Borisov Plant of Medical Preparations (BZMP)
OJSC Borisov Plant of Medical Preparations
UNP: 600125834 · 64 Chapaeva St., Borisov, Minsk Region, 222518
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 339 507 | 285 785 |
| Intangible assets | 4 341 | 3 374 |
| Income-bearing investments in tangible assets | 15 161 | 13 627 |
| Investments in long-term assets | 101 155 | 102 241 |
| Long-term financial investments | 82 | 82 |
| Total Section I (long-term assets) | 460 260 | 405 123 |
| Inventories | 143 879 | 123 095 |
| — materials | 106 133 | 98 868 |
| — work in progress | 7 222 | 9 720 |
| — finished goods and merchandise | 30 524 | 14 507 |
| Deferred expenses | 347 | 255 |
| VAT on acquired goods, works, services | 755 | 54 |
| Short-term receivables | 94 051 | 83 209 |
| Cash and cash equivalents | 34 620 | 24 932 |
| Total Section II (short-term assets) | 273 652 | 231 545 |
| BALANCE (assets) | 733 912 | 636 668 |
| Charter capital | 167 990 | 167 990 |
| Reserve capital | 8 389 | 7 364 |
| Additional capital | 219 573 | 191 864 |
| Retained earnings (uncovered loss) | 184 810 | 155 766 |
| Total Section III (equity) | 580 762 | 522 984 |
| Long-term loans and borrowings | 97 842 | 55 377 |
| Total Section IV (long-term liabilities) | 115 019 | 69 322 |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | 7 425 | 4 392 |
| Short-term payables | 29 987 | 39 277 |
| — to suppliers, contractors, providers | 19 421 | 30 182 |
| — on payroll | 4 115 | 3 679 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 38 131 | 44 362 |
| BALANCE (equity and liabilities) | 733 912 | 636 668 |
Computed metrics
Integrity checks
Checks passed: 1 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Margin compression: net profitability fell from 12.3% to 8.1% (−4.2 pp) and sales profitability from 18.5% to 15.9%; net profit dropped 36% (from 47,809 to 30,671k BYN) on near-flat revenue.
- Revenue fell 2.2% year-on-year (387,939 → 379,257k BYN) — for a pharmaceutical producer, stagnating sales amid rising cost of sales and other expenses.
- Long-term loans grew 77% (from 55,377 to 97,842k BYN) — a rising debt load against falling profit; servicing is comfortable for now thanks to strong liquidity.
- Very high liquidity: current ratio 7.18 (norm 1.25), no short-term loans; own-working-capital provision 0.44 (norm 0.15).
- Powerful capital base: equity of 580,762k BYN (79% of the balance sheet), real equity positive with a wide margin, covering long-term assets.
- The enterprise is profitable: net profit 30,671k BYN, total comprehensive income 60,111k BYN; continues to pay dividends.
- Unmodified audit opinion, with no qualifications or key audit matters; no overdue obligations.
Recommendation
OJSC Borisov Plant of Medical Preparations retains a solid financial position for 2025, but with a marked weakening of operating momentum. The balance sheet is strong: equity is 79% of total assets, liquidity is several times above norms (current ratio 7.18; own-working-capital provision 0.44), there are no short-term bank loans, no overdue obligations, and the audit is unmodified. At the same time profitability has compressed: net profitability from 12.3% to 8.1%, net profit down 36% on revenue that fell 2.2%; long-term loans grew 77%. Together this signals cost pressure and stagnating sales against a still-present but shrinking margin of safety. The financial condition allows privatization: the enterprise is profitable, well capitalized, and does not need state capital to cover weakness. However, pharmaceutical production is a sector sensitive to national interests (drug security), and whether to assign it to strategic retention or to privatization with protective conditions is an open methodological question that goes beyond finances alone. The recommendation is made on incomplete public disclosure (the balance sheet and income statement are available; the statements of changes in equity and of cash flows are not publicly published), so it carries medium confidence and is subject to confirmation once the full set of statements appears.