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 grows faster than revenue: inventories F1.210 3,928 → 5,315 (+35.3%) and receivables F1.250 2,767 → 5,016 (+81.3%) against revenue F2.010 +25.6%. Meanwhile receipts from customers F4.021 fell 175,025 → 167,712 — cash arrives more slowly than revenue is booked.F1.210 · F1.250 · F2.010 · F4.021
- Finished goods F1.214 1,867 → 2,835 (+51.8%) grow faster than revenue; the stock is still moderate relative to turnover.F1.214 · F2.010
- There are no loans or borrowings in either year: all liabilities are short-term payables F1.630 5,598, equal to the F1.690 total.F1.630 · F1.690
- Current ratio 8.61 (F1.290 48,183 / F1.690 5,598) against 7.03 a year earlier; own working capital (F1.490 68,321 − F1.190 25,736) / F1.290 = +0.88 against +0.86 a year earlier.F1.290 · F1.690 · F1.490 · F1.190
- Cash F1.270 25,540 → BYN 37,587k (+47.2%) — 51% of the balance sheet F1.300 73,919.F1.270 · F1.300
- Revenue F2.010 121,127 → 152,106 (+25.6%), profit on sales F2.060 13,660 → 23,898 (+75.0%), net profit F2.210 11,498 → 18,578 (+61.6%); sales profitability 11.28 → 15.71%.F2.010 · F2.060 · F2.210
- Operating cash flow F4.040 9,336 → BYN 15,708k (×1.7); dividends F4.092 1,106 → 2,016 against net profit F2.210 18,578 — 11% of the result.F4.040 · F4.092 · F2.210
Recommendation
Stolbtsy Meat-Canning Combine shows a financially healthy profile: a debt-free balance sheet, a current ratio of 8.61 against the declared 1.0 threshold (up from 7.03), revenue up 25.6% and net profit up 61.6% over the year.
Recommendation: Privatization — preserving the profile of a financially strong enterprise. 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.
Why privatization. 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. 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.
Confidence: HIGH. All 6 cross-form consistency checks pass.