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 F2.090 70 → −13k BYN; net profit F2.210 4k BYN (0.07% of revenue F2.010 5,609) rests on investment income F2.100 165.F2.090 · F2.210 · F2.010 · F2.100
- Negative own working capital: −10.79 = (F1.490 3,855 − F1.190 17,912) / F1.290 1,303. Long-term assets exceed equity several times over; the gap is closed by deferred income F1.540 13,978 — by the criterion this is the red zone, while the source of coverage is long-term and is not a loan.F1.490 · F1.190 · F1.290 · F1.540
- The balance sheet rests on funds outside equity: deferred income F1.540 2,450 → 13,978k BYN — 73% of total assets F1.300 19,215; the growth of fixed assets F1.110 6,397 → 17,912 was funded by them, while equity F1.490 was unchanged (3,856 → 3,855).F1.540 · F1.300 · F1.110 · F1.490
- Administrative expenses F2.040 1,017k BYN — 18% of revenue F2.010 5,609; they absorb almost all of gross profit F2.030 1,371, leaving F2.060 354 from sales.F2.040 · F2.010 · F2.030 · F2.060
- Dividends exceed earnings: F4.092 13k BYN paid (7 a year earlier) against net profit F2.210 4k BYN — three times the annual result was distributed.F4.092 · F2.210
- Current liquidity above the norm: F1.290 1,303 / F1.690 951 = 1.37 — current assets cover current liabilities.F1.290 · F1.690
- Revenue grew: F2.010 4,223 → 5,609k BYN (+33%), gross profit F2.030 1,091 → 1,371.F2.010 · F2.030
- Operating cash flow is positive: F4.040 444 → 319k BYN; there are no loans or borrowings in either period, the only interest-bearing item is the lease F1.520 431.F4.040 · F1.520
Recommendation
Nesvizh PMK-23 is a small construction company (total assets 19.2m BYN) with a 95.47% state share.
Recommendation: 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.
Why restructuring. 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.
Confidence: MEDIUM. All 6 cross-form consistency checks pass.