Slutsk Bakery
OJSC Slutsk Bakery
UNP: 600154157 · 3 Zavodskaya St., Slutsk, Minsk Region, 223610
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 20 155 | 17 241 |
| Intangible assets | 417 | 409 |
| Investments in long-term assets | 221 | 352 |
| Total Section I (long-term assets) | 20 793 | 18 002 |
| Inventories | 4 420 | 3 767 |
| — materials | 3 393 | 2 838 |
| — finished goods and merchandise | 1 027 | 929 |
| Deferred expenses | 119 | 50 |
| VAT on acquired goods, works, services | 26 | 27 |
| Short-term receivables | 12 790 | 10 626 |
| Cash and cash equivalents | 10 608 | 6 677 |
| Total Section II (short-term assets) | 27 963 | 21 147 |
| BALANCE (assets) | 48 756 | 39 149 |
| Charter capital | 807 | 807 |
| Reserve capital | 14 | 14 |
| Additional capital | 11 211 | 9 334 |
| Retained earnings (uncovered loss) | 21 231 | 14 388 |
| Total Section III (equity) | 33 263 | 24 543 |
| Long-term loans and borrowings | 113 | 2 657 |
| Total Section IV (long-term liabilities) | 113 | 2 657 |
| Short-term loans and borrowings | 4 864 | 5 102 |
| Current portion of long-term liabilities | 27 | 91 |
| Short-term payables | 10 489 | 6 756 |
| — to suppliers, contractors, providers | 7 792 | 4 732 |
| — on payroll | 1 168 | 874 |
| — on lease payments | 153 | 161 |
| Total Section V (short-term liabilities) | 15 380 | 11 949 |
| BALANCE (equity and liabilities) | 48 756 | 39 149 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Short-term payables up 55% (from 6,756 to 10,489k BYN), mainly to suppliers (+65%): working-capital expansion is partly financed by trade credit.
- Overdue receivables grew by 332k BYN (from 2,439 to 2,771k BYN), including advances paid to suppliers for inventory.
- Structural dependence on the state order: short-term borrowing is taken to settle with farmers for harvest grain supplied for national needs; state-order grain receivables are rising.
- Strong liquidity: current ratio 1.82 against a 1.25 norm; own-working-capital provision 0.45 against a 0.15 norm.
- Operating cash flow positive and strong: 11,961k BYN, a 12.9% margin on revenue.
- Growth on real activity: revenue +33.9% year-on-year (69,284 → 92,768k BYN), confirmed by rising cash receipts from customers (76,603 → 103,352k BYN).
- Net profit 7,859k BYN (+63.9% year-on-year), net profitability 8.5%, sales profitability 14.1%.
- Falling debt load: loans and borrowings −35.9% year-on-year; long-term debt cut from 2,657 to 113k BYN.
- Dividends paid (1,116k BYN) — sustained capacity to distribute profit; overdue obligations near zero.
Recommendation
OJSC Slutsk Bakery shows a stable financial position for 2025. Liquidity comfortably exceeds norms (current ratio 1.82; own-working-capital provision 0.45), operating cash flow is strong (11,961k BYN, 12.9% of revenue), sales profitability is 14.1% and net profitability 8.5%. Revenue grew 33.9% with a comparable rise in cash receipts from customers, pointing to real operating momentum rather than revaluation. The debt load is shrinking (loans −35.9%, long-term debt almost fully repaid), overdue obligations are near zero, and equity covers long-term assets. The enterprise pays dividends consistently. Bread and bakery production is not among the sectors strategically critical for state ownership: the market is competitive (resident producers and imports are present in confectionery), and the enterprise's financial health is high. Privatization is recommended — sale of the communal stake (50.10%) with social obligations preserved. Open transition-period questions are clarifying the ownership level (communal stake under sectoral oversight) and the terms for preserving the grain state order.