Pukhovichi Grain Products Combine (animal feed)

OJSC Pukhovichi Grain Products Combine

UNP: 600124787 · Maryina Gorka, Minsk Region

Oblast-levelPrivatization

Identification

UNP600124787

OKED10910 — manufacture of prepared feeds for farm animals

Legal formOJSC

Governing bodyOblast-level communal ownership (minority state stake)

State share12.27%

AddressMaryina Gorka, Minsk Region

Websitewww.kombikormkhp.by

Financial statements

k BYN

Line item	Reporting year	Prior year
Fixed assets	69 980	68 388
Intangible assets	34	50
Investments in long-term assets	594	587
Long-term financial investments	8 570	8 570
Long-term receivables	5 804	8 608
Total Section I (long-term assets)	84 982	86 203
Inventories	21 378	14 055
— materials	19 769	11 346
— animals being raised and fattened	682	1 605
— finished goods and merchandise	927	1 104
Deferred expenses	510	509
VAT on acquired goods, works, services	532	313
Short-term receivables	56 043	65 125
Short-term financial investments	420	385
Cash and cash equivalents	103	116
Total Section II (short-term assets)	78 990	80 506
BALANCE (assets)	163 972	166 709
Charter capital	56 743	56 743
Reserve capital	460	460
Additional capital	30 905	24 705
Retained earnings (uncovered loss)	9 352	10 934
Чистая прибыль (убыток) отчётного периода	7 193	—
Total Section III (equity)	104 653	92 842
Long-term loans and borrowings	15 107	19 824
Отложенные налоговые обязательства	792	947
Total Section IV (long-term liabilities)	15 899	20 771
Short-term loans and borrowings	5 825	7 293
Current portion of long-term liabilities	5 296	3 400
Short-term payables	32 299	42 403
— to suppliers, contractors, providers	21 845	33 526
— on payroll	317	264
— to the owner of property (founders, participants)	1 547	398
Total Section V (short-term liabilities)	43 420	53 096
BALANCE (equity and liabilities)	163 972	166 709

Computed metrics

Current ratio

1.819

Prior: 1.516(+20%)

F1.290 / F1.690

Absolute liquidity

0.012

Prior: 0.009

(F1.260 + F1.270) / F1.690

Own working capital ratio

0.249

Prior: 0.082(+203.7%)

(F1.490 - F1.190) / F1.290

Sales profitability

14.96%

Prior: 21.36%(-6.4 pp)

F2.060 / F2.010 × 100%

Net profitability

11.94%

Prior: 13.3%(-1.36 pp)

F2.210 / F2.010 × 100%

Revenue dynamics

1.32%

(F2.010_N / F2.010_N-1) - 1

Debt dynamics

-22.81%

(F1.510 + F1.610)_N / (F1.510 + F1.610)_N-1 - 1

Debt load

0.473

Prior: 0.522

(F1.590 + F1.690) / (F1.590 + F1.690 + F1.410 + F1.460)

Operating cash-flow margin

2.91%

Prior: 1.29%

F4.040 / F2.010 × 100%

Integrity checks

Checks passed: 6 of 6

✓Balance sheet balances (assets = liabilities)

✓Cash-flow integrity

✓Cash-flow residuals

✓Cash position

✓Capital transition

✓Profit consistency

Signals

Yellow flags

Margin compression: sales profitability fell from 21.4% to 15.0% (−6.4 pp) and net profitability from 13.3% to 11.9% (−1.4 pp). Cost of sales rose 8.8% while revenue grew only 1.3% — cost inflation outpaces pricing.F2.060 · F2.010 · F2.020
High receivables: short-term receivables of 56,043k BYN — almost a full year of revenue (93% of 60,235); although down from 65,125 over the year, they remain a large block of frozen working capital.F1.250 · F2.010
Low cash cushion: cash of 103k BYN against short-term liabilities of 43,420k BYN — covering current payments relies on a continuous revenue inflowF1.270 · F1.690
Inventories up 52.1% (F1.210 14,055 → 21,378): the entire increase sits in materials 11,346 → 19,769 while finished goods fell 1,104 → 927 — working capital is tied up in raw materialsF1.210 · F1.211 · F1.214

Green signals

Stable profitability: net profit 7,193k BYN (2024: 7,908), solidly positive for a second year.F2.210
Liquidity above the 1.0 threshold: current ratio 1.82 (F1.290 78,990 / F1.690 43,420), up from 1.52 a year earlierF1.290 · F1.690
Falling credit load: total loans and borrowings cut 22.8% (long-term 19,824 → 15,107, short-term 7,293 → 5,825).F1.510 · F1.610
Positive operating cash flow: 1,755k BYN, up from 765 a year earlier.F4.040
Dividends paid and growing: F4.092 265 → 384k BYN; equity building up 92,842 → 104,653F4.092 · F1.490

Recommendation

Suggested outcome

Privatization

Category

Stable

Health score

1.16

Confidence level

Medium

The enterprise is an animal-feed producer in Maryina Gorka, with a minority state stake (12.27%) in its charter fund and a wide shareholder base (501).

Recommendation: Privatization — subject to preconditions: the enterprise is operationally viable and does not need state investment, but the margin squeeze must be resolved before the asset is brought to sale. The minority state stake (12.27%) does not confer control, which simplifies a later exit.

Why privatization. On its own financials it is stable: net profit has been positive for a second consecutive year (7,193k BYN), liquidity is above the 1.0 threshold (current ratio 1.82), the credit load was cut by almost a quarter over the year, operating cash flow is positive and growing, and dividends are paid and rising. At the same time there is margin compression (sales profitability fell 6.4 pp over the year as cost of sales grew faster) and large receivables of almost a full year's revenue.

Confidence: MEDIUM. All 6 cross-form consistency checks pass.