Nesvizh PMK-23
OJSC Nesvizh PMK-23
UNP: 691875189 · 6 Snovskaya St., Nesvizh, Minsk Oblast 223600
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 17 912 | 6 397 |
| Other long-term assets | — | 12 |
| Total Section I (long-term assets) | 17 912 | 6 409 |
| Inventories | 420 | 573 |
| — materials | 342 | 352 |
| — work in progress | 78 | 221 |
| Deferred expenses | 9 | 76 |
| VAT on acquired goods, works, services | 469 | 386 |
| Short-term receivables | 292 | 423 |
| Cash and cash equivalents | 113 | 251 |
| Total Section II (short-term assets) | 1 303 | 1 709 |
| BALANCE (assets) | 19 215 | 8 118 |
| Charter capital | 794 | 794 |
| Additional capital | 3 043 | 3 047 |
| Retained earnings (uncovered loss) | 18 | 15 |
| Total Section III (equity) | 3 855 | 3 856 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 431 | 430 |
| Deferred income | 13 978 | 2 450 |
| Total Section IV (long-term liabilities) | 14 409 | 2 880 |
| Short-term loans and borrowings | — | — |
| Short-term payables | 951 | 1 347 |
| — to suppliers, contractors, providers | 402 | 763 |
| — on payroll | 129 | 119 |
| — on lease payments | 268 | 281 |
| Total Section V (short-term liabilities) | 951 | 1 382 |
| BALANCE (equity and liabilities) | 19 215 | 8 118 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Core (operating) activity is loss-making: profit from current activity −13k BYN; net profit is token (0.07% of revenue) and rests solely on other and investment income
- The balance sheet is heavily dependent on state targeted financing: deferred income 13,978k BYN — 73% of total assets; the doubling of fixed assets (6,397 → 17,912) was funded by state support, not equity
- Administrative expenses 1,017k BYN — 18% of revenue; they almost entirely absorb gross profit (1,371k BYN)
- Working capital is negative: long-term assets exceed equity several times over; coverage is provided by long-term targeted financing rather than real distress
- Current liquidity 1.37 — above the norm; current assets cover current liabilities
- Revenue grew 33% year on year (4,223 → 5,609k BYN)
- Operating cash flow is positive (+319k BYN); no loans or borrowings
- Dividends are accrued and paid (12.5k BYN)
Recommendation
Nesvizh PMK-23 is a small construction company (total assets 19.2m BYN) with a 95.47% state share. The enterprise is solvent (current liquidity 1.37, no loans or borrowings) and formally profitable, but its financial health rests on two artificial supports. First, the core (current) activity is loss-making: profit from current activity was −13k BYN, and the bottom-line net profit (4k BYN, 0.07% of revenue) is provided by other and investment income, not the core business. Second, the doubling of fixed assets over the year (6,397 → 17,912k BYN) was funded by state targeted financing: deferred income rose from 2,450 to 13,978k BYN and makes up 73% of total assets.
The recommendation is restructuring. The enterprise is operationally viable (revenue up 33%, positive operating cash flow), but its cost structure is unbalanced (administrative expenses at 18% of revenue almost entirely consume gross profit), and its dependence on state support is too great to be sustainable without it. Operational optimization and a reduced reliance on targeted financing are required before the enterprise can be considered a privatization candidate.