Pukhovichi Grain Products Combine (animal feed)
OJSC Pukhovichi Grain Products Combine
UNP: 600124787 · Maryina Gorka, Minsk Region
Identification
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
Integrity checks
Checks passed: 6 of 6
Signals
- Unresolved bond default: per disclosure-portal monitoring, a chronic unredeemed bond issue (about USD 43k, since August 2021, two holders, with monthly non-performance reporting). On a sale the buyer inherits the obligation; the current status should be checked against the source before the card is closed.
- 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.
- 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.
- Low absolute liquidity: cash of 103k BYN against short-term liabilities of 43,420k BYN (absolute-liquidity ratio 0.01 against a 0.2 norm); the enterprise depends on a continuous revenue inflow to cover current payments.
- Stable profitability: net profit 7,193k BYN (2024: 7,908), solidly positive for a second year.
- Liquidity above norm: current ratio 1.82 (norm ≥1.25), up from 1.52 a year earlier.
- Falling debt load: total loans and borrowings cut 22.8% (long-term 19,824 → 15,107, short-term 7,293 → 5,825).
- Positive operating cash flow: 1,755k BYN, up from 765 a year earlier.
- Dividends paid and growing: 6.03 BYN per ordinary share against 2 BYN a year earlier; equity is building up.
Recommendation
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). On its own financials it is stable: net profit has been positive for a second consecutive year (7,193k BYN), liquidity is above norm (current ratio 1.82), the debt load was cut by almost a quarter over the year, operating cash flow is positive and growing, and dividends are paid and rising. The enterprise's own solvency ratios (K1 1.82, provision K2 0.45) confirm financial soundness.
Yet a material encumbrance hangs over the picture: an unresolved bond default that has lasted, per disclosure-portal monitoring, about five years (since 2021, around USD 43k, two holders). Although the amount is small relative to the scale of the balance sheet, the very fact of multi-year non-performance is a signal the buyer would inherit and that requires explanation — a dispute, a technical default, or inability to pay. In parallel 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.
Restructuring is recommended: the enterprise is operationally viable and does not need state investment, but the unredeemed bond obligation and the margin squeeze must be resolved before the asset can be taken to privatization. The specific status of the bond default should be verified against the current source — whether restructuring of the obligation is enough or deeper intervention is needed depends on its nature. The minority state stake (12.27%) does not confer control, which simplifies a later exit, but resolving the bond encumbrance is a precondition.