Construction Trust No. 17
Open Joint-Stock Company Construction Trust No. 17 of the Order of the Red Banner of Labour
UNP: 700010300 · 28 Nepokorennykh Blvd., Mogilev, Mogilev Oblast 212002
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 11 688 | 9 847 |
| Intangible assets | 19 | 20 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 76 | 76 |
| Long-term financial investments | — | — |
| Deferred tax assets | 4 | 1 117 |
| Long-term receivables | — | — |
| Other long-term assets | — | — |
| Total Section I (long-term assets) | 11 787 | 11 060 |
| Inventories | 7 502 | 4 058 |
| — materials | 4 976 | 3 188 |
| — work in progress | 1 197 | 182 |
| — finished goods and merchandise | 1 329 | 688 |
| — goods shipped | — | — |
| Deferred expenses | 119 | 27 |
| VAT on acquired goods, works, services | 127 | 29 |
| Short-term receivables | 5 668 | 4 094 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 3 356 | 1 238 |
| Other short-term assets | 5 | 38 |
| Total Section II (short-term assets) | 16 777 | 9 484 |
| BALANCE (assets) | 28 564 | 20 544 |
| Charter capital | 5 862 | 5 862 |
| Reserve capital | 1 | 1 |
| Additional capital | 12 376 | 11 660 |
| Retained earnings (uncovered loss) | -5 569 | -12 491 |
| Total Section III (equity) | 12 670 | 5 032 |
| Long-term loans and borrowings | 548 | 293 |
| Long-term lease liabilities | 788 | — |
| Deferred income | 833 | 660 |
| Total Section IV (long-term liabilities) | 2 169 | 953 |
| Short-term loans and borrowings | 795 | 810 |
| Current portion of long-term liabilities | 59 | 127 |
| Short-term payables | 12 871 | 13 622 |
| — to suppliers, contractors, providers | 9 687 | 11 185 |
| — on payroll | 1 328 | 874 |
| — on lease payments | — | — |
| Deferred income | — | — |
| Total Section V (short-term liabilities) | 13 725 | 14 559 |
| BALANCE (equity and liabilities) | 28 564 | 20 544 |
Computed metrics
Integrity checks
Checks passed: 5 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Thin real equity: charter capital 5,862 only marginally exceeds the accumulated uncovered loss −5,569 (real capital ≈ +293). The positive total equity (12,670) is largely provided by additional paid-in capital from revaluation (12,376).
- Current liquidity at the lower bound: K1 = 1.22 against the norm of ≥1.25. Despite a sharp improvement from 0.65 a year earlier, the indicator is still borderline.
- Low working-capital ratio: ratio +0.05 against the norm of ≥0.15 — working capital is almost entirely financed by liabilities.
- Concentration of payables: short-term payables 12,871 (mainly to suppliers 9,687) are comparable to the amount of current liabilities.
- Confident revenue growth: +74.7% year on year (33,001 → 57,646), gross profit grew from 5,427 to 14,407.
- Net profit grew 3.8×: 1,802 → 6,779, net profitability 11.8%; accumulated loss is being repaid (−12,491 → −5,569).
- Positive operating cash flow: result of current activity +3,148k BYN, a profitable operating base in all three years.
- Low debt load: total loans and borrowings 1,343k BYN on a balance sheet of 28,564; debt is repaid from own cash flow.
Recommendation
Construction Trust No. 17 is an oblast-level construction enterprise of Mogilev in a phase of confident financial recovery. In 2025 revenue grew 74.7% (to 57,646k BYN), net profit increased almost fourfold (to 6,779k BYN), net profitability reached 11.8%, and the accumulated uncovered loss shrank more than twofold (from −12,491 to −5,569k BYN). Operating activity is steadily profitable, cash flow is positive, and the debt load is low (total loans and borrowings 1,343k BYN) and serviced from own funds. Moderate structural weaknesses persist: real equity is thin (about +293k BYN, the total capital value largely holding on revaluation), current liquidity is still at the lower bound of the norm (1.22), and the working-capital ratio is low. Privatization is recommended: the enterprise has financially recovered, operates in the competitive general-construction sector, is not a strategic asset and does not require retention of state control; a private owner can cement the recovery and strengthen the capital base.