Naliboki Agro
Open Joint-Stock Company Naliboki Agro
UNP: 691098106 · 1 Gostinnaya St., Naliboki agro-town, Stolbtsy District
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 14 314 | 8 849 |
| Investments in long-term assets | 409 | 2 830 |
| Long-term financial investments | 8 | 8 |
| Total Section I (long-term assets) | 14 731 | 11 687 |
| Inventories | 4 378 | 4 155 |
| — materials | 2 341 | 2 174 |
| — work in progress | 2 037 | 1 981 |
| Deferred expenses | 974 | 703 |
| VAT on acquired goods, works, services | 501 | 415 |
| Short-term receivables | 6 794 | 6 028 |
| Cash and cash equivalents | 16 | 4 |
| Total Section II (short-term assets) | 12 663 | 11 305 |
| BALANCE (assets) | 27 394 | 22 992 |
| Charter capital | 2 985 | 2 985 |
| Additional capital | 7 176 | 6 207 |
| Retained earnings (uncovered loss) | 5 265 | 4 576 |
| Total Section III (equity) | 15 426 | 13 768 |
| Long-term loans and borrowings | 4 198 | 2 452 |
| Long-term lease liabilities | 2 191 | 1 406 |
| Total Section IV (long-term liabilities) | 6 389 | 3 858 |
| Short-term loans and borrowings | 562 | 525 |
| Current portion of long-term liabilities | 7 | 7 |
| Short-term payables | 4 965 | 4 754 |
| — to suppliers, contractors, providers | 3 293 | 3 295 |
| — on taxes and duties | 15 | 11 |
| — on social insurance and security | 4 | 5 |
| — on payroll | 38 | 31 |
| — on lease payments | 962 | 909 |
| — to the owner of property (founders, participants) | 28 | 27 |
| — to other creditors | 625 | 476 |
| Deferred income | 45 | 80 |
| Total Section V (short-term liabilities) | 5 579 | 5 366 |
| BALANCE (equity and liabilities) | 27 394 | 22 992 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Current activities consume cash for the second year running: operating cash flow is −1,102k BYN (−1,700 a year earlier). Over the year 9,824k BYN came in and 10,926 went out.F4.040 · F4.020 · F4.030
- Sales have almost stopped generating profit: profit on sales fell from 786 to 92k BYN, and sales profitability from 9.0% to 1.0%. Cost of sales grew 9.1% (7,847 → 8,564k BYN) while revenue grew 0.5%.F2.060 · F2.010 · F2.020
- The gap is covered by borrowed funds: over the year 2,601k BYN of loans and borrowings were raised against 818 repaid; long-term loans grew from 2,452 to 4,198k BYN, and loans and borrowings overall by 59.9%.F4.081 · F4.091 · F1.510 · F1.610
- Net profit fell from 1,247 to 733k BYN (−41%), and net profitability from 14.2% to 8.3%; the profit was not generated by sales: other operating income is 1,181k BYN against profit on sales of 92.F2.210 · F2.010 · F2.070 · F2.060
- Own-working-capital provision fell from 0.184 to 0.055 — below norm: long-term assets grew from 11,687 to 14,731k BYN, faster than equity (13,768 → 15,426).F1.490 · F1.190 · F1.290
- Lease liabilities are growing: long-term 1,406 → 2,191k BYN, short-term lease payables 909 → 962; 582k BYN went to lease payments over the year.F1.520 · F1.636 · F4.094
- Equity growth over the year (+1,658k BYN) is 60% due to revaluation of long-term assets (988k BYN) rather than earned profit.F1.490 · F2.220
- Cash at year-end is 16k BYN against short-term liabilities of 5,579; dividends are nevertheless being paid (62k BYN).F1.270 · F1.690 · F4.092
- Current liquidity is 2.27 (2.11 a year earlier) — above norm: short-term assets of 12,663k BYN cover short-term liabilities of 5,579.F1.290 · F1.690
- Real equity is positive: share capital of 2,985 and retained earnings of 5,265 give +8,250k BYN; equity of 15,426 is 56% of the balance sheet.F1.410 · F1.460 · F1.490 · F1.300
- The enterprise has been profitable for the second year running and revenue is not declining (8,754 → 8,794k BYN); fixed assets grew from 8,849 to 14,314k BYN, while investments in long-term assets fell from 2,830 to 409.F2.210 · F2.010 · F1.110 · F1.140
Recommendation
OJSC Naliboki Agro is a mixed-farming agricultural enterprise in Stolbtsy District, Minsk Region, with a state share of 82.73%. With stable revenue (8,794k BYN, +0.5%) the enterprise remains profitable (net profit 733k BYN), but the profit is generated by other income rather than by sales, and for the second year running current activities consume more cash than they bring in.
Recommendation: Restructuring — restoring the margin of the core activity and bringing investment in line with what the farm can pay for out of its own cash flow, without further build-up of debt. Privatization is premature in the current state: sales generate almost no profit and cash flow is negative. There are no grounds for liquidation: the enterprise is profitable, liquidity is above norm, and real equity is positive.
Why restructuring. The key fact is negative cash flow from current activities: −1,102k BYN in 2025 and −1,700 a year earlier. The gap is covered by borrowed funds: over the year 2,601k BYN of loans and borrowings were raised against 818 repaid, long-term loans grew from 2,452 to 4,198k BYN, and long-term lease liabilities from 1,406 to 2,191. At the same time the core activity weakened: cost of sales grew 9.1% while revenue grew 0.5%, and profit on sales fell from 786 to 92k BYN (sales profitability 1.0% versus 9.0%); net profit comes from other operating income — 1,181k BYN. Own-working-capital provision fell from 0.184 to 0.055: long-term assets are growing faster than equity, and 60% of the growth in equity itself is due to revaluation. There is still a safety margin: current liquidity is 2.27, equity is 56% of the balance sheet, and real equity is positive (+8,250k BYN). The enterprise is not in crisis, but it finances its current activities and investment with borrowed funds; the task of restructuring is to restore positive cash flow from current activities while that margin remains.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.