Minsk PLA
OJSC Minsk Production Leather Association
UNP: 600208238 · Gatovo agro-town, Minsk District, Minsk Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 54 273 | 49 786 |
| Intangible assets | 125 | 153 |
| Investments in long-term assets | 5 016 | 5 608 |
| Long-term financial investments | 14 | 14 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 59 429 | 55 562 |
| Inventories | 55 609 | 43 254 |
| — materials | 13 575 | 12 140 |
| — work in progress | 13 397 | 9 355 |
| — finished goods and merchandise | 28 637 | 21 759 |
| — goods shipped | — | — |
| Deferred expenses | 213 | 175 |
| VAT on acquired goods, works, services | 248 | 142 |
| Short-term receivables | 7 739 | 9 028 |
| Short-term financial investments | — | 3 |
| Cash and cash equivalents | 602 | 1 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 64 411 | 52 603 |
| BALANCE (assets) | 123 840 | 108 165 |
| Charter capital | 19 545 | 19 545 |
| Reserve capital | — | — |
| Additional capital | 24 381 | 20 562 |
| Retained earnings (uncovered loss) | 16 794 | 17 405 |
| Total Section III (equity) | 60 720 | 57 512 |
| Long-term loans and borrowings | 7 715 | 7 458 |
| Long-term lease liabilities | — | — |
| Deferred income | 13 467 | 15 006 |
| Total Section IV (long-term liabilities) | 21 186 | 22 467 |
| Short-term loans and borrowings | 2 800 | 1 005 |
| Current portion of long-term liabilities | 6 609 | 4 963 |
| Short-term payables | 31 498 | 21 070 |
| — to suppliers, contractors, providers | 29 011 | 18 883 |
| — on payroll | 920 | 890 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 41 934 | 28 186 |
| BALANCE (equity and liabilities) | 123 840 | 108 165 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Profitability collapsed: net profit F2.210 3,377 → BYN 293k (−91.3%), pre-tax profit F2.150 4,509 → 618; net profitability F2.210/F2.010 5.72% → 0.49%.F2.210 · F2.150 · F2.010
- Credit debt grew by a quarter: F1.510+F1.610 7,458 + 1,005 = 8,463 → 7,715 + 2,800 = BYN 10,515k (+24.3%), with short-term loans nearly tripling. The current portion of long-term liabilities F1.620 also rose 4,963 → 6,609; interest paid F4.093 719 → 711.F1.510 · F1.610 · F1.620 · F4.093
- Operating cash flow is negative for the second year running: F4.040 −1,630 → −BYN 2,049k against revenue F2.010 60,319, a ratio to revenue of −2.76% → −3.40%. The gap is closed by financing: the financing result F4.100 109 → 3,060.F4.040 · F2.010 · F4.100
- Supplier settlements are being stretched: payables to suppliers F1.631 18,883 → BYN 29,011k (+53.6%) against total payables F1.630 21,070 → 31,498 — these became the main source of funding for working capital.F1.631 · F1.630
- Liquidity is falling: F1.290 64,411 / F1.690 41,934 = 1.54 against 1.87 a year earlier (−17.7%) — short-term liabilities grew faster than current assets (F1.690 28,186 → 41,934 against F1.290 52,603 → 64,411).F1.290 · F1.690
- Own working capital cover is critically thin: (F1.490 60,720 − F1.190 59,429) / F1.290 64,411 = 0.020 against 0.037 a year earlier — equity covers long-term assets with almost nothing to spare.F1.490 · F1.190 · F1.290
- Sales margin is compressing: profit on sales F2.060 5,123 → BYN 2,784k, sales profitability F2.060/F2.010 8.67% → 4.62%. Cost of sales F2.020 −50,144 → −53,090 and other current-activity expenses F2.080 −17,413 → −21,563 grew faster than revenue.F2.060 · F2.010 · F2.020 · F2.080
- Inventories are building up: F1.210 43,254 → BYN 55,609k (+28.6%), including finished goods F1.214 21,759 → 28,637 and work in progress F1.213 9,355 → 13,397 — while revenue rose only 2.1%.F1.210 · F1.214 · F1.213 · F2.010
- Revenue is nearly flat: F2.010 59,077 → BYN 60,319k (+2.1%); receipts from customers F4.021 61,255 → 61,640 (+0.6%).F2.010 · F4.021
- The current ratio stays above one: F1.290 64,411 / F1.690 41,934 = 1.54 — short-term liabilities are covered by current assets.F1.290 · F1.690
- Real equity is positive: F1.410 19,545 + F1.460 16,794 = BYN 36,339k against a total F1.490 60,720; revaluation (additional capital F1.450 24,381) is a noticeable but not dominant part of it. The earned base is shrinking, however: F1.460 17,405 → 16,794 with net profit F2.210 of only 293 — more was distributed than earned.F1.410 · F1.460 · F1.490 · F1.450 · F2.210
- Short-term receivables are falling: F1.250 9,028 → BYN 7,739k. The cash position recovered: F1.270 1 → 602, closing balance F4.130 602.F1.250 · F1.270 · F4.130
Recommendation
This leather-industry enterprise (tanning and dressing of leather) with near-full state participation faced a sharp contraction of profitability in 2025.
Recommendation: Restructuring — remediation of the cost and debt structure while preserving the viable production core — rather than privatization (the negative profit trajectory is unattractive to a buyer) or liquidation (the enterprise is solvent).
Why restructuring. With nominal revenue growth of 2.1%, net profit collapsed 91% (from 3,377 to 293k), and net profitability fell almost to zero (0.49%). The cause is the outpacing growth of costs: cost of sales grew 5.9%, other current expenses 23.8%. At the same time the credit load grew (total credit debt +24.25%, short-term loans almost tripled), payables to suppliers jumped 54%, and operating cash flow remained negative (−2,049k). Yet the balance sheet structurally retains stability: current liquidity of 1.54 is above the norm, real equity is positive and does not rest on revaluation, and bankruptcy risk is assessed as low.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.