balance sheet is unbalanced — negative operating cash flow, doubled debt and overstocking call for intervention: normalizing working capital (selling down warehouse stocks, tightening receivables management), and revising debt and dividend policy. State control and export significance make the enterprise a candidate for recovery under state management rather than immediate privatization: selling an asset with negative operating cash flow and fast-growing debt is premature — stabilization first, then a decision on the form of ownership.
Why restructuring. The key concern is that operations stopped generating cash: operating cash flow turned negative (−193,847k BYN against +87,260 a year earlier). At the same time net profit nearly halved (173,540 → 85,788), the credit load grew 90% (total loans 325,552 → 619,063), and interest expense doubled. The cause of the cash gap is visible on the balance sheet: finished-goods stocks rose almost fivefold (61,499 → 291,208), total inventories doubled, and receivables increased — a significant volume of funds is frozen in unsold product and settlements, and that gap was closed with new borrowing. Dividends paid (40,820) against negative operating cash flow intensify the need for loans.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.