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
- Negative own working capital: −0.33 — long-term assets F1.190 38,816 exceed equity F1.490 28,266, the gap financed by debtF1.190 · F1.490 · F1.290
- Short-term coverage is held up by a line transfer: deferred income moved from short-term to long-term — F1.650 12,868 → 835, while F1.540 was absent a year earlier and now stands at 10,938. Without the transfer the current ratio would be 0.77 instead of 1.04F1.650 · F1.540 · F1.290 · F1.690
- Rising short-term debt: short-term loans and borrowings 11,072 → 13,924 (+26%); total loan debt +8% over the year on falling revenue.F1.610 · F1.510
- 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.F2.010 · F2.060 · F2.121 · F2.132
- 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).F2.060 · F2.130 · F2.140
- Operating cash flow returned to positive: +1,703 against −4,192 a year earlier — operations again generate cash.F4.040
- Net profit is positive and grew: F2.210 1,037 → 1,205, with positive profit on sales 3,161 and on current operations 2,371F2.210 · F2.060 · F2.090
- Long-term debt cut (2,503 → 767); investment spending sharply reduced (8,250 → 897) — the 2024 capital-spending peak is past.F1.510 · F4.060
- Equity grows on real retained earnings (6,387 → 6,938) on top of revaluation.F1.460
Recommendation
A producer of lighting equipment within the Avtokomponenty holding (management company OJSC BATE). The enterprise is operationally alive and profitable at the sales, current-operations and bottom-line levels: 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.
Recommendation: Restructuring. 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, liquidity without headroom, 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.
Why restructuring. 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 of 1.04 leaves no headroom and is held up by the transfer of deferred income into long-term liabilities. 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.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.