Stolbtsy Meat-Canning Combine
OJSC Stolbtsy Meat-Canning Combine
UNP: 691098545 · 1 Podlesnaya St., Stolbtsy, Minsk Region, 222660
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 16 182 | 12 603 |
| Intangible assets | 130 | 42 |
| Investments in long-term assets | 394 | 375 |
| Long-term financial investments | 9 030 | 9 647 |
| Total Section I (long-term assets) | 25 736 | 22 667 |
| Inventories | 5 315 | 3 928 |
| — materials | 1 871 | 1 714 |
| — work in progress | 609 | 347 |
| — finished goods and merchandise | 2 835 | 1 867 |
| Deferred expenses | 121 | 113 |
| VAT on acquired goods, works, services | 144 | 143 |
| Short-term receivables | 5 016 | 2 767 |
| Cash and cash equivalents | 37 587 | 25 540 |
| Total Section II (short-term assets) | 48 183 | 32 491 |
| BALANCE (assets) | 73 919 | 55 158 |
| Charter capital | 3 891 | 3 891 |
| Additional capital | 6 104 | 5 244 |
| Retained earnings (uncovered loss) | 58 326 | 41 402 |
| Total Section III (equity) | 68 321 | 50 537 |
| Long-term loans and borrowings | — | — |
| Total Section IV (long-term liabilities) | 0 | 0 |
| Short-term loans and borrowings | — | — |
| Short-term payables | 5 598 | 2 521 |
| — to suppliers, contractors, providers | 1 862 | 1 127 |
| — on payroll | 589 | 440 |
| Total Section V (short-term liabilities) | 5 598 | 4 621 |
| BALANCE (equity and liabilities) | 73 919 | 55 158 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Working capital outgrowing revenue: inventories +35% and receivables +81% over the year outpace revenue growth (+25.6%); part of profit is locked in turnover, and operating cash flow (10.3% of revenue) only slightly exceeds the healthy-norm threshold.
- Finished goods in stock grew 1.5× (1,867 → 2,835); if the trend continues, an overstocking risk, still moderate for now.
- No loans or borrowings at all: the enterprise funds its activity from own funds, with zero loan burden in both years.
- High liquidity: current ratio 8.6 against a 1.25 norm; own-working-capital provision 0.88 against a 0.15 norm.
- Cash of 37.6m (51% of the balance sheet) — a stable cash cushion, up 47% over the year.
- Growth on real operating activity: revenue +25.6%, net profit +61.6%, sales profitability up from 11.3% to 15.7%.
- Positive operating cash flow, up 1.7× over the year (9,336 → 15,708); dividends paid consistently and growing.
Recommendation
Stolbtsy Meat-Canning Combine shows a financially healthy profile: a debt-free balance sheet, a current ratio of 8.6 (against a 1.25 norm), revenue up 25.6% and net profit up 61.6% over the year. Sales profitability rose from 11.3% to 15.7%, and operating cash flow is positive at 10.3% of revenue. The cash cushion is 51% of the balance sheet. State ownership is not critical for district-scale meat processing, and the enterprise's financial stability makes it attractive for privatization without any need for state investment. The recommendation is privatization, preserving the profile of a stable enterprise. The only area to watch is inventories and receivables outgrowing revenue: part of profit is locked in turnover, which, if the trend persists, could pressure cash flow.