Belarusian Cement Plant

OJSC Belarusian Cement Plant

UNP: 700002051 · 117 Yunosheskaya St., Kostyukovichi, Mogilev Oblast

City-formingMonopoliesRestructuring

Identification

UNP700002051

OKED23510 — manufacture of cement

Legal formOJSC

Governing bodyMinistry of Architecture and Construction of the Republic of Belarus

Address117 Yunosheskaya St., Kostyukovichi, Mogilev Oblast

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

Current ratio

1.314

Prior: 2.11(-37.73%)

F1.290 / F1.690

Absolute liquidity

0.021

Prior: 0.005

(F1.260 + F1.270) / F1.690

Own working capital ratio

-2.903

Prior: -1.727(-68.1%)

(F1.490 - F1.190) / F1.290

Sales profitability

4.82%

Prior: 4.29%(+0.53 pp)

F2.060 / F2.010 × 100%

Net profitability

-7.78%

Prior: -8.46%(+0.68 pp)

F2.210 / F2.010 × 100%

Revenue dynamics

10.99%

(F2.010_N / F2.010_N-1) - 1

Debt dynamics

5.98%

(F1.510 + F1.610)_N / (F1.510 + F1.610)_N-1 - 1

Debt load

0.758

(F1.590 + F1.690) / (F1.590 + F1.690 + F1.410 + F1.460)

Operating cash-flow margin

11.73%

Prior: 19.97%

F4.040 / F2.010 × 100%

Integrity checks

Checks passed: 6 of 6

✓Balance sheet balances (assets = liabilities)

✓Cash-flow integrity

✓Cash-flow residuals

✓Cash position

✓Capital transition

✓Profit consistency

Signals

Red flags

Net loss for the second year running: −44,213k BYN (2025), −43,300 (2024); accumulated uncovered loss reached −298,972k BYN.F2.210 · F1.460
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.F1.490 · F1.190 · F1.290

Yellow flags

Heavy financing burden: expenses (F2.130: 223,771k BYN) far exceed income (F2.120: 140,382) — it is the financing side that produces the loss; long-term liabilities 775,496.F2.130 · F2.120 · F1.590
Current ratio fell from 2.11 to 1.31 against the declared threshold of 1.0; cash is minimal (995k BYN).F1.290 · F1.690 · F1.270
Inventories grew 16.6% (F1.210: 172,073 → 200,716k BYN) in a second consecutive loss-making year.F1.210 · F2.210

Green signals

Operating activity is profitable: profit on sales 27,407k BYN (sales profitability 4.8%, rising), profit from current activity 19,024.F2.060 · F2.010 · F2.090
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.F4.040 · F2.010
Revenue grows at double-digit rates (+11.0%); a recapitalization was carried out (additional share issue, growth of charter capital).F2.010 · F1.410

Recommendation

Suggested outcome

Restructuring

Category

Distressed

Health score

0.89

Confidence level

High

The Belarusian Cement Plant is an operationally viable, cash-generating enterprise weighed down by a heavy foreign-currency credit load.

Recommendation: 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.

Why restructuring. 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.

Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.