Belarusian Cement Plant
OJSC Belarusian Cement Plant
UNP: 700002051 · 117 Yunosheskaya St., Kostyukovichi, Mogilev Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 1 508 921 | 1 340 772 |
| Intangible assets | 448 | 162 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 41 215 | 6 261 |
| Long-term financial investments | 9 486 | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 1 598 898 | 1 376 272 |
| Inventories | 200 716 | 172 073 |
| — materials | 125 531 | 101 028 |
| — work in progress | 48 932 | 38 949 |
| — finished goods and merchandise | 11 966 | 15 123 |
| — goods shipped | — | — |
| Deferred expenses | 916 | 176 372 |
| VAT on acquired goods, works, services | 12 773 | 1 302 |
| Short-term receivables | 27 493 | 17 807 |
| Short-term financial investments | 2 913 | 637 |
| Cash and cash equivalents | 995 | 283 |
| Other short-term assets | 988 | 455 |
| Total Section II (short-term assets) | 246 794 | 368 929 |
| BALANCE (assets) | 1 845 692 | 1 745 201 |
| Charter capital | 606 543 | 169 320 |
| Reserve capital | 222 | 222 |
| Additional capital | 574 590 | 824 371 |
| Retained earnings (uncovered loss) | -298 972 | -254 628 |
| Total Section III (equity) | 882 383 | 739 285 |
| Long-term loans and borrowings | 107 321 | 98 935 |
| Long-term lease liabilities | 49 793 | 1 958 |
| Deferred income | 24 394 | 19 414 |
| Other long-term liabilities | 593 988 | 710 734 |
| Total Section IV (long-term liabilities) | 775 496 | 831 046 |
| Short-term loans and borrowings | 59 718 | 58 675 |
| Current portion of long-term liabilities | 9 854 | 36 858 |
| Short-term payables | 115 498 | 77 352 |
| — to suppliers, contractors, providers | 67 810 | 36 648 |
| — on payroll | 3 888 | 3 741 |
| — on lease payments | 15 341 | 605 |
| Total Section V (short-term liabilities) | 187 813 | 174 870 |
| BALANCE (equity and liabilities) | 1 845 692 | 1 745 201 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net loss for the second year running: −44,213k BYN (2025), −43,300 (2024); accumulated uncovered loss reached −298,972k BYN.
- Negative working-capital ratio: coefficient −2.90 — long-term assets (1,598,898) substantially exceed equity (882,383), the gap financed by long-term liabilities.
- Heavy foreign-currency debt load: financial-activity expenses 223,771k BYN, of which exchange-rate differences 202,289 — these are what form the loss; long-term liabilities 775,496, including other long-term 593,988.
- Current liquidity fell from 2.11 to 1.31 (remains above the norm of 1.25), cash is minimal (995k BYN); lease obligations rose sharply.
- Operating activity is profitable: profit on sales 27,407k BYN (sales profitability 4.8%, rising), profit from current activity 19,024.
- Operating cash flow is strongly positive: 66,656k BYN (flow margin 11.7%) — the loss is predominantly non-cash, of exchange-rate nature, while operations generate cash.
- Revenue grows at double-digit rates (+11.0%); a recapitalization was carried out (additional share issue, growth of charter capital).
Recommendation
The Belarusian Cement Plant is an operationally viable, cash-generating enterprise weighed down by a heavy foreign-currency debt load. Production is profitable: profit on sales was 27,407k BYN (sales profitability 4.8%, rising year on year), profit from current activity 19,024, and operating cash flow is strongly positive — 66,656k BYN at an 11.7% margin. Nonetheless the enterprise posts a net loss for the second year running (−44,213k BYN), and the loss is formed almost entirely by financial activity: exchange-rate differences on foreign-currency debt amounted to 202,289k BYN and are non-cash in nature. Accumulated uncovered loss reached −298,972, the working-capital ratio is deeply negative (−2.90), since a large investment base was financed by long-term liabilities. At the same time, current liquidity remains above the norm, a recapitalization was carried out, and revenue grows at double-digit rates. The profile fits restructuring — primarily of debt and currency exposure: the operating model is healthy and generates flow, liquidation is not warranted; but the financing structure and currency exposure require restructuring of liabilities. Privatization without prior balance-sheet remediation is premature.