Rudensk
OJSC Rudensk
UNP: 600124825 · Rudensk urban settlement, Minsk Region
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 35 854 | 32 184 |
| Intangible assets | 1 036 | — |
| Investments in long-term assets | 1 926 | 4 185 |
| Deferred tax assets | — | 189 |
| Total Section I (long-term assets) | 38 816 | 36 558 |
| Inventories | 17 996 | 17 535 |
| — materials | 9 997 | 11 372 |
| — work in progress | 3 472 | 2 454 |
| — finished goods and merchandise | 4 527 | 3 709 |
| Deferred expenses | 76 | 697 |
| VAT on acquired goods, works, services | 40 | 121 |
| Short-term receivables | 12 999 | 11 929 |
| Cash and cash equivalents | 650 | 394 |
| Other short-term assets | 18 | 8 |
| Total Section II (short-term assets) | 31 779 | 30 684 |
| BALANCE (assets) | 70 595 | 67 242 |
| Charter capital | 2 884 | 2 884 |
| Reserve capital | 1 806 | 1 140 |
| Additional capital | 16 638 | 15 410 |
| Retained earnings (uncovered loss) | 6 938 | 6 387 |
| Total Section III (equity) | 28 266 | 25 821 |
| Long-term loans and borrowings | 767 | 2 503 |
| Deferred income | 10 938 | — |
| Total Section IV (long-term liabilities) | 11 705 | 2 503 |
| Short-term loans and borrowings | 13 924 | 11 072 |
| Current portion of long-term liabilities | 2 072 | 1 959 |
| Short-term payables | 13 793 | 13 019 |
| — to suppliers, contractors, providers | 8 651 | 7 548 |
| — on advances received | 2 612 | 2 847 |
| — on taxes and duties | 410 | 359 |
| — on payroll | 1 043 | 982 |
| Deferred income | 835 | 12 868 |
| Total Section V (short-term liabilities) | 30 624 | 38 918 |
| BALANCE (equity and liabilities) | 70 595 | 67 242 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- No own working capital: own-working-capital provision −0.33 — long-term assets (38,816) exceed equity (28,266), and the gap is financed by debt. Current ratio 1.04 is below the 1.25 norm.
- Rising short-term debt: short-term loans and borrowings 11,072 → 13,924 (+26%); total loan debt +8% over the year on falling revenue.
- Revenue is falling −5.7% (52,745 → 49,741) and profit on sales is compressing 4,283 → 3,161; net-profit growth rests on FX gains rather than core activity.
- Profit on sales (3,161) is less than interest and FX costs in financing activity (−4,157): operating profit does not cover debt-service cost, and the investment-plus-financing result is negative (−368).
- Operating cash flow returned to positive: +1,703 against −4,192 a year earlier — operations again generate cash.
- Net profit is positive and grew (1,037 → 1,205); the enterprise is profitable at every level of the income statement.
- Long-term debt cut (2,503 → 767); investment spending sharply reduced (8,250 → 897) — the 2024 capital-spending peak is past.
- Equity grows on real retained earnings (6,387 → 6,938) on top of revaluation.
Recommendation
A producer of lighting equipment within the Avtokomponenty holding (management company OJSC BATE). The enterprise is operationally alive and profitable at every level: gross profit 7,749k BYN, profit on sales 3,161k BYN, net profit 1,205k BYN, up year-on-year. Operating cash flow returned to positive territory (+1,703k BYN against −4,192 a year earlier), indicating a recovery of operating generation after an investment-heavy 2024.
At the same time the financing structure is unbalanced. Long-term assets (38,816k BYN) exceed equity (28,266k BYN), so own working capital is negative (provision −0.33) and the current ratio (1.04) stays below norm. The gap is covered by loans, with short-term loan debt rising over the year (11,072 → 13,924k BYN) against falling revenue (−5.7%) and compressing profit on sales. Profit from the core business no longer covers debt-service cost: the investment-and-financing result is negative, and the 2025 net-profit growth came mainly from FX gains rather than operating margin.
Restructuring is recommended. The business is operationally viable and does not warrant liquidation, but privatization in its current form is premature: the capital structure (negative own working capital, below-norm liquidity, rising short-term debt) calls for balance-sheet recovery — lengthening debt maturities, rebuilding own working capital, and restoring pricing discipline under cost inflation. Once the structure stabilizes, this holding-profile enterprise becomes a privatization candidate; the decision is best taken in coordination with the Avtokomponenty holding, since Rudensk is its subsidiary production asset.